230 Real Estate Appraisal Principles and Standards Review Questions and Answers

The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property. A. True B. False True The majority of appraiser's value all the following types of properties EXCEPT: A. Vacant land B. Commercial properties C. Residential properties D. Churches and synagogues D. Churches and synagogues The Appraisal Standards Board (ASB) interprets and amends the USPAP. The board consists of 7 members who are appointed by the Board of ______________. The Appraisal Foundation What is the role of "assessors?" They appraise property for tax purposes ___________________ oversees the TALCB (Texas Appraisal Licensing and Certification Board). The Texas Real Estate Commission All appraisers MUST take 7 hours of USPAP for their bi-annual renewal. A. True B. False True Appraisal trainees need to be sponsored. A. True Who can appraise any type of property regardless of transaction value or complexity? Certified general The _____________________ works with lenders and appraisers to facilitate the ordering, tracking, quality control and delivery method of appraisal reports. Appraisal Management Company All the following are reasons to have an appraisal EXCEPT: The loan will likely be "warehoused."