Real Estate Appraisal Latest
Exam With Exact Solutions
2025/2026
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.
3 Qualifications of an Appraiser - Correct Answers-Education
Experience
Objectivity
Sole practitioner - Correct Answers-with/without support staff
Staff appraiser - Correct Answers-Appraisal company
Business that acquires land/buildings
Government agency
Compensation - Correct Answers-Appraisers are paid based on the complexity
of the assignment and amount of time and work involved.
Simple Interest - Correct Answers-is the interest earned on the original
principle.
Principal x Rate x Time = Interest
Compound Interest - Correct Answers-is the interest earned on the principle
and the interest already earned.
All appraisals include - Correct Answers-Description of the property
An opinion of condition
The utility (use) of the property
An opinion of value
Real Estate Includes - Correct Answers--Land
-Fixtures (attachments) to land
-Things incidental or appurtenant to land
Exam With Exact Solutions
2025/2026
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.
3 Qualifications of an Appraiser - Correct Answers-Education
Experience
Objectivity
Sole practitioner - Correct Answers-with/without support staff
Staff appraiser - Correct Answers-Appraisal company
Business that acquires land/buildings
Government agency
Compensation - Correct Answers-Appraisers are paid based on the complexity
of the assignment and amount of time and work involved.
Simple Interest - Correct Answers-is the interest earned on the original
principle.
Principal x Rate x Time = Interest
Compound Interest - Correct Answers-is the interest earned on the principle
and the interest already earned.
All appraisals include - Correct Answers-Description of the property
An opinion of condition
The utility (use) of the property
An opinion of value
Real Estate Includes - Correct Answers--Land
-Fixtures (attachments) to land
-Things incidental or appurtenant to land
