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99 Laws and Regulations > Laws and Regulations Final Quiz > Flashcards

Laws and Regulations Final Quiz Flashcards

(68 cards)

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1
Q

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

A

In written form

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2
Q

According to the California Real Estate Appraisers’ Licensing and Certification Law, BREA’s highest priority is:

A

Protection of the public

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3
Q

What is the maximum fine that may be issued by BREA

A

10000

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4
Q

A California licensed appraiser pleads guilty to one count of felony obstruction of justice. What must the appraiser do with regard to BREA?

A

Notify BREA of the guilty plea within 30 days

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5
Q

A California certified appraiser may not supervise more than ___ trainees at one time.

A

3

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6
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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7
Q

A supervisory appraiser in California is currently supervising three trainees. How many additional trainees is she permitted to supervise at this time?

A

Zero

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8
Q

A certified appraiser in California completes an appraisal report that does not comply with USPAP. What entity is responsible for carrying out disciplinary action against the appraiser?

A

Bureau of Real Estate Appraisers (BREA)

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9
Q

Which entity has the authority to monitor the activities of The Appraisal Foundation?

A

ASC

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10
Q

A state appraisal licensing agency decides to charge $2,000 for a temporary practice certificate. What is the ASC likely to do in this situation?

A

Step in and stop the state from doing this

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11
Q

Currently, in order to receive a trainee license in California, applicants are required to:

A

Complete education requirements only, no exam or experience are required

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12
Q

Appraisal regulatory agencies need to be ___________ real estate boards and commissions.

A

independent of

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13
Q

A federally-regulated financial institution needs an appraisal on a complex single-family residential property with a transaction value of $700,000. Who would be permitted to appraise this property under California regulations?

A

Either a certified general or certified residential appraiser

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14
Q

Absent special documented circumstances, the ASC policy holds that a state should make a final decision on a complaint against an appraiser within _____ of the complaint filing date.

A

1 year

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15
Q

What entity is responsible for enforcing the requirements of USPAP for licensed appraisers in California?

A

BREA

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16
Q

In order to become a certified general appraiser in California, an individual must obtain a minimum of _______ hours of experience.

A

3000

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17
Q

A federally-regulated financial institution needs an appraisal on a non-residential property with transaction value of $1.2 million. Who would be permitted to appraise this property under California regulations?

A

A certified general appraiser

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18
Q

A consent determination between an appraiser and BREA is the administrative equivalent of a:

A

Plea bargain

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19
Q

As it is used in California regulations, the word “shall” denotes:

A

Mandatory conduct

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20
Q

AMCs are required to verify that only state-licensed or certified appraisers are used for:

A

Federally related transactions

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21
Q

Under California regulations, a vacant lot that is suitable for construction of a three-unit dwelling would be considered:

A

Residential property

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22
Q

When may The Appraisal Foundation take disciplinary action against a licensed or certified appraiser?

A

Never

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23
Q

What law required the establishment of a national registry of appraisal management companies (AMCs)?

A

Dodd-Frank Act

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24
Q

Who has the power to create and amend laws in California?

A

The state legislature

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25
An AMC would legally be able to withhold an appraiser's compensation for an appraisal in a situation where:
The appraiser violated USPAP in completing the appraisal 
26
A Broker Price Opinion (BPO) may be used as the primary basis for _________ a consumer's principal residence in a federally-related transaction.
selling
27
Valuation Advisories, issued by The Appraisal Foundation, are considered:
Voluntary guidance 
28
The annual National Registry fee for licensed and certified appraisers is currently _____.
40
29
An applicant for an appraisal license does not appear for an examination within one year of the admit letter. What will happen to his application?
It will be denied
30
An appraiser receives a citation from BREA, and she wants to contest it. How long does she have after receipt to file a written appeal?
30 days
31
If a licensed appraiser writes a "bad" check to BREA for his license renewal, his license will be:
Automatically suspended
32
In a federally-related lending transaction, who must select and engage the appraiser?
The financial institution or its agent
33
California's Real Estate Appraisers' Licensing and Certification Law was originally passed in ______.
1990
34
For California licensed and certified appraisers, how frequently must the 7-hour USPAP Update Course must be completed?
Every 2 years
35
Which type of action taken by BREA would be considered confidential, and would NOT be published?
Letter of warning
36
Who is responsible for forwarding an appraiser's National Registry fee to the ASC?
The state appraisal regulatory agency
37
An appraiser is licensed in both California and Nevada. Nevada revokes the appraiser's license for a deficient appraisal on a property in Nevada. What must the appraiser do with regard to California BREA?
Report this disciplinary action to BREA within 30 days
38
A California licensed appraiser moves her office into a small office building that she recently purchased. Which statement is TRUE regarding this situation?
She must provide written notice to BREA of the change of office address within 10 days. 
39
When a trainee provides assistance to a certified appraiser, California law requires that the assisting individual (i.e., the trainee) must be identified in the report. What else must be disclosed in the report?
The scope of work performed by the assisting individual 
40
An appraiser is contacted by the Chief of BREA and asked to provide BREA with a copy of an appraisal report she had prepared one year ago. Under California law, the appraiser:
Must provide this report copy to BREA 
41
Which statement BEST describes The Appraisal Foundation?
A non-profit organization established for educational and scientific purposes
42
California appraisal licenses are valid for:
2 years 
43
California's Chief of BREA is appointed by _______ and is subject to confirmation by ________.
The Governor, the Senate 
44
What will the ASC do with complaints filed against appraisers that are received on the national complaint hotline?
Provide a referral to the applicable state licensing and certification agency
45
Under the Interagency Appraisal and Evaluation Guidelines, a financial institution may NOT ask an appraiser to:
Accept an assignment with a predetermined value
46
California's Real Estate Appraisers' Licensing and Certification Law created:
BREA
47
A federally-regulated financial institution finds that an appraiser has violated USPAP when performing an appraisal. Which statement is TRUE regarding this situation?
The institution must report the appraiser to the appropriate state licensing agency
48
A California appraiser applies for a temporary practice certificate in Arizona on January 5. Under federal regulations, the appraiser should receive his/her temporary practice credential by:
January 10 (5 days) 
49
California law requires that a residential mortgage applicant must be notified of his or her right to receive a copy of an appraisal from a lender, but ONLY if:
The applicant paid for the appraisal 
50
Which of the following courses would be acceptable to meet basic education requirements for appraisal licensure in California?
A 15-hour USPAP course
51
Congress adopted Title XI of FIRREA to address the problem of:
Unregulated persons performing incompetent and/or fraudulent appraisals for federally-regulated financial institutions 
52
Who may file a complaint against a licensed or certified appraiser in California?
Anyone 
53
Which law was passed as a result of the Savings and Loan Crisis of the 1980s?
FIRREA
54
Which sanction taken by BREA against an appraiser would be considered confidential, and therefore would NOT be published?
Letter of warning
55
Which of these is NOT a classification of appraisers that is recognized by the ASC on its National Registry?
Provisional appraiser
56
Under California law, who is specifically NOT eligible to serve as a controlling person for an appraisal management company?
A certified appraiser who has had his appraisal certificate revoked in another state
57
Under FIRREA, if a state appraiser licensing agency does not have a reciprocity policy in place:
The ASC may sanction the state's licensing program
58
If the ASC finds that a state's appraisal regulatory program is not in compliance with FIRREA, what can the ASC do?
Refuse to recognize licensed and certified appraisers from that state*
59
Under the Interagency Appraisal and Evaluation Guidelines, is a Restricted Appraisal Report acceptable for use in a federally-related lending transaction?
No, generally not
60
Who would be permitted to complete an appraisal for a federally-related transaction with a loan amount of $2 million?
A state-certified appraiser 
61
Under FIRREA, which are not considered to be an appraisal?
An Automated Valuation Model (AVM) , A Broker Price Opinion (BPO)
62
The national registry of AMCs is required to be maintained by:
ASC
63
Which of these is a power of the Appraisal Subcommittee (ASC)?
Make regulatory rules 
64
Under appraisal independence requirements, a financial institution is permitted to:
Provide the appraiser with a copy of the pending purchase agreement
65
In California, a supervising appraiser must be:
A certified appraiser
66
A state creates an Appraisal Trainee license, but does not adopt the minimum qualifications established by the AQB for trainee licenses. What entity is responsible for enforcing the requirement for the state to adopt the AQB qualifications?
The ASC
67
An appraiser receives a citation from BREA on April 20. He wants to appeal. By what date must the appeal be filed?
20-May
68
An AMC wants to remove a California appraiser from its panel. Under California regulations, the AMC must:
Provide prior written notice to the appraiser 

99 Laws and Regulations (4 decks)

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