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chapter 13 - appraiser licensing law questions with right answers.
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chapter 13 - appraiser licensing lawquestions with right answers.
when was the appraisal foundation established ANS -November 30, 1987
Transaction value definition ANS -(1) for loans or other extensions of credit, the amount of the loan or
extension of credit;
(2) for sales, leases, purchases, and investments in or exchanges of real property, the market value of
the real property interest involved; and
(3) for the pooling of loans or interests in real property for resale or purchase, the amount of the loan or
market value of the real property calculated with respect to each such loan or interest in real property.
USPAP ANS -Uniform Standards of Professional Appraisal Practice established by the Appraisal
Foundatio
responsibility of a real estate appraiser ANS -responsible for the acts of persons acting on the appraiser's
behalf.
persons who do not need a license to prepare a real estate appraisal: ANS -- An officer or employee of a
corporation, partnership, or business entity
- A licensed real estate salesperson or broker who gives a market analysis of the price of real estate
- A licensed real estate salesperson, broker, or real estate appraiser who prepares a broker price opinion
- A person employed and acting in their capacity as assessor for political subdivisions of the state
, - A registered engineer or a certified professional geologist preparing an appraisal, analysis, opinion, or
conclusion as to the value of oil, gas, coal, and other mineral resources
the Real Estate Appraiser Advisory Board consists of how many members ANS -9 members
- 3 of the members must be consumers of appraisal services, of whom 1 member must be employed in
the financial lending industry.
- 6 must be real estate appraisers, of whom 3 members must be certified residential real property
appraisers, and
- 3 members must be certified general real property appraisers.
- At least 1 member of the board must be certified by the Appraisal Qualification Board of the Appraisal
Foundation to teach the Uniform Standards of Professional Appraisal Practice.
- Each of the 3 categories of members must include at least 1 member who lives or works outside of the
7-county metropolitan area.
the Real Estate Appraiser Advisory Board makes recommendation to the commissioner on: ANS -- Rules
regarding the type of educational experience, appraisal experience, and equivalent experience that will
meet the requirements of Minnesota statutes governing appraisals.
- Examination specifications in order to provide appropriate examination standards and procedures for
grading examinations.
- Rules regarding the continuing education requirements for the renewal of licenses that will meet the
requirements of Minnesota statutes governing appraisals.
- Reviews of the standards for the development and communication of real estate appraisals and rules
explaining and interpreting the standards.
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