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230 Real Estate Appraisal Principles and Standards questions with answers.
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230 Real Estate Appraisal Principles and Standards questions with answers.
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230 Real Estate Appraisal Principles andStandards questions with answers.
The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real
property.
A. True
B. False ANS -True
The majority of appraiser's value all the following types of properties EXCEPT:
A. Vacant land
B. Commercial properties
C. Residential properties
D. Churches and synagogues ANS -D. Churches and synagogues
The Appraisal Standards Board (ASB) interprets and amends the USPAP. The board consists of 7
members who are appointed by the Board of ______________. ANS -The Appraisal Foundation
What is the role of "assessors?" ANS -They appraise property for tax purposes
___________________ oversees the TALCB (Texas Appraisal Licensing and Certification Board). ANS -The
Texas Real Estate Commission
All appraisers MUST take 7 hours of USPAP for their bi-annual renewal.
A. True
B. False ANS -True
Appraisal trainees need to be sponsored. ANS -A. True
, Who can appraise any type of property regardless of transaction value or complexity? ANS -Certified
general
The _____________________ works with lenders and appraisers to facilitate the ordering, tracking,
quality control and delivery method of appraisal reports. ANS -Appraisal Management Company
All the following are reasons to have an appraisal EXCEPT: ANS -The loan will likely be "warehoused."
Which of the following is NOT considered an informal valuation?
A. Book value
B. Broker value
C. Appraised value
D. Cash value ANS -C. Appraised value
Personal property that has become attached to the land is called: ANS -Improvements
Where the principal meridian and the standard parallels intersect is called a ______________. ANS -
Check
All of the following are real property owner rights EXCEPT:
A. Power of enjoyment
B. Power of disposal
C. Power of eminent domain
D. Power of possession ANS -Power of eminent domain
FNMA directly originates loans to the consumer.
A. True
B. False ANS -False
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