Laws and Regulations Ch 4 Quiz

Question 1

Trainee license applicants in California must complete:

Answer 1

15-hour National USPAP or equivalent course

Question 2

An appraisal report performed without a client is acceptable for use as experience credit toward licensure in California.

Answer 2

FALSE

Question 3

In California, a renewed appraisal license is valid for:

Answer 3

2 years

Question 4

An applicant for certified residential appraiser in California must accumulate a minimum of _____ hours of appraisal experience.

Answer 4

1500

Question 5

As it is used in California regulations, the word “may” denotes mandatory conduct.

Answer 5

FALSE

Question 6

License renewal applications should be submitted to BREA:

Answer 6

At least 90 days prior to expiration

Question 7

In California, who is permitted to appraise a federally-related transaction with a transaction value of $1,000,000 or more?

Answer 7

A certified appraiser

Question 8

An AMC is permitted to ask an appraiser to correct errors in an appraisal report.

Answer 8

TRUE

Question 9

At the state level, laws can be made only by legislative bodies.

Answer 9

TRUE

Question 10

A certified appraiser’s license is currently under suspension. May this appraiser still supervise a trainee?

Answer 10

No

Question 11

Any report that is subject to USPAP must have the signature and license number of the appraiser.

Answer 11

TRUE

Question 12

Every appraisal report that is subject to USPAP must include:

Answer 12

The signature of the appraiser, The license number of the appraiser

Question 13

A supervising appraiser is required to inspect each property with a trainee:

Answer 13

Until the trainee is competent to make unsupervised inspections for the type of property being appraised

Question 14

As it is used in California regulations, the word “shall” denotes _________ conduct.

Answer 14

Mandatory

Question 15

A five-unit apartment building would be considered ________ under California regulations.

Answer 15

Non-residential property

Question 16

Which of these crimes would be “substantially related” to the qualifications, functions, or duties of an appraiser?

Answer 16

Trafficking in narcotics, Cheating on the appraisal licensing exam, Theft of personal funds

Question 17

An applicant for certified residential appraiser in California must complete a minimum of ______ experience hours.

Answer 17

1500

Question 18

A person who has had his or her appraisal license revoked in another state is not eligible in California to be a Controlling Person for an AMC.

Answer 18

TRUE

Question 19

After a law is passed, there are often _________ that are necessary to implement the law.

Answer 19

Regulations

Question 20

Who may file a complaint against a California licensed or certified appraiser?

Answer 20

Any person

Question 21

BREA is under the supervision of which California state agency?

Answer 21

Director of Consumer Affairs

Question 22

When should license renewal applications be submitted to BREA?

Answer 22

At least 90 days prior to expiration

Question 23

Licensed appraiser examination results in California are valid for:

Answer 23

1 year

Question 24

An appraiser who violates California appraiser laws or regulations may receive a fine from BREA up to a maximum of:

Answer 24

$10,000

Question 25

Under California AMC regulations, an AMC is NOT permitted to ask an appraiser to:

Answer 25

Use only comparable sales that were pre-approved by the lender 

Question 26

A California certified appraiser is permitted to supervise five trainees at the same time.

Answer 26

FALSE

Question 27

California regulations permit BREA to issue temporary practice permits to appraisers with valid unrestricted licenses issued by other states. These temporary practice permits allow the appraiser to perform:

Answer 27

A single assignment 

Question 28

A California appraiser license may be renewed up to ______ years after expiration by satisfying the requirements for renewal and paying the applicable fees.

Answer 28

2

Question 29

A certified appraiser whose license is currently under suspension may still supervise a trainee.

Answer 29

FALSE

Question 30

Applications to BREA for appraiser licensure are valid for:

Answer 30

1 year

Question 31

If an appraiser takes more than the required continuing education hours in a CE cycle, the extra hours may be carried forward to the next cycle.

Answer 31

FALSE

Question 32

A certified general appraiser applicant must obtain _______ hours of experience, of which at least ______ must be in the appraisal of non-residential property.

Answer 32

3,000; 1,500

Question 33

An AMC is prohibited from asking an appraiser to provide additional comparable sales after an appraisal has been completed.

Answer 33

FALSE

Question 34

A five-unit apartment building would be considered ________ under California regulations.

Answer 34

Non-residential property

Question 35

An applicant for licensed appraiser in California must obtain his or her experience hours over a period of not less than _____ months.

Answer 35

6

Question 36

Trainee license applicants in California must complete the 15-hour National USPAP Course or equivalent course

Answer 36

TRUE

Question 37

If an applicant for licensure wants to have her appraisal work samples returned to her by BREA, she must:

Answer 37

Request this in writing and provide a self-addressed envelope with sufficient postage

Question 38

In California, an AMC may not prohibit an appraiser from disclosing the fee paid to the appraiser in the body of the appraisal report.

Answer 38

TRUE

Question 39

At the state level, laws can be made only by:

Answer 39

Legislative bodies 

Question 40

As the term is used in California appraisal regulations, what is a consent determination?

Answer 40

An agreed-upon settlement of a case

Question 41

All California appraisal licenses are considered the property of:

Answer 41

BREA

Question 42

Who may file a complaint against an appraiser in California?

Answer 42

Anyone 

Question 43

In order to file a complaint against a California appraiser, the complainant must first prove they suffered a loss due to their reliance on the appraisal report in question.

Answer 43

FALSE

Question 44

An appraiser completes an appraisal assignment and transmits the report to an AMC. Under California regulations, the AMC is permitted to ask the appraiser to:

Answer 44

Provide additional comparable sales 

Question 45

A lender asks a California licensed appraiser (AL) to appraise a property that is selling for $1.8 million, with a new loan application of $1.3 million, for a federally-related transaction. Is the AL appraiser permitted to appraise this property for this purpose?

Answer 45

No

Question 46

All California appraisal licenses are considered the property of BREA.

Answer 46

TRUE

Question 47

California regulations permit BREA to issue temporary practice permits to appraisers with valid unrestricted licenses issued by other states.

Answer 47

TRUE

Question 48

In California, who would be permitted to appraise a federally-related transaction with a transaction value of $1,000,000 or more?

Answer 48

A certified appraiser

Question 49

As it is used in California regulations, the word "shall" denotes recommended conduct.

Answer 49

FALSE

Question 50

A complaint is filed against an appraiser, and an investigation ensues. The investigation does not find a violation of California laws or regulations. What happens to the complaint?

Answer 50

It is closed 

Question 51

Which of these acts by an AMC would NOT be prohibited under California regulations?

Answer 51

Basing the appraisal fee on the complexity of the property

Question 52

In order for appraisal experience to be acceptable toward licensure or certification under California regulations, an appraisal must be:

Answer 52

USPAP-compliant 

Question 53

A licensed appraiser in California changes her business address. When is she required to notify BREA of the change?

Answer 53

Within 10 days

Question 54

As it is used in California regulations, the word "may" denotes:

Answer 54

Permissive conduct 

Question 55

When a law is passed, there are often _________ that are necessary to implement the law.

Answer 55

Regulations

Question 56

Which of these appraisal reports would be acceptable for use as experience credit toward licensure in California?

Answer 56

A written appraisal report that complies with USPAP 

Question 57

An appraiser's license is suspended by BREA for two years. Which statement is TRUE regarding this situation?

Answer 57

The licensee still must take continuing education for the period of the suspension.

Question 58

BREA is under the supervision of the California:

Answer 58

Director of Consumer Affairs