The Appraisal Profession Chapter 1 Questions and Answers Graded A+

The Appraisal Profession Chapter 1 Questions and Answers Graded A+ Should an appraiser's compensation be based on the value of the property being appraised? Why or Why not? An appraiser's compensation should not depend on the estimate of value obtained, to avoid even the appearance of impropriety. The appraiser's compensation may, however, reflect the complexity of the work required in dealing with the subject property. Which of the following courses would benefit a professional appraiser? Why or why not? Real Estate Finance Land-use planning Real Estate Law Real Estate Economics Statistics Real Estate principles Demographics Information Systems All the courses listed would benefit a professional appraiser because they touch on topics that must be understood in order to prepare a well-reasoned appraisal report. The federal legislation that resulted in state licensing and certification of appraisers in federally related transactions was a. the Internal Revenue Code b. FIRREA c. FDIC d. FSLIC B In federally related appraisals, state appraiser certification qualifications must meet or exceed those of the a. Appraisal Standards Board b. Appraiser Qualifications Board c. Appraisal Practices Board B Guidance on emerging valuation issues in the marketplace is issued by a. Appraisal Standards Board b. Appraiser Qualifications Board c. Appraisal Practices Board C Fannie Mae requires the use of a state-licensed or state-certified appraiser only a. for appraisals of property with a transaction value of more than $250,000. b. for all Fannie Mae-related transactions B What are some things an appraiser can do to ensure an efficient, reliable source of information and data storage? The appraiser should maintain a backup system for all information gathered as part of the appraisal process and stay up to date on developments in technology that will be required by the appraiser's clients, but also of use to the appraiser. List at LEAST five general course areas that would benefit a real estate appraiser, in addition to real estate courses. Numerous courses, such as economics, geography, city planning, accounting, statistics The federal agency that now insures deposits in financial institutions is a. FDIC b. FSLIC c. RTC d. FIRREA A All the following areas of federal regulation affect appraisers EXCEPT a. appraiser licensing b. fair housing c. Congressional Budget Office (CBO) d. lead-based paint C Appraiser qualifications that meet federal guidelines come from the a. Appraiser Qualifications Board b. Appraisal Standards Board c. Resolution Trust Corporation d. Appraisal Institute A Every state must enact legislation to provide for appraiser licensing and certification that is consistent with criteria establish by the a. Federal National Mortgage Association b. Appraiser Qualifications Board of the Appraisal Foundation c. Resolution Trust Corporation d. Appraisal Institute B The purpose of USPAP is to a. delay government regulation b. present information that will be meaningful to the client and will not be misleading in the marketplace c. guarantee professionalism in appraisers d. present information that will be useful to appraisers B A certified appraiser is required for federally related transactions involving property valued at more than a. $250,000 b. $500,000 c. $750,000 d. $1,000,000 D The law that Congress passed to assist borrowers affected by the subprime lending crisis is the a. Financial Institutions Reform, Recovery, and Enforcement Act of 1989 b. Housing and Economic Recovery Act 2008 c. Tax Reform Act of 1986 d. Fair Housing Amendments Act of 1988 B The appraisal coursework required by the AQB for a certified general real estate appraiser totals a. 75 hours b. 150 hours c. 300 hours d. 500 hours C