BASIC APPRAISAL PRINCIPLES 305 EXAM
QUESTIONS & CORRECT ANSWERS LATEST 2025
An appraiser is defined as "one who is expected to perform valuation services
_________, and in a manner that is independent, impartial, and objective." -
ANSWER-Competently
Which college-level course would probably be LEAST helpful to an appraiser? -
ANSWER-Biology
True or False: All appraisals are performed for mortgage lending purposes. -
ANSWER-false
A certified residential appraiser needs ____ hours of continuing education per
year to renew his or her certification? - ANSWER-14
True or False: An applicant for Certified General appraiser must possess at least
an associate's degree from an accredited college or university. - ANSWER-False
An applicant who wishes to become a Certified Residential appraiser must have
accumulated a minimum of ______ hours of appraisal education. - ANSWER-200
How many experience hours are required to become a certified residential
appraiser? - ANSWER-2500 in no fewer than 24
True or False: Attorneys often engage appraisers to complete assignments for
estates and divorces. - ANSWER-True
,True or False: Of the required number of experience hours required for certified
general appraiser applicants, at least 1,500 hours must be in the appraisal of non-
residential property. - ANSWER-True
For licensed and certified real property appraisers, _____ class hours of
continuing education are required each year. - ANSWER-14 hours
The continuing education requirement in the 2008 criteria (compared to the
previous criteria) - ANSWER-Remained Unchanged
The current AQB Real Property Appraiser Qualification Criteria went into effect -
ANSWER-January 1, 2015
The Certified General Real Property Appraiser classification requires ____ hours of
experience in no fewer than ___ months. - ANSWER-3,000, 30
Which of the following situations would NOT normally require an appraisal? -
ANSWER-Title insurance
The four components of the Appraiser Qualification Criteria include Continuing
Education, Examination, ____________, and ______________. - ANSWER-
Experience and Qualifying Education
Which characteristic would NOT be associated with a good appraiser? - ANSWER-
Biased
,The _____ is charged with establishing the qualifications that all the states must
adopt in licensing, certification and re-certification of appraisers. - ANSWER-The
AQB
Which is a true statement regarding appraiser examinations? - ANSWER-They are
the same in every state with few exceptions
Under the 2015 criteria, an Appraiser Trainee is permitted to have ________
supervising appraiser, but a supervising appraiser may not supervise ________
trainees. - ANSWER-than one, no more than three
What event preceded the Great Depression? - ANSWER-Stock Market Crash of
1929
In 1987, eight U.S. appraisal organizations formed - ANSWER-The Appraisal
Foundation
True or False? The Appraisal Foundation has significant legal authority to enforce
USPAP. - ANSWER-False
True or False? Episodes of economic turmoil have occurred throughout U.S.
history. - ANSWER-True
In the 1970s, who developed uniform rules for mortgage underwriting? -
ANSWER-Fannie Mae and Freddie Mac
True or False? The requirements of USPAP apply equally to appraisers and their
clients. - ANSWER-False
, Which advisory council is responsible for providing global and international
information and support to The Appraisal Foundation? - ANSWER-Valuers Global
Forum
Which TAF advisory council consists of for-profit entities? - ANSWER-IAC
True or False? Appraisal management companies (AMCs) are required to comply
with the requirements of USPAP. - ANSWER-False
Who retains final authority over revisions to USPAP? - ANSWER-The Appraisal
Standards Board
Which board of The Appraisal Foundation is responsible for revising and editing
USPAP? - ANSWER-ASB
True or False? The guidance issued by the Appraisal Practices Board (APB) is
binding on real property appraisers. - ANSWER-False
True or False? The Dodd-Frank Act gave the ASC the authority to create a National
Registry of appraisal management companies. - ANSWER-true
True or False? The requirements of the Equal Credit Opportunity Act do NOT
apply to residential second mortgages. - ANSWER-False
True or False? The ASC is responsible for maintaining a National Registry of
appraisers. - ANSWER-True
QUESTIONS & CORRECT ANSWERS LATEST 2025
An appraiser is defined as "one who is expected to perform valuation services
_________, and in a manner that is independent, impartial, and objective." -
ANSWER-Competently
Which college-level course would probably be LEAST helpful to an appraiser? -
ANSWER-Biology
True or False: All appraisals are performed for mortgage lending purposes. -
ANSWER-false
A certified residential appraiser needs ____ hours of continuing education per
year to renew his or her certification? - ANSWER-14
True or False: An applicant for Certified General appraiser must possess at least
an associate's degree from an accredited college or university. - ANSWER-False
An applicant who wishes to become a Certified Residential appraiser must have
accumulated a minimum of ______ hours of appraisal education. - ANSWER-200
How many experience hours are required to become a certified residential
appraiser? - ANSWER-2500 in no fewer than 24
True or False: Attorneys often engage appraisers to complete assignments for
estates and divorces. - ANSWER-True
,True or False: Of the required number of experience hours required for certified
general appraiser applicants, at least 1,500 hours must be in the appraisal of non-
residential property. - ANSWER-True
For licensed and certified real property appraisers, _____ class hours of
continuing education are required each year. - ANSWER-14 hours
The continuing education requirement in the 2008 criteria (compared to the
previous criteria) - ANSWER-Remained Unchanged
The current AQB Real Property Appraiser Qualification Criteria went into effect -
ANSWER-January 1, 2015
The Certified General Real Property Appraiser classification requires ____ hours of
experience in no fewer than ___ months. - ANSWER-3,000, 30
Which of the following situations would NOT normally require an appraisal? -
ANSWER-Title insurance
The four components of the Appraiser Qualification Criteria include Continuing
Education, Examination, ____________, and ______________. - ANSWER-
Experience and Qualifying Education
Which characteristic would NOT be associated with a good appraiser? - ANSWER-
Biased
,The _____ is charged with establishing the qualifications that all the states must
adopt in licensing, certification and re-certification of appraisers. - ANSWER-The
AQB
Which is a true statement regarding appraiser examinations? - ANSWER-They are
the same in every state with few exceptions
Under the 2015 criteria, an Appraiser Trainee is permitted to have ________
supervising appraiser, but a supervising appraiser may not supervise ________
trainees. - ANSWER-than one, no more than three
What event preceded the Great Depression? - ANSWER-Stock Market Crash of
1929
In 1987, eight U.S. appraisal organizations formed - ANSWER-The Appraisal
Foundation
True or False? The Appraisal Foundation has significant legal authority to enforce
USPAP. - ANSWER-False
True or False? Episodes of economic turmoil have occurred throughout U.S.
history. - ANSWER-True
In the 1970s, who developed uniform rules for mortgage underwriting? -
ANSWER-Fannie Mae and Freddie Mac
True or False? The requirements of USPAP apply equally to appraisers and their
clients. - ANSWER-False
, Which advisory council is responsible for providing global and international
information and support to The Appraisal Foundation? - ANSWER-Valuers Global
Forum
Which TAF advisory council consists of for-profit entities? - ANSWER-IAC
True or False? Appraisal management companies (AMCs) are required to comply
with the requirements of USPAP. - ANSWER-False
Who retains final authority over revisions to USPAP? - ANSWER-The Appraisal
Standards Board
Which board of The Appraisal Foundation is responsible for revising and editing
USPAP? - ANSWER-ASB
True or False? The guidance issued by the Appraisal Practices Board (APB) is
binding on real property appraisers. - ANSWER-False
True or False? The Dodd-Frank Act gave the ASC the authority to create a National
Registry of appraisal management companies. - ANSWER-true
True or False? The requirements of the Equal Credit Opportunity Act do NOT
apply to residential second mortgages. - ANSWER-False
True or False? The ASC is responsible for maintaining a National Registry of
appraisers. - ANSWER-True
