Real Estate Appraisal exam with correct answers
FIRREA—Financial Institutions Reform, Recovery, and Enforcement Act of 1989 -
CORRECT ANSWERS ✔✔-Required banks to get appraisals on most properties.
-Required that certified appraisers be used to perform appraisals
-Required that states follow Appraisal Foundation requirements in order to certify
appraisers.
Real Estate - CORRECT ANSWERS ✔✔a particular piece of land and anything that
is permanently attached to it.
Real Estate appraisal - CORRECT ANSWERS ✔✔an opinion of value for a piece of
land and its attachments
What makes RE unique? - CORRECT ANSWERS ✔✔immobility
Appraiser
Qualifications Board - CORRECT ANSWERS ✔✔sets minimum qualifications for
appraiser licensing and certification
Appraisal
Standards Board - CORRECT ANSWERS ✔✔defines terms and sets minimum
requirements for appraisal reports
, Appraiser Trainee - CORRECT ANSWERS ✔✔-75 hours of classes
-can only appraise under the direct supervision of a certified appraiser
Licensed Real Estate Appraiser - CORRECT ANSWERS ✔✔-150 hours of classes,
2000 hours experience & pass a licensure exam
-can appraise single family homes (up to $1 million and 1-4 family properties up to
$250,000)
Certified Residential Appraiser - CORRECT ANSWERS ✔✔-200 classroom hours,
Associates Degree, 2500 hours experience, exam
-can appraise all single family and 1-4 family properties
Certified General Appraiser - CORRECT ANSWERS ✔✔-300 classroom hours,
Bachelor's degree, 3000 hours (1500 non-residential), exam
-can appraise all types of property
****Uniform Standards of Professional Appraisal Practice (USPAP) - CORRECT
ANSWERS ✔✔the "rules" by which appraisers must do their jobs. (Ethical
Guidelines)
Economic Stimulus Act of 2008 - CORRECT ANSWERS ✔✔made it easier to get
certain loans and increased the scrutiny of all loans.
FIRREA—Financial Institutions Reform, Recovery, and Enforcement Act of 1989 -
CORRECT ANSWERS ✔✔-Required banks to get appraisals on most properties.
-Required that certified appraisers be used to perform appraisals
-Required that states follow Appraisal Foundation requirements in order to certify
appraisers.
Real Estate - CORRECT ANSWERS ✔✔a particular piece of land and anything that
is permanently attached to it.
Real Estate appraisal - CORRECT ANSWERS ✔✔an opinion of value for a piece of
land and its attachments
What makes RE unique? - CORRECT ANSWERS ✔✔immobility
Appraiser
Qualifications Board - CORRECT ANSWERS ✔✔sets minimum qualifications for
appraiser licensing and certification
Appraisal
Standards Board - CORRECT ANSWERS ✔✔defines terms and sets minimum
requirements for appraisal reports
, Appraiser Trainee - CORRECT ANSWERS ✔✔-75 hours of classes
-can only appraise under the direct supervision of a certified appraiser
Licensed Real Estate Appraiser - CORRECT ANSWERS ✔✔-150 hours of classes,
2000 hours experience & pass a licensure exam
-can appraise single family homes (up to $1 million and 1-4 family properties up to
$250,000)
Certified Residential Appraiser - CORRECT ANSWERS ✔✔-200 classroom hours,
Associates Degree, 2500 hours experience, exam
-can appraise all single family and 1-4 family properties
Certified General Appraiser - CORRECT ANSWERS ✔✔-300 classroom hours,
Bachelor's degree, 3000 hours (1500 non-residential), exam
-can appraise all types of property
****Uniform Standards of Professional Appraisal Practice (USPAP) - CORRECT
ANSWERS ✔✔the "rules" by which appraisers must do their jobs. (Ethical
Guidelines)
Economic Stimulus Act of 2008 - CORRECT ANSWERS ✔✔made it easier to get
certain loans and increased the scrutiny of all loans.
