ANSWERS|LATEST !!!!2026|GRADED A+| (EXAM
Which of the following is usually defined as the most probable price a property would bring
in normal market conditions? - ANSWER Market value
The Appraisal Foundation includes which of the following independent boards? -
ANSWER The Appraisal Standards Board
Appraisals are usually required whenever property is: - ANSWER bought or sold.
In 2010, the government's solution to the disintegration of the housing market and financial
crisis was to enact the: - ANSWER Dodd-Frank Wall Street Reform and Consumer
Protection Act.
Appraisers' overvaluation of real estate helped cause the Savings and Loan Crisis. -
ANSWER True
The mission of the Appraisal Subcommittee is to ensure that real estate appraisers are
sufficiently trained and tested. - ANSWER True
Which of the following is the amount of money it takes to build a structure? -
ANSWER Cost
Currently, 150 hours (including 15 hours of USPAP) is required education for which of the
following license levels? - ANSWER Residential License
1
,Which of the following is not one of the four levels of real estate appraiser licensing that
most states offer? - ANSWER Sales-Broker
As a response to the Savings & Loan crisis, Congress passed the Uniform Standards of
Professional Appraisal Practice (USPAP) in 1989. - ANSWER False (they passed the
FIRREA or the "S&L Bailout Bill")
Which of the following is the amount of money requested or paid for a property? -
ANSWER Price
Which of the following is made up of six appraisers who are appointed by TAF's Board of
Trustees for three-year terms? - ANSWER The Appraisal Standards Board
Which of the following is made up of five appraisers who are appointed by TAF's Board of
Trustees for three-year terms? - ANSWER The Appraiser Qualifications Board
Subtitle F of The Reform Act (Title XIV of the Dodd-Frank Act) has direct impact on the
appraisal industry. Which of the following is a correct provision of Subtitle F? -
ANSWER It is mandatory to report any appraiser who violates USPAP.
Which of the following applies to the Appraiser Qualifications Board (AQB)? -
ANSWER The AQB establishes the minimum education, experience, and examination
requirements an individual must meet in order to become a licensed or certified appraiser.
Why do lenders usually use the services of an appraiser? - ANSWER To ensure that
the property value is high enough to cover the loan amount
How many hours of experience are needed to obtain a trainee license under current
requirements? - ANSWER No experience is required
2
,Which of the following is not included in TAF? - ANSWER The Appraisal Consumer
Protection Board
Currently, an associate's degree or 21 units in specified college courses is required education
for which of the following license levels? - ANSWER Certified Residential
The Appraisal Foundation includes which of the following independent boards? -
ANSWER The Appraisal Standards Board
Of the following, which is not a component of real property? - ANSWER Anything
that is a chattel
An appurtenance is anything belonging to a particular piece of land that is used for its
benefit. Which of the following is not an appurtenance? - ANSWER Chattel rights
In the bundle of rights, the right to live on the property and the right to keep others out is
known as the right to possession. - ANSWER True
In the bundle of rights, the right to sell property, give it as a gift, or dispose of it in any way
permitted by law is known as the right to: - ANSWER transfer.
Which type of legal description delineates boundaries and measures distances between
landmarks like trees, boulders, creeks, fences, etc.? - ANSWER Metes and bounds
Personal property includes all of the following, except: - ANSWER appurtenance.
Land does not include which of the following? - ANSWER Riparian rights
3
, The five tests to determine a fixture are: (1) method of attachment, (2) adaptation, (3)
relationship of the parties, (4) intent of the parties, and (5) agreement of the parties. -
ANSWER True
When there is a dispute about fixtures and it is not clear who is right, courts usually favor
the: - ANSWER tenant over the landlord.
Which of the following types of legal descriptions uses imaginary lines to form a grid to
locate land? - ANSWER Public Land Survey System
In the bundle of rights, the right to live on the property and the right to keep others out is
known as the right to: - ANSWER possession.
The absolute right of the property owner to have his or her land supported from beneath its
surface is called: - ANSWER subjacent support.
Personal property is movable and transferred or sold using a bill of sale and includes money,
movable goods such as trade fixtures, evidences of debt such as a promissory note, and
some growing things such as crops. - ANSWER True
Which of the following is the most convenient and easily understood method of land
description and is most common for metropolitan use? - ANSWER Recorded Plat
System
Which of the following is not included in personal property? -
ANSWER Appurtenance
In the bundle of rights, the right to borrow money and use property as security for the loan
is known as the right to: - ANSWER encumber.
4
Which of the following is usually defined as the most probable price a property would bring
in normal market conditions? - ANSWER Market value
The Appraisal Foundation includes which of the following independent boards? -
ANSWER The Appraisal Standards Board
Appraisals are usually required whenever property is: - ANSWER bought or sold.
In 2010, the government's solution to the disintegration of the housing market and financial
crisis was to enact the: - ANSWER Dodd-Frank Wall Street Reform and Consumer
Protection Act.
Appraisers' overvaluation of real estate helped cause the Savings and Loan Crisis. -
ANSWER True
The mission of the Appraisal Subcommittee is to ensure that real estate appraisers are
sufficiently trained and tested. - ANSWER True
Which of the following is the amount of money it takes to build a structure? -
ANSWER Cost
Currently, 150 hours (including 15 hours of USPAP) is required education for which of the
following license levels? - ANSWER Residential License
1
,Which of the following is not one of the four levels of real estate appraiser licensing that
most states offer? - ANSWER Sales-Broker
As a response to the Savings & Loan crisis, Congress passed the Uniform Standards of
Professional Appraisal Practice (USPAP) in 1989. - ANSWER False (they passed the
FIRREA or the "S&L Bailout Bill")
Which of the following is the amount of money requested or paid for a property? -
ANSWER Price
Which of the following is made up of six appraisers who are appointed by TAF's Board of
Trustees for three-year terms? - ANSWER The Appraisal Standards Board
Which of the following is made up of five appraisers who are appointed by TAF's Board of
Trustees for three-year terms? - ANSWER The Appraiser Qualifications Board
Subtitle F of The Reform Act (Title XIV of the Dodd-Frank Act) has direct impact on the
appraisal industry. Which of the following is a correct provision of Subtitle F? -
ANSWER It is mandatory to report any appraiser who violates USPAP.
Which of the following applies to the Appraiser Qualifications Board (AQB)? -
ANSWER The AQB establishes the minimum education, experience, and examination
requirements an individual must meet in order to become a licensed or certified appraiser.
Why do lenders usually use the services of an appraiser? - ANSWER To ensure that
the property value is high enough to cover the loan amount
How many hours of experience are needed to obtain a trainee license under current
requirements? - ANSWER No experience is required
2
,Which of the following is not included in TAF? - ANSWER The Appraisal Consumer
Protection Board
Currently, an associate's degree or 21 units in specified college courses is required education
for which of the following license levels? - ANSWER Certified Residential
The Appraisal Foundation includes which of the following independent boards? -
ANSWER The Appraisal Standards Board
Of the following, which is not a component of real property? - ANSWER Anything
that is a chattel
An appurtenance is anything belonging to a particular piece of land that is used for its
benefit. Which of the following is not an appurtenance? - ANSWER Chattel rights
In the bundle of rights, the right to live on the property and the right to keep others out is
known as the right to possession. - ANSWER True
In the bundle of rights, the right to sell property, give it as a gift, or dispose of it in any way
permitted by law is known as the right to: - ANSWER transfer.
Which type of legal description delineates boundaries and measures distances between
landmarks like trees, boulders, creeks, fences, etc.? - ANSWER Metes and bounds
Personal property includes all of the following, except: - ANSWER appurtenance.
Land does not include which of the following? - ANSWER Riparian rights
3
, The five tests to determine a fixture are: (1) method of attachment, (2) adaptation, (3)
relationship of the parties, (4) intent of the parties, and (5) agreement of the parties. -
ANSWER True
When there is a dispute about fixtures and it is not clear who is right, courts usually favor
the: - ANSWER tenant over the landlord.
Which of the following types of legal descriptions uses imaginary lines to form a grid to
locate land? - ANSWER Public Land Survey System
In the bundle of rights, the right to live on the property and the right to keep others out is
known as the right to: - ANSWER possession.
The absolute right of the property owner to have his or her land supported from beneath its
surface is called: - ANSWER subjacent support.
Personal property is movable and transferred or sold using a bill of sale and includes money,
movable goods such as trade fixtures, evidences of debt such as a promissory note, and
some growing things such as crops. - ANSWER True
Which of the following is the most convenient and easily understood method of land
description and is most common for metropolitan use? - ANSWER Recorded Plat
System
Which of the following is not included in personal property? -
ANSWER Appurtenance
In the bundle of rights, the right to borrow money and use property as security for the loan
is known as the right to: - ANSWER encumber.
4
