Basic Appraisal Principles - Chapter 2 Study Guide Questions with Complete Answers

Basic Appraisal Principles - Chapter 2 Study Guide Questions with Complete Answers The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is referred to as disintermediation recession surplus productivity profiteering disintermediation In 1987, eight U.S. appraisal organizations formed the National Association of REALTORS The Appraisal Foundation the Appraisal Subcommittee Appraisers without Borders The Appraisal Foundation True or False? The Board of Trustees acts as the executive board for The Appraisal Foundation. True False True True or False? Episodes of economic turmoil have occurred throughout U.S. history. True False True In the 1970s, who developed uniform rules for mortgage underwriting? professional appraisal organizations The Appraisal Foundation Fannie Mae and Freddie Mac The Appraisal Subcommittee Fannie Mae and Freddie Mac What event immediately preceded the Great Depression? World War II Savings and Loan Crisis of 1986 Stock Market Crash of 1929 The collapse of Fannie Mae and Freddie Mac Stock Market Crash of 1929 Which board of The Appraisal Foundation is responsible for revising and editing USPAP? BOT AQB APB ASB ASB Which entity is responsible for appointing members to the ASB and AQB? the Board of Trustees the Appraisal Subcommittee Fannie Mae the Bureau of Consumer Financial Protection the Board of Trustees True or False? Valuation Advisories, issued by The Appraisal Foundation, provide guidance that is binding on real property appraisers. True False False Which TAF advisory council consists of for-profit entities? TAFAC ASB IAC IAC Who retains final authority over revisions to USPAP? the Appraisal Practices Board the Appraisal Subcommittee the Appraisal Standards Board the Appraiser Qualifications Board the Appraisal Standards Board True or False? The requirements of USPAP apply equally to appraisers and their clients. True False False How is the Appraisal Subcommittee funded? a 1% tax is levied on all appraisal fees it receives annual grants from The Appraisal Foundation through a National Registry fee charged to each appraiser it receives annual monetary grants from HUD through a National Registry fee charged to each appraiser Which of these is NOT a protected class, according to the Fair Housing Act? religion political party affiliation familial status national origin political party affiliation Which entity is responsible for monitoring state appraiser licensing and certification agencies? The Appraisal Foundation the Appraisal Standards Board the Appraisal Subcommittee Bureau of Consumer Financial Protection the Appraisal Subcommittee Which of these entities is NOT a member of the Appraisal Subcommittee? The Appraisal Foundation Department of Housing and Urban Development Federal Housing Finance Agency Office of the Comptroller of the Currency The Appraisal Foundation True or False? The requirements of the Equal Credit Opportunity Act do NOT apply to residential second mortgages. True False False 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. True False True True or False? The ASC is responsible for maintaining a National Registry of appraisers. True False True ECOA applies to all the following types of loans EXCEPT Condominiums Manufactured homes Junior liens Vacant land Vacant land Within The Appraisal Foundation, there are ________ advisory councils that provide research and advice to the Foundation. two three four five two The Appraisal Foundation is a ___________ organization. congressional for-profit not-for-profit professional appraisal not-for-profit The federal agencies directly involved in fair lending include all of the following EXCEPT VA The Federal Reserve FDIC OCC VA The secondary market came into prominence in mortgage lending in the mid 1950s early 1960s late 1970s late 1990s late 1970s The Savings and Loan Crisis happened in the Great Depression Early 1960s Late 1970s Late 1980s Late 1980s The AQB and the ASB were created for the express purpose of promoting and maintaining a high level of ____________ public consciousness education for appraisers public trust appraiser independence public trust Which is considered to be "other communications" provided by the ASB? Advisory Opinions Index Q & As All of the above All of the above The Fair Housing Act prohibits discrimination in housing because of all of the following statuses EXCEPT Race or color Credit rating Sex Religion Credit rating The _____ monitors state appraisal licensing and certification agencies. AQB FHA ASC U.S. Dep't of HUD ASC The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation. AQB Dep't of HUD ASC FIRREA ASC The Appraisal Foundation was established in 1984 1987 1991 The _________ exercises all authority and power over the subject, style, content, and substance of USPAP. AQB ASB ASC U.S. Dep't of HUD ASB The appraisal standards and qualification criteria issued by The Appraisal Foundation's boards achieve legal authority by adoption, citation or implementation by government agencies individual appraisers appraisal management companies clients government agencies The Appraisal Foundation has three boards: the BOT, the ______ and the ________. AQB, ASB APB, ARB ECOA, HUD ASA, MAI AQB, ASB Handicap is defined as a physical impairment only a mental impairment only a physical or mental impairment someone with both physical and mental impairments a physical or mental impairment The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by the Ad Hoc Committee and was copyrighted by The _________________. Appraisal Foundation Appraisal Subcommittee Royal Institution of Chartered Surveyors Appraisal Qualifications Board Appraisal Foundation The first organized appraisal groups appeared in the 1910s 1930s 1950s 1980s 1930s