Supervisor-Trainee Course for Ohio McKissock| 129 questions| with complete solutions

Currently, what is the annual national registry fee per appraiser? CORRECT ANSWERS: $40 The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: CORRECT ANSWERS: Appraisal management companies Which statement BEST describes The Appraisal Foundation? CORRECT ANSWERS: It is a non-profit organization established for educational and scientific purposes. Which law mandated that all states must establish a program for appraiser licensing and certification? CORRECT ANSWERS: FIRREA An appraiser contacts the ASC's National Complaint Hotline because she believes an AMC has attempted to improperly influence her. What can the appraiser expect the hotline to do? CORRECT ANSWERS: Provide a referral for a complaint Which of these is NOT a function performed by professional appraiser organizations? CORRECT ANSWERS: Issuing appraisal credentials Which was NOT a direct result of the passage of FIRREA? CORRECT ANSWERS: The Appraisal Foundation was established An individual submits an application to become a certified appraiser. Who is responsible for approving or disapproving the application? CORRECT ANSWERS: The state appraisal regulatory agency How often do ASC representatives perform an on-site review of each state's appraisal licensing and certification program? CORRECT ANSWERS: Every two years The ASC is composed of members appointed by the four federal financial institution regulatory agencies, plus the Bureau of Consumer Financial Protection, the Federal Housing Finance Agency, and _____________. CORRECT ANSWERS: Department of Housing and Urban Development Which board within The Appraisal Foundation is responsible for establishing requirements for appraiser licensure and certification? CORRECT ANSWERS: Appraiser Qualifications Board (AQB) Who is responsible for appointing members to the Appraiser Qualifications Board? CORRECT ANSWERS: The Board of Trustees (BOT)