McKissock Basic Appraisal Principles test questions with 100% correct answers

appraiser one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective report any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client upon completion Brainpower Read More Longhand fashion Narrative appraisal reports: written communication of the results of a valuation or review assignment presented to the client in narrative style rather than oral Who is appraiser education regulated by? The appraiser qualifications board and the appraisal foundation Who is responsible for making sure that all states meet licensing certification and recertification needs? The appraisal qualifications board FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act of 1989) Outlines basic requirements for state license in the state certified appraisers What is the make up of the appraisal subcommittee Members appointed by heads or different government agencies What are the four components of real property appraiser qualification criteria? Qualifying education, experience, exams, continuing education What are the continuing education requirements for appraisers? 14 hours of continuing education each year, seven hours of national USPAP course every two years How many classroom hours does a licensed residential appraiser need 150 How many classroom hours does a certified residential appraiser need 200 How many classroom hours does a certified general appraiser need? 300 Does a license residential appraiser need a college degree No Does a certified residential appraiser need a college degree Yes. Must hold bachelors degree or higher associates degree in focused field of study Does a certified general appraiser need a college degree? Yes. Bachelors degree or higher from accredited college or university What types of properties can license residential appraisers appraise? Non-complex 1 to 4 residential units having value of less than 1,000,000 1 to 4 residential units having value less than 250,000 What type of experience does licensed residential appraiser need 1000 hours in no fewer than six months What types of properties can a certified residential appraiser appraise 1 to 4 residential units without regard to value includes vacant or unimproved land What type of experience does a certified residential appraiser need 1500 hours in no fewer than 12 months What type of experience does a certified general appraiser need 3000 hours in no fewer than 18 months. 1500 must be non-residential In what year did the first group of organized appraisers come about 1930s What was the first universally excepted appraisal form 704 How many people were on the ad hoc committee on uniform standards Eight United States citizens in one person from Canada What was the purpose of the ad hoc committee on uniform standards To develop the first set of appraisal standards what type of organization is the appraisal foundation A not-for-profit organization for educational in scientific purposes Who has legal authority over appraisal standards Government agencies if they adopt them from the appraisal foundation What are the three boards on the appraisal foundation The board of trustees, the appraisal standards board, the appraiser qualifications board What is the job of the board of trustees The executive board, responsible for appointing members of a ASB, a QB, APB What is the job of the appraisal standards board Creates standards for ethics and performance, accomplished through the uniform standards of professional appraisal practice, USPAP What is the job of the appraisal qualifications board Creates requirements for licensure certification and recertification which states adopt and enforce What is the job of the appraisal practices board Responsible for issuing voluntary guidance on recognized valuation methods and techniques. Disbanded in 2017 and does not exist Who is able to amend interpret supplement and retire USPAP The ASB What are the two advisory Council's under the appraisal foundation The appraisal foundation advisory council and the industry advisory Council What is the job of the appraisal foundation advisory Council Serves to involve the public in appraisal standards and qualification development processes, makes recommendations to the appraisal foundation on major issues What is the job of the industry advisory Council Gives for-profit entities an opportunity to provide advice and counsel the appraisal foundation, identifies and recommends candidates to be considered for the appraisal standards board and the appraisal qualifications board, identifies potential funding sources What is fair lending Everyone should have equal access to credit based only on their financial characteristics What are the federal financial institutions that are directly involved in fair lending The department of treasury in the department of housing and urban development What does fair lending apply to Call credit transactions unless specifically exempted, example business loan over 1 million Equal Credit Opportunity Act Gives equal credit opportunity to all people and all types of lending including home mortgages credit cards in business loans Where is the ethics rules found USPAP Can appraisers pay a fee to be on approved appraiser list Yes. As long as they disclose this information in the certification section of every appraisal report prepared for that client amount paid is not required real estate identified parcel or tract of land including improvements if any. Land in all things that are a part of the land as well as things that are attached to the land by people. This includes all attachments below and above ground What are the characteristics of land Unique location, and mobility, durability, finite supply Subsurface Rights Rights to use in profit the underground portion of a designated property. Usually refers to the right to extract call minerals oil gas or other substances Air Rights The right to disturb used in control of the designated airspace above a specific area of land with instated elevations Transferable development rights development right that cannot be used by landowners or that the owner chooses not to use but can be conveyed to landowners in another location for a period of years and then revert back to the original owner Fixtures An article that was one's personal property but has been installed attached the land or building in a permanent manner so that is regarded as real estate Personal property The interest benefits and rates inherit in ownership of tangible objects that are considered by the public as being personal. Also called tangible personal property. Identifiable tangible objects that are considered by the general public as being personal Trade fixtures Articles placed in or attached to rented buildings by a tenant to help carry out the trade or business of the tenant example tenant shelves used to display merchandise, pizza ovens, display cases. Also called a CHATTEL fixture Real property An interest in real estate. The interest benefits and rates inherent in the ownership of real estate. Sometimes has the same meaning as real estate. WHAT WE APPRAISE What is the difference between real estate and real property Real estate is the physical being in real property is the rights and benefits of ownership Bundle of rights Concepts that compares property ownership to a bundle of sticks with each stick representing a distinct and separate right of the property owner Eminent domain The right of the government to take private property for public use upon the payment of just compensation Police power Inherent power of government to regulate property in order to protect public health safety and general welfare What are examples of police power Zoning, building codes, subdivision regulation, electrical codes, plumbing, energy codes Escheat The right of the government that gives the state ownership of the property when its owner dies without a will Mortgage note A document or clause in a document in which the borrower excepts responsibility for the repayment Mechanics liens A legal claim placed on real estate by someone who is owed money for labor, services, or supplies contributed to the property for the purpose of improving it Deed restrictions A provision written into a deed that limits the use of land. usually remain in effect when the title passes to owners Conditions covenants and restrictions, CC & R A list of expressed assurances and limitations on land use, often found on contracts between a land subdivider and a lot purchaser, similar to deed restrictions but apply to more than one property What are the three types of legal descriptions Lot and block, metes and bounds, rectangular survey Lot and block A system for the legal description of land that refers to parcel lot and block numbers which appear on recorded maps and plots of subdivided land What are the disadvantages of the lot and block system It doesn't tell you about the size and shape of the estate, you need a map to decipher Metes and bounds A system for the legal description of land that refers to the parcel boundaries which are formed by the point of beginning and all intermediate points and the courses or angular direction of each point