Basic Appraisal Principles
Basic Appraisal Principles Exam Study
Guide Questions and Answers 2025
An appraiser is defined as "one who is expected to perform valuation services
_________, and in a manner that is independent, impartial, and objective." -Correct
Answer ✔Competently
Which college-level course would probably be LEAST helpful to an appraiser? -Correct
Answer ✔Biology
True or False: All appraisals are performed for mortgage lending purposes. -Correct
Answer ✔false
A certified residential appraiser needs ____ hours of continuing education per year to
renew his or her certification? -Correct Answer ✔14
True or False: An applicant for Certified General appraiser must possess at least an
associate's degree from an accredited college or university. -Correct Answer ✔False
An applicant who wishes to become a Certified Residential appraiser must have
accumulated a minimum of ______ hours of appraisal education. -Correct Answer ✔200
How many experience hours are required to become a certified residential appraiser? -
Correct Answer ✔2500 in no fewer than 24
True or False: Attorneys often engage appraisers to complete assignments for estates
and divorces. -Correct Answer ✔True
True or False: Of the required number of experience hours required for certified general
appraiser applicants, at least 1,500 hours must be in the appraisal of non-residential
property. -Correct Answer ✔True
For licensed and certified real property appraisers, _____ class hours of continuing
education are required each year. -Correct Answer ✔14 hours
The continuing education requirement in the 2008 criteria (compared to the previous
criteria) -Correct Answer ✔Remained Unchanged
The current AQB Real Property Appraiser Qualification Criteria went into effect -Correct
Answer ✔January 1, 2015
Basic Appraisal Principles
, Basic Appraisal Principles
The Certified General Real Property Appraiser classification requires ____ hours of
experience in no fewer than ___ months. -Correct Answer ✔3,000, 30
Which of the following situations would NOT normally require an appraisal? -Correct
Answer ✔Title insurance
The four components of the Appraiser Qualification Criteria include Continuing
Education, Examination, ____________, and ______________. -Correct Answer
✔Experience and Qualifying Education
Which characteristic would NOT be associated with a good appraiser? -Correct Answer
✔Biased
The _____ is charged with establishing the qualifications that all the states must adopt
in licensing, certification and re-certification of appraisers. -Correct Answer ✔The AQB
Which is a true statement regarding appraiser examinations? -Correct Answer ✔They
are the same in every state with few exceptions
Under the 2015 criteria, an Appraiser Trainee is permitted to have ________
supervising appraiser, but a supervising appraiser may not supervise ________
trainees. -Correct Answer ✔than one, no more than three
What event preceded the Great Depression? -Correct Answer ✔Stock Market Crash of
1929
In 1987, eight U.S. appraisal organizations formed -Correct Answer ✔The Appraisal
Foundation
True or False? The Appraisal Foundation has significant legal authority to enforce
USPAP. -Correct Answer ✔False
True or False? Episodes of economic turmoil have occurred throughout U.S. history. -
Correct Answer ✔True
In the 1970s, who developed uniform rules for mortgage underwriting? -Correct Answer
✔Fannie Mae and Freddie Mac
True or False? The requirements of USPAP apply equally to appraisers and their
clients. -Correct Answer ✔False
Which advisory council is responsible for providing global and international information
and support to The Appraisal Foundation? -Correct Answer ✔Valuers Global Forum
Basic Appraisal Principles
, Basic Appraisal Principles
Which TAF advisory council consists of for-profit entities? -Correct Answer ✔IAC
True or False? Appraisal management companies (AMCs) are required to comply with
the requirements of USPAP. -Correct Answer ✔False
Who retains final authority over revisions to USPAP? -Correct Answer ✔The Appraisal
Standards Board
Which board of The Appraisal Foundation is responsible for revising and editing
USPAP? -Correct Answer ✔ASB
True or False? The guidance issued by the Appraisal Practices Board (APB) is binding
on real property appraisers. -Correct Answer ✔False
True or False? The Dodd-Frank Act gave the ASC the authority to create a National
Registry of appraisal management companies. -Correct Answer ✔true
True or False? The requirements of the Equal Credit Opportunity Act do NOT apply to
residential second mortgages. -Correct Answer ✔False
True or False? The ASC is responsible for maintaining a National Registry of
appraisers. -Correct Answer ✔True
Which of these is NOT a protected class, according to the Fair Housing Act? -Correct
Answer ✔Political party affiliation
How is the Appraisal Subcommittee funded? -Correct Answer ✔Through national
registry fee charged to each appraiser
Which entity is responsible for monitoring state appraiser licensing and certification
agencies? -Correct Answer ✔The appraisal subcommittee
The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) is also
known as -Correct Answer ✔The savings and loan bailout bill
ECOA applies to all the following types of loans EXCEPT -Correct Answer ✔Vacant
Land
There are ________ advisory Councils committees that provide research and advice to
The Appraisal Foundation -Correct Answer ✔Three
________ has regulatory authority in most civil rights legislation. -Correct Answer
✔HUD
Basic Appraisal Principles
Basic Appraisal Principles Exam Study
Guide Questions and Answers 2025
An appraiser is defined as "one who is expected to perform valuation services
_________, and in a manner that is independent, impartial, and objective." -Correct
Answer ✔Competently
Which college-level course would probably be LEAST helpful to an appraiser? -Correct
Answer ✔Biology
True or False: All appraisals are performed for mortgage lending purposes. -Correct
Answer ✔false
A certified residential appraiser needs ____ hours of continuing education per year to
renew his or her certification? -Correct Answer ✔14
True or False: An applicant for Certified General appraiser must possess at least an
associate's degree from an accredited college or university. -Correct Answer ✔False
An applicant who wishes to become a Certified Residential appraiser must have
accumulated a minimum of ______ hours of appraisal education. -Correct Answer ✔200
How many experience hours are required to become a certified residential appraiser? -
Correct Answer ✔2500 in no fewer than 24
True or False: Attorneys often engage appraisers to complete assignments for estates
and divorces. -Correct Answer ✔True
True or False: Of the required number of experience hours required for certified general
appraiser applicants, at least 1,500 hours must be in the appraisal of non-residential
property. -Correct Answer ✔True
For licensed and certified real property appraisers, _____ class hours of continuing
education are required each year. -Correct Answer ✔14 hours
The continuing education requirement in the 2008 criteria (compared to the previous
criteria) -Correct Answer ✔Remained Unchanged
The current AQB Real Property Appraiser Qualification Criteria went into effect -Correct
Answer ✔January 1, 2015
Basic Appraisal Principles
, Basic Appraisal Principles
The Certified General Real Property Appraiser classification requires ____ hours of
experience in no fewer than ___ months. -Correct Answer ✔3,000, 30
Which of the following situations would NOT normally require an appraisal? -Correct
Answer ✔Title insurance
The four components of the Appraiser Qualification Criteria include Continuing
Education, Examination, ____________, and ______________. -Correct Answer
✔Experience and Qualifying Education
Which characteristic would NOT be associated with a good appraiser? -Correct Answer
✔Biased
The _____ is charged with establishing the qualifications that all the states must adopt
in licensing, certification and re-certification of appraisers. -Correct Answer ✔The AQB
Which is a true statement regarding appraiser examinations? -Correct Answer ✔They
are the same in every state with few exceptions
Under the 2015 criteria, an Appraiser Trainee is permitted to have ________
supervising appraiser, but a supervising appraiser may not supervise ________
trainees. -Correct Answer ✔than one, no more than three
What event preceded the Great Depression? -Correct Answer ✔Stock Market Crash of
1929
In 1987, eight U.S. appraisal organizations formed -Correct Answer ✔The Appraisal
Foundation
True or False? The Appraisal Foundation has significant legal authority to enforce
USPAP. -Correct Answer ✔False
True or False? Episodes of economic turmoil have occurred throughout U.S. history. -
Correct Answer ✔True
In the 1970s, who developed uniform rules for mortgage underwriting? -Correct Answer
✔Fannie Mae and Freddie Mac
True or False? The requirements of USPAP apply equally to appraisers and their
clients. -Correct Answer ✔False
Which advisory council is responsible for providing global and international information
and support to The Appraisal Foundation? -Correct Answer ✔Valuers Global Forum
Basic Appraisal Principles
, Basic Appraisal Principles
Which TAF advisory council consists of for-profit entities? -Correct Answer ✔IAC
True or False? Appraisal management companies (AMCs) are required to comply with
the requirements of USPAP. -Correct Answer ✔False
Who retains final authority over revisions to USPAP? -Correct Answer ✔The Appraisal
Standards Board
Which board of The Appraisal Foundation is responsible for revising and editing
USPAP? -Correct Answer ✔ASB
True or False? The guidance issued by the Appraisal Practices Board (APB) is binding
on real property appraisers. -Correct Answer ✔False
True or False? The Dodd-Frank Act gave the ASC the authority to create a National
Registry of appraisal management companies. -Correct Answer ✔true
True or False? The requirements of the Equal Credit Opportunity Act do NOT apply to
residential second mortgages. -Correct Answer ✔False
True or False? The ASC is responsible for maintaining a National Registry of
appraisers. -Correct Answer ✔True
Which of these is NOT a protected class, according to the Fair Housing Act? -Correct
Answer ✔Political party affiliation
How is the Appraisal Subcommittee funded? -Correct Answer ✔Through national
registry fee charged to each appraiser
Which entity is responsible for monitoring state appraiser licensing and certification
agencies? -Correct Answer ✔The appraisal subcommittee
The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) is also
known as -Correct Answer ✔The savings and loan bailout bill
ECOA applies to all the following types of loans EXCEPT -Correct Answer ✔Vacant
Land
There are ________ advisory Councils committees that provide research and advice to
The Appraisal Foundation -Correct Answer ✔Three
________ has regulatory authority in most civil rights legislation. -Correct Answer
✔HUD
Basic Appraisal Principles
