Module 1 Qualifications and Credentialing Entities Flashcards
Overview of the entities involved in setting the qualification and credentialing requirements for real property appraisers. (10 cards)
What is an ad hoc committee of representatives from nine appraiser organizations?
The Appraisal Foundation (TAF)
Supporting Information:
* Congress was not involved with TAF until 1989.
* Congress authorized TAF as the source of appraisal standards and appraiser qualifications.
Module 1 page The Appraisal Foundation (TAF) for more information.
_____ _____ ____ was created in 1987.
The Appraisal Foundation (TAF) was created in 1987.
Supporting Information:
* USPAP existed before TAF was created by an ad hoc committee.
* Congress recognized TAF in 1989.
* Professional appraisal organizations were in existence well before TAF. More have been formed since TAF.
Module 1 page The Appraisal Foundation (TAF) for more information.
____ ____ ____ monitors each state or territory’s appraiser licensing and certification regulatory program.
The Appraisal Subcommittee (ASC)
Supporting Information:
* ASB establishes standards.
* ASB has no connection to FHFA.
* Title XI was passed by Congress to recognize TAF as the source for appraisal standards and regulations.
Module 1 page The Appraisal Subcommittee (ASC) for more information.
TAF established two boards to accomplish its mission. What are the full names of those two boards?
Appraisal Standards Board and Appraiser Qualifications Board
Supporting Information:
* The Appraisal Subcommittee is not a board; it is a committee.
* The Appraisal Practices Board offers voluntary guidance on topics.
* State regulators do not act on behalf of TAF.
Module 1 page The Appraisal Foundation (TAF) for more information.
assist appraisers in applying Uniform Standards of Professional Appraisal Practice (USPAP) for specific situations.
Advisory Opinions (AOs), which is issued by The Appraisal Standards Board (ASB)
Supporting Information:
* AOs provide guidance only.
* AOs are not part of USPAP; they provide guidance only.
Module 1 page The Appraisal Standards Board (ASB) for more information.
An appraiser appraises a high-performance house for a lender selling the mortgage to Fannie Mae. The appraiser had never appraised this type property before but knew USPAP allowed her to accept the job and become competent prior to completing the report. Upon completion of the report, the borrower files a complaint with the state credentialing jurisdiction based on numerous omissions, errors, and inconsistencies. The appraiser admits the errors and lack of competency. The state credentialing jurisdiction might
issue the appraiser a monetary fine, require that she obtain additional education, or revoke her license.
Supporting Information:
* Any or all of these could be applied.
* TAF does not enforce standards or rules.
Module 1 topic Individual State or Territory Credentialing Authorities for more information.
An appraiser holds a license in 12 states. A complaint has been filed against the appraiser regarding an appraisal completed four years ago on a property outside his home state. Where should the complaint have been filed?
the state where the appraisal was performed and where the property was located
Supporting Information:
* The home state cannot handle appraisals outside its jurisdiction.
* This would be inappropriate, as the states do not have jurisdiction over activities in other states.
* The Hotline refers complainants to the appropriate legal authority but does not get involved in a complaint.
Module 1 topic Appraisal Complaint National Hotline for more information.
An appraiser is notified by the state regulatory agency that a complaint has been filed regarding an appraisal she completed. What is the first step in the process?
An investigation of the complaint occurs.
Supporting Information:
- The agency would not know if the appraiser had an attorney or what the charge would be at this point.
- Agencies would not do this without a thorough review of the report and data.
- Some agencies accept anonymous complaints.
Module 1 topic Individual State or Territory Credentialing Authorities for more information.
What is NOT a reason appraisers join voluntary professional appraisal organizations?
lowering the cost of licensing
Supporting Information:
* Professional organizations usually offer a number of useful resources.
* Voluntary organizations do not lower the cost of licensing and typically require membership dues.
* Professional appraisal organizations and coalitions provide a voice in legislative matters.
Module 1 topic Professional Appraiser Organization for more information.
An appraiser learns of a proposal on the state level to require appraisers to take seven hours of continuing education in litigation topics every two years. Because this appraiser does not work in litigation, the proposed law would pose a burden and additional costs in an area that does not concern her work. To refute the proposed law, the appraiser should contact the
state appraiser coalition group.
