USPAP Exam 133 Questions with Answers,100% CORRECT

USPAP Exam 133 Questions with Answers Which board within The Appraisal Foundation has the authority to make revisions to USPAP? Board of Trustees (BOT) Appraisal Standards Board (ASB) Appraiser Qualifications Board (AQB) All boards within the Foundation have the authority to revise USPAP - CORRECT ANSWER Appraisal Standards Board (ASB) The three independent boards within The Appraisal Foundation include: Appraisal Standards Board, Appraisal Subcommittee, Federal Housing Finance Agency Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Board of Trustees, Federal Housing Board, Fannie Mae Board Appraisal Standards Board, Federal Appraiser Board, Federal Housing Administration - CORRECT ANSWER Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees Which law mandated that all states must establish a program for appraiser licensing and certification? HVCC Dodd-Frank Act Truth in Lending Act FIRREA - CORRECT ANSWER FIRREA Who is responsible for appointing members to the Appraiser Qualifications Board? Appraisal Standards Board (ASB) The Secretary of HUD The AQB appoints its own members The Board of Trustees (BOT) - CORRECT ANSWER the board of trustees (bot) The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: Home builders and contractors Subprime lenders Appraisal trainees and supervisors Appraisal management companies - CORRECT ANSWER Appraisal management companies The ASC's National Complaint Hotline will provide referrals for complaints against: Appraisers only AMCs only Appraisers, lenders, AMCs or others Government entities such as state appraisal boards and HUD - CORRECT ANSWER Appraisers, lenders, AMCs or others The ASC is composed of members appointed by the four federal financial institution regulatory agencies, plus the Bureau of Consumer Financial Protection, the Federal Housing Finance Agency, and _____________. Department of Homeland Security Environmental Protection Agency National Association of Homebuilders Department of Housing and Urban Development - CORRECT ANSWER Department of Housing and Urban Development Currently, what is the annual national registry fee per appraiser? $25 $40 $75 $100 - CORRECT ANSWER 40 Which entity is responsible for monitoring The Appraisal Foundation to ensure it is properly fulfilling its responsibilities under Title XI of FIRREA? Appraisal Subcommittee (ASC) U.S. Department of HUD Appraiser Qualifications Board (AQB) State appraisal regulatory agencies - CORRECT ANSWER asc An appraiser violates the laws of his state when performing an appraisal. Which entity may take disciplinary action against him? The Appraiser Qualifications Board (AQB) The Appraisal Standards Board (ASB) The state appraisal regulatory agency Any and all of these entities may pursue disciplinary action - CORRECT ANSWER The state appraisal regulatory agency An individual submits an application to become a certified appraiser. Who is responsible for approving or disapproving the application? Appraisal Subcommittee (ASC) The state appraisal regulatory agency Appraiser Qualifications Board (AQB) A professional appraisal organization - CORRECT ANSWER The state appraisal regulatory agency Which of these is NOT a function performed by professional appraiser organizations? Disseminating professional publications and trade journals Issuing appraisal credentials Offering networking opportunities Providing legislative lobbying and advocacy - CORRECT ANSWER Issuing appraisal credentials How often do ASC representatives perform an on-site review of each state's appraisal licensing and certification program? Monthly Every year Every two years Every three years - CORRECT ANSWER every 2 years The Appraisal Foundation issues Valuation Advisories on recognized appraisal methods and techniques. For appraisers, compliance with these Valuation Advisories is: Voluntary Required by state appraisal regulatory agencies Forbidden Mandated by federal law - CORRECT ANSWER voluntary Which federal entity maintains oversight authority over state appraisal regulatory agencies? The Appraisal Foundation (TAF) U.S. Department of HUD Appraisal Subcommittee (ASC) No one; these agencies are self-policing - CORRECT ANSWER asc Before the AQB revises the Real Property Appraiser Qualification Criteria, it must first: Expose the proposed changes and solicit comments Demonstrate that the proposed changes will not affect the profession Formally poll all appraisers in the United States Receive formal approval from the U.S. Department of HUD - CORRECT ANSWER Expose the proposed changes and solicit comments According to the AQB minimum criteria, an applicant for a Licensed Residential Appraiser credential must obtain _______ experience hours in no fewer than _______ months. 1,000; 6 1,000; 12 2,000; 16 2,000; 24 - CORRECT ANSWER 1000; 6 A Trainee Appraiser wishes to upgrade to a Licensed Residential Appraiser credential. Under the AQB Criteria, how many additional hours of appraisal education must the Trainee Appraiser complete? 25 50 75 90 - CORRECT ANSWER 75 As the term "Trainee Appraiser" is used in the AQB Criteria, it refers to which state-specific terms? Trainee Appraisers only Provisional Appraisers only Registered Appraisers only The term "Trainee Appraiser" refers to all of these - CORRECT ANSWER The term "Trainee Appraiser" refers to all of these To obtain a Licensed Residential Appraiser credential, an applicant must obtain ______ creditable hours of appraisal education. 120 150 200 2,000 - CORRECT ANSWER 150 Which type of appraisal credential does not require an applicant to possess any appraisal experience? Licensed Residential Appraiser Trainee Appraiser Certified Residential Appraiser None of these classifications requires an applicant to possess appraisal experience - CORRECT ANSWER Trainee Appraiser An applicant for a Certified Residential Appraiser credential must possess _________ from an accredited college or university. A Bachelor's degree or higher An Associate's degree in a concentrated field of study related to business or real estate 30 semester credit hours in specified topics Any of these - CORRECT ANSWER any of these A holder of a valid Certified Residential Appraiser credential wants to upgrade to a Certified General credential. How many additional hours of appraisal education does he or she need in order to qualify? 100 150 175 200 - CORRECT ANSWER 100 A Trainee Appraiser wishes to take the examination to become a Certified Residential Appraiser. When may he take the exam? Any time he wishes to take it After he has completed the required education After he has accumulated the required number of experience hours Only after he completes his education and experience requirements - CORRECT ANSWER Only after he completes his education and experience requirements An applicant for a Certified General Appraiser credential must have accumulated a minimum of how many hours of non-residential appraisal work? 1,000 1,500 2,000 2,500 - CORRECT ANSWER 1500 An applicant for a Certified General Appraiser credential must have _________ from an accredited college or university. An Associate degree or higher A Bachelor's degree or higher A Master's or Doctorate degree 30 semester credit hours of education in economics and mathematics - CORRECT ANSWER A Bachelor's degree or higher For a distance education course to be acceptable for appraiser qualifying education, it must include a written examination. What does the term "written" mean in this requirement? A paper exam only An electronically-administered exam only A paper exam or an electronically-administered exam A written or orally-administered exam - CORRECT ANSWER A paper exam or an electronically-administered exam A Certified Residential Appraiser wants to act as a Supervisory Appraiser. The appraiser had his certificate suspended by the state two years ago, but has had no disciplinary issues since that time. Is the appraiser qualified to be a Supervisory Appraiser? Yes, because the appraiser is currently "in good standing" No, because the suspension permanently disqualifies the appraiser from ever acting as a Supervisory Appraiser Yes, because the suspension was over one year ago No, because the appraiser must have been "in good standing" for a period of at least three years - CORRECT ANSWER No, because the appraiser must have been "in good standing" for a period of at least three years In order to be acceptable for appraiser qualifying education, an appraisal course must be a minimum of ____ hours in length. Three Seven Ten Fifteen - CORRECT ANSWER 15 Trainee Appraiser Ed is trying to complete his qualifying education courses toward becoming a Certified Residential Appraiser. Which one of these courses would NOT count toward meeting that requirement? 30-hour Residential Sales Comparison and Income Approaches 15-hour Statistics, Modeling, and Finance 7-hour USPAP Update Course 20-hour course in Appraisal Subject Matter Electives - CORRECT ANSWER 7-hour USPAP Update Course The AQB requirements for Supervisory Appraisers would apply to whom? An individual who is supervising a Certified Residential Appraiser An individual who is supervising a Licensed Residential Appraiser An individual who is supervising a Trainee Appraiser All of these - CORRECT ANSWER An individual who is supervising a Trainee Appraiser Which of the following appraisal credentials allows the credential holder to appraise any one-to-four family residential property, regardless of complexity? Licensed Residential Appraiser only Trainee Appraiser only Certified Residential Appraiser only Both Licensed Residential Appraiser and Certified Residential Appraiser - CORRECT ANSWER Certified Residential Appraiser only In order to be acceptable for appraiser qualifying education, an appraisal course must include ________ examination. An oral An open-book A closed-book An optional - CORRECT ANSWER A closed-book According to the AQB Criteria, an applicant for a Licensed Residential Appraiser credential must obtain _______ experience hours in no fewer than _______ months. 1,000; 6 1,000; 12 1,500; 12 2,000; 24 - CORRECT ANSWER 1000;6 The AQB requires an appraiser to have at least _____ years of experience as a certified appraiser before he or she may act as a Supervisory Appraiser. Two Three Four Six - CORRECT ANSWER 3 The definition of __________ appraisal includes the phrase "One in which the property to be appraised, the form of ownership, or the market conditions are atypical." Complex one-to-four family residential property Non-residential property Limited Non-federally related two-to-four family real property - CORRECT ANSWER Complex one-to-four family residential property Appraiser Marie holds a valid Licensed Residential Appraiser Credential, and she wants to upgrade to a Certified Residential Appraiser credential. How many additional hours of appraisal education does she need, according to the AQB? 50 75 100 125 - CORRECT ANSWER 50 The AQB requirements for Supervisory Appraisers would apply to whom? An individual who is supervising a Certified Residential Appraiser An individual who is supervising a Licensed Residential Appraiser An individual who is supervising a Trainee Appraiser All of these - CORRECT ANSWER An individual who is supervising a Trainee Appraiser According to the current AQB Criteria, an applicant for a Certified Residential Appraiser credential must have accumulated _____ hours of appraisal experience, in no fewer than ______ months. 1,000; 6 1,200; 12 1,500; 12 3,000; 18 - CORRECT ANSWER 1500;12 According to the AQB Criteria, an applicant for a Trainee Appraiser credential must have completed _____ hours of appraisal education, including the __________ course. 120, 7-hour National USPAP Update 200, Residential Site Valuation and Cost Approach 75, 15-Hour National USPAP or equivalent 60, Basic Appraisal Procedures - CORRECT ANSWER 75, 15-Hour National USPAP or equivalent USPAP defines an appraiser as one who ___________. Is expected to perform valuation services competently and in a manner that is independent, impartial, and objective Is licensed or certified by the state where he or she is domiciled Has received formal training in appraisal procedures, practice, and ethics Has successfully completed the 15-hour National USPAP Course or its AQB-approved equivalent - CORRECT ANSWER Is expected to perform valuation services competently and in a manner that is independent, impartial, and objective Under the ETHICS RULE, Trainee Appraisers have _______ confidentiality requirements as compared to Supervisory Appraisers. Lesser The same More stringent No - CORRECT ANSWER the same A Trainee Appraiser is assisting in an appraisal under a Supervisory Appraiser. The Trainee Appraiser had provided prior real estate brokerage services on the subject property within the prior three years. The Trainee Appraiser is not signing the report certification. Does USPAP require the Supervisory Appraiser to disclose the prior service provided by the Trainee Appraiser? Yes, because the Trainee Appraiser has an obvious conflict of interest No, however if the appraiser believes disclosure is necessary, then it should be made Yes, the Supervisory Appraiser is required by USPAP to disclose this prior service provided by the Trainee Appraiser No, but the Trainee Appraiser is precluded from assisting in this assignment - CORRECT ANSWER No, however if the appraiser believes disclosure is necessary, then it should be made A Supervisory Appraiser who knowingly allows a Trainee Appraiser to communicate a misleading report has violated _________ of USPAP. The RECORD KEEPING RULE The ETHICS RULE The REPORTING RULE No part - CORRECT ANSWER the ethics rule May a Supervisory Appraiser provide blanket authorization for an experienced Trainee Appraiser to use the supervisor's signature? Yes, as long as the authorization is in writing No, this is specifically prohibited by the ETHICS RULE Yes, but the Trainee Appraiser must be careful not abuse this trust No, because an appraiser is never allowed to affix the signature of another appraiser to a report - CORRECT ANSWER No, this is specifically prohibited by the ETHICS RULE In an appraisal assignment, when is the workfile required to be in existence? Prior to the issuance of any report or communication of assignment results At the time the assignment is accepted Within a reasonable time period after the issuance of a report Only when the client requests a workfile - CORRECT ANSWER Prior to the issuance of any report or communication of assignment results The SCOPE OF WORK RULE governs what aspect of an appraisal assignment? Competency Reporting Development None, because it does not apply to appraisal - CORRECT ANSWER development An appraiser wishes to perform an appraisal assignment but he does not possess the necessary competency. What are his options under USPAP? He must decline the assignment Acquire the necessary competency or decline the assignment Complete the assignment competently or complete it incompetently Affiliate with another appraiser or disclose his lack of competency - CORRECT ANSWER Acquire the necessary competency or decline the assignment A Supervisory Appraiser denies a Trainee Appraiser's ability to access workfiles for appraisals on which the Trainee assisted, when the trainee has been asked to submit reports to the state appraisal regulatory agency. What part of USPAP has the Supervisory Appraiser violated? The COMPETENCY RULE The RECORD KEEPING RULE STANDARD 1 No part of USPAP has been violated - CORRECT ANSWER The RECORD KEEPING RULE A workfile access and retrieval agreement between a Trainee Appraiser and a Supervisory Appraiser: Must be in writing Is illegal Must comply with the form and format specified in USPAP May be written or oral - CORRECT ANSWER may be written or oral Trainee Tom asks Appraiser Anne for access to a workfile for an assignment on which he had provided assistance to her. He is required to submit the report and workfile to the state appraisal regulatory agency as part of an experience audit. Anne does not want to provide access to this information. Which statement is TRUE regarding this situation? Anne may deny access to the workfile at her discretion. If Anne provides Tom access to the workfile, she will violate the Confidentiality section of the ETHICS RULE. Anne must provide access to the workfile in this situation. Tom was required to maintain his own copy of the workfile, and should have done so. - CORRECT ANSWER Anne must provide access to the workfile in this situation. The SCOPE OF WORK RULE applies in: Appraisal assignments only Appraisal or appraisal review assignments only Mass appraisal assignments only All assignments that an individual performs as an appraiser - CORRECT ANSWER Appraisal or appraisal review assignments only When a Trainee Appraiser and a Supervisory Appraiser work together on an assignment, which one must retain custody of the workfile? The Trainee Appraiser The Supervisory Appraiser They each must have separate copies of the workfile Either, but one must take responsibility - CORRECT ANSWER either but one must take responsibility At the beginning of the Trainee Appraiser's career, who is likely to bear primary responsibility for the scope of work determination in an appraisal assignment? The Trainee Appraiser The Supervisory Appraiser The client The Appraisal Standards Board - CORRECT ANSWER The Supervisory Appraiser Trainee Tina assists Supervisor Sam in a real property appraisal assignment; however Tina does not sign the certification. Where does USPAP require Sam to disclose the extent of Tina's assistance in the Appraisal Report? Anywhere Nowhere; this disclosure is not required In the certification On the title page - CORRECT ANSWER anywhere A Trainee Appraiser who signs a certification in a real property appraisal report has: Violated USPAP Accepted full responsibility for the assignment results and the report Committed a violation of federal law Accepted responsibility for only those parts of the appraisal on which he or she provided assistance - CORRECT ANSWER Accepted full responsibility for the assignment results and the report STANDARD 1 in USPAP establishes the requirements for: Reporting a real property appraisal Developing a real property appraisal Disclosing prior services provided regarding the subject property Customary and reasonable fees - CORRECT ANSWER Developing a real property appraisal Which approach or approaches must be developed in every real property appraisal assignment? The sales comparison approach only The cost approach only Both the sales comparison and cost approaches Whatever approach or approaches are necessary for credible results - CORRECT ANSWER Whatever approach or approaches are necessary for credible results A Trainee Appraiser assists a Supervisory Appraiser in the performance of an appraisal. The Trainee Appraiser's only contribution to the assignment is assisting in the property inspection and preliminary MLS research into comparable sales. Should the Trainee Appraiser sign the certification in this appraisal report? Yes, all trainees must sign all reports on which they provided assistance No, because the trainee's contribution to the assignment was limited Yes, because if the trainee doesn't sign, that would be a violation of USPAP No, because trainees are not permitted to sign appraisal reports - CORRECT ANSWER No, because the trainee's contribution to the assignment was limited In a market value appraisal, USPAP requires appraisers to analyze, if available in the normal course of business: The most recent prior sale of the subject property if it occurred within 3 years of the effective date of the appraisal All sales of the subject property that occurred within 3 years prior to the effective date of the appraisal All sales of the subject property that occurred within 3 months prior to the date of the report All prior sales of the subject property, regardless of how long ago they occurred - CORRECT ANSWER All sales of the subject property that occurred within 3 years prior to the effective date of the appraisal Which of these is the MOST appropriately rounded final value opinion? $104,550 $3,646,000 $2,050,000 $384,700 - CORRECT ANSWER $2,050,000 Trainee Appraisers have ________ workfile responsibilities as Supervisory Appraisers. Lesser Equal Greater No - CORRECT ANSWER equal The employing company for a Trainee Appraiser has policies that do not comply with USPAP. What should the Trainee Appraiser do? Comply with the employing company's policies File a complaint against the company with the state appraisal regulatory agency File a grievance with The Appraisal Foundation Take whatever steps are necessary to ensure USPAP compliance - CORRECT ANSWER Take whatever steps are necessary to ensure USPAP compliance A Trainee Appraiser makes a minor error in an appraisal that does not affect the value conclusion. Is this a violation of USPAP? Yes, because all errors are violations of USPAP No, because USPAP does not require perfection Yes, but the Supervisory Appraiser is solely responsible for the USPAP violation No, but the error is a violation of state laws and regulations - CORRECT ANSWER No, because USPAP does not require perfection Who is responsible for complying with USPAP? Appraisal companies only Individual appraisers only Individual appraisers and appraisal companies jointly An appraiser's clients - CORRECT ANSWER individual appraisers only Appraiser Amy agrees to present a seminar for a small lending institution to explain appraisal issues to the institution's staff. Does the ETHICS RULE of USPAP apply to Amy in performing this activity? Yes, because Amy is providing an appraisal No, because Amy may be unethical if she wants to Yes, because Amy is acting as an appraiser No, because USPAP does not apply if Amy is not performing an appraisal - CORRECT ANSWER Yes, because Amy is acting as an appraiser A Trainee Appraiser assists a Supervisory Appraiser in the performance of a real property appraisal. The Trainee Appraiser inspects the property, but the Supervisory Appraiser does not. Both appraisers sign the certification. Which of these statements in the certification would be appropriate? At least one of the signing appraisers has made a personal inspection of the property that is the subject of this report. The Trainee Appraiser has made a personal inspection of the subject property. The Supervisory Appraiser has not made an inspection of the subject property. Both the Trainee Appraiser and the Supervisory Appraiser have made a personal inspection of the subject property. I have (or have not) made a personal inspection of the property that is the subject of this report. - CORRECT ANSWER The Trainee Appraiser has made a personal inspection of the subject property. The Supervisory Appraiser has not made an inspection of the subject property. Generally speaking, a Trainee Appraiser who wishes to become credentialed as an appraiser has _____ paths from which to choose. Three Four Five Six - CORRECT ANSWER 3 The requirements for Trainee Appraiser and Supervisory Appraiser established by an individual credentialing jurisdiction ____________ the requirements established by the AQB. May not exceed May exceed Must be exactly the same as Are less important than - CORRECT ANSWER may exceed Once the Trainee Appraiser has established a goal of becoming a credentialed appraiser, who is responsible for monitoring the Trainee Appraiser's progress? The Trainee Appraiser only The Supervisory Appraiser The state appraisal regulatory agency No one - CORRECT ANSWER The Supervisory Appraiser Regarding the requirements for Trainee Appraiser and Supervisory Appraiser, the Supervisory Appraiser is responsible for understanding: The AQB requirements only The individual jurisdiction's requirements only The AQB requirements and the jurisdiction's requirements The applicability of the DEPARTURE RULE in USPAP - CORRECT ANSWER The AQB requirements and the jurisdiction's requirements Supervisory Appraisers are responsible for: Accompanying the Appraisal Trainee when he or she is taking classes Ensuring that the Trainee Appraiser can support his or her family Instructing the Trainee Appraiser in appraisal ethics Providing transportation for the Trainee Appraiser - CORRECT ANSWER Instructing the Trainee Appraiser in appraisal ethics The Trainee Appraiser's competency to inspect a property unsupervised: Should never be re-examined by the Supervisory Appraiser Will not vary by property type or complexity Should be evaluated on an assignment-by-assignment basis Does not matter; the Supervisory Appraiser must accompany the Trainee Appraiser on all inspections - CORRECT ANSWER Should be evaluated on an assignment-by-assignment basis Who is responsible for providing tasks to the Trainee Appraiser to ensure that he or she is progressing and learning? The Trainee Appraiser The Supervisory Appraiser The state appraisal regulatory agency The client - CORRECT ANSWER The Supervisory Appraiser If a Trainee Appraiser submits an experience log to a state appraisal regulatory agency claiming 50 experience hours on a non-complex single family home appraisal, what is MOST likely to happen? The experience log will be accepted as submitted The agency will request additional documentation from the Trainee Appraiser The applicant will be subject to discipline by the Appraisal Subcommittee The Appraiser Qualifications Board will reject the application - CORRECT ANSWER The agency will request additional documentation from the Trainee Appraiser Which of these is NOT one of the AQB minimum requirements for an experience log? Type of property Number of actual work hours by the trainee/applicant on the assignment A true copy of the appraisal report Date of report - CORRECT ANSWER A true copy of the appraisal report Subject to state-specific laws and regulations, a Supervisory Appraiser is responsible for accompanying the Trainee Appraiser on: All inspections until the Trainee Appraiser becomes licensed or certified All inspections until the Trainee Appraiser is competent to conduct inspections independently All inspections, even after the Trainee Appraiser becomes licensed or certified The first ten property inspections, after which the Trainee Appraiser is deemed competent to perform an inspection without supervision - CORRECT ANSWER All inspections until the Trainee Appraiser is competent to conduct inspections independently A Trainee Appraiser has more than one Supervisory Appraiser. How should experience logs be handled in this situation? A separate log should be maintained for each Supervisory Appraiser The Trainee Appraiser should keep one master log which includes all assignments The experience log must be saved in Microsoft Excel This is not permissible; a Trainee Appraiser may have only one Supervisory Appraiser - CORRECT ANSWER A separate log should be maintained for each Supervisory Appraiser A Supervisory Appraiser should be expected to instruct the Trainee Appraiser in: Appraisal ethics only Appraisal methods and techniques only Appraisal ethics and appraisal methods and techniques Personal finance, including how to create a budget and balance a checkbook - CORRECT ANSWER Appraisal ethics and appraisal methods and techniques The AQB minimum states that a Supervisory Appraiser must have _____ experience as a certified appraiser. 1 year of 2 years of 3 years of Extensive - CORRECT ANSWER 3 years of Which course is part of the Trainee Appraiser's required core curriculum, according to the AQB? Residential Site Valuation and Cost Approach 15 Hour National USPAP Course Statistics, Modeling, and Finance Residential Market Analysis and Highest and Best Use - CORRECT ANSWER 15 Hour National USPAP Course A Supervisory Appraiser has his certification suspended by a state appraisal regulatory agency. When must the Supervisory Appraiser notify his Trainee Appraiser of this disciplinary sanction? Within 30 days Immediately Before the Supervisory Appraiser renews his credential The Supervisory Appraiser does not have to inform the Trainee Appraiser unless the Trainee Appraiser was involved in the appraisal that led to the disciplinary sanction - CORRECT ANSWER immediately A Trainee Appraiser who performs the cost approach repeatedly on residential appraisal assignments: Is violating USPAP Is on the road to perfection Is forming habits that may be good or bad Should also be working on non-residential appraisals - CORRECT ANSWER Is forming habits that may be good or bad A Supervisory Appraiser must not have been subject to any prior disciplinary action within the prior _____ that would affect his or her ability to practice. Three years Four years Five years Six months - CORRECT ANSWER 3 years The AQB's requirements for an appraisal credential are: Maximums, and may not be exceeded by the credentialing jurisdiction Minimums, and may be exceeded by the credentialing jurisdiction Suggested guidelines, and are not intended to be enforceable New for 2015; there were no AQB requirements previously - CORRECT ANSWER Minimums, and may be exceeded by the credentialing jurisdiction The Supervisory Appraiser - Trainee Appraiser relationship is __________ commitment by both parties. An irrevocable A short-term A long-term An exclusive - CORRECT ANSWER long term A Supervisory Appraiser engages several appraisal trainees and has them turning out a high volume of appraisal reports with minimal training and supervision. This type of operation is known as: A USPAP factory A trainee school A typical appraisal shop An appraisal mill - CORRECT ANSWER An appraisal mill The ASC's National Registry would NOT be useful in searching for ________ Appraisers. Certified Residential Certified General Trainee Licensed Residential - CORRECT ANSWER trainee The ASC National Registry can be used to search for ________ appraisal credentials. Active only Expired only Both active and expired Supervisor and Trainee - CORRECT ANSWER Both active and expired A Supervisory Appraiser is bringing a Trainee Appraiser along too fast, and has assigned tasks that the Trainee Appraiser is not capable of completing. What should the Trainee Appraiser do? Not worry, because the Supervisory Appraiser is responsible for any errors that might be made Tell the Supervisory Appraiser Find a different Supervisory Appraiser Obtain a separate errors and omissions insurance policy - CORRECT ANSWER tell the supervisory appraiser Supervisor Scott has been working with Trainee Tara for over a year. Scott only assigns very basic tasks to Tara, and she feels she is not being challenged. Tara is anxious to progress in her appraisal knowledge. What should she do? Immediately disassociate with Scott and find a new Supervisory Appraiser Quietly begin to work on additional tasks without Scott knowing about it Inform Scott that she is ready for more advanced responsibilities Nothing; Scott is the boss and therefore he knows best - CORRECT ANSWER Inform Scott that she is ready for more advanced responsibilities Trainee Appraiser Tim has more than one Supervisory Appraiser. Which statement is TRUE regarding his obligation to maintain experience logs? Tim should maintain separate experience logs for each Supervisory Appraiser. Tim will not be able to use experience hours from multiple Supervisory Appraisers towards becoming licensed or certified. Tim should maintain one single experience log, and have each Supervisory Appraiser sign it annually. Tim must carry his experience log around with him at all times. - CORRECT ANSWER Tim should maintain separate experience logs for each Supervisory Appraiser. The decision to allow a Trainee Appraiser to inspect a property unsupervised should be made on _________ basis. A blanket A case-by-case An annual A quarterly - CORRECT ANSWER case by case Which statement about Trainee Appraisers and the need for Supervisory Appraiser accompaniment on inspections is TRUE? Every Trainee Appraiser will learn and progress differently. A Trainee Appraiser should be able to inspect a complex property without supervision after his or her first year. A Trainee Appraiser must pass the state licensing exam before being permitted to inspect a property unsupervised. No Trainee Appraiser should inspect a property unsupervised. - CORRECT ANSWER Every Trainee Appraiser will learn and progress differently. Which statement is TRUE regarding a Supervisory Appraiser's responsibility regarding a Trainee Appraiser's completion of the education requirements? The Supervisory Appraiser is responsible for monitoring the Trainee Appraiser's completion of the education requirements. The Supervisory Appraiser is responsible for teaching the education courses that the Trainee Appraiser is required to complete. The Supervisory Appraiser is responsible for taking the required education courses alongside the Trainee Appraiser. The Supervisory Appraiser has no responsibility to the Trainee Appraiser regarding education requirements. - CORRECT ANSWER The Supervisory Appraiser is responsible for monitoring the Trainee Appraiser's completion of the education requirements. The AQB requirements for an experience log are: Only applicable to the Certified General Appraiser classification Merely a guideline, which a jurisdiction can ignore if they wish A maximum, which cannot be exceeded by the jurisdiction A minimum, which may be exceeded by the jurisdiction - CORRECT ANSWER A minimum, which may be exceeded by the jurisdiction Who is primarily responsible for ensuring that the Trainee Appraiser learns from his or her field experience? The Supervising Appraiser only The Trainee Appraiser only The appraisal education provider The state appraisal regulatory agency - CORRECT ANSWER The Trainee Appraiser only Who is responsible for documenting a Trainee Appraiser's experience log? The Trainee Appraiser only The Supervisory Appraiser only Both the Trainee Appraiser and the Supervisory Appraiser The secretary or office manager of the appraisal firm where the trainee works - CORRECT ANSWER Both the Trainee Appraiser and the Supervisory Appraiser A Missouri licensed appraiser allows his certificate to expire. He must renew it within _______ of expiration or else it will become void. 90 days 180 days One year Two years - CORRECT ANSWER 2 years The law that created licensing and certification for appraisers in Missouri is known as: Secure and Fair Enforcement for Mortgage Licensing Act Dodd-Frank Wall Street Reform and Consumer Financial Protection Act Missouri Certified and Licensed Real Estate Appraisers and Appraisal Management Company Regulation Act Fair Housing Act of 1988 - CORRECT ANSWER Missouri Certified and Licensed Real Estate Appraisers and Appraisal Management Company Regulation Act You are reading the Missouri appraiser licensing law and you see a reference to "the Commission". What does this term refer to? The Missouri state legislature The MO Real Estate Appraisers Commission The MO Real Estate Commission The Warren Commission - CORRECT ANSWER The MO Real Estate Appraisers Commission According to the Missouri appraiser license law, which entity is empowered to perform functions and duties necessary to carry out the provisions of the license law? Bureau of Consumer Financial Protection Real Estate Appraisers Commission Appraisal Subcommittee Appraisal Standards Board - CORRECT ANSWER Real Estate Appraisers Commission An applicant for registration as a Trainee is preparing to take qualifying education courses. In order to be used for qualifying education, a course must be a minimum of ____ hours in length. 3 7 15 75 - CORRECT ANSWER 15 An applicant for registration as a Trainee Appraiser in Missouri wants to use courses he has already completed to meet the education requirement. According to the Commission, these courses must have been completed within the prior: 1 year 2 years 5 years There is no time limit for these courses - CORRECT ANSWER 5 years An applicant for a Certified General Appraiser credential is applying to the Commission in Missouri. She has accumulated 3,000 hours of non-residential appraisal experience over a period of 24 months. Which statement is true regarding the acceptability of this experience? The applicant has met the experience requirement for a Certified General credential. The applicant needs another six months of experience. The applicant needs another 500 hours of appraisal experience obtained in Missouri. Only 50% of the applicant's claimed experience hours will count towards certification. - CORRECT ANSWER The applicant has met the experience requirement for a Certified General credential. An applicant for a Certified General Appraiser credential in Missouri has accumulated 3,000 hours of appraisal experience over 18 months. Of these hours, 1,000 are in the appraisal of non-residential properties. Which statement is TRUE regarding the acceptability of this experience? The applicant has met the experience requirements for Certified General. The applicant needs another 400 hours of experience. The applicant needs another 500 hours of non-residential appraisal experience. The applicant needs another six months of experience in order to reach a total of 36 months. - CORRECT ANSWER The applicant needs another 500 hours of non-residential appraisal experience. When may an applicant for a Certified Residential Appraiser credential in Missouri take the certification examination? Before receiving his or her Trainee registration After receiving his or her Trainee registration but before completing the required college coursework After the education requirements are completed, but before the experience is accumulated After both the education and experience requirements are completed - CORRECT ANSWER After both the education and experience requirements are completed A registered Trainee is assisting a Certified General Appraiser. What type of appraisals is the Trainee permitted to assist on? Appraisals of 1-4 family residential properties only Any appraisals that the supervisory appraiser is permitted to appraise Appraisals for non-lending purposes only Appraisals for federally-regulated financial institutions only - CORRECT ANSWER Any appraisals that the supervisory appraiser is permitted to appraise A registered Trainee Appraiser in Missouri assists on an appraisal assignment but does not sign the report. Can the Trainee receive experience credit for this appraisal? Yes; because there is no requirement that the Trainee has to be mentioned or acknowledged in the report No; the Trainee must sign the certification in order to receive credit Yes; as long as the Supervisory Appraiser properly acknowledges the Trainee in the report as having provided assistance No; the supervisory appraiser should have signed the Trainee's name - CORRECT ANSWER Yes; as long as the Supervisory Appraiser properly acknowledges the Trainee in the report as having provided assistance In Missouri, who is permitted to supervise a Trainee? Any credentialed appraiser in good standing A Certified General Appraiser only A Certified Residential Appraiser only A Certified Residential Appraiser or Certified General Appraiser only - CORRECT ANSWER A Certified Residential Appraiser or Certified General Appraiser only What level of college coursework is required in order to qualify for a Certified General Appraiser credential in Missouri? Associate's degree or higher Bachelor's degree or higher Master's degree or higher 21 semester credit hours in specified topics - CORRECT ANSWER Bachelor's degree or higher An applicant for a Certified General Appraiser credential is applying to the Commission in Missouri. She has accumulated 3,000 hours of appraisal experience over 24 months. Of these hours, 1,800 hours are in non-residential property appraisal. Which statement is true regarding the acceptability of this experience? The applicant has met the experience requirement for a Certified General credential. The applicant needs another six months of experience. The applicant needs another 500 hours of appraisal experience obtained in Missouri. Only 50% of the applicant's claimed experience hours will count towards certification - CORRECT ANSWER The applicant has met the experience requirement for a Certified General credential. An appraisal that provides an estimate of value would be considered ________ under Missouri law. Illegal An analysis A consultation A valuation - CORRECT ANSWER a valuation A certified appraiser is suspended by the Missouri Real Estate Appraisers Commission in July 2017. He completes his suspension in September 2017 and is reinstated. When is the soonest that he will be permitted to supervise a Trainee? Immediately December 2019 July 2020 September 2020 - CORRECT ANSWER september 2020 A supervisory appraiser in Missouri is currently supervising two registered Trainees. How many additional Trainees may she supervise at this time? Zero One Two An unlimited number - CORRECT ANSWER 1 How many experience hours are necessary to meet the AQB minimum requirement for a Certified General Appraiser credential? 1,500 2,500 3,000 4,000 - CORRECT ANSWER 3000 A Trainee Appraiser and a Supervisory Appraiser work together on an appraisal review assignment. Which one must retain physical custody of the workfile? The Supervisory Appraiser must retain custody The Trainee Appraiser must retain custody A neutral third party must retain custody Either, but one must take responsibility - CORRECT ANSWER Either, but one must take responsibility Mary wants to become a Certified General Appraiser under the current AQB Criteria. She will need what type of degree or diploma? A high school diploma or GED An Associate degree or higher, in any field of study A Bachelor's degree or higher, in any field of study A Master's degree in Real Property Valuation - CORRECT ANSWER A Bachelor's degree or higher, in any field of study A current Trainee Appraiser wishes to take the examination to obtain a Licensed Residential Appraiser credential. When may she take the exam? Any time she wishes to take it After she has submitted an experience log with 500 creditable experience hours After she has submitted an experience log with 1,500 creditable experience hours After she completes both the education and experience requirements - CORRECT ANSWER After she completes both the education and experience requirements What does the Appraisal Subcommittee's National Complaint Hotline do? It investigates and hands down a disciplinary sanction It provides a referral for a complaint It arbitrates the complaint It puts the complainant in touch with an attorney with litigation experience - CORRECT ANSWER It provides a referral for a complaint Which statement is TRUE regarding a workfile access and retrieval agreement between a Trainee Appraiser and a Supervisory Appraiser? The agreement must be in written form. The agreement must be recorded with the state appraisal regulatory agency. The agreement must comply with the form and format specified in USPAP. The agreement may be written or oral. - CORRECT ANSWER The agreement may be written or oral. You want to be appointed to the Appraiser Qualifications Board. Who would be responsible for appointing you to this position? The Chairman of the Federal Reserve Board Appraisal Practices Board (APB) The current Chairman of the AQB The Board of Trustees (BOT) - CORRECT ANSWER BOT According to USPAP, when may a Supervisory Appraiser affix a Trainee Appraiser's signature to an appraisal report? Never, because an appraiser may not affix the signature of another appraiser If authorization is given by the Trainee Appraiser in a specific assignment If the Trainee Appraiser provides blanket signature authorization to the supervisor Always, because the Supervisory Appraiser is the Trainee Appraiser's superior - CORRECT ANSWER If authorization is given by the Trainee Appraiser in a specific assignment An appraiser receives a request for a real property appraisal, but the appraiser does not possess the competency to perform this particular assignment and does not want to acquire the competency. USPAP would require the appraiser to: Provide a Broker Price Opinion instead Give the prospective client a referral to another appraiser Decline the assignment Disclose to the client that the appraiser intends to complete the assignment without acquiring competency - CORRECT ANSWER decline the assignment A current Certified Residential Appraiser wants to become a Certified General Appraiser. According to the AQB minimum criteria, how many additional hours of appraisal education does the appraiser need in order to qualify? 75 100 150 200 - CORRECT ANSWER 100 How many registered Trainees may a supervisory appraiser in Missouri supervise at one time? An unlimited number of No more than three A minimum of four No more than five - CORRECT ANSWER no more than 3 USPAP compliance is the responsibility of whom? Individual appraisers only Appraisal companies only Individual appraisers and appraisal companies jointly Appraisers and users of appraisal services - CORRECT ANSWER individual appraisers only Who would be specifically required to comply with the AQB minimum requirements for Supervisory Appraisers? An appraiser who is supervising a Trainee Appraiser An appraiser who is supervising a Certified Residential Appraiser An appraiser who is supervising a Licensed Residential Appraiser All appraisers who have employees in their firm - CORRECT ANSWER An appraiser who is supervising a Trainee Appraiser What are the two written report options specified in Standards Rule 2-2 of USPAP? Form Appraisal Report and Narrative Appraisal Report Lending Appraisal Report and Non-Lending Appraisal Report Appraisal Report and Restricted Appraisal Report Written Appraisal Report and Oral Appraisal Report - CORRECT ANSWER Appraisal Report and Restricted Appraisal Report You believe a revision to USPAP should be made. Which Appraisal Foundation Board would you want to contact in order to communicate your idea for a revision to USPAP? Appraiser Qualifications Board (AQB) Appraisal Practices Board (APB) Appraisal Standards Board (ASB) Board of Trustees (BOT) - CORRECT ANSWER asb A Trainee Appraiser signs the letter of transmittal in an Appraisal Report, but does not sign the certification. Which of these statements is TRUE regarding the Trainee Appraiser's signature obligations under USPAP? The Trainee Appraiser must have inspected the subject property before he/she may The Trainee Appraiser is not required to sign the certification as long as he/she signs the letter of transmittal. The Trainee Appraiser must sign the certification because he has signed the letter of transmittal. A letter of transmittal is not part of an appraisal report, and therefore USPAP does not address this issue. - CORRECT ANSWER The Trainee Appraiser must sign the certification because he has signed the letter of transmittal. The requirements for reporting a real property appraisal are set forth in which USPAP Standard? STANDARD 1 STANDARD 2 STANDARD 9 STANDARD 10 - CORRECT ANSWER standard 2 Why is it essential for a Trainee Appraiser to obtain experience in all applicable valuation methodologies and approaches to value? So the Trainee Appraiser will do all the work, allowing the Supervisory Appraiser to take time off work So the Trainee Appraiser becomes capable of performing the duties of a licensed or certified appraiser In order for the Trainee Appraiser to build up a client list that he/she will take with them once they become licensed or certified In order for the Supervisory Appraiser to attend to other matters while the Trainee Appraiser works unsupervised - CORRECT ANSWER So the Trainee Appraiser becomes capable of performing the duties of a licensed or certified appraiser