Ch 2 Quiz Flashcards
The professional society that specializes in appraising personal property is the
American Society of Appraisers
The Savings and Loan Crisis happened in the
Late 1980s
Within The Appraisal Foundation, there are ________ advisory councils that provide research and advice to the Foundation.
two. They are TAFAC and IAC. The IAC frequently identifies and recommends candidates to be considered for appointment to the ASB and the AQB. The IAC also assists the Foundation in identifying and cultivating potential corporate funding sources.
True or False? The Appraisal Subcommittee’s mission is to ensure that real estate appraisers who perform appraisals in federally-related transactions are sufficiently trained and tested to assure competency and independent judgment.
True (The Appraisal Subcommittee’s mission is to ensure that real estate appraisers, who perform appraisals in real estate transactions that could expose the United States government to financial loss, are sufficiently trained and tested to assure competency and independent judgment according to uniform high professional standards and ethics.)
The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is referred to as
disintermediation (By the end of the 70’s, there was record inflation and record high interest rates. We were introduced to such things as disintermediation (the transfer of money from low interest-bearing accounts to higher interest-bearing accounts).)
True or False? The Dodd-Frank Act gave the ASC the authority to create a National Registry of appraisal management companies.
True The Dodd-Frank Act, passed in 2010, gave additional powers and responsibilities to the ASC. Among them, the ASC is now responsible for maintaining a National Registry of appraisal management companies (AMCs).)
True or False? Episodes of economic turmoil have occurred throughout U.S. history.
TRUE
The Appraisal Foundation is a ___________ organization.
not-for-profit
The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) is also known as
the Savings and Loan Bailout Bill, That is the familiar name for the FIRREA.
The AQB and the ASB were created for the express purpose of promoting and maintaining a high level of ____________
public trust
Only the _______ has the authority to amend or interpret USPAP.
ASB
The appraisal standards and qualification criteria issued by The Appraisal Foundation’s boards achieve legal authority by adoption, citation or implementation by
government agencies
Who retains final authority over revisions to USPAP?
the Appraisal Standards Board
Which board of The Appraisal Foundation is responsible for revising and editing USPAP?
ASB
True or False? Appraisal management companies (AMCs) are required to comply with the requirements of USPAP.
FALSE
The Appraiser is required.
The Uniform Standards of Professional Appraisal Practice (USPAP) was developed by the Ad Hoc Committee and was copyrighted by The _________________.
Appraisal Foundation
In 1987, eight U.S. appraisal organizations formed
The Appraisal Foundation
The first universally accepted appraisal report form appeared in the
1970s
True or False? The requirements of the Equal Credit Opportunity Act do NOT apply to residential second mortgages.
FALSE
The Uniform Standards of Professional Appraisal Practice (USPAP) was copyrighted by:
The Appraisal Foundation
True or False? The ASC is responsible for maintaining a National Registry of appraisers.
TRUE
Which entity is responsible for monitoring state appraiser licensing and certification agencies?
the Appraisal Subcommittee
Which TAF advisory council consists of for-profit entities?
IAC
How is the Appraisal Subcommittee funded?
through a National Registry fee charged to each appraiser (The Appraisal Subcommittee is funded by an annual National Registry fee that is charged to each certified and licensed appraiser. It is collected by each state, as part of each appraiser’s license fee, and submitted to the ASC.)
