Basic Appraisal Principles - Chapter 1 Study Guide

The current AQB experience requirement for Licensed Residential Real Property Appraiser applicants is 2,000 hours with no minimum time period 2,000 hours in no less than 10 months 1,000 hours in no less than 6 months 1,200 hours in no less than 12 months

1,000 hours in no less than 6 months

How many experience hours are required to become a certified residential appraiser, according to the 2018 AQB Criteria? 1,000 hours in no fewer than 12 months 1,500 hours in no fewer than 12 months 2,000 hours in no fewer than 24 months 3,000 hours which includes 1,500 hours in non-residential appraisal

1,500 hours in no fewer than 12 months

For licensed and certified real property appraisers, _____ class hours of continuing education are required each year. 7 10 14 18

14

The number of required classroom education hours for Licensed Residential Appraisers under the 2018 AQB Criteria is ____ hours. 150 200 180 300

150

An applicant who wishes to become a Certified Residential appraiser must have accumulated a minimum of ______ hours of appraisal education. 75 120 150 200

200

The number of required classroom education hours for Certified Residential Appraisers under the 2018 AQB Criteria is ____ hours. 150 200 250 300

200

According to the 2018 AQB Criteria, an applicant for Certified General Appraiser must obtain _______ experience hours in no fewer than _____ months. 3,000, 18 2,500, 24 3,000, 24 4,000, 48

3,000, 18

To apply for an Appraiser Trainee license, an applicant must have _____ hours of qualifying education courses and ______ creditable hours of experience. 75, 200 75, 0 90, 200 90, 0

75, 0

Which college-level course would probably be LEAST helpful to an appraiser? A) Biology B) Urban planning and land use C) English composition D) Statistics

A) Biology

The _____ is charged with establishing the qualifications that all the states must adopt in licensing, certification and re-certification of appraisers. ASB AQB HUD DEP

AQB

Which characteristic would NOT be associate with a good appraiser? A) Diligent B) Biased C) Competent D) Honest

B) Biased

Under the 2018 criteria, college level courses are required for none of the licensing or certification classifications Certified Residential and Certified General classifications Appraisal Trainees only Only the Certified General classification

Certified Residential and Certified General classifications

An appraiser is defined as "one who is expected to perform valuation services _________, and in a manner that is independent, impartial, and objective." A) Realistically B) Promptly C) Obediently D) Competently

D) Competently

The four components of the Appraiser Qualification Criteria include Continuing Education, Examination, ____________, and ______________. Experience and Application Education and Testing Qualifying Education and Pre-qualifying Education Experience and Qualifying Education

Experience and Qualifying Education

The requirements for state licensed and certified appraisers had their genesis in: The HVCC the Dodd-Frank Act Various federal fair housing laws FIRREA

FIRREA

True or False: A course in sociology would probably not be beneficial to an appraiser.

False

True or False: All appraisals are performed for mortgage lending purposes.

False

True or False: Every state's appraiser certification examination is different.

False

True or False: The end of the U.S. housing boom meant that appraisal business dropped significantly across the country.

False

True or False: When completing an appraisal assignment, an appraiser may be an advocate for one party's interest.

False

True or False: An applicant for Certified General appraiser must possess at least an associate's degree from an accredited college or university.

False. A Certified General Appraiser must possess at least a bachelor's degree from an accredited college or university.

FIRREA stands for

Financial Institutions Reform, Recovery, and Enforecement Act

Who is responsible for approving education courses for licensing, certification, and re-certification of appraisers? FHA HUD The Appraisal Standards Board Individual states

Individual states

The Licensed Residential Real Property Appraiser classification applies to the appraisal of non-complex one to four residential units having a transaction value __________ and complex one to four residential units having a transaction value ____________. No more than $500,000, less than $250,000 Less than $1,000,000, less than $250,000 Less than $1,000,000, less than $500,000 No limits

Less than $1,000,000, less than $250,000

The current AQB Real Property Appraiser Qualification Criteria went into effect January 1, 2012 July 1, 2015 May 1, 2018 June 30, 2008

May 1, 2018

The current requirements for real property appraiser licensing and certification went into effect on

May 1, 2018

Under the 2018 AQB criteria, an Appraiser Trainee is permitted to have ________ supervising appraiser, but a supervising appraiser may not supervise ________ trainees. Only one, more than three Up to two, more than two More than one, more than three Up to three, more than three

More than one, more than three

True or False: A state licensed residential appraiser may not supervise an appraisal trainee.

True

True or False: Attorneys often engage appraisers to complete assignments for estates and divorces.

True

True or False: Of the required number of experience hours required for certified general appraiser applicants, at least 1,500 hours must be in the appraisal of non-residential property.

True

True or False: Some state agencies employ full-time staff appraisers.

True

The nationally recognized ethical and performance standards for appraisers are known as The Appraisal Code of Ethical Performance Uniform Standards of Professional Appraisal Practice Appraisal Standards of Ethics and Performance HUD Standards

Uniform Standards of Professional Appraisal Practice

The basic requirements for state licensed and state certified appraisers had their genesis in Title ___ of FIRREA. V VII XI XII

XI

Under the 2018 AQB Criteria, an applicant for a Certified Residential credential must hold a(n) _____________. bachelor's degree, or alternative bachelor's degree, with no alternative master's degree associate's degree in any subject

bachelor's degree, or alternative

An appraisal report must be in writing must be delivered orally can be either written or oral must be delivered orally and then followed up in writing

can be either written or oral

If you have specific questions about appraisal certification or licensure requirements in your state, you should contact the National Appraiser Licensing and Certification Agency (NALCA) contact HUD's appraiser helpline at 1-800-CALL-FHA contact the appraiser licensing and certification agency in your state contact The Appraisal Foundation

contact the appraiser licensing and certification agency in your state

As part of the overall requirement for continuing education, appraisers must complete the 7-Hour National USPAP Update Course or its equivalent ________ calendar year(s). every every 2 every 3 every 4

every 2

As the term is used in the definition of appraiser, _________ generally means a mental state that does not favor one side over another. impartial competent neutral balanced

impartial

An appraiser is "One who is expected to perform valuation services competently and in a manner that is independent, ___________, and ____________. reasonable, subjective impartial, objective objective, inexpensive honest, forthright

impartial, objective

Which of the following situations would NOT normally require an appraisal? condemnation employee relocation life insurance foreclosure

life insurance

Which entity is responsible for establishing the requirements to become an appraiser? the AQB the ASB HUD/FHA the APB

the AQB

Which of the following situations would NOT normally require an appraisal? mortgage finance title insurance estate settlement condemnation

title insurance