mckissock basic appraisal principles Exam Marking Scheme 100% Correct

mckissock basic appraisal principles Exam Marking Scheme 100% Correct grant deed - Answer- deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser - Answer- One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report - Answer- any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment. narrative report - Answer- A written communication of the results of a valuation or review assignment presented to the client in narrative style rather than on a form or orally. The AQB - Answer- charged with establishing the qualifications that all the states must meet in licensing, certification and re-certification of appraisers. january 8th, 2008 - Answer- Major changes to the Criteria went into effect May 1, 2018 - Answer- Additional revisions were made effective four components of the Real Property Appraiser Qualification Criteria - Answer- qualifying ed, education, examinations, continuing ed The Appraisal Foundation - Answer- not-for-profit organization, established exclusively for educational and scientific purposes. After The Appraisal Foundation was formed, the Uniform Standards of Professional Appraisal Practice - Answer- was formally adopted by the Appraisal Standards Board (ASB) in January 1989. The Appraisal Foundation has three principal boards: - Answer- Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) The BOT - Answer- acts as an executive board for the Foundation. The ASB - Answer- responsible for creating standards for ethics and performance of appraisers. Uniform Standards of Professional Appraisal Practice (USPAP) - Answer- was developed by the Ad Hoc Committee in 1986 and 1987 and was copyrighted in 1987 by The Appraisal Foundation. At its first meeting in 1989, the Appraisal Standards Board (ASB) - Answer- adopted USPAP as the governing document. USPAP may be - Answer- amended, interpreted, supplemented, or retired only by the ASB. Congress recognized USPAP - Answer- as the generally recognized standards of practice in the appraisal profession in Title XI of the Financial Institutions Reform the Appraisal Subcommittee (ASC) - Answer- is a federal entity with oversight authority over the state licensing and certification agencies AMCs - Answer- appraisal management companies The Board of Trustees - Answer- omposed of 21 individuals responsible for funding The Appraisal Foundation and appointing the members to The Appraisal Foundation's other boards - the Appraisal Standards Board and the Appraiser Qualifications Board. TAFAC - Answer- Appraisal Foundation Advisory Council iac - Answer- Industry Advisory Council Appraisal Standards Board - Answer- exercises all authority and power over the subject, style, content, and substance of USPAP Appraisal Practices Board (APB) - Answer- its purpose was to create guidance to assist appraisers in issues relating to recognized valuation methods and techniques. Even though the APB no longer exists - Answer- The Appraisal Foundation plans to continue to issue these Valuation Advisories as it deems necessary. Appraisal Subcommittee was created - Answer- under Section 1103 of Title XI of FIRREA HUD - Answer- Department of Housing and Urban Development, only act on complaint with fair lending The Savings and Loan Crisis happened in the - Answer- early 60's the appraisal foundation was established in - Answer- 1987 The _________ monitors and reviews the practices, procedures, activities and organizational structure of The Appraisal Foundation. - Answer- ASC the professional society that specializes in appraising personal property - Answer- American Society of appraisers ECOA applies to all the following types of loans except - Answer- Vacant land