BASIC APPRAISAL PRINCIPLES STUDY EXAM GUIDE
QUESTIONS AND ANSWERS SURE A+
✔✔If you have specific questions about appraisal certification or licensure requirements
in your state, you should - ✔✔contact the appraiser licensing and certification agency in
your state
✔✔Under the 2008 criteria, an Appraiser Trainee is permitted to have ________
supervising appraiser, but a supervising appraiser may not supervise ________
trainees. - ✔✔More than one, more than three
✔✔Which of the following situations would NOT normally require an appraisal? - ✔✔title
insurance
✔✔The document transmitted to the client upon completion of an appraisal assignment
is the - ✔✔appraisal report
✔✔Under the 2008 criteria, an applicant for a Certified General license must hold a(n)
___________ degree or _____ semester hours in certain selected college level
courses. - ✔✔Bachelors ,30
✔✔To apply for an Appraiser Trainee license, an applicant must have _____ hours of
qualifying education courses and ______ creditable hours of experience. - ✔✔75,0
✔✔The four components of the Appraiser Qualification Criteria include Continuing
Education, Examination, ____________, and ______________. - ✔✔Experience and
Qualifying Education
✔✔The _____ is charged with establishing the qualifications that all the states must
adopt in licensing, certification and re-certification of appraisers. - ✔✔AQB
✔✔The number of required classroom hours for Licensed Residential Appraisers under
the 2008 criteria is ____ hours. - ✔✔150
✔✔True or False? The Board of Trustees acts as the executive board for The Appraisal
Foundation. - ✔✔True
✔✔In 1987, eight U.S. appraisal organizations formed - ✔✔The Appraisal Foundation
✔✔The transfer of money from low interest-bearing accounts to higher interest-bearing
accounts is referred to as - ✔✔disintermeditation
✔✔What event preceded the Great Depression? - ✔✔Stock Market Crash of 1929
,✔✔True or False? The Appraisal Subcommittee's mission is to ensure that real estate
appraisers who perform appraisals in federally-related transactions are sufficiently
trained and tested to assure competency and independent judgment. - ✔✔political party
affiliation
✔✔True or False? The Dodd-Frank Act gave the ASC the authority to create a National
Registry of appraisal management companies. - ✔✔True
✔✔Which of these is NOT a protected class, according to the Fair Housing Act? -
✔✔political party affilitation
✔✔Which entity is responsible for monitoring state appraiser licensing and certification
agencies? - ✔✔The Appraisal Subcommittee
✔✔The first universally accepted appraisal report form appeared in the - ✔✔1970's
✔✔The Appraisal Foundation is a ___________ organization. - ✔✔not-for -profit
✔✔The secondary market came into prominence in mortgage lending in the - ✔✔late
1970's
✔✔The ______exercises all authority over the establishment of education, experience,
and other criteria for licensing, certification, and re-certification of qualified appraisers. -
✔✔AQB
✔✔The Savings and Loan Crisis happened in the - ✔✔Late 1980's
✔✔The ______ maintains a National Registry of appraisers. - ✔✔ASC
✔✔Only the _______ has the authority to amend or interpret USPAP. - ✔✔ASB
✔✔The _________ exercises all authority and power over the subject, style, content,
and substance of USPAP. - ✔✔ASB
✔✔Mortgage interest rates peaked in the U.S. in the - ✔✔early 1980's
✔✔The _________ monitors and reviews the practices, procedures, activities and
organizational structure of The Appraisal Foundation. - ✔✔ASC
✔✔True or False? The mere fact that an appraiser has previously appraised a property
is typically NOT considered confidential information under USPAP.
, True - ✔✔True
✔✔Ethics concerns our obligation to consider - ✔✔the well being of all .......all of these
✔✔USPAP requires an appraiser to be - ✔✔objective
✔✔True or False? USPAP permits an appraiser to be biased in certain appraisal
assignments, as long as the bias is properly disclosed. - ✔✔false
✔✔Which of these factors would result in a violation of USPAP if the appraiser based
his or her appraisal fee on it? - ✔✔the appraisers opinion of value
✔✔Is it ethical for an appraiser to offer a reduced fee on an appraisal if the client's loan
does not close? - ✔✔no
✔✔An appraiser pays a fee for the procurement of an assignment. Where in the
appraisal report does this payment have to be disclosed? - ✔✔in the certification and
any transmittal letter where conclusions are stated
✔✔True or False? The development of "trust" between the general public and the
professional appraiser is not unique to the appraisal profession. - ✔✔True
✔✔An appraiser finds out after completing an appraisal that the lender/client's loan did
not close. What should the appraiser do regarding the appraisal fee? - ✔✔charge the
agreed-upon fee regardless of whether the loan closed
✔✔True or False? Webster's Dictionary defines ethics as relating to the principles
established by the world's most common religions. - ✔✔False
✔✔True or False? "A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity in an assignment" is the definition of bias. - ✔✔true
✔✔True or False? The word ethics is not formally defined in USPAP. - ✔✔true
✔✔True or False? The ETHICS RULE is the first of the RULES in USPAP. - ✔✔true
✔✔True or False? It is ethical for an appraiser to pay a fee to be included on a lender's
"approved appraiser" list. - ✔✔true
✔✔As it pertains to appraisers, what does the abbreviation UAD stand for? -
✔✔Uniform Appraisal Dataset
QUESTIONS AND ANSWERS SURE A+
✔✔If you have specific questions about appraisal certification or licensure requirements
in your state, you should - ✔✔contact the appraiser licensing and certification agency in
your state
✔✔Under the 2008 criteria, an Appraiser Trainee is permitted to have ________
supervising appraiser, but a supervising appraiser may not supervise ________
trainees. - ✔✔More than one, more than three
✔✔Which of the following situations would NOT normally require an appraisal? - ✔✔title
insurance
✔✔The document transmitted to the client upon completion of an appraisal assignment
is the - ✔✔appraisal report
✔✔Under the 2008 criteria, an applicant for a Certified General license must hold a(n)
___________ degree or _____ semester hours in certain selected college level
courses. - ✔✔Bachelors ,30
✔✔To apply for an Appraiser Trainee license, an applicant must have _____ hours of
qualifying education courses and ______ creditable hours of experience. - ✔✔75,0
✔✔The four components of the Appraiser Qualification Criteria include Continuing
Education, Examination, ____________, and ______________. - ✔✔Experience and
Qualifying Education
✔✔The _____ is charged with establishing the qualifications that all the states must
adopt in licensing, certification and re-certification of appraisers. - ✔✔AQB
✔✔The number of required classroom hours for Licensed Residential Appraisers under
the 2008 criteria is ____ hours. - ✔✔150
✔✔True or False? The Board of Trustees acts as the executive board for The Appraisal
Foundation. - ✔✔True
✔✔In 1987, eight U.S. appraisal organizations formed - ✔✔The Appraisal Foundation
✔✔The transfer of money from low interest-bearing accounts to higher interest-bearing
accounts is referred to as - ✔✔disintermeditation
✔✔What event preceded the Great Depression? - ✔✔Stock Market Crash of 1929
,✔✔True or False? The Appraisal Subcommittee's mission is to ensure that real estate
appraisers who perform appraisals in federally-related transactions are sufficiently
trained and tested to assure competency and independent judgment. - ✔✔political party
affiliation
✔✔True or False? The Dodd-Frank Act gave the ASC the authority to create a National
Registry of appraisal management companies. - ✔✔True
✔✔Which of these is NOT a protected class, according to the Fair Housing Act? -
✔✔political party affilitation
✔✔Which entity is responsible for monitoring state appraiser licensing and certification
agencies? - ✔✔The Appraisal Subcommittee
✔✔The first universally accepted appraisal report form appeared in the - ✔✔1970's
✔✔The Appraisal Foundation is a ___________ organization. - ✔✔not-for -profit
✔✔The secondary market came into prominence in mortgage lending in the - ✔✔late
1970's
✔✔The ______exercises all authority over the establishment of education, experience,
and other criteria for licensing, certification, and re-certification of qualified appraisers. -
✔✔AQB
✔✔The Savings and Loan Crisis happened in the - ✔✔Late 1980's
✔✔The ______ maintains a National Registry of appraisers. - ✔✔ASC
✔✔Only the _______ has the authority to amend or interpret USPAP. - ✔✔ASB
✔✔The _________ exercises all authority and power over the subject, style, content,
and substance of USPAP. - ✔✔ASB
✔✔Mortgage interest rates peaked in the U.S. in the - ✔✔early 1980's
✔✔The _________ monitors and reviews the practices, procedures, activities and
organizational structure of The Appraisal Foundation. - ✔✔ASC
✔✔True or False? The mere fact that an appraiser has previously appraised a property
is typically NOT considered confidential information under USPAP.
, True - ✔✔True
✔✔Ethics concerns our obligation to consider - ✔✔the well being of all .......all of these
✔✔USPAP requires an appraiser to be - ✔✔objective
✔✔True or False? USPAP permits an appraiser to be biased in certain appraisal
assignments, as long as the bias is properly disclosed. - ✔✔false
✔✔Which of these factors would result in a violation of USPAP if the appraiser based
his or her appraisal fee on it? - ✔✔the appraisers opinion of value
✔✔Is it ethical for an appraiser to offer a reduced fee on an appraisal if the client's loan
does not close? - ✔✔no
✔✔An appraiser pays a fee for the procurement of an assignment. Where in the
appraisal report does this payment have to be disclosed? - ✔✔in the certification and
any transmittal letter where conclusions are stated
✔✔True or False? The development of "trust" between the general public and the
professional appraiser is not unique to the appraisal profession. - ✔✔True
✔✔An appraiser finds out after completing an appraisal that the lender/client's loan did
not close. What should the appraiser do regarding the appraisal fee? - ✔✔charge the
agreed-upon fee regardless of whether the loan closed
✔✔True or False? Webster's Dictionary defines ethics as relating to the principles
established by the world's most common religions. - ✔✔False
✔✔True or False? "A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity in an assignment" is the definition of bias. - ✔✔true
✔✔True or False? The word ethics is not formally defined in USPAP. - ✔✔true
✔✔True or False? The ETHICS RULE is the first of the RULES in USPAP. - ✔✔true
✔✔True or False? It is ethical for an appraiser to pay a fee to be included on a lender's
"approved appraiser" list. - ✔✔true
✔✔As it pertains to appraisers, what does the abbreviation UAD stand for? -
✔✔Uniform Appraisal Dataset
