BASIC APPRAISAL PRINCIPLES 250 EXAM
QUESTIONS & CORRECT ANSWERS LATEST 2025
T/F- All appraisals are performed for mortgage lending purposes - ANSWER-False
A good appraiser is NOT - ANSWER-biased
College courses helpful to an appraiser - ANSWER-english comp, statistics, urban
planning and land use
Continuing Ed hours for a certified residential appraiser - ANSWER-14
License and Certification requirements were effective - ANSWER-January 1, 2015
Education hours to become a Cert. Residential appraiser - ANSWER-200
The requirements for state licensed and certified appraisers had their genesis in: -
ANSWER-FIRREA
Property type to be affected by local neighborhood conditions - ANSWER-SFR
Hours needed to become a cert. residential appraiser - ANSWER-2,500 in no
fewer than 24 months
,Experience hours needed to become an appraiser trainee - ANSWER-none
T/F- attorneys engage appraisers to complete assignments for estates and
divorces - ANSWER-t
An appraiser is "one who is expected to perform valuation services competently
and in a manner that is: - ANSWER-independent, impartial, and objective
4 components of appraiser qualification criteria: - ANSWER-Continuing Education,
Examination, Experience, and Qualifying Education
of the 3, what would not require an appraisal: condemnation, employee
relocation, life insurance, foreclosure - ANSWER-life insurance
An appraisal report - ANSWER-can be either written or oral
The basic requirements for state licensed and state certified appraisers had their
genesis in Title ___ of FIRREA. - ANSWER-XI
The nationally recognized ethical and performance standards for appraisers are
known as - ANSWER-Uniform Standards of Professional Appraisal Practice
Who is responsible for approving education courses for licensing, certification,
and re-certification of appraisers? - ANSWER-Individual states
,The number of required classroom hours for Certified General Appraisers under
the 2015 criteria is ____ hours. - ANSWER-300
As part of the overall requirement for continuing education, appraisers must
complete the 7-Hour National USPAP Update Course or its equivalent ________
calendar year(s). - ANSWER-every 2
The transfer of money from low interest-bearing accounts to higher interest-
bearing accounts is referred to as - ANSWER-disintermediation
True or False? The Appraisal Foundation has significant legal authority to enforce
USPAP. - ANSWER-T
In the 1970s, who developed uniform rules for mortgage underwriting? -
ANSWER-Fannie Mae and Freddie Mac
Which entity is responsible for appointing members to the ASB, AQB, and APB? -
ANSWER-Board of Trustees
Which board of The Appraisal Foundation is responsible for revising and editing
USPAP? - ANSWER-ASB
Which TAF advisory council consists of for-profit entities? - ANSWER-IAC
Which advisory council is responsible for providing global and international
information and support to The Appraisal Foundation? - ANSWER-Valuers Global
Forum
, True or False? The requirements of the Equal Credit Opportunity Act do NOT
apply to residential second mortgages. - ANSWER-F
How is the Appraisal Subcommittee funded? - ANSWER-through a National
Registry fee charged to each appraiser
True or False? The ASC is responsible for maintaining a National Registry of
appraisers. - ANSWER-T
Which of these is NOT a protected class, according to the Fair Housing Act?
Religion
Political party affiliation
Familial status
National origin - ANSWER-Political party affiliation
Mortgage interest rates peaked in the U.S. in the - ANSWER-early '80s
The Uniform Standards of Professional Appraisal Practice (USPAP) was developed
by the Ad Hoc Committee and was copyrighted by the _________________. -
ANSWER-Appraisal Foundation
The _____ monitors state appraisal boards. - ANSWER-ASC
ECOA applies to all the following types of loans EXCEPT:
Condos
QUESTIONS & CORRECT ANSWERS LATEST 2025
T/F- All appraisals are performed for mortgage lending purposes - ANSWER-False
A good appraiser is NOT - ANSWER-biased
College courses helpful to an appraiser - ANSWER-english comp, statistics, urban
planning and land use
Continuing Ed hours for a certified residential appraiser - ANSWER-14
License and Certification requirements were effective - ANSWER-January 1, 2015
Education hours to become a Cert. Residential appraiser - ANSWER-200
The requirements for state licensed and certified appraisers had their genesis in: -
ANSWER-FIRREA
Property type to be affected by local neighborhood conditions - ANSWER-SFR
Hours needed to become a cert. residential appraiser - ANSWER-2,500 in no
fewer than 24 months
,Experience hours needed to become an appraiser trainee - ANSWER-none
T/F- attorneys engage appraisers to complete assignments for estates and
divorces - ANSWER-t
An appraiser is "one who is expected to perform valuation services competently
and in a manner that is: - ANSWER-independent, impartial, and objective
4 components of appraiser qualification criteria: - ANSWER-Continuing Education,
Examination, Experience, and Qualifying Education
of the 3, what would not require an appraisal: condemnation, employee
relocation, life insurance, foreclosure - ANSWER-life insurance
An appraisal report - ANSWER-can be either written or oral
The basic requirements for state licensed and state certified appraisers had their
genesis in Title ___ of FIRREA. - ANSWER-XI
The nationally recognized ethical and performance standards for appraisers are
known as - ANSWER-Uniform Standards of Professional Appraisal Practice
Who is responsible for approving education courses for licensing, certification,
and re-certification of appraisers? - ANSWER-Individual states
,The number of required classroom hours for Certified General Appraisers under
the 2015 criteria is ____ hours. - ANSWER-300
As part of the overall requirement for continuing education, appraisers must
complete the 7-Hour National USPAP Update Course or its equivalent ________
calendar year(s). - ANSWER-every 2
The transfer of money from low interest-bearing accounts to higher interest-
bearing accounts is referred to as - ANSWER-disintermediation
True or False? The Appraisal Foundation has significant legal authority to enforce
USPAP. - ANSWER-T
In the 1970s, who developed uniform rules for mortgage underwriting? -
ANSWER-Fannie Mae and Freddie Mac
Which entity is responsible for appointing members to the ASB, AQB, and APB? -
ANSWER-Board of Trustees
Which board of The Appraisal Foundation is responsible for revising and editing
USPAP? - ANSWER-ASB
Which TAF advisory council consists of for-profit entities? - ANSWER-IAC
Which advisory council is responsible for providing global and international
information and support to The Appraisal Foundation? - ANSWER-Valuers Global
Forum
, True or False? The requirements of the Equal Credit Opportunity Act do NOT
apply to residential second mortgages. - ANSWER-F
How is the Appraisal Subcommittee funded? - ANSWER-through a National
Registry fee charged to each appraiser
True or False? The ASC is responsible for maintaining a National Registry of
appraisers. - ANSWER-T
Which of these is NOT a protected class, according to the Fair Housing Act?
Religion
Political party affiliation
Familial status
National origin - ANSWER-Political party affiliation
Mortgage interest rates peaked in the U.S. in the - ANSWER-early '80s
The Uniform Standards of Professional Appraisal Practice (USPAP) was developed
by the Ad Hoc Committee and was copyrighted by the _________________. -
ANSWER-Appraisal Foundation
The _____ monitors state appraisal boards. - ANSWER-ASC
ECOA applies to all the following types of loans EXCEPT:
Condos
