Module 5 Wrap-Up

Question 1

The Uniform Standards of Professional Appraisal Practice were implemented by

Answer 1

The Appraisal Foundation established in 1987

Question 2

• Contact the state or territory’s regulatory agency.
• Search the Appraisal Subcommittee website.
• Search the individual state or territory credentialing authority’s website.

An appraiser can do the above to learn about what?

Answer 2

To learn about the credentialing authority in a specific area

Question 3

Appraiser A has 3,000 hours of experience obtained in the last 12 months and 700 are in nonresidential properties. Which is true regarding Appraiser A’s experience?

Answer 3

Although Appraiser A has 3,000 hours of experience, the hours may not be accumulated in fewer than 18 months and the appraiser lacks the required hours for nonresidential experience.

Question 4

A Trainee Appraiser is working for a Supervisory Appraiser who is a Certified Residential Real Property Appraiser. The Trainee Appraiser’s neighbor owns a small convenience store and needs to refinance the property. The neighbor asked the Trainee Appraiser to have the Supervisory Appraiser do an appraisal on the property. The Supervisory Appraiser should

Answer 4

explain to the Trainee Appraiser and the neighbor that a certified general appraiser must complete the assignment.

Question 5

Trainee Appraisers should expect appraisal assignments that

Answer 5

allow the Trainee Appraisers to develop knowledge and experience in the valuation process.

Question 6

Which is NOT a good reason for becoming a Supervisory Appraiser?

Answer 6

produce more work with reduced responsibilities

Question 7

Trainee Appraisers are responsible for all of the following except

Answer 7

deciding when they are competent to inspect properties on their own.