Firrea - Study guides, Class notes & Summaries

15-hour National USPAP Course - McKissock 2023 Questions and Answers Passed USPAP contains what 4 sections? 1) The Preamble 2) Definitions 3) Rules 4) Standards USPAP Provides... 1. A common basis for comparison 2. A reference source for all users of the document 3. A basis for uniform enforcement for state regulatory agencies 4. A reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers What year was The Appr...

USPAP contains what 4 sections? CORRECT ANSWERS: 1) The Preamble 2) Definitions 3) Rules 4) Standards USPAP Provides... CORRECT ANSWERS: 1. A common basis for comparison 2. A reference source for all users of the document 3. A basis for uniform enforcement for state regulatory agencies 4. A reason for clients, other intended users, and the public to place their trust in the services performed by professional appraisers What year was The Appraisal Foundation formed? CORRECT ANSWERS...

The real estate brokerage and sales profession remained entirely unregulated throughout the 1900s. a. True b. False <~~> a. False 1.2 The event that led to the regulation of the appraisal profession was the: a. Great Depression b. Savings and Loan Crisis c. Wall Street and Subprime Loan Crisis d. Watergate <~~> b. Savings and Loan Crisis 1.3 What entity was referenced in FIRREA as a recognized source for appraisal standards and appraiser qualifications? 1 | P a g e |...

Which act was passed to regulate appraisal? - ANSWER in 1989, Congress passed the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in response to the savings and loan crisis. What does Title XI of FIRREA require? - ANSWER competent individuals whose professional conduct is properly supervised to perform all appraisals in federally-related transactions. January 1, 1993 FIRREA - ANSWER federally-related appraisals must be performed only by state-certified appraisers. ...

USPAP PRACTICE TEST 100% SOLVED STANDARD 2 contains standards for: a. Real property appraisal review assignments b. Development and reporting of real property appraisals c. Reporting the results of real property appraisals * d. Development of real property appraisals - Answer- Reporting the results of real property appraisals The DEFINITIONS in USPAP: a. Are superseded by definitions in standard English dictionaries b. Are all taken from legal dictionaries c. Were established by FIRREA...

Appraisal Standards Board (ASB) correct answers responsible for subject, style, content and substance of USPAP. communicates appraisal standards, including Advisory Opinions and FAQ Appraisal Subcommittee correct answers provides oversight of state appraiser regulatory programs (result of FIRREA). Maintains national registry of licensed appraisers Appraisal Qualifications Board (AQB) correct answers Establishes minimum education and experience guidelines State Regulatory Agency correct ...

Appraiser correct answers Person who values property in a competent, objective and impartial manner. Collateral correct answers Property pledged to secure a loan. Retrospective Appraisal correct answers Looks at the value of property in the past. Market Value correct answers Most. Probable price a property would bring in normal market conditions. Price correct answers Amount of money paid for a property. AQB correct answers Appraisal Qualification Board. Establishes minimum educat...

2024 TEXAS PRINCIPLES OF REAL ESTATE EXAM PREP/LATEST UPDATE WITH CORRECT DETAILED AND VERIFIED ANSWERS/A+ GRADE FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) Answer- A Federal law requiring the use of state licensed or state certified appraisers to perform any appraisal used in connection with any federally related transaction involving property valued at $400,000 or more.

McKissock Liberty University -Supervisor-Trainee Course for Ohio Currently, what is the annual national registry fee per appraiser? - correct answer $40 The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: - correct answer Appraisal management companies Which statement BEST describes The Appraisal Foundation? - correct answer It is a non-profit organization established for educational and scientific purposes. Which law mandated that all states must ...

True or False: When completing an appraisal assignment, an appraiser may be an advocate for one party's interest. - Answer- False Which characteristic would NOT be associated with a good appraiser? diligent biased competent honest - Answer- Biased True or False: A course in sociology would probably not be beneficial to an appraiser. - Answer- False True or False: An applicant for Certified General appraiser must possess at least an associate's degree from an accredited college o...