Which board within The Appraisal Foundation has the authority to make revisions to USPAP?
Board of Trustees (BOT)
Appraisal Standards Board
... [Show More] (ASB)
Appraiser Qualifications Board (AQB)
All boards within the Foundation have the authority to revise USPAP
Appraisal Standards Board (ASB)
The three independent boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraisal Subcommittee, Federal Housing Finance Agency
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Board of Trustees, Federal Housing Board, Fannie Mae Board
Appraisal Standards Board, Federal Appraiser Board, Federal Housing Administration
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
Which law mandated that all states must establish a program for appraiser licensing and certification?
HVCC
Dodd-Frank Act
Truth in Lending Act
FIRREA
FIRREA
Who is responsible for appointing members to the Appraiser Qualifications Board?
Appraisal Standards Board (ASB)
The Secretary of HUD
The AQB appoints its own members
The Board of Trustees (BOT)
the board of trustees (bot)
The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of:
Home builders and contractors
Subprime lenders
Appraisal trainees and supervisors
Appraisal management companies
Appraisal management companies
The ASC's National Complaint Hotline will provide referrals for complaints against:
Appraisers only
AMCs only
Appraisers, lenders, AMCs or others
Government entities such as state appraisal boards and HUD
Appraisers, lenders, AMCs or others
The ASC is composed of members appointed by the four federal financial institution regulatory agencies, plus the Bureau of Consumer Financial Protection, the Federal Housing Finance Agency, and _____________.
Department of Homeland Security
Environmental Protection Agency
National Association of Homebuilders
Department of Housing and Urban Development
Department of Housing and Urban Development
Currently, what is the annual national registry fee per appraiser?
$25
$40
$75
$100
40
Which entity is responsible for monitoring The Appraisal Foundation to ensure it is properly fulfilling its responsibilities under Title XI of FIRREA?
Appraisal Subcommittee (ASC)
U.S. Department of HUD
Appraiser Qualifications Board (AQB)
State appraisal regulatory agencies
asc
An appraiser violates the laws of his state when performing an appraisal. Which entity may take disciplinary action against him?
The Appraiser Qualifications Board (AQB)
The Appraisal Standards Board (ASB)
The state appraisal regulatory agency
Any and all of these entities may pursue disciplinary action
The state appraisal regulatory agency
An individual submits an application to become a certified appraiser. Who is responsible for approving or disapproving the application?
Appraisal Subcommittee (ASC)
The state appraisal regulatory agency
Appraiser Qualifications Board (AQB)
A professional appraisal organization
The state appraisal regulatory agency
Which of these is NOT a function performed by professional appraiser organizations?
Disseminating professional publications and trade journals
Issuing appraisal credentials
Offering networking opportunities
Providing legislative lobbying and advocacy
Issuing appraisal credentials
How often do ASC representatives perform an on-site review of each state's appraisal licensing and certification program?
Monthly
Every year
Every two years
Every three years
every 2 years
The Appraisal Foundation issues Valuation Advisories on recognized appraisal methods and techniques. For appraisers, compliance with these Valuation Advisories is:
Voluntary
Required by state appraisal regulatory agencies
Forbidden
Mandated by federal law
voluntary
Which federal entity maintains oversight authority over state appraisal regulatory agencies?
The Appraisal Foundation (TAF)
U.S. Department of HUD
Appraisal Subcommittee (ASC)
No one; these agencies are self-policing
asc
Before the AQB revises the Real Property Appraiser Qualification Criteria, it must first:
Expose the proposed changes and solicit comments
Demonstrate that the proposed changes will not affect the profession
Formally poll all appraisers in the United States
Receive formal approval from the U.S. Department of HUD
Expose the proposed changes and solicit comments
According to the AQB minimum criteria, an applicant for a Licensed Residential Appraiser credential must obtain _______ experience hours in no fewer than _______ months.
1,000; 6
1,000; 12
2,000; 16
2,000; 24
1000; 6
A Trainee Appraiser wishes to upgrade to a Licensed Residential Appraiser credential. Under the AQB Criteria, how many additional hours of appraisal education must the Trainee Appraiser complete?
25
50
75
90
75
As the term "Trainee Appraiser" is used in the AQB Criteria, it refers to which state-specific terms?
Trainee Appraisers only
Provisional Appraisers only
Registered Appraisers only
The term "Trainee Appraiser" refers to all of these
The term "Trainee Appraiser" refers to all of these
To obtain a Licensed Residential Appraiser credential, an applicant must obtain ______ creditable hours of appraisal education.
120
150
200
2,000
150
Which type of appraisal credential does not require an applicant to possess any appraisal experience?
Licensed Residential Appraiser
Trainee Appraiser
Certified Residential Appraiser
None of these classifications requires an applicant to possess appraisal experience
Trainee Appraiser
An applicant for a Certified Residential Appraiser credential must possess _________ from an accredited college or university.
A Bachelor's degree or higher
An Associate's degree in a concentrated field of study related to business or real estate
30 semester credit hours in specified topics
Any of these
any of these
A holder of a valid Certified Residential Appraiser credential wants to upgrade to a Certified General credential. How many additional hours of appraisal education does he or she need in order to qualify?
100
150
175
200
100
A Trainee Appraiser wishes to take the examination to become a Certified Residential Appraiser. When may he take the exam?
Any time he wishes to take it
After he has completed the required education
After he has accumulated the required number of experience hours
Only after he completes his education and experience requirements
Only after he completes his education and experience requirements
An applicant for a Certified General Appraiser credential must have accumulated a minimum of how many hours of non-residential appraisal work?
1,000
1,500
2,000
2,500
1500
An applicant for a Certified General Appraiser credential must have _________ from an accredited college or university.
An Associate degree or higher
A Bachelor's degree or higher
A Master's or Doctorate degree
30 semester credit hours of education in economics and mathematics
A Bachelor's degree or higher [Show Less]