Real Estate Appraisal Exam Questions
With Correct Answers
FIRREA—Financial |Institutions |Reform, |Recovery, |and |Enforcement |Act |of |1989 |- |CORRECT |
ANSWER✔✔--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 |ANSWER✔✔-a |particular |piece |of |land |and |anything |that |is |
permanently |attached |to |it.
Real |Estate |appraisal |- |CORRECT |ANSWER✔✔-an |opinion |of |value |for |a |piece |of |land |and |its |
attachments
What |makes |RE |unique? |- |CORRECT |ANSWER✔✔-immobility
Appraiser
Qualifications |Board |- |CORRECT |ANSWER✔✔-sets |minimum |qualifications |for |appraiser |
licensing |and |certification
Appraisal |
Standards |Board |- |CORRECT |ANSWER✔✔-defines |terms |and |sets |minimum |requirements |for |
appraisal |reports
Appraiser |Trainee |- |CORRECT |ANSWER✔✔--75 |hours |of |classes
, -can |only |appraise |under |the |direct |supervision |of |a |certified |appraiser
Licensed |Real |Estate |Appraiser |- |CORRECT |ANSWER✔✔--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 |ANSWER✔✔--200 |classroom |hours, |Associates |
Degree, |2500 |hours |experience, |exam
-can |appraise |all |single |family |and |1-4 |family |properties
Certified |General |Appraiser |- |CORRECT |ANSWER✔✔--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 |ANSWER✔✔-the
|"rules" |by |which |appraisers |must |do |their |jobs. |(Ethical |Guidelines)
Economic |Stimulus |Act |of |2008 |- |CORRECT |ANSWER✔✔-made |it |easier |to |get |certain |loans |
and |increased |the |scrutiny |of |all |loans.
3 |Qualifications |of |an |Appraiser |- |CORRECT |ANSWER✔✔-Education
Experience
Objectivity
Sole |practitioner |- |CORRECT |ANSWER✔✔-with/without |support |staff
With Correct Answers
FIRREA—Financial |Institutions |Reform, |Recovery, |and |Enforcement |Act |of |1989 |- |CORRECT |
ANSWER✔✔--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 |ANSWER✔✔-a |particular |piece |of |land |and |anything |that |is |
permanently |attached |to |it.
Real |Estate |appraisal |- |CORRECT |ANSWER✔✔-an |opinion |of |value |for |a |piece |of |land |and |its |
attachments
What |makes |RE |unique? |- |CORRECT |ANSWER✔✔-immobility
Appraiser
Qualifications |Board |- |CORRECT |ANSWER✔✔-sets |minimum |qualifications |for |appraiser |
licensing |and |certification
Appraisal |
Standards |Board |- |CORRECT |ANSWER✔✔-defines |terms |and |sets |minimum |requirements |for |
appraisal |reports
Appraiser |Trainee |- |CORRECT |ANSWER✔✔--75 |hours |of |classes
, -can |only |appraise |under |the |direct |supervision |of |a |certified |appraiser
Licensed |Real |Estate |Appraiser |- |CORRECT |ANSWER✔✔--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 |ANSWER✔✔--200 |classroom |hours, |Associates |
Degree, |2500 |hours |experience, |exam
-can |appraise |all |single |family |and |1-4 |family |properties
Certified |General |Appraiser |- |CORRECT |ANSWER✔✔--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 |ANSWER✔✔-the
|"rules" |by |which |appraisers |must |do |their |jobs. |(Ethical |Guidelines)
Economic |Stimulus |Act |of |2008 |- |CORRECT |ANSWER✔✔-made |it |easier |to |get |certain |loans |
and |increased |the |scrutiny |of |all |loans.
3 |Qualifications |of |an |Appraiser |- |CORRECT |ANSWER✔✔-Education
Experience
Objectivity
Sole |practitioner |- |CORRECT |ANSWER✔✔-with/without |support |staff
