Exam (elaborations)
PA Mandated Law for Appraisers: Q/A
- Course
- Institution
PA Mandated Law for Appraisers: Q/A
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
PA Mandated Law for Appraisers: Q/AIf an appraiser's certificate has been revoked by the Board, he or she is
prohibited from ever applying for an appraisal certification again. Correct
Ans - FALSE
Which of these is NOT a specific power of the State Board of Certified Real
Estate Appraisers, per Act 98? Correct Ans - editing USPAP
Which of the following is a violation of Act 98? Correct Ans - making
an appraisal fee contingent upon a property owner's tax assessment being
lowered
If disciplinary action is taken against a PA appraiser by another state on
January 5, 2015, which of the following statements is TRUE? Correct Ans -
The appraiser must report the disciplinary action to the PA Board within 90
days.
Failure to return a revoked certificate to the Board office is considered:
Correct Ans - a misdemeanor of the third degree
If a prospective client asks an appraiser to accept a reduced fee if the subject
property does not appraise for at least $200,000: Correct Ans - the
appraiser would violate Act 98 by accepting the assignment under these terms
Which of the following statements is TRUE? Correct Ans - PA has
absolutely no limitation on certificate holders as to the dollar value of the
property they may appraise
A certified residential appraiser is only permitted to appraise 1-4 family
residential property with a transaction value of less than $1 million.
Correct Ans - FALSE
If an individual in Pennsylvania wishes to accumulate experience in order to
become a certified appraiser, he or she: Correct Ans - must become
licensed as a trainee
, The current AQB experience hour requirement for residential certification is:
Correct Ans - 2,500 hours, over no fewer than 24 months
Which of the following statements is TRUE regarding the definition of
"appraisal" found in Chapter 36? Correct Ans - The definition refers
specifically to a "written" report.
A $40 annual fee per appraiser is paid to the ____________ National Registry.
Correct Ans - Appraisal Subcommittee (ASC)
The experience requirements for a general certification specify: Correct
Ans - at least 1,500 hours of non-residential work
Title 49, Chapter 36 of the PA Code is also known as the: Correct Ans -
Rules and Regulations of the State Board of Certified Real Estate Appraisers
Bob, a PA certified residential appraiser, let his certification lapse for five
biennial renewal cycles and wishes to renew it now. What must he do?
Correct Ans - take 140 hours of continuing education
Recent federal legislation increased the national ASC registry fee for certified
residential and general appraisers to: Correct Ans - $40 per appraiser
per year
The criteria for appraiser certification effective January 1, 2015 were issued
by the: Correct Ans - Appraiser Qualifications Board (AQB)
Applicant Amy submits her application for general certification. She has
accumulated exactly 3,000 experience hours. Which of these statements is
TRUE regarding Amy's experience requirement? Correct Ans - At least
1,500 hours must be in non-residential appraisal work.
If Anne begins to accumulate her experience hours for a Certified Residential
Appraiser credential in July 2014, when is the earliest she will be able to meet
the experience requirement? Correct Ans - July 2016
A licensed appraisal trainee in Pennsylvania is permitted to work under the
supervision of a broker/appraiser. Correct Ans - false
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now