Ch 1 Quiz

Question 1

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 1

TRUE

Question 2

The number of required classroom hours for Certified General Appraisers under the current AQB criteria is ____ hours.

Answer 2

300

Question 3

True or False: All appraisals are performed for mortgage lending purposes.

Answer 3

FALSE

Question 4

Which college-level course would probably be helpful to an appraiser?

Answer 4

Urban planning and land use, English composition, Statistics

Question 5

An applicant who wishes to become a Certified Residential appraiser must have accumulated a minimum of ______ hours of appraisal education.

Answer 5

200

Question 6

True or False: All appraisals are performed for mortgage lending purposes.

Answer 6

FALSE

Question 7

Which entity is responsible for establishing the requirements to become an appraiser?

Answer 7

the AQB

Question 8

For licensed and certified real property appraisers, _____ class hours of continuing education are required xx xx.

Answer 8

14
each year

Question 9

An appraiser is defined as “one who is expected to perform valuation services _________, and in a manner that is xxx xxx xxx .”

Answer 9

competently
independent, impartial, and objective

( i-i-O )

Question 10

True or False: A state licensed residential appraiser may not supervise an appraisal trainee.

Answer 10

TRUE

Question 11

A certified residential appraiser needs ____ hours of continuing education x to renew his or her certification.

Answer 11

14
per year

Question 12

Under the 2018 criteria, college level courses are required for

Answer 12

Certified Residential and Certified General classifications

Question 13

Who is responsible for approving education courses for licensing, certification, and re-certification of appraisers?

Answer 13

Individual states

Question 14

The four components of the Appraiser Qualification Criteria include ____________.

Answer 14

Continuing Education, Examination,
Experience and Qualifying Education

Question 15

The number of required classroom education hours for Licensed Residential Appraisers under the 2018 AQB Criteria is ____ hours.

Answer 15

150

Question 16

An appraisal report can be

Answer 16

either written or oral

Question 17

As part of the overall requirement for continuing education, appraisers must complete the x-Hour National USPAP Update Course or its equivalent ________ calendar year(s).

Answer 17

7
every 2

Question 18

How many experience hours are required as a prerequisite for Appraiser Trainee classification?

Answer 18

There is no experience prerequisite for Appraiser Trainee classification

Question 19

The basic requirements for state licensed and state certified appraisers had their genesis in Title ___ of FIRREA.

Answer 19

XI

Question 20

True or False: A course in sociology would probably not be beneficial to an appraiser.

Answer 20

FALSE

Question 21

The requirements for state licensed and certified appraisers had their genesis in

Answer 21

FIRREA

Question 22

The nationally recognized ethical and performance standards for appraisers are known as

Answer 22

Uniform Standards of Professional Appraisal Practice

Question 23

True or False: Appraiser examinations are the same in every state, with few exceptions.

Answer 23

True.

Question 24

True or False: Every state’s appraiser certification examination is different.

Answer 24

FALSE

Question 25

According to the 2018 AQB Criteria, an applicant for Certified General Appraiser must obtain _______ experience hours in no fewer than _____ months.

Answer 25

3,000, 18

Question 26

A licensed or certified appraiser must take the 7 hour USPAP Update course

Answer 26

every 2 years

Question 27

The _____ is charged with establishing the qualifications that all the states must adopt in licensing, certification and re-certification of appraisers.

Answer 27

AQB

Question 28

An appraiser is one who is expected to perform valuation services competently and in a manner that is independent, \_\_\_\_\_\_\_\_\_\_\_, and \_\_\_\_\_\_\_\_\_\_\_\_.

Answer 28

impartial, objective

Question 29

The document transmitted to the client upon completion of an appraisal assignment is the

Answer 29

appraisal report

Question 30

As the term is used in the definition of appraiser, _________ generally means a mental state that does not favor one side over another.

Answer 30

impartial

Question 31

True or False: Some state agencies employ full-time staff appraisers.

Answer 31

TRUE

Question 32

How many experience hours are required to become a certified residential appraiser, according to the 2018 AQB Criteria?

Answer 32

1,500 hours in no fewer than 12 months

Question 33

What College degree or coursework is required for Trainee?

Answer 33

No college degree or coursework is required per AQB.

Question 34

Licensed Residential credential is xx to complete any college-level coursework, as per the AQB Criteria.

Answer 34

not required

Question 35

Under the 2018 AQB Criteria, an applicant for a Certified General license must hold ___________ degree.

Answer 35

a bachelor's

Question 36

True or False: All appraisals are performed for mortgage lending purposes.

Answer 36

FALSE

Question 37

Which characteristics would be associated with a good appraiser?

Answer 37

**diligent,** competent, honest

Question 38

If you have specific questions about appraisal certification or licensure requirements in your state, you should

Answer 38

contact the appraiser licensing and certification agency in your state

Question 39

To apply for an Appraiser Trainee license, an applicant must have _____ hours of qualifying education courses and ______ creditable hours of experience.

Answer 39

75, 0

Question 40

As the term is used in the definition of appraiser, _________ generally means a mental state that does not favor one side over another.

Answer 40

impartial

Question 41

The nationally recognized ethical and performance standards for appraisers are known as

Answer 41

Uniform Standards of Professional Appraisal Practice

Question 42

True or False: A course in sociology would probably not be beneficial to an appraiser.

Answer 42

FALSE

Question 43

The appraisal of what type of property is more likely to be affected by local neighborhood conditions?

Answer 43

a single-family residence

Question 44

The current requirements for real property appraiser licensing and certification went into effect on

Answer 44

May 1, 2018

Question 45

The Licensed Residential Real Property Appraiser classification applies to the appraisal of non-complex one to four residential units having a transaction value __________ and complex one to four residential units having a transaction value \_\_\_\_\_\_\_\_\_\_\_\_.

Answer 45

Less than $1,000,000, less than $250,000

Question 46

True or False: When completing an appraisal assignment, an appraiser may be an advocate for one party's interest

Answer 46

FALSE