CORRECT ANSWERS|LATEST !!!!2026|GRADED
FIRREA—Financial Institutions Reform, Recovery, and Enforcement Act of 1989 -
ANSWER -Required banks to get appraisals on most properties.
-Required that certified appraisers be used to perform appraisals
-Required that states follow Appraisal Foundation requirements in order to certify
appraisers.
Real Estate - ANSWER a particular piece of land and anything that is permanently
attached to it.
Real Estate appraisal - ANSWER an opinion of value for a piece of land and its
attachments
What makes RE unique? - ANSWER immobility
Appraiser
Qualifications Board - ANSWER sets minimum qualifications for appraiser licensing
and certification
Appraisal
Standards Board - ANSWER defines terms and sets minimum requirements for
appraisal reports
1
, Appraiser Trainee - ANSWER -75 hours of classes
-can only appraise under the direct supervision of a certified appraiser
Licensed Real Estate Appraiser - ANSWER -150 hours of classes, 2000 hours
experience & pass a licensure exam
-can appraise single family homes (up to $1 million and 1-4 family properties up to
$250,000)
Certified Residential Appraiser - ANSWER -200 classroom hours, Associates Degree,
2500 hours experience, exam
-can appraise all single family and 1-4 family properties
Certified General Appraiser - ANSWER -300 classroom hours, Bachelor's degree,
3000 hours (1500 non-residential), exam
-can appraise all types of property
****Uniform Standards of Professional Appraisal Practice (USPAP) - ANSWER the
"rules" by which appraisers must do their jobs. (Ethical Guidelines)
Economic Stimulus Act of 2008 - ANSWER made it easier to get certain loans and
increased the scrutiny of all loans.
3 Qualifications of an Appraiser - ANSWER Education
Experience
Objectivity
2
FIRREA—Financial Institutions Reform, Recovery, and Enforcement Act of 1989 -
ANSWER -Required banks to get appraisals on most properties.
-Required that certified appraisers be used to perform appraisals
-Required that states follow Appraisal Foundation requirements in order to certify
appraisers.
Real Estate - ANSWER a particular piece of land and anything that is permanently
attached to it.
Real Estate appraisal - ANSWER an opinion of value for a piece of land and its
attachments
What makes RE unique? - ANSWER immobility
Appraiser
Qualifications Board - ANSWER sets minimum qualifications for appraiser licensing
and certification
Appraisal
Standards Board - ANSWER defines terms and sets minimum requirements for
appraisal reports
1
, Appraiser Trainee - ANSWER -75 hours of classes
-can only appraise under the direct supervision of a certified appraiser
Licensed Real Estate Appraiser - ANSWER -150 hours of classes, 2000 hours
experience & pass a licensure exam
-can appraise single family homes (up to $1 million and 1-4 family properties up to
$250,000)
Certified Residential Appraiser - ANSWER -200 classroom hours, Associates Degree,
2500 hours experience, exam
-can appraise all single family and 1-4 family properties
Certified General Appraiser - ANSWER -300 classroom hours, Bachelor's degree,
3000 hours (1500 non-residential), exam
-can appraise all types of property
****Uniform Standards of Professional Appraisal Practice (USPAP) - ANSWER the
"rules" by which appraisers must do their jobs. (Ethical Guidelines)
Economic Stimulus Act of 2008 - ANSWER made it easier to get certain loans and
increased the scrutiny of all loans.
3 Qualifications of an Appraiser - ANSWER Education
Experience
Objectivity
2
