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Basic Appraisal Principles Study Set Questions with Correct Answers.
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Basic Appraisal Principles Study Set Questions with Correct Answers.
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Basic Appraisal Principles Study Set Questions withCorrect Answers
True or False: When completing an appraisal assignment, an appraiser
may be an advocate for one party's interest. Correct Answer-False
Which characteristic would NOT be associated with a good appraiser?
diligent
biased
competent
honest Correct Answer-Biased
True or False: A course in sociology would probably not be beneficial to
an appraiser. Correct Answer-False
True or False: An applicant for Certified General appraiser must possess
at least an associate's degree from an accredited college or university.
Correct Answer-False
An applicant who wishes to become a Certified Residential appraiser
must have accumulated a minimum of ______ hours of appraisal
education.
75
120
,150
200 Correct Answer-200
The requirements for state licensed and certified appraisers had their
genesis in
the HVCC
the Dodd-Frank Act
various federal fair housing laws
FIRREA Correct Answer-FIRREA
Which entity is responsible for establishing the requirements to become
an appraiser?
the AQB
the ASB
HUD/FHA
the APB Correct Answer-AQB
How many experience hours are required as a prerequisite for Appraiser
Trainee classification?
500 hours
2,000 hours in no fewer than 12 months
,2,500 hours in no fewer than 24 months
There is no experience prerequisite for Appraiser Trainee classification
Correct Answer-There is no experience prerequisite for Appraiser
Trainee classification
True or False: The end of the U.S. housing boom meant that appraisal
business dropped significantly across the country. Correct Answer-False
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. Correct Answer-True
The appraisal of what type of property is more likely to be affected by
local neighborhood conditions?
a shopping center
a single-family residence Correct Answer-a single-family residence
The basic requirements for state licensed and state certified appraisers
had their genesis in Title ___ of FIRREA.
V
VII
XI
XII Correct Answer-XI
, 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 Correct Answer-Less than $1,000,000, less than $250,000
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 Correct Answer-AQB
The number of required classroom education hours for Licensed
Residential Appraisers under the 2018 AQB Criteria is ____ hours.
150
200
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