Real Estate Appraisal Exam with
Accurate Solutions
-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. - ANS-FIRREA—Financial Institutions Reform, Recovery, and Enforcement
Act of 1989
a particular piece of land and anything that is permanently attached to it. - ANS-Real
Estate
an opinion of value for a piece of land and its attachments - ANS-Real Estate appraisal
immobility - ANS-What makes RE unique?
sets minimum qualifications for appraiser licensing and certification - ANS-Appraiser
Qualifications Board
defines terms and sets minimum requirements for appraisal reports - ANS-Appraisal
Standards Board
-75 hours of classes
-can only appraise under the direct supervision of a certified appraiser - ANS-Appraiser
Trainee
-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) - ANS-Licensed Real Estate Appraiser
-200 classroom hours, Associates Degree, 2500 hours experience, exam
-can appraise all single family and 1-4 family properties - ANS-Certified Residential
Appraiser
-300 classroom hours, Bachelor's degree, 3000 hours (1500 non-residential), exam
-can appraise all types of property - ANS-Certified General Appraiser
, the "rules" by which appraisers must do their jobs. (Ethical Guidelines) - ANS-
****Uniform Standards of Professional Appraisal Practice (USPAP)
made it easier to get certain loans and increased the scrutiny of all loans. - ANS-
Economic Stimulus Act of 2008
Education
Experience
Objectivity - ANS-3 Qualifications of an Appraiser
with/without support staff - ANS-Sole practitioner
Appraisal company
Business that acquires land/buildings
Government agency - ANS-Staff appraiser
Appraisers are paid based on the complexity of the assignment and amount of time and
work involved. - ANS-Compensation
is the interest earned on the original principle.
Principal x Rate x Time = Interest - ANS-Simple Interest
is the interest earned on the principle and the interest already earned. - ANS-Compound
Interest
Description of the property
An opinion of condition
The utility (use) of the property
An opinion of value - ANS-All appraisals include
-Land
-Fixtures (attachments) to land
-Things incidental or appurtenant to land
Easements and right of ways
-Anything else considered immovable - ANS-Real Estate Includes
The earth's surface and substances under the earth's surface -mineral rights
Mineral rights can be transferred separately from the rest of the property - ANS-Land
Accurate Solutions
-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. - ANS-FIRREA—Financial Institutions Reform, Recovery, and Enforcement
Act of 1989
a particular piece of land and anything that is permanently attached to it. - ANS-Real
Estate
an opinion of value for a piece of land and its attachments - ANS-Real Estate appraisal
immobility - ANS-What makes RE unique?
sets minimum qualifications for appraiser licensing and certification - ANS-Appraiser
Qualifications Board
defines terms and sets minimum requirements for appraisal reports - ANS-Appraisal
Standards Board
-75 hours of classes
-can only appraise under the direct supervision of a certified appraiser - ANS-Appraiser
Trainee
-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) - ANS-Licensed Real Estate Appraiser
-200 classroom hours, Associates Degree, 2500 hours experience, exam
-can appraise all single family and 1-4 family properties - ANS-Certified Residential
Appraiser
-300 classroom hours, Bachelor's degree, 3000 hours (1500 non-residential), exam
-can appraise all types of property - ANS-Certified General Appraiser
, the "rules" by which appraisers must do their jobs. (Ethical Guidelines) - ANS-
****Uniform Standards of Professional Appraisal Practice (USPAP)
made it easier to get certain loans and increased the scrutiny of all loans. - ANS-
Economic Stimulus Act of 2008
Education
Experience
Objectivity - ANS-3 Qualifications of an Appraiser
with/without support staff - ANS-Sole practitioner
Appraisal company
Business that acquires land/buildings
Government agency - ANS-Staff appraiser
Appraisers are paid based on the complexity of the assignment and amount of time and
work involved. - ANS-Compensation
is the interest earned on the original principle.
Principal x Rate x Time = Interest - ANS-Simple Interest
is the interest earned on the principle and the interest already earned. - ANS-Compound
Interest
Description of the property
An opinion of condition
The utility (use) of the property
An opinion of value - ANS-All appraisals include
-Land
-Fixtures (attachments) to land
-Things incidental or appurtenant to land
Easements and right of ways
-Anything else considered immovable - ANS-Real Estate Includes
The earth's surface and substances under the earth's surface -mineral rights
Mineral rights can be transferred separately from the rest of the property - ANS-Land
