Trainee/Supervisor Course
Professional appraiser organizations award _________ to their members. Designations Licenses and Certifications Credentials
Designations
In North Carolina, an applicant for a Licensed Residential Appraiser credential must demonstrate _______ hours of appraisal experience, and an applicant for a Certified Residential Appraiser credential must demonstrate ______ hours of appraisal experience. 1,000, 1,200 1,000, 1,500 1,200, 1,800 1,500, 2.500
1,000, 1,500
Which USPAP course is required as a prerequisite to becoming a Trainee Appraiser? 7-hour USPAP Update Course or equivalent An Introduction to Terms and Concepts of USPAP 15-hour National USPAP Course or equivalent A USPAP course is not required in order to become a Trainee Appraiser
15-hour National USPAP Course or equivalent
An applicant for a Licensed Residential Appraiser credential in North Carolina is required to complete _______ classroom hours of appraisal qualifying education. 90 150 200 300
150
An applicant for a Certified General Appraiser credential in North Carolina must complete ______ hours of qualifying education. 90 200 300 1,500
300
A prospective Trainee Appraiser wants to become an expert witness appraiser, specializing in environmentally stigmatized industrial properties. Which of these prospective Supervisory Appraisers would be the BEST choice? A Certified General appraiser who does only mortgage lending appraisal work A Certified Residential appraiser who does appraisal work for a large number of AMCs A Certified General appraiser who specializes in eminent domain work It does not matter; all of these appraisers are equally qualified to be a Supervisory Appraiser
A Certified General appraiser who specializes in eminent domain work
The Conduct section of the ETHICS RULE prohibits an appraiser from performing assignment in _______ manner. A careful and systematic An ethical A grossly negligent An expedient
A grossly negligent
In order to complete appraisals for federally related transactions, an appraiser must possess: A designation from a professional appraiser organization A credential issued by The Appraisal Foundation A real estate broker's license A state appraiser credential
A state appraiser credential
Who is NOT authorized to affix a seal to an appraisal report? A Certified Residential Appraiser A Licensed Residential Appraiser A Trainee Appraiser A Certified General Appraiser
A trainee appraiser
NCAB may take disciplinary action against: (Select the best answer.) Trainee Appraisers Licensed Appraisers Certified Appraisers Any of these
Any of these
A Supervisory Appraiser is finishing up an appraisal report on which she received significant assistance from a Trainee Appraiser. Where must a description of the Trainee's assistance appear in the report? In an addendum that is personally signed by the Trainee In the letter of transmittal Anywhere in the report Nowhere, this assistance need not be disclosed
Anywhere in the report
The Uniform Standards of Professional Appraisal Practice was adopted by: Appraisal Standards Board Appraisal Qualifications Board Appraisal Practices Board Federal Reserve Board
Appraisal Standards Board
Which entity establishes minimum education and experience requirements for individuals who wish to obtain licensure or certification as a real property appraiser? Appraisal Standards Board Appraisal Practices Board Appraiser Qualifications Board Federal Reserve Board
Appraiser Qualifications Board
Under NCAB rules, how frequently must an appraiser update his or her appraisal log? In real time, as appraisals are completed Every day At least every 30 days Annually
At least every 30 days
A Supervisory Appraiser accepts an appraisal assignment from a client and works on the appraisal along with a Trainee Appraiser. When does USPAP require the appraiser to create a workfile for this assignment? Within 30 days after the report is transmitted Before a report is transmitted At the time the assignment is accepted The appraiser is not required to create a workfile for this assignment
Before a report is transmitted
A Supervisory Appraiser is expected to understand the AQB minimum requirements for: Supervisory Appraisers only Trainee Appraisers only Both Supervisory Appraisers and Trainee Appraisers The credential level that he or she currently holds
Both Supervisory Appraisers and Trainee Appraisers
An appraiser must maintain the confidentiality of: (Select the most complete answer.) Assignment results Confidential information Both confidential information and assignment results Neither confidential information nor assignment results
Both confidential information and assignment results
A Trainee Appraiser submits his experience log to the North Carolina Appraisal Board. The Board reviews the log and determines that it was not properly documented. Who is responsible for this problem? The North Carolina Appraisal Board The Trainee Appraiser only The Supervisory Appraiser only Both the Supervisory Appraiser and Trainee Appraiser jointly
Both the Supervisory Appraiser and Trainee Appraiser jointly
A Trainee and a Supervisory Appraiser work together on an appraisal assignment. Under North Carolina law, who is responsible for the contents and the conclusions in the report? The Trainee Appraiser only The Supervisory Appraiser only Both the Supervisory Appraiser and the Trainee Appraiser The North Carolina Appraisal Board
Both the Supervisory Appraiser and the Trainee Appraiser
A Supervisory Appraiser wishes to accept an assignment to appraise a complex property, because he believes it would be a good opportunity to instruct his Trainee Appraiser. However, the Supervisory Appraiser has never appraised a property of this type and does not have the knowledge and experience to complete the assignment competently, and does not want to take the time to obtain the knowledge and experience. What must the Supervisory Appraiser do in accordance with USPAP? Complete the assignment using an extraordinary assumption about competency Use the JURISDICTIONAL EXCEPTION RULE to waive the requirements of the COMPETENCY RULE Obtain the client's permission to complete the assignment outside of USPAP Decline the assignment
Decline the assignment
North Carolina requires that all appraisal qualifying education courses must be taken in a traditional classroom. True False
False
How might a Supervisory Appraiser monitor the Trainee's progress in satisfying the education and experience requirements towards becoming licensed or certified? Require the Trainee to self-monitor his or her progress Assist the Trainee in completing his/her application for licensure or certification Have regular meetings with the Trainee to review his/her progress A Supervisory Appraiser is not required to monitor the Trainee's progress
Have regular meetings with the Trainee to review his/her progress
A Supervisory Appraiser has been suspended by NCAB and is no longer qualified to supervise his or her Trainee Appraiser. When is the Supervisory Appraiser required to notify the Trainee? Within 15-30 days Immediately Within 60 days The NCAB is responsible for notifying the Trainee
Immediately
A Licensed Residential Appraiser in North Carolina may have a maximum of ____ Trainee(s) at one time. One Two Three Licensed Residential Appraisers are not permitted to supervise Trainees
Licensed Residential Appraisers are not permitted to supervise Trainees
Who is required to comply with USPAP in North Carolina? Licensed and certified appraisers only Trainees only Licensed and certified appraisers and trainees Anyone who performs a Broker's Price Opinion (BPO)
Licensed and certified appraisers and trainees
A Supervisory Appraiser in North Carolina must provide the Trainee with ___________ supervision. Passive and perpetual Immediate, active, and personal Past, present, and future Meaningful, relevant, and unique
Meaningful, relevant, and unique
A Trainee in North Carolina references himself in an appraisal report as "Licensed Trainee Appraiser." Is this permissible? Yes No
No
The North Carolina Appraisal Board receives an anonymous complaint against an appraiser. Will they investigate it? Yes No It depends on the circumstances
No
A Supervisory Appraiser only permits his Trainee Appraiser to assist in the appraisal of single-family residences in which the sales comparison approach is the only approach developed. Is this acceptable? Yes, the Supervisory Appraiser is limiting the types of experience the Trainee receives, in order to avoid the possibility of errors No, a Supervisory Appraiser should ensure the Trainee receives experience in all applicable valuation methodologies and approaches to value This is neither acceptable nor unacceptable; there is no right way or wrong way
No, a Supervisory Appraiser should ensure the Trainee receives experience in all applicable valuation methodologies and approaches to value
A Supervisory Appraiser is writing up an appraisal report on which he received significant assistance from a Trainee Appraiser. He provided a description of the Trainee's assistance in an addendum. Has he met his USPAP obligations? Yes, he has met his USPAP obligations in this case No, the name of the Trainee must also appear in the certification No, the report must be personally signed by the Trainee No, the appraiser should not have disclosed the Trainee's assistance
No, the name of the Trainee must also appear in the certification
A state appraiser credential is issued by whom? North Carolina Appraisal Board Professional Appraiser Organizations HUD/FHA Appraiser Qualifications Board
North Carolina Appraisal Board
A prospective Supervisory Appraiser was suspended by NCAB for preparing a deficient appraisal. The period of suspension ended in October 2018. When is the earliest this appraiser will be permitted to supervise a Trainee Appraiser? October 2019 January 2020 October 2021 October 2023
October 2021
Which of these is NOT a sanction that can be taken by NCAB against an appraiser who is the subject of a complaint? Reprimand a license holder Revoke a certificate Suspend a registration Place an appraiser on parole
Place an appraiser on parole
A Supervisory Appraiser agrees to supervise a Trainee Appraiser. When must the Supervisor notify the NCAB? Within 30 days of the association Prior to the date the Trainee begins performing appraisals After the Trainee applies to take the licensing or certification exam Before the Trainee completes his or her qualifying education
Prior to the date the Trainee begins performing appraisals
Which of these entities might award a designation to an appraiser? (Select the most complete answer.) State appraisal board Professional appraisal organization The Appraisal Foundation Any of these
Professional appraisal organization
Which of these would be an acceptable way for a Trainee in North Carolina to reference himself or herself on an appraisal document? Licensed Trainee Registered Trainee Licensed Appraiser Candidate NC State Certified Trainee Appraiser
Registered Trainee
Why should a Supervisory Appraiser provide the Trainee with a wide variety of assignments and duties? So the Trainee progresses in his/her knowledge and has experience in different approaches to value So the Supervisor can concentrate more on building his/her business and less on actually appraising properties So the Trainee can operate the Supervisor's business and give the Supervisor some free time So the Supervisor learns about different methodologies and approaches to value
So the Trainee progresses in his/her knowledge and has experience in different approaches to value
Which of these appraisal courses is NOT required in order to become a Trainee Appraiser in North Carolina? Basic Appraisal Principles 15-hour National USPAP or equivalent Basic Appraisal Procedures Statistics, Valuation Modeling, and Finance
Statistics, Valuation Modeling, and Finance
The qualifying education requirements for the Licensed Residential Appraiser credential in North Carolina are the same as what other classification? The requirements for Trainee Appraiser The AQB minimum requirements The requirements for Certified General Appraiser
The AQB minimum requirements
A Trainee Appraiser assists in the preparation of an appraisal report, and signs the report. Six months later, NCAB requests a copy of the report from the Trainee, and the Trainee asks the Supervisory Appraiser to provide him with a copy of the report for submission to NCAB. Which statement is TRUE regarding this situation? The Supervisor is prohibited from providing a copy of this report to the Trainee. The Trainee has violated USPAP by not retaining a copy of the report himself or herself. The Supervisor must provide a copy of the requested report to the Trainee. The Trainee should redact the client's name from the report before submitting it to the state.
The Supervisor must provide a copy of the requested report to the Trainee.
A Supervisory Appraiser and a Trainee Appraiser work together on an appraisal assignment. Which of these is NOT an acceptable way for the appraisers to fulfill their workfile obligations under USPAP? The Supervisor maintains custody of the workfile and the Trainee makes workfile access arrangements The Supervisor retains custody of the workfile and does not allow the Trainee to access it Both appraisers retain a copy of the workfile The workfile is placed in secure storage, where both appraisers have access to it
The Supervisor retains custody of the workfile and does not allow the Trainee to access it
Who is responsible for determining whether a Trainee Appraiser is competent to inspect a property unsupervised? The Trainee Appraiser only The Supervisory Appraiser only The Appraisal Foundation The appraisal client
The Supervisory Appraiser only
A Trainee assists in an appraisal assignment, but does not sign the report and is not acknowledged in the report as having provided significant assistance. Which statement is TRUE regarding this situation? The Supervisor must sign an affidavit attesting that the Trainee assisted in order to receive experience credit. The Trainee will not receive experience credit for this appraisal. The Supervisor is subject to fine and/or imprisonment. The Trainee will receive only 75% credit for this appraisal
The Trainee will not receive experience credit for this appraisal.
Which statement is TRUE under USPAP regarding an appraiser allowing another individual to affix his or her signature to an appraisal report? The appraiser may provide blanket signature authorization to allow the individual to sign any documents on his or her behalf. The person who affixes the appraiser's signature to the appraisal report must also be a state certified appraiser. The appraiser may authorize the use of his or her signature on an assignment-by-assignment basis. The appraiser has violated USPAP because he or she is not permitted to allow another individual to affix his or her signature to an appraisal report.
The appraiser may authorize the use of his or her signature on an assignment-by-assignment basis.
An appraiser has two employees. What are the appraiser's USPAP responsibilities regarding these employees and confidential information and assignment results? The appraiser must ensure they are aware of the prohibitions of disclosure of such information or results The appraiser must keep confidential information and assignment results away from these employees The appraiser must obtain criminal background checks on all employees with access to confidential information or assignment results The appraiser must sign an employment agreement with each employee and pay them a reasonable and customary wage
The appraiser must ensure they are aware of the prohibitions of disclosure of such information or results
Which of these items is NOT required to be on a Trainee Appraiser's experience log? Whether the Supervisor accompanied the Trainee on the inspection The type of property appraised The street address of the subject property The market value of the subject property
The market value of the subject property
What is a reason why some Supervisory Appraisers fail to provide their Trainee Appraisers with a basic understanding of USPAP? They have never taken a USPAP course USPAP is not used in some states They do not understand USPAP themselves USPAP is written in "legalese" by attorneys and is difficult to read
They do not understand USPAP themselves
North Carolina Appraisal Board rules state that an appraiser must personally affix his/her signature to a report and must not allow another person to affix his or her signature. True False
True
One of the Supervisory Appraiser's responsibilities is to ensure that the Trainee has a basic understanding of USPAP. True False
True
According to the AQB, when is a Trainee Appraiser competent to inspect a property unsupervised? After the Trainee has accumulated 300 hours of appraisal experience When the Supervisory Appraiser deems the Trainee competent After the Trainee has inspected 10 properties When the subject property is over 50 miles from the Supervisory Appraiser's office
When the Supervisory Appraiser deems the Trainee competent
According to the AQB criteria, when may a Supervisory Appraiser permit a Trainee Appraiser to inspect a property unsupervised? When the Supervisor has previously appraised the property within the prior three years When the Trainee is competent to inspect the property independently When the Supervisor is busy and does not have time to make an inspection Never
When the Trainee is competent to inspect the property independently
A Trainee Appraiser has met North Carolina's requirements to inspect properties unsupervised. When must the Supervisory Appraiser accompany the Trainee on subject property inspections? When the appraised value is over $500,000 When the appraisal is being prepared for an intended use other than mortgage lending When the property is located over 50 miles from the supervisor's primary office When the client requests a "rush" appraisal
When the property is located over 50 miles from the supervisor's primary office
An appraiser violates USPAP and a complaint is filed. The appraiser does not want to contest the case; instead he wants to voluntarily surrender his appraisal license. Does the NCAB have the authority to accept a voluntary surrender? Yes No The law is not clear on this issue
Yes
Does USPAP permit an appraiser to affix the signature of another appraiser to a report? Yes No USPAP does not address signatures
Yes
A Trainee Appraiser in North Carolina may have _________ Supervisory Appraisers. no fewer than two a strict limit of three a maximum of four an unlimited number of
an unlimited number of
The North Carolina Appraisal Board's experience hour requirements for a Certified General Appraiser ___________ the AQB minimum requirements. are less than are the same as are greater than
are the same as
USPAP requires an appraiser to perform ________ when completing an assignment. carefully conveniently competently quickly
competently
Under the SCOPE OF WORK RULE, an appraiser must identify the problem to be solved, determine and perform the scope of work necessary to develop credible assignment results, and: obtain the client's concurrence on the scope of work use an extraordinary assumption to assume that the scope of work is credible meet the minimum scope of work requirements of Fannie Mae and Freddie Mac in the disclose the scope of work in the report
disclose the scope of work in the report
The Supervisor-Trainee relationship has been characterized as a(n) __________ commitment and relationship. adversarial long-term convenient short-lived
long-term
In order to appraise real property in North Carolina, an individual must be licensed by NCAB. North Carolina is considered a __________ state for appraiser licensing. voluntary mandatory territorial progressive
mandatory
A Trainee Appraiser has completed 1,500 hours and is waiting to take the Certified Residential exam. The Trainee is still working with his Supervisory Appraiser during this time. When the Trainee completes an appraisal report, the Supervisory Appraiser: should not sign it because the Supervisor did not do any of the work may submit the report without reviewing it because the Trainee has sufficient experience must review the report and all supporting data should indicate in the report that the Supervisor inspected the property even if she did not
must review the report and all supporting data
The North Carolina Appraisal Board permits an applicant to take ______ appraisal qualifying education courses online. all no some basic
some
The AQB requires that a Supervisory Appraiser is responsible for accompanying a Trainee on all inspections until: the Trainee becomes licensed or certified the Trainee has logged 2,000 hours of experience the Trainee is competent to conduct inspections independently the Trainee is no longer associated with the Supervisory Appraiser
the Trainee is competent to conduct inspections independently
In order to receive experience credit for an appraisal, a Trainee must either be noted in the appraisal report as having provided significant assistance or: the Supervisor must sign an affidavit attesting to the Trainee's participation the Trainee may seek alternative real estate credit the Supervisor may appear at a formal hearing in front of NCAB the Trainee must sign the report
the Trainee must sign the report
The ETHICS RULE requires an appraiser to observe __________ of professional ethics. a minimal level the basics his or her own personal level the highest standards
the highest standards