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BASIC APPRAISAL PRINCIPLES - CH 8
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass.
Financial institution reform, recovery and enforcement act (FIRREA) - Answer✔passed in 1989
as a comprehensive savings and loan bailout and preventive measure against future S&L
insolvency. this law recognizes USPAP as the current industry standard for appraisals and
identifies the Appraisal Foundation as the authority for professional appraisal standards.
limiting conditions - Answer✔statements by the appraiser explaining tthe framework used to
reach an appraisal value.
reconciliation - Answer✔the appraisal process of analyzing the values delivered from the
different appraisal approches to arrive at the final oppinion of value.
redlining - Answer✔refusal to make loans on property located in a particular neighborhood for
discriminatory reasons.
real estate settlement procedures(RESPA) - Answer✔federal law dealing with real estate
closings that set forth specific procedures and guidelines for disclosure of settlement costs.
RESPA lets buyers compare cost of service, requires specific statements/disclosures, prevents
kickbacks, and limits escrows lender can hold.
steering - Answer✔channeling prospective buyers or tenants to particular neighborhoods based
on their race, religion, or ethic background.
title VIll - Answer✔another name for the Federal Fair Housing Act, which is Title VIII of the civil
rights act of 1968.
truth-in-lending act (TIL) - Answer✔formed in 1969, federal aw requiring lenders to disclose
consumer credit cost in order to permote informed use of credit. act implimented by
1|Page
BASIC APPRAISAL PRINCIPLES - CH 8
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass.
Financial institution reform, recovery and enforcement act (FIRREA) - Answer✔passed in 1989
as a comprehensive savings and loan bailout and preventive measure against future S&L
insolvency. this law recognizes USPAP as the current industry standard for appraisals and
identifies the Appraisal Foundation as the authority for professional appraisal standards.
limiting conditions - Answer✔statements by the appraiser explaining tthe framework used to
reach an appraisal value.
reconciliation - Answer✔the appraisal process of analyzing the values delivered from the
different appraisal approches to arrive at the final oppinion of value.
redlining - Answer✔refusal to make loans on property located in a particular neighborhood for
discriminatory reasons.
real estate settlement procedures(RESPA) - Answer✔federal law dealing with real estate
closings that set forth specific procedures and guidelines for disclosure of settlement costs.
RESPA lets buyers compare cost of service, requires specific statements/disclosures, prevents
kickbacks, and limits escrows lender can hold.
steering - Answer✔channeling prospective buyers or tenants to particular neighborhoods based
on their race, religion, or ethic background.
title VIll - Answer✔another name for the Federal Fair Housing Act, which is Title VIII of the civil
rights act of 1968.
truth-in-lending act (TIL) - Answer✔formed in 1969, federal aw requiring lenders to disclose
consumer credit cost in order to permote informed use of credit. act implimented by
1|Page
