BASIC APPRAISAL PRINCIPLES
ACTUAL EXAM 320 QUESTIONS
WITH VERIFIED DETAILED
ANSWERS (100% CORRECT
ANSWERS) ALREADY GRADED A+
LATEST VERSION
"Under the 2008 criteria, an Appraiser Trainee is permitted to have ________ supervising appraiser, but
a supervising appraiser may not supervise ________ trainees. - CORRECT ANSWER=> More than one,
more than three"
"Which of the following situations would NOT normally require an appraisal? - CORRECT ANSWER=> title
insurance"
"The document transmitted to the client upon completion of an appraisal assignment is the - CORRECT
ANSWER=> appraisal report"
"Under the 2008 criteria, an applicant for a Certified General license must hold a(n) ___________ degree
or _____ semester hours in certain selected college level courses. - CORRECT ANSWER=> Bachelors ,30"
"To apply for an Appraiser Trainee license, an applicant must have _____ hours of qualifying education
courses and ______ creditable hours of experience. - CORRECT ANSWER=> 75,0"
"The four components of the Appraiser Qualification Criteria include Continuing Education, Examination,
____________, and ______________. - CORRECT ANSWER=> Experience and Qualifying Education"
"The _____ is charged with establishing the qualifications that all the states must adopt in licensing,
certification and re-certification of appraisers. - CORRECT ANSWER=> AQB"
"The number of required classroom hours for Licensed Residential Appraisers under the 2008 criteria is
____ hours. - CORRECT ANSWER=> 150"
"True or False? The Board of Trustees acts as the executive board for The Appraisal Foundation. -
CORRECT ANSWER=> True"
1|Page
,"In 1987, eight U.S. appraisal organizations formed - CORRECT ANSWER=> The Appraisal Foundation"
"The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is
referred to as - CORRECT ANSWER=> disintermeditation"
"What event preceded the Great Depression? - CORRECT ANSWER=> Stock Market Crash of 1929"
"True or False? The Appraisal Subcommittee's mission is to ensure that real estate appraisers who
perform appraisals in federally-related transactions are sufficiently trained and tested to assure
competency and independent judgment. - CORRECT ANSWER=> political party affiliation"
"True or False? The Dodd-Frank Act gave the ASC the authority to create a National Registry of appraisal
management companies. - CORRECT ANSWER=> True"
"Which of these is NOT a protected class, according to the Fair Housing Act? - CORRECT ANSWER=>
political party affilitation"
"Which entity is responsible for monitoring state appraiser licensing and certification agencies? -
CORRECT ANSWER=> The Appraisal Subcommittee"
"The first universally accepted appraisal report form appeared in the - CORRECT ANSWER=> 1970's"
"The Appraisal Foundation is a ___________ organization. - CORRECT ANSWER=> not-for -profit"
"The secondary market came into prominence in mortgage lending in the - CORRECT ANSWER=> late
1970's"
"The ______exercises all authority over the establishment of education, experience, and other criteria
for licensing, certification, and re-certification of qualified appraisers. - CORRECT ANSWER=> AQB"
"The Savings and Loan Crisis happened in the - CORRECT ANSWER=> Late 1980's"
"The ______ maintains a National Registry of appraisers. - CORRECT ANSWER=> ASC"
"Only the _______ has the authority to amend or interpret USPAP. - CORRECT ANSWER=> ASB"
"The _________ exercises all authority and power over the subject, style, content, and substance of
USPAP. - CORRECT ANSWER=> ASB"
"Mortgage interest rates peaked in the U.S. in the - CORRECT ANSWER=> early 1980's"
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, "The _________ monitors and reviews the practices, procedures, activities and organizational structure
of The Appraisal Foundation. - CORRECT ANSWER=> ASC"
"True or False? The mere fact that an appraiser has previously appraised a property is typically NOT
considered confidential information under USPAP.
True - CORRECT ANSWER=> True"
"Ethics concerns our obligation to consider - CORRECT ANSWER=> the well being of all .......all of these"
"USPAP requires an appraiser to be - CORRECT ANSWER=> objective"
"True or False? USPAP permits an appraiser to be biased in certain appraisal assignments, as long as the
bias is properly disclosed. - CORRECT ANSWER=> false"
"Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal
fee on it? - CORRECT ANSWER=> the appraisers opinion of value"
"Is it ethical for an appraiser to offer a reduced fee on an appraisal if the client's loan does not close? -
CORRECT ANSWER=> no"
"An appraiser pays a fee for the procurement of an assignment. Where in the appraisal report does this
payment have to be disclosed? - CORRECT ANSWER=> in the certification and any transmittal letter
where conclusions are stated"
"True or False? The development of "trust" between the general public and the professional appraiser is
not unique to the appraisal profession. - CORRECT ANSWER=> True"
"An appraiser finds out after completing an appraisal that the lender/client's loan did not close. What
should the appraiser do regarding the appraisal fee? - CORRECT ANSWER=> charge the agreed-upon fee
regardless of whether the loan closed"
"True or False? Webster's Dictionary defines ethics as relating to the principles established by the world's
most common religions. - CORRECT ANSWER=> False"
"True or False? "A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity in an assignment" is the definition of bias. - CORRECT ANSWER=> true"
"True or False? The word ethics is not formally defined in USPAP. - CORRECT ANSWER=> true"
"True or False? The ETHICS RULE is the first of the RULES in USPAP. - CORRECT ANSWER=> true"
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ACTUAL EXAM 320 QUESTIONS
WITH VERIFIED DETAILED
ANSWERS (100% CORRECT
ANSWERS) ALREADY GRADED A+
LATEST VERSION
"Under the 2008 criteria, an Appraiser Trainee is permitted to have ________ supervising appraiser, but
a supervising appraiser may not supervise ________ trainees. - CORRECT ANSWER=> More than one,
more than three"
"Which of the following situations would NOT normally require an appraisal? - CORRECT ANSWER=> title
insurance"
"The document transmitted to the client upon completion of an appraisal assignment is the - CORRECT
ANSWER=> appraisal report"
"Under the 2008 criteria, an applicant for a Certified General license must hold a(n) ___________ degree
or _____ semester hours in certain selected college level courses. - CORRECT ANSWER=> Bachelors ,30"
"To apply for an Appraiser Trainee license, an applicant must have _____ hours of qualifying education
courses and ______ creditable hours of experience. - CORRECT ANSWER=> 75,0"
"The four components of the Appraiser Qualification Criteria include Continuing Education, Examination,
____________, and ______________. - CORRECT ANSWER=> Experience and Qualifying Education"
"The _____ is charged with establishing the qualifications that all the states must adopt in licensing,
certification and re-certification of appraisers. - CORRECT ANSWER=> AQB"
"The number of required classroom hours for Licensed Residential Appraisers under the 2008 criteria is
____ hours. - CORRECT ANSWER=> 150"
"True or False? The Board of Trustees acts as the executive board for The Appraisal Foundation. -
CORRECT ANSWER=> True"
1|Page
,"In 1987, eight U.S. appraisal organizations formed - CORRECT ANSWER=> The Appraisal Foundation"
"The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is
referred to as - CORRECT ANSWER=> disintermeditation"
"What event preceded the Great Depression? - CORRECT ANSWER=> Stock Market Crash of 1929"
"True or False? The Appraisal Subcommittee's mission is to ensure that real estate appraisers who
perform appraisals in federally-related transactions are sufficiently trained and tested to assure
competency and independent judgment. - CORRECT ANSWER=> political party affiliation"
"True or False? The Dodd-Frank Act gave the ASC the authority to create a National Registry of appraisal
management companies. - CORRECT ANSWER=> True"
"Which of these is NOT a protected class, according to the Fair Housing Act? - CORRECT ANSWER=>
political party affilitation"
"Which entity is responsible for monitoring state appraiser licensing and certification agencies? -
CORRECT ANSWER=> The Appraisal Subcommittee"
"The first universally accepted appraisal report form appeared in the - CORRECT ANSWER=> 1970's"
"The Appraisal Foundation is a ___________ organization. - CORRECT ANSWER=> not-for -profit"
"The secondary market came into prominence in mortgage lending in the - CORRECT ANSWER=> late
1970's"
"The ______exercises all authority over the establishment of education, experience, and other criteria
for licensing, certification, and re-certification of qualified appraisers. - CORRECT ANSWER=> AQB"
"The Savings and Loan Crisis happened in the - CORRECT ANSWER=> Late 1980's"
"The ______ maintains a National Registry of appraisers. - CORRECT ANSWER=> ASC"
"Only the _______ has the authority to amend or interpret USPAP. - CORRECT ANSWER=> ASB"
"The _________ exercises all authority and power over the subject, style, content, and substance of
USPAP. - CORRECT ANSWER=> ASB"
"Mortgage interest rates peaked in the U.S. in the - CORRECT ANSWER=> early 1980's"
2|Page
, "The _________ monitors and reviews the practices, procedures, activities and organizational structure
of The Appraisal Foundation. - CORRECT ANSWER=> ASC"
"True or False? The mere fact that an appraiser has previously appraised a property is typically NOT
considered confidential information under USPAP.
True - CORRECT ANSWER=> True"
"Ethics concerns our obligation to consider - CORRECT ANSWER=> the well being of all .......all of these"
"USPAP requires an appraiser to be - CORRECT ANSWER=> objective"
"True or False? USPAP permits an appraiser to be biased in certain appraisal assignments, as long as the
bias is properly disclosed. - CORRECT ANSWER=> false"
"Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal
fee on it? - CORRECT ANSWER=> the appraisers opinion of value"
"Is it ethical for an appraiser to offer a reduced fee on an appraisal if the client's loan does not close? -
CORRECT ANSWER=> no"
"An appraiser pays a fee for the procurement of an assignment. Where in the appraisal report does this
payment have to be disclosed? - CORRECT ANSWER=> in the certification and any transmittal letter
where conclusions are stated"
"True or False? The development of "trust" between the general public and the professional appraiser is
not unique to the appraisal profession. - CORRECT ANSWER=> True"
"An appraiser finds out after completing an appraisal that the lender/client's loan did not close. What
should the appraiser do regarding the appraisal fee? - CORRECT ANSWER=> charge the agreed-upon fee
regardless of whether the loan closed"
"True or False? Webster's Dictionary defines ethics as relating to the principles established by the world's
most common religions. - CORRECT ANSWER=> False"
"True or False? "A preference or inclination that precludes an appraiser's impartiality, independence, or
objectivity in an assignment" is the definition of bias. - CORRECT ANSWER=> true"
"True or False? The word ethics is not formally defined in USPAP. - CORRECT ANSWER=> true"
"True or False? The ETHICS RULE is the first of the RULES in USPAP. - CORRECT ANSWER=> true"
3|Page
