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BASIC APPRAISAL PRINCIPLES TEST STUDY QUESTIONS
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BASIC APPRAISAL PRINCIPLES TEST STUDY QUESTIONS
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BASIC APPRAISAL PRINCIPLES TEST STUDYQUESTIONS
True or False? When developing an opinion of site value of an improved property, an
appraiser needs to consider the highest and best use of the property as though vacant.
- Answers -TRUE
When developing an opinion of highest and best use, what is the final criteria that is
applied? - Answers -maximally productive
A lot owner constructs a new 4,000 square foot home in a neighborhood of mostly 800
to 1,200 square foot homes. The value of the new 4,000 square foot home is diminished
by the smaller homes surrounding it. This is an example of which valuation principle? -
Answers -regression
Unfortunately, with real estate, the ______ side of the equation is relatively fixed and
slow to change whereas the ______ side of the equation can change quickly. - Answers
-supply, demand
The result of the cause and effect relationship among the forces that influence real
property value" is the definition of the principle of - Answers -change
In the agents of production theory, the return on land would be __________ and the
return on labor would be ________. - Answers -rent, wages
The perception that value is created by the expectation of benefits to be derived in the
future" is the definition of the principle of - Answers -anticipation
"The principle that real property value is created and sustained when contrasting,
opposing, or interacting elements are in a state of equilibrium" is the definition of the
principle of - Answers -balance
The principle that studies the relationships between participants in the marketplace,
such as buyers and sellers or landlords and tenants, is the principle of - Answers -
competition
To apply for an Appraiser Trainee license, an applicant must have _____ hours of
qualifying education courses and ______ creditable hours of experience. - Answers -
75,0
The four components of the Appraiser Qualification Criteria include Continuing
Education, Examination, ____________, and ______________. - Answers -Experience
and Qualifying Education
,The _____ is charged with establishing the qualifications that all the states must adopt
in licensing, certification and re-certification of appraisers. - Answers -AQB
The number of required classroom hours for Licensed Residential Appraisers under the
2008 criteria is ____ hours. - Answers -150
True or False? The Board of Trustees acts as the executive board for The Appraisal
Foundation. - Answers -True
In 1987, eight U.S. appraisal organizations formed - Answers -The Appraisal
Foundation
The transfer of money from low interest-bearing accounts to higher interest-bearing
accounts is referred to as - Answers -disintermeditation
What event preceded the Great Depression? - Answers -Stock Market Crash of 1929
True or False? The Appraisal Subcommittee's mission is to ensure that real estate
appraisers who perform appraisals in federally-related transactions are sufficiently
trained and tested to assure competency and independent judgment. - Answers -
political party affiliation
True or False? The Dodd-Frank Act gave the ASC the authority to create a National
Registry of appraisal management companies. - Answers -True
Which of these is NOT a protected class, according to the Fair Housing Act? - Answers
-political party affilitation
Which entity is responsible for monitoring state appraiser licensing and certification
agencies? - Answers -The Appraisal Subcommittee
The first universally accepted appraisal report form appeared in the - Answers -1970's
The Appraisal Foundation is a ___________ organization. - Answers -not-for -profit
The secondary market came into prominence in mortgage lending in the - Answers -late
1970's
The ______exercises all authority over the establishment of education, experience, and
other criteria for licensing, certification, and re-certification of qualified appraisers. -
Answers -AQB
The Savings and Loan Crisis happened in the - Answers -Late 1980's
The ______ maintains a National Registry of appraisers. - Answers -ASC
, Only the _______ has the authority to amend or interpret USPAP. - Answers -ASB
The _________ exercises all authority and power over the subject, style, content, and
substance of USPAP. - Answers -ASB
Mortgage interest rates peaked in the U.S. in the - Answers -early 1980's
The _________ monitors and reviews the practices, procedures, activities and
organizational structure of The Appraisal Foundation. - Answers -ASC
True or False? The mere fact that an appraiser has previously appraised a property is
typically NOT considered confidential information under USPAP.
True - Answers -True
Ethics concerns our obligation to consider - Answers -the well being of all .......all of
these
USPAP requires an appraiser to be - Answers -objective
True or False? USPAP permits an appraiser to be biased in certain appraisal
assignments, as long as the bias is properly disclosed. - Answers -false
Which of these factors would result in a violation of USPAP if the appraiser based his or
her appraisal fee on it? - Answers -the appraisers opinion of value
Is it ethical for an appraiser to offer a reduced fee on an appraisal if the client's loan
does not close? - Answers -no
An appraiser pays a fee for the procurement of an assignment. Where in the appraisal
report does this payment have to be disclosed? - Answers -in the certification and any
transmittal letter where conclusions are stated
True or False? The development of "trust" between the general public and the
professional appraiser is not unique to the appraisal profession. - Answers -True
An appraiser finds out after completing an appraisal that the lender/client's loan did not
close. What should the appraiser do regarding the appraisal fee? - Answers -charge the
agreed-upon fee regardless of whether the loan closed
True or False? Webster's Dictionary defines ethics as relating to the principles
established by the world's most common religions. - Answers -False
True or False? "A preference or inclination that precludes an appraiser's impartiality,
independence, or objectivity in an assignment" is the definition of bias. - Answers -true
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