Boards & committees, appraisals Flashcards
What does the Appraiser Qualifications Board (AQB) do?
endorses uniform examination
What does the Appraisal Standards Board (ASB) do?
develops USPAP
What does the Appraisal Subcommittee (ASC) do?
Maintains a National Registry of State Certified and Licensed Appraisers
What can a state-certified residential appraiser do?
performs residential appraisal
What can a state-certified general appraiser do?
can perform any kind of appraisal
What is a federally related transaction?
Any real estate-related financial transaction that a federal financial institutions regulatory agency has either contracted for or regulates and that requires the service of an appraiser
Appraisals for real estate-related financial transactions require a ___-___ or ___ appraiser unless the transaction is exempted from requirement
state-certified or licensed appraiser
Fannie Mae, Freddie Mac, HUD, and the VA all require the use of ___-____ or ____ appraisers for all loans regardless of the amount of the loan
state-certified or licensed appraiser
All appraisals for federally related transactions must be in writing and conform to the ____
USPAP
What is the USPAP?
the standard for valuing real property
a set of standards of practice to follow when providing appraisal services
Appraisers must perform assignments with ___, objectivity, and independence, without personal interest
impartiality
There is a _____ relationship between the appraiser and client
fiduciary
Part _,Chapter ___, F.S. sets the guidelines for appraisals
Part I, Chapter 475, F.S. (Florida Statute)
For a non-federally related transaction, an appraisal must still abide by ___
USPAP
Can you refer to a CMA or a BPO as an appraisal?
no
