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99 Laws and Regulations > Laws and Regulations Ch 2-3 Quiz > Flashcards

Laws and Regulations Ch 2-3 Quiz Flashcards

(64 cards)

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1
Q

Title XI of FIRREA mandates that all appraisals performed in connection with federally related transactions must be:

A

In written form

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2
Q

The ASC requires that real estate appraisals must be performed in accordance with the generally recognized standards issued by:

A

the ASB

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3
Q

The term “license”, as defined in California Appraiser law, includes:

A

Any license, certificate, permit, or registration issued by BREA

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4
Q

In California, an appraisal license may not be issued to an applicant who is under the age of 18.

A

TRUE

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5
Q

A person who does not pay a fine to BREA within 30 days is subject to additional disciplinary action.

A

TRUE

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6
Q

A state may refuse to issue a license or certification to an appraiser because he or she is not a member of an appraisal organization.

A

FALSE

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7
Q

All appraisals performed in connection with federally related transactions must be in written form.

A

TRUE

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8
Q

In California, the requirements of USPAP are enforced by which entity?

A

Bureau of Real Estate Appraiser (BREA)

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9
Q

California’s Real Estate Appraisers’ Licensing and Certification Law was passed as a result of which event?

A

The passage of FIRREA

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10
Q

How frequently are state appraisal regulatory agencies are reviewed for compliance by the ASC?

A

every two years

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11
Q

The definition of “director”, as specified in California law, refers to whom?

A

Chief of BREA

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12
Q

If a state appraisal regulatory agency revokes an appraiser’s certification for a serious disciplinary action, the agency should notify the ASC:

A

immediately

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13
Q

The definition of “appraisal” in California law specifies: “the act or process of developing an opinion of value for _______.”

A

Real property

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14
Q

State compliance reviews are on-site audits of a state’s appraisal regulatory agency, performed by:

A

ASC personnel

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15
Q

California’s chief of BREA is appointed by:

A

The Governor

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16
Q

A state is required to issue a temporary practice certificate/license to an appraiser from another state when:

A

the appraisal is part of a federally related transaction, the appraiser’s business is of a temporary nature, the appraiser registers with the state in which the temporary practice will take place

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17
Q

California’s chief of BREA may be actively engaged in the appraisal profession during his or her term in office.

A

FALSE

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18
Q

An individual person can join The Appraisal Foundation as a member.

A

FALSE

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19
Q

The principal boards within The Appraisal Foundation include:

A

Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees

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20
Q

A California licensed appraiser is convicted of felony money laundering. When must he report his conviction to BREA?

A

Within 30 days

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21
Q

Gerald performs an appraisal for a federally-related transaction in California, but does not have a valid license or certification. What is the maximum fine that Gerald may face?

A

10000

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22
Q

California’s Real Estate Appraisers’ Licensing and Certification Law was originally passed in which decade?

A

1990s. California’s Real Estate Appraisers’ Licensing and Certification Law, which was passed in 1990, created the Office of Real Estate Appraisers (OREA) within the Business, Transportation, and Housing Agency.

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23
Q

The Appraisal Foundation is a private, non-profit educational foundation.

A

TRUE

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24
Q

California law establishes ________ fees for initial licensure and renewal of license.

A

maximum

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25
The ASC's mission includes monitoring and reviewing the operations of The Appraisal Foundation.
TRUE
26
A person who has been issued a citation by BREA has the right to:
Request a hearing
27
When may a licensed appraisal trainee sign an appraisal report in a federally related transaction in California?
If the report is also signed by a licensee
28
A person who does not pay a fine to BREA within 30 days is subject to:
Additional disciplinary action 
29
A state appraisal regulatory agency may be headed by a board, a commission, or __________.
an individual
30
All California appraisers are required to take a ____ hour course on California and federal appraisal laws and regulations in order to renew their licenses.
4
31
FIRREA authorized __________ as a source for appraisal standards and appraiser qualifications.
The Appraisal Foundation 
32
According to the California Real Estate Appraisers' Licensing and Certification Law, BREA is authorized to issue administrative fines up to:
10000
33
California's Real Estate Appraisers' Licensing and Certification Law was originally passed in 1999.
FALSE
34
Does the ASC permit a state to refuse to issue a license or certification to an appraiser because he or she is not a member of an appraisal organization?
No, never 
35
Which entity is responsible for creating requirements for licensure and certification of appraisers?
Appraiser Qualifications Board (AQB)
36
The California requirement that a borrower is entitled to receive a copy of his or her appraisal report does NOT apply when:
The lender did not charge the borrower for the appraisal
37
According to the law, BREA's highest priority is:
Protection of the public
38
California's continuing education reporting cycle for appraisers is ___ years.
4
39
The ASC does NOT require a state to offer temporary practice to _______ appraisers from another state.
Trainee
40
Which statement about The Appraisal Foundation is FALSE?
It has the legal authority to prosecute and discipline appraisers. 
41
Who may join The Appraisal Foundation?
An organization 
42
Which board within The Appraisal Foundation is responsible for the subject, style, and content of USPAP?
Appraisal Standards Board (ASB)
43
State compliance reviews are on-site audits of a state's appraisal regulatory agency, performed by ASC personnel.
TRUE
44
What entity's mission includes monitoring and reviewing the operations of The Appraisal Foundation?
Appraisal Subcommittee (ASC)
45
A certified general appraiser in California licensed appraiser pleads guilty to a felony charge of bribery. When must he report this guilty plea to BREA?
Within 30 days 
46
At a minimum, states must adopt the qualification requirements for appraisers that have been established by:
the AQB
47
One of the ASC's responsibilities is to oversee appraisal regulatory programs established by _______.
states
48
"Any real estate-related financial transaction in which a federal financial institution’s regulatory agency engages in, contracts for, or regulates and which requires the services of a state-licensed real estate appraiser" is the definition of what term?
Federally-related transaction
49
Which entity appoints members of the AQB and ASB?
Board of Trustees (BOT)
50
FIRREA authorized The Appraisal Foundation as a source for appraisal standards and appraiser qualifications.
TRUE
51
A California licensed appraiser pleads guilty to a felony. He may wait until his next license renewal to report this guilty plea to BREA.
FALSE
52
A state must offer temporary practice to appraisal trainees from another state.
FALSE
53
The term "license", as defined in California law, includes any license, certificate, permit, or registration issued by BREA.
TRUE
54
Due to changes in ASC policy, which statement is TRUE regarding appraiser reciprocity?
Each state is required to adopt a reciprocity policy. 
55
How is The Appraisal Foundation BEST described?
A private, non-profit educational foundation 
56
The purpose of ASC Policy Statements is to assist states in development and maintenance of organizational and regulatory structures for licensing, certifying, and supervising real property appraisers.
TRUE
57
Under California law, an individual who owns 10% or more of an appraisal management company is considered:
A controlling person
58
In California, the requirements of USPAP are enforced by The Appraisal Foundation.
FALSE
59
Due to changes in ASC policy, each state is now required to create and adopt a reciprocity policy consistent with the federal minimum requirements.
TRUE. Formerly, states were encouraged to develop reciprocity agreements. Effective July 1, 2013, all states are now required to adopt a reciprocity policy.
60
The ASC requires that all state appraisal regulatory agencies must have the same organizational structure.
FALSE
61
The minimum standards for conduct and performance for licensed and certified appraisers in California is:
USPAP
62
According to the law, BREA's highest priority is the advocacy and advancement of the appraisal profession.
FALSE
63
In its most recent review from the ASC, California BREA received a rating of:
Excellent
64
The California requirement that a borrower is entitled to receive a copy of his or her appraisal report does NOT apply when:
The appraisal is made for loan modification , The lender did not charge the borrower for the appraisal, The subject property is owned by the lender

99 Laws and Regulations (4 decks)

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