Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

National Appraising for the Supervisor and Trainee > Study Questions > Flashcards

Study Questions Flashcards

1
Q

Which is a source trainees may reference to determine if a prospective supervisory appraiser is qualified and in good standing?

(a) Appraisal institute
(b) Appraisal Standards Board
(c) Appraisal Subcommittee
(d) Appraiser Qualifications Board

A

(c)Appraisal Subcommittee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Appraiser trainees have a responsibility to recognize that if a supervisory appraiser is, for any reason, no longer qualified to serve in that capacity, the trainee

(a) can no longer gain further qualifying experience under that individual.
(b) cannot be paid any work he performed under the supervisor’s sight.
(c) may continue gaining experience hours on his own until a new supervisor is secured.
(d) must notify the state appraisal regulatory agency.

A

(a)can no longer gain further qualifying experience under that individual.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

When reviewing an appraisal report prepared by a trainee, it is the responsibility of the supervisory Appraiser to overserve that any extraordinary assumptions or hypothetical conditions used in the assignment are

(a) addressed in the report certification.
(b) consented to by the client.
(c) disclosed with the appropriate warning.
(d) an element of the original scope of work.

A

(c)disclosed with the appropriate warning.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

In regard to the approaches to value, a responsibility of the supervisory appraiser, when one or more of the approaches to value has not been developed, is to ensure the trainee has

(a) at a minimum, drafted the approach, and included it in the workfile.
(b) explained the reasoning for not developing the approach(es)
(c) gained consent from the client to omit the approach(es)
(d) used an extraordinary assumption regarding the omission.

A

(b)explained the reasoning for not developing the approach(es)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Confidential information can be disclosed to parties specifically authorized by the client, state appraisal agencies, third parties as authorized by law, or a(n)

(a) attorney at law.
(b) duly authorized professional peer review committee.
(c) party who paid for the appraisal.
(d) potential client who is using information to place the appraiser on an “approved” list.

A

(b)duly authorized professional peer review committee.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

If an ethical error is discovered in an appraiser’s practice, the actions are

(a) automatically considered criminal acts.
(b) automatically considered felony acts.
(c) automatically considered misdemeanor acts.
(d) no immediately considered intentional criminal acts.

A

(d)no immediately considered intentional criminal acts.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Which statement is FALSE regarding an appraiser performing an appraiser performing an appraisal of a property owned by a friend or relative?

(a) Appraisers must use caution in circumstances where personal inclinations might cause assignment results to be biased.
(b) A person interest with the property or the parties involved must be disclosed in the report certification.
(c) USPAP doesn’t directly address the issue, other that to warn that bias is not allowed when acting as an appraiser.
(d) USPAP specifically prohibits appraisal of property owned by family members or personal friends of the appraisers.

A

(d)USPAP specifically prohibits appraisal of property owned by family members or personal friends of the appraisers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Supervisory appraiser Gloria’s client requested that she appraise a property that she has appraised twice in the past three years. Her trainee asks her what protocol she must follow in this situation. With this in mind, which statement is FALSE?

(a) Gloria must disclose each prior service in the certification of the report.
(b) Gloria must disclose each prior service to the client.
(c) Gloria must make disclosure prior to agreeing to perform the assignment.
(d) Gloria must not disclose any prior service(s) in the latest assignment.

A

(d)Gloria must not disclose any prior service(s) in the latest assignment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is addressed in the introduction of STANDARD 1?

(a) caveat that co-signing is different that an appraisal review
(b) certification requirements for the appraisal report
(c) direction that all three approaches to value must be developed and reported
(d) the standard follows the development process and can be used as a checklist

A

(d)the standard follows the development process and can be used as a checklist

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Which is NOT one of the three general obligations of an appraiser under STANDARD 1?

(a) correctly compete research and analysis necessary to produce credible results
(b) determine the scope of work necessary
(c) identify the problem to be solved
(d) report the onions and conclusions reached by an appraiser

A

(d)report the onions and conclusions reached by an appraiser

This is the topic of STANDARD 2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

According to USPAP Advisory Opinion 31, when an assignment is performed by more than one appraiser, such as a supervisory appraiser and a trainee appraiser, _________________ obligations regarding the workfile for the assignment.

(a) each appraiser is subject to the same
(b) the firm with which that are affiliated has
(c) the intended user(s) elect which party has
(d) only the supervisory appraiser has

A

(a)each appraiser is subject to the same

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Standards Rule 2-1 contains general obligations for all written and oral property appraisal reports, including a specific obligation that all ________________ used in the assignment must be clearly and accurately disclosed.

(a) assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions
(b) confidential elements and the sources of confidential information
(c) data and verification sources
(d) non-appraiser personnel and administrative assistance

A

(a)assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The requirements set fourth in STANDARD 1 follow the ______________ in the order of topics addressed.

(a) appraisal development process
(b) appraisal reporting process
(c) appraisal review process
(d) report certification statements

A

(a)appraisal development process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Standards Rule 2-2(a)(ix), for the Appraisal Report option, advised that when any portion of the work involves significant real property appraisal assistance, the appraiser must ________ the extent of that assistance.

(a) detail
(b) discuss
(c) state
(d) summarize

A

(d)summarize

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

STANDARD 2 addresses the

(a) development steps undertaken in the assignment.
(b) content and level of information required in a report.
(c) scope of work determined necessary in an assignment.
(d) type of property that is the subject of the appraisal.

A

(b)content and level of information required in a report.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

STANDARD 2 addresses the obligations of an appraiser for ______________ and correlates with Step 6 in the appraisal process.

(a) developing a real property appraisal
(b) developing and reporting an appraisal review
(c) reporting a real property appraisal
(d) the scope of work of developing and reporting an appraisal

A

(c)reporting a real property appraisal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Standards Rule 4-3 is similar to Standards Rule 2-3, except that it addresses the certification requirements for a(n)

(a) appraisal review report
(b) mass appraisal report
(c) narrative appraisal report
(d) personal property appraisal report

A

(a)appraisal review report

18
Q

Standards Rule 4-3 is very similar to the Standards Rule 2-3. The one exception is Standards Rule 4-3, specifically warns that

(a) appraisal review is a completely different activity than cosigning a report.
(b) no significant assistance may be disclosed in an appraisal review report.
(c) supervisors and trainees must take responsibility for the elements of the work being reviewed.
(d) trainees must always sign an appraisal review report.

A

(a)appraisal review is a completely different activity than cosigning a report.

19
Q

An appraiser is

(a)not required to sign the certification of an appraisal report as long as he has signed the letter of transmittal.
(b)not required to sign the certification of an appraisal report as long as he has signed some part of the appraisal report.
(c)required to sign the certification of an appraisal report if he has signed the letter of transmittal.
required to sign the certification of an appraisal report unless he has signed the letter of transmittal.

A

(c)required to sign the certification of an appraisal report if he has signed the letter of transmittal.

20
Q

Standards Rule 1-1(a) of USPAP obligates appraisers, in a real property appraisal, to be aware of, understand, and correctly employ _______________ that are necessary to produce a credible appraisal.

(a) appropriate reporting methodologies
(b) competency and application skills
(c) elements within the scope of work
(d) recognized methods and techniques

A

(d)recognized methods and techniques

21
Q

The information recognized by the appraiser during problem identification provides a basis for determining the ______________ in development of an appraisal.

(a) identification of the appraiser’s peers
(b) necessary bias and advocacy
(c) parties responsible for payment
(d) type and extent of analysis to include

A

(d)type and extent of analysis to include

22
Q

Development issues addressed in the Conduct sections of the ETHICS RULE includes all of the following protected classes in USPAP EXCEPT

(a) familial status
(b) political status
(c) receipt of public assistance income
(d) religion

A

(b)political status

23
Q

Protected classes or related characteristics of the classes that are indicated in USPAP include all of the following EXCEPT

(a) citizenship
(b) marital status
(c) national origin
(d) receipt of public assistance income

A

(a)citizenship

24
Q

If an appraiser provided services a subject property performed within a _____ period, immediately preceding an agreement to perform an assignment, then he must disclose this information to the client.

(a) three-year
(b) four-year
(c) five-year
(d) ten-year

A

(a)three-year

25
Q

Stephen, a supervisory appraiser, has agreed to perform an appraisal review assignment, which he will also share with his trainee, Sandy. The assignment includes an oral report as the only means of communication. When must Stephen and Sandy initiate a workfile for an oral report?

(a) at the time of issuing the report
(b) before agree to perform an assignment
(c) prior to the insurance report
(d) within a reasonable period of time after the report

A

(c)prior to the insurance report

26
Q

When an appraiser __________________, he is making a decision regarding several factors including the extent of property inspection.

(a) determines the appropriate scope of work
(b) evaluates the intended users
(c) follows the COMPETENCY RULE
(d) includes a narrative summary

A

(a)determines the appropriate scope of work

27
Q

According to the SCOPE OF WORK RULE, credibility of assignment results is always measured in context of the

(a) client’s goals.
(b) highest and best use.
(c) intended use.
(d) intended user.

A

(c)intended use.

28
Q

The comment in USPAP regarding acceptability and scope of work states that determines the scope of work of an assignment

(a) is an ongoing process throughout the assignment.
(b) should begin after the assignment has concluded.
(c) should conclude prior to performance of the assignment.
(d) should conclude prior to the beginning of an assignment.

A

(a)is an ongoing process throughout the assignment.

29
Q

Appraisers holding a valid Licensed Residential Real Property Appraiser credential may satisfy the educational requirements for the Certified Residential Real Property Appraiser credential by completing _____ Additional core educational hours.

(a) 25
(b) 50
(c) 75
(d) 125

A

b)50

30
Q

How many classroom hours of core curriculum must a candidate complete in order to satisfy the requirements for the Appraiser Trainee classification?

(a) 15
(b) 25
(c) 75
(d) 100

A

c)75

31
Q

Although it could vary by jurisdiction, the AQB specifies that candidates for the Licensed Residential Appraiser classification must complete 1,000 hours of qualifying experience in a period of not less than

(a) 6 months.
(b) 12 months.
(c) 24 months.
(d) 30 months.

A

(a)6 months.

32
Q

According to the AQB core education requirements, candidates for the Certified Residential Property Appraiser classification are required to complete ________ hours of elective course(s).

(a) 15
(b) 20
(c) 25
(d) 30

A

(b)20

33
Q

Appraisers holding a valid Trainee Appraiser credential may satisfy the educational requirements for the Certified Residential Real Property Appraiser credential by completing ______ additional core educational hours

(a) 75
(b) 100
(c) 125
(d) 200

A

(c)125

34
Q

According to AQB criteria, a prospective supervisory appraiser may not act in that capacity unless he or she is

(a) being compensated by the trainee.
(b) certified as a real property appraiser
(c) a principal owner of an appraisal firm.
(d) specifically credentialed as a supervisory appraiser

A

(b)certified as a real property appraiser

35
Q

Appraisers holding a valid Trainee Appraiser credential may satisfy the educational requirements for the Certified General Real Property Appraiser credential by completing _____ additional core hours.

A

225

36
Q

According to the AQB core education requirements, candidates for the Certified Residential Real Property Appraiser classification are required to complete ______ hours of elective course(s)

A

20

37
Q

Appraisers holding a valid Trainee Appraiser credential may satisfy the educational requirements for the Licensed Residential Real Property Appraiser credential by completing _____ additional core hours.

A

75

38
Q

Aside from the qualifying requirements, a primary difference of the Licensed Residential Appraiser classification when compared to the Certified Residential Appraiser classification is

(a) 2-4 family properties may not be appraised by Licensed Residential Appraisers.
(b) Certified Residential Appraisers may appraise industrial properties.
(c) Certified Residential Appraisers may perform a subdivision analysis.
(d) there is no distinction of non-complex vs complex property with the certified classification.

A

(d)there is no distinction of non-complex vs complex property with the certified classification.

39
Q

Appraisers holding a valid Licensed Real Property Appraiser credential may satisfy the educational requirements for the Certified Residential Real Property Appraiser credential by completing ____ additional core education hours.

(a) 25
(b) 50
(c) 75
(d) 125

A

(b)50

40
Q

If an appraiser provided services regarding a subject property performed within a ____ period, immediately preceding an agreement to perform the assignment, then he must disclose this information to the client.

(a) three-year
(b) four-year
(c) five-year
(d) ten-year

A

(a)three-year

41
Q

Michael is a supervisory appraiser who has extensive experience in numerous areas of appraisal practice. However, there are certain valuation techniques and types of properties for which Michael has had no experience. Which would NOT be considered a competency factor in a particular assignment?

(a) analytical method
(b) appraiser’s credential
(c) intended use
(d) laws and regulations

A

(b)appraiser’s credential

National Appraising for the Supervisor and Trainee (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions