Supervisor-Trainee Ch 5-8 Flashcards
(149 cards)
1
Q
A Certified General Appraiser wants to act as a Supervisory Appraiser to a Trainee Appraiser. The General Appraiser had his certificate suspended by the state 27 months ago, but has had no disciplinary issues since that time. Is the appraiser qualified to be a Supervisory Appraiser at this time?
A
No, because the appraiser must have been “in good standing” for a period of at least three years
2
Q
A current Certified Residential Appraiser wants to become a Certified General Appraiser. According to the AQB minimum criteria, how many additional hours of appraisal education does the appraiser need in order to qualify?
A
100
3
Q
A current Certified Residential Appraiser wishes to upgrade to a Certified General Appraiser credential. According to the AQB Criteria, what is the minimum number of experience hours that she must accumulate in non-residential appraisal work?
A
1,500
4
Q
A current holder of a valid Trainee Appraiser credential wishes to upgrade to a Licensed Residential Appraiser credential. Under the AQB minimum criteria, the Trainee Appraiser will have to complete ____ additional hours of education.
A
75
5
Q
A current Trainee Appraiser wishes to take the examination to obtain a Licensed Residential Appraiser credential. When may she take the exam?
A
After she completes both the education and experience requirements
6
Q
A licensed Trainee Appraiser wishes to sign an appraisal report. Is this permitted in California?
A
Yes, as long as the report is also signed by the Supervisory Appraiser
7
Q
A professional appraiser organization awards _______ to its members.
A
Designations
8
Q
A state appraisal regulatory agency establishes a requirement that an appraiser must have 7 years of experience as a certified appraiser before he or she qualifies to be a Supervisory Appraiser. Is the state agency permitted to do this?
A
Yes, because states may adopt requirements that exceed those of the AQB
9
Q
A Supervisory Appraiser engages several appraisal trainees and has them turning out a high volume of appraisal reports with minimal training and supervision. This type of operation is known as:
A
An appraisal mill
10
Q
A Supervisory Appraiser has his certification suspended by a state appraisal regulatory agency. When must the Supervisory Appraiser notify his Trainee Appraiser of this disciplinary sanction?
A
Immediately
11
Q
A Supervisory Appraiser in California is permitted to supervise _________ Trainee Appraisers at one time.
A
A maximum of three
12
Q
A Supervisory Appraiser is bringing a Trainee Appraiser along too fast, and has assigned tasks that the Trainee Appraiser is not capable of completing. What should the Trainee Appraiser do?
A
Tell the Supervisory Appraiser
13
Q
A Supervisory Appraiser knowingly allows a Trainee Appraiser to communicate a misleading real property appraisal report. What specific part of USPAP has been violated?
A
The ETHICS RULE
14
Q
A Supervisory Appraiser must accompany the Trainee Appraiser on all inspections until the Trainee Appraiser is competent to conduct inspections independently, and:
A
Has met all specific requirements pertaining to property inspection established by the credentialing jurisdiction
15
Q
A Supervisory Appraiser must not have been subject to any prior disciplinary action within the prior _____ that would affect his or her ability to practice.
A
Three years
16
Q
A Supervisory Appraiser should be expected to instruct the Trainee Appraiser in:
A
Appraisal ethics and appraisal methods and techniques
17
Q
A Trainee Appraiser and a Supervisory Appraiser work together on an appraisal review assignment. Which one must retain physical custody of the workfile?
A
Either, but one must take responsibility
18
Q
A Trainee Appraiser assists a Supervisory Appraisal in an appraisal assignment, but does not sign the appraisal report. Where must the Trainee Appraiser’s name appear in the report?
A
In the certification
19
Q
A Trainee Appraiser has completed all of the required education and experience, and is waiting to sit for the exam. The Supervisory Appraiser is convinced the Trainee Appraiser is fully capable of performing appraisal work unsupervised. May the Supervisory Appraiser provide blanket authorization for this Trainee Appraiser to affix the supervisor’s signature?
A
No, blanket signature authorization is prohibited by the ETHICS RULE
20
Q
A Trainee Appraiser has experience primarily in the appraisal of tract homes in subdivisions, and regularly inspects these properties unsupervised. Should the Supervisory Appraiser allow this Trainee Appraiser to inspect a 9,000 square foot luxury estate with 20 acres and large outbuildings without supervision?
A
No, because this property is complex and is likely beyond the scope of the Trainee Appraiser’s experience
21
Q
A Trainee Appraiser has more than one Supervisory Appraiser. How should experience logs be handled in this situation?
A
A separate log should be maintained for each Supervisory Appraiser
22
Q
A Trainee Appraiser is expected to have a basic understanding of minimum AQB requirements for licensure AND:
A
Requirements of the credentialing jurisdiction that may exceed those of the Criteria
23
Q
A Trainee Appraiser is preparing her experience log to submit to California to become a certified appraiser. She has accumulated extensive experience in appraisal review. What is the maximum number of experience hours in appraisal review may she use?
A
400
24
Q
A Trainee Appraiser is working toward a Certified General Appraiser credential. He has missed several of his goals for completion of courses and accumulating his experience hours. What should the Supervisory Appraiser do?
A
Allow for more frequent monitoring of the Trainee Appraiser
25
A Trainee Appraiser signs the letter of transmittal in an Appraisal Report, but does not sign the certification. Which of these statements is TRUE regarding the Trainee Appraiser’s signature obligations under USPAP?
The Trainee Appraiser must sign the certification because he has signed the letter of transmittal.
26
A Trainee Appraiser submits an experience log to a state appraisal regulatory agency. On the log, the appraiser is claiming 40 experience hours for an appraisal of a non-complex single family dwelling. What is the regulatory agency MOST likely to do?
Request additional documentation from the Trainee Appraiser
27
A Trainee Appraiser who performs the cost approach repeatedly on residential appraisal assignments:
Is forming habits that may be good or bad
28
A Trainee Appraiser wishes to become certified, and submits an application to BREA. How long is this application valid?
One year
29
A Trainee Appraiser’s employing company has established policies that do not comply with USPAP. What should the Trainee Appraiser do?
Take whatever steps are necessary to ensure USPAP compliance
30
A would-be Trainee Appraiser wants to appraise office buildings and income-producing commercial properties. What type of appraiser should she select as her Supervisory Appraiser?
General Certified Appraiser who is competent in these property types
31
According to Article 3 of the California regulations, appraisal education courses must meet minimum _______ requirements.
AQB
32
According to the AQB Criteria, an appraiser who holds a valid Licensed Residential Appraiser credential needs how many additional education hours in order to upgrade to a Certified Residential Appraiser credential?
50
33
According to the California appraiser licensing law, who is required to promulgate requirements for licensure and discipline of real estate appraisers?
The Bureau of Real Estate Appraisers
34
According to USPAP, when may a Supervisory Appraiser affix a Trainee Appraiser’s signature to an appraisal report?
If authorization is given by the Trainee Appraiser in a specific assignment
35
An applicant for an appraisal credential does not have any appraisal experience. What type of credential may he or she obtain without any experience, based on AQB minimum qualifications?
Trainee Appraiser
36
An applicant for an appraisal credential in California is given _____ attempts to pass the examination within one year.
5
37
An applicant for an appraisal credential is denied by BREA. The applicant believes he has met the minimum requirements for the credential; however BREA’s conclusion is that the applicant does not meet these minimum requirements. What may the applicant do at this point?
Apply to have the decision reviewed in a hearing
38
An applicant for an appraiser credential is sending her appraisal work samples to BREA. These samples must be:
Exact, non-redacted copies of the report delivered to the client
39
An appraiser does not possess the necessary competency to complete an appraisal of a golf course, but she wants to complete it anyway. According to the COMPETENCY RULE, what is the FIRST action she must take?
Disclose the lack of competency to the client before agreeing to perform the assignment
40
An appraiser is asked to perform an appraisal review assignment, but he does not possess the necessary competency to complete it. What are his options under USPAP?
Acquire the necessary competency, or decline the assignment
41
An appraiser receives a request for a real property appraisal, but the appraiser does not possess the competency to perform this particular assignment and does not want to acquire the competency. USPAP would require the appraiser to:
Decline the assignment
42
Are experience hours obtained through the completion of a “practicum course” acceptable towards appraiser licensing in California?
Yes, if the course is approved by the AQB. Only appraisals performed for a business purpose (e.g. loans, litigation, etc.) may be credited for purposes of meeting the minimum experience requirements except that experience gained through case studies and practicum courses that are approved by the AQB Course Approval Program may be credited for no more than 50 percent of the total experience requirement.
43
As a result of the passage of the Dodd-Frank Act of 2010, the ASC is required to create and maintain a national registry of:
Appraisal management companies
44
As a Trainee Appraiser’s knowledge and experience grows, what should happen to the Supervisory Appraiser’s scope of review?
It should decrease
45
As of October 1, 2016, an applicant for a Trainee Appraiser credential in California is required to pass:
No examination
46
Assuming no state laws or regulations to the contrary, the AQB requirements state that a Supervisory Appraiser is responsible for accompanying the Trainee Appraiser on all inspections:
Until the Trainee Appraiser is competent to conduct inspections independently
47
By searching the ASC National Registry, you can find ________ appraisal credentials.
Both active and expired
48
Certified appraiser Ted agrees to present a seminar about appraisal issues to a local lending institution’s staff. Does the ETHICS RULE of USPAP apply to Ted when he is performing this activity?
Yes, because Ted is performing this service as an appraiser
49
Each state was required to establish a program for appraiser licensing and certification as a result of which federal law?
Financial Institutions Reform, Recovery, and Enforcement Act
50
Generally speaking, a Trainee Appraiser who wishes to become credentialed as an appraiser has _____ paths from which to choose.
Three
51
How many creditable hours of appraisal education are necessary to meet the AQB minimum criteria for a Licensed Residential Appraiser credential?
150
52
How many creditable hours of education must be completed by an applicant for a Certified Residential Appraiser credential, under the AQB Criteria?
200
53
How many experience hours are necessary to meet the AQB minimum requirement for a Certified General Appraiser credential?
3000
54
How many hours of basic appraisal education does an applicant need in order to qualify for a Trainee Appraiser credential in California?
150
55
How might a Trainee Appraiser abuse the trust of the Supervisory Appraiser, in the context of the Trainee-Supervisor Relationship?
Misusing the Supervisory Appraiser’s signature
56
If a Trainee Appraiser has more than one Supervisory Appraiser, then:
The Trainee Appraiser should maintain separate experience logs for each supervisor
57
If a Trainee Appraiser submits an experience log to a state appraisal regulatory agency claiming 50 experience hours on a non-complex single family home appraisal, what is MOST likely to happen?
The agency will request additional documentation from the Trainee Appraiser
58
In 2013, the name of the California Office of Real Estate Appraisers was changed to what?
Bureau of Real Estate Appraisers
59
In California, submission of the Log of Appraisal Experience and Experience Log Summary forms is:
Not required for Trainee license applicants
60
In California, the penalty for appraising without a license is a fine up to ________ and/or __________.
$10,000, one year in prison
61
In California, the scope of practice for a holder of a Trainee license is limited to:
Any property which the supervising appraiser is permitted to appraise
62
In California, who has the power to amend the Real Estate Appraisers’ Licensing and Certification Law?
The legislature
63
In order to meet the AQB qualifications to be a Supervisory Appraiser, an appraiser must not have been subject to any prior disciplinary action within the prior _____ that would affect his/her ability to practice.
Three years
64
In order to obtain a Trainee License in California, an individual must demonstrate a minimum of _____ hours of appraisal experience.
There is no experience requirement for Trainee Appraisers
65
In the California appraiser licensing law, what does the term “license” mean?
Any credential including licensed appraiser, licensed trainee, certified residential and certified general
66
Minimum requirements for appraiser licensure and certification are established by which Appraisal Foundation board?
Appraiser Qualifications Board (AQB)
67
Once the Trainee Appraiser has established a goal of becoming a credentialed appraiser, who is responsible for monitoring the Trainee Appraiser’s progress?
The Supervisory Appraiser
68
Regarding the number of hours claimed by a Trainee Appraiser on an experience log, which statement is TRUE?
The Trainee Appraiser should state the number of hours actually worked on each assignment.
69
Regarding the requirements for Trainee Appraiser and Supervisory Appraiser, the Supervisory Appraiser is responsible for understanding:
The AQB requirements and the jurisdiction’s requirements
70
Subject to state-specific laws and regulations, a Supervisory Appraiser is responsible for accompanying the Trainee Appraiser on:
All inspections until the Trainee Appraiser is competent to conduct inspections independently
71
Supervisor Scott has been working with Trainee Tara for over a year. Scott only assigns very basic tasks to Tara, and she feels she is not being challenged. Tara is anxious to progress in her appraisal knowledge. What should she do?
Inform Scott that she is ready for more advanced responsibilities
72
Supervisory Appraiser Sam is working with Trainee Appraiser Tanya. Sam's appraiser credential is suspended by a state appraisal regulatory agency. When must Sam notify Tanya of this disciplinary sanction?
Immediately
73
Supervisory Appraisers are responsible for:
Instructing the Trainee Appraiser in appraisal ethics
74
The Appraisal Foundation is monitored to ensure it is properly fulfilling its responsibilities under Title XI of FIRREA. Which entity is responsible for this ongoing monitoring of the Foundation?
Appraisal Subcommittee (ASC)
75
The Appraisal Standards Board considers USPAP Advisory Opinions to be what?
Other communications from the ASB
76
The Appraisal Subcommittee performs an on-site audit of each state’s appraisal licensing and certification program on a __________ basis.
Biennial
77
The AQB minimum qualifications for a Trainee Appraiser credential require the applicant to have completed the required appraisal courses within the ______ period immediately preceding the application.
5 year
78
The AQB minimum requirements for a Trainee Appraiser credential require that the applicant completes how many hours of appraisal education?
75
79
The AQB minimum states that a Supervisory Appraiser must have _____ experience as a certified appraiser.
3 years of
80
The AQB requirements for an experience log are:
A minimum, which may be exceeded by the jurisdiction
81
The AQB requires that for a distance education course to be acceptable for appraiser qualifying education, it must include a written examination. In this context, what does the term “written” indicate?
Either a paper exam or an electronically-administered exam
82
The AQB’s requirements for an appraisal credential are:
Minimums, and may be exceeded by the credentialing jurisdiction
83
The ASC National Registry can be used to search for ________ appraisal credentials.
Both active and expired
84
The ASC’s National Registry would NOT be useful in searching for ________ Appraisers.
Trainee
85
The California appraiser licensing law establishes, as a minimum, the requirements for licensure and certification established by:
The Appraiser Qualifications Board
86
The decision to allow a Trainee Appraiser to inspect a property unsupervised should be made on _________ basis.
A case-by-case
87
The requirements for developing a real property appraisal are set forth in which USPAP Standard?
STANDARD 1
88
The requirements for reporting a real property appraisal are set forth in which USPAP Standard?
STANDARD 2
89
The requirements for Trainee Appraiser and Supervisory Appraiser established by an individual credentialing jurisdiction ____________ the requirements established by the AQB.
May exceed
90
The scope of practice for a holder of a Trainee license in California is:
Any property which the supervising appraiser is permitted to appraise
91
The SCOPE OF WORK RULE addresses the ________ of an appraisal.
Development
92
The Supervisory Appraiser – Trainee Appraiser relationship is __________ commitment by both parties.
A long-term
93
The Supervisory Appraiser – Trainee Appraiser relationship is considered what type of commitment by both parties?
Long-term
94
The Supervisory Appraiser’s role in the Supervisor-Trainee relationship is analogous to that of a:
Parent
95
The Trainee Appraiser is responsible for having a basic understanding of minimum AQB requirements for licensure, as well as:
Requirements of the credentialing jurisdiction that may exceed those of the Criteria
96
The Trainee Appraiser’s competency to inspect a property unsupervised:
Should be evaluated on an assignment-by-assignment basis
97
To receive a Trainee Appraiser credential in California, an applicant must complete how many hours of basic appraisal education?
150
98
To what assignments does the SCOPE OF WORK RULE apply?
Appraisal or appraisal review assignments only
99
Trainee Appraiser Jim has developed the income approach numerous times in non-residential appraisal assignments. Which statement is TRUE regarding Jim and the income approach?
He is forming habits that may be either good or bad.
100
Trainee Appraiser Teri believes Supervisory Appraiser Steve is bringing her along too quickly. Steve has assigned Teri a number of appraisal tasks that she is not capable of completing. What should Teri do?
Tell Steve that she is not capable of performing these tasks
101
Trainee Appraiser Tim has more than one Supervisory Appraiser. Which statement is TRUE regarding his obligation to maintain experience logs?
Tim should maintain separate experience logs for each Supervisory Appraiser.
102
Trainee Appraiser Tonya is working with more than one Supervisory Appraiser. Which statement is MOST TRUE regarding her obligation to maintain experience logs?
Tonya should maintain separate experience logs for each Supervisory Appraiser.
103
Trainee Timmy assists Supervisor Serena in a real property appraisal assignment; however Timmy does not sign the certification. Where does USPAP require Serena to disclose the extent of Timmy’s assistance in the Appraisal Report?
It may appear anywhere in the report
104
Trainee Tina assists Supervisor Sandy in a real property appraisal assignment. Tina does not sign the report certification. Where does Tina’s name have to appear in the report?
In the certification
105
Under the AQB minimum criteria, an applicant for a Certified Residential Appraiser credential is required to accumulate 1,500 hours of appraisal experience in no fewer than ______ months.
12
106
Under the AQB minimum criteria, an applicant for a Licensed Residential Appraiser credential is required to obtain _____ experience hours in no fewer than _____ months.
1,000; 6
107
Under the California appraiser licensing law, who establishes the MINIMUM requirements for licensure and certification of appraisers?
The Appraiser Qualifications Board
108
Under the California appraiser licensing law, who is required to adopt regulations governing the process and procedure of applying for a license as Trainee Appraiser?
The Director of BREA
109
Under the current AQB Criteria, an applicant for a Certified Residential Appraiser credential must have what level of college degree (not considering the degree alternative)?
A Bachelor’s degree or higher
110
USPAP compliance is the responsibility of whom?
Individual appraisers only
111
What are the two written report options specified in Standards Rule 2-2 of USPAP?
Appraisal Report and Restricted Appraisal Report
112
What does the Appraisal Subcommittee’s National Complaint Hotline do?
It provides a referral for a complaint
113
What happens when a Trainee Appraiser signs a certification in a real property appraisal report?
The Trainee Appraiser has accepted full responsibility for the assignment results and the report
114
What is the minimum number of years of experience required by the AQB before a certified appraiser may act as a Supervisory Appraiser?
Three
115
What type of examination is required in order for an appraisal course to be deemed acceptable for appraiser qualifying education?
A closed-book exam
116
When a credentialing jurisdiction is establishing requirements for Trainee Appraiser and Supervisory Appraiser, the jurisdiction’s requirements may __________ the requirements established by the AQB.
Exceed
117
When an applicant for an appraiser credential in California submits a complete application, BREA has _____ days to issue or deny the requested credential.
90
118
When may a licensed Trainee Appraiser sign an appraisal report in California?
Only if the Supervisory Appraiser also signs it
119
Where would an applicant for an appraisal credential find an example of a partially completed appraisal experience log (form REA 3004)?
On the BREA website
120
Which course is part of the Trainee Appraiser’s required core curriculum, according to the AQB?
15 Hour National USPAP Course
121
Which entity is authorized to provide grants to The Appraisal Foundation to support the FIRREA-related work of the ASB and AQB?
Appraisal Subcommittee (ASC)
122
Which entity is composed of members appointed by the four federal financial institution regulatory agencies, plus the Bureau of Consumer Financial Protection, the Federal Housing Finance Agency, and HUD?
Appraisal Subcommittee
123
Which of the following items is NOT one of the AQB minimum requirements for an experience log?
A true copy of the appraisal report
124
Which of these actions must be taken by the AQB before it may revise the Real Property Appraiser Qualification Criteria?
Expose the proposed changes and solicit comments
125
Which of these entities is MOST likely to send a warning letter to an appraiser informing him that he completed an appraisal that did not comply with USPAP?
State appraisal regulatory agency
126
Which of these figures is the MOST appropriately rounded final value opinion?
$1,050,000
127
Which of these is NOT one of the AQB minimum requirements for an experience log?
A true copy of the appraisal report
128
Which of these items is NOT one of the AQB minimum requirements for an experience log?
Signature and state certification number of Trainee Appraiser
129
Which of these statements is TRUE regarding the difference between state appraisal regulatory agencies and professional appraiser organizations?
State agencies issue credentials, while appraiser organizations award designations.
130
Which of these would be an example of failure to exercise due diligence by an applicant for an appraiser credential?
Failure to respond to a written request for additional information within 60 days
131
Which residential appraisal credential allows the holder to appraise any one-to-four unit residential property, without regard to value or complexity?
Certified Residential Appraiser only
132
Which statement about The Appraisal Foundation (TAF) is TRUE?
TAF is a non-profit organization established for educational and scientific purposes.
133
Which statement about Trainee Appraisers and the need for Supervisory Appraiser accompaniment on inspections is TRUE?
Every Trainee Appraiser will learn and progress differently.
134
Which statement is TRUE regarding a Supervisory Appraiser’s responsibility regarding a Trainee Appraiser’s completion of the education requirements?
The Supervisory Appraiser is responsible for monitoring the Trainee Appraiser’s completion of the education requirements.
135
Which statement is TRUE regarding a workfile access and retrieval agreement between a Trainee Appraiser and a Supervisory Appraiser?
The agreement may be written or oral.
136
Which statement is TRUE regarding the number of hours claimed for an assignment by a Trainee Appraiser on an experience log?
The Trainee Appraiser should state the number of hours actually worked on each assignment.
137
Which statement is TRUE regarding the Trainee Appraiser’s competency to inspect a property unsupervised?
It should be evaluated on an assignment-by-assignment basis.
138
Who is primarily responsible for ensuring that the Trainee Appraiser learns from his or her field experience?
The Trainee Appraiser only. The Trainee Appraiser is primarily responsible for learning from his or her education courses and field experience.
139
Who is responsible for documenting a Trainee Appraiser’s experience log?
Both the Trainee Appraiser and the Supervisory Appraiser
140
Who is responsible for instructing a Trainee Appraiser in appraisal ethics and appraisal methods and techniques?
The Supervisory Appraiser
141
Who is responsible for making sure the Trainee Appraiser is learning the correct way to perform appraisal tasks?
The Supervisory Appraiser and the Trainee Appraiser both
142
Who is responsible for monitoring the Trainee Appraiser’s progress along his or her path to becoming a credentialed appraiser?
The Supervisory Appraiser
143
Who is responsible for providing tasks to the Trainee Appraiser to ensure that he or she is progressing and learning?
The Supervisory Appraiser
144
Who is responsible for providing the Trainee Appraiser with an understanding of USPAP?
The Supervisory Appraiser
145
Who would be specifically required to comply with the AQB minimum requirements for Supervisory Appraisers?
An appraiser who is supervising a Trainee Appraiser
146
Why is it important that a Trainee Appraiser obtain experience in all applicable valuation methodologies and approaches to value?
So the Trainee Appraiser becomes capable of performing the duties of a licensed or certified appraiser
147
With regard to a Trainee Appraiser’s experience log, who is responsible for documenting this log?
Both the Trainee Appraiser and the Supervisory Appraiser
148
You are reading California appraisal regulations and you see a reference to “the Office”. What does this term refer to?
The Bureau of Real Estate Appraisers
149
You want to look up an appraiser in the National Registry of licensed and certified real property appraisers. Who maintains this Registry?
Appraisal Subcommittee (ASC)
