Term
| The party who engages an appraiser is the __________. |
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Definition
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Term
| Assumes conditions contrary to known fact |
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Definition
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Term
| Services performed by an individual acting as an appraiser |
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Definition
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Term
| Documents the support for the appraiser's conclusions |
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Definition
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Term
| Presumes as fact otherwise uncertain information |
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Definition
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Term
| A preference that precludes an appraiser's impartiality |
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Definition
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Term
| The amount asked, offered, or paid for a property |
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Definition
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Term
| Services pertaining to aspects of property value |
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Definition
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Term
| The act or process of devoloping an opinion of value |
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Definition
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Term
| An opinion that expresses an economic concept |
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Definition
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Term
| _________ is a valuation service performed by an individual actig in the role of an appraiser |
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Definition
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Term
| When performing valuation services outside of appraisal practice, appraisers must be careful not to __________ the client and other intended users about their role. |
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Definition
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Term
| For assignments that fall outside Standards 1-10, there are no ________ or ________ requirements in USPAP. |
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Definition
workfile or record keeping |
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Term
| What appraisal services are covered by USPAP? |
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Definition
Appraisal Appraisal Review Appraisal Consulting |
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Term
| When an appraiser measures a building,the service is within ________ and has no specific performance requirements in USPAP |
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Definition
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Term
True or False... If an individual who is both a broker and an appraiser provides a "value" opinion for a specific property to be used in a listing agreement, the service is always outside appraisal practice. |
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Definition
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Term
True or False... An individual must comply with USPAP when required by law, regulation, or agreement. |
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Definition
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Term
True or False.... Appraisal practice pertains only to market value appraisals |
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Definition
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Term
True or False... An appraiser has a professional responsibility to identify the capacity in which he or she is performing. |
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Definition
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Term
True or False.... The purpose of USPAP is to promote and maintain a high level of public trust in professional appraisal practice. |
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Definition
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Term
Real estate brokerage, appraisal reviews, and real property appraisals are included within A) appraisal practice B) appraisal consulting C) Valuation services D) market analysis |
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Definition
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Term
The PREAMBLE of USPAP states that the Standards are A) only for appraisers B) for appraisers and users of appraisal practice C) limited to state certified or licensed appraisers D) only for users of appraisal services |
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Definition
| B. for appraisers and users of appraisal services |
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Term
According to USPAP, the party or parties who engage an appraiser in a specific assignment defines the A)Client B)party who pays the fee C)appraiser's peers D)other intended users |
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Definition
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Term
USPAP is enforced by A)Appraisal Foundation B)Appraisal Standards Board C)Appraisal subcommittee, through congress D)state regulatory agencies |
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Definition
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Term
USPAP is developed, interpreted, and amended by the A)Appraisal Standards Board B)Appraiser Qualifications Board C)Appraisal Subcommittee D)state regulatory agencies |
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Definition
| A. Appraisal Standards Board |
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Term
Which of the following best describes the statements on Appraisal Standards? A. Offer Advice, but do nto carry the same weight as the Standards Rules. B. Have the full weight of a Standards Rule and be adopted by the ASB only after exposure and comment. C. Do not establish new standards or interpret existing standards but are issued to illustrate the applicability of appraisal in specific situations. D. Are not an integral part of Uniform Standards and are extensions of the Standards Rules. |
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Definition
B. Have the full weight of a Standards Rule and be adopted by the ASB only after exposure and comment. |
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Term
If an appraiser assumes a condition to be true that does not exist for purpose of analysis, this is an example of A. an extraordinary assumption B. an assumption C. a limiting condition D. a hypothetical condition |
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Definition
| D. Hypothetical Condition |
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Term
Why are USPAP Advisory Opinions issued? A. To illustrate the applicability of appraisal standards B. To establish new appraisal standards C. To interpret existing standards D. To revise existing standards |
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Definition
A. To illustrate the applicability of appraisal standards |
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Term
If an appraiser assumes a significant condition related to a specific assignment to be true and although that fact is not certain, this is an example of ... A. extraordinary assumption B. assumption c. limiting condition D. hypothetical condition |
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Definition
| A. extraordinary assumption |
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Term
A workfile must be maintained for A)written appraisal reports only B)oral appraisal reports only C)valuation services that are outside USPAP D)any assignment that is covered by Standards Rules |
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Definition
| D)Any assignment that is covered by Standards Rules |
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Term
Advisory Opinions are best described as A) issued by the ASC B) subject to Fannie May C) not part of USPAP, but included as reference material D) an alternative index to USPAP |
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Definition
| C. not a part of USPAP, but included as reference material |
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Term
An electronic signature may be used only if the A) software used to affix the signature is current B) report is on an approved form C) appraiser willb e storing the report by electronic means D) appraiser has sole, personalized control of affixing the signature |
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Definition
| D. appraiser has sole, personalized control of affixing the signature |
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Term
A tangible object that is not real estate is A) valuation services performed by an individual acting as an appraiser B) market value appraisals C) work completed by licensed and certified appraisers D) borrowed property |
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Definition
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Term
Appriasal practice includes only A) valuation services performed by an individual acting as an appraiser B) maket value appraisals C) work completed by licensed and certified appraisers D) appraisal, appraisal review, and appraisal consulting |
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Definition
| A. valuation services performed by an individual acting as an appraiser |
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Term
Who maintains the official national registry of state certified and licensed appraisers? A) AQB B) ASB C) The Appraisal Foundation D) ASC |
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Definition
| D. ASC (Appraisal Sub Committee) |
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Term
true or False.... It is unethical to accept an assignment with the understanding that payment will be made if and when the loan closes. |
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Definition
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Term
True or False... Under USPAP confidential information is informational the appraiser recieves from the client, is not available from any other source and is identified by the client as confidential. |
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Definition
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Term
True or False.... An appraiser may only disclose confiential information to the client and to persons specifically authorized by the client. |
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Definition
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Term
True or False... The Competency Rule requires the appraiser to disclose lack of knowledge or experience before accepting an assignment. |
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Definition
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Term
| The four parts of the Ethics Rule are Conduct, Management, Confidentiality, and Record Keeping. |
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Definition
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Term
True or False.... An appraiser may accept assignments with predetermined opinions and conslusions as long as the purchase contract supports the opinion or conclusion. |
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Definition
| False- no predetermined results |
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Term
True or False.... Bias is allowed in an appraisal as long as it is disclosed in the report. |
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Definition
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Term
True or False... Payment of a fee to procure appraisal assignments is permitted if disclosed in the certification and in any transmittal letter. |
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Definition
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Term
True or False... An appraiser obtain the necesary competency prior to accepting the assignment. |
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Definition
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Term
| In an assignment, the scope of work is an ______ process. |
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Definition
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Term
| In order to determine the appropriate scope of work, the appraiser must _____ the problem to be solved. |
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Definition
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Term
| An appraiser must not allow client objectives to _____ the assignment results. |
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Definition
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Term
| Appraisers have broad ____ and significant ____ in determining the appropriate scope of work. |
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Definition
| flexibility/ responsibility |
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Term
| An appraisers report must contain _____ to allow intended users to understand the scope of work performed. |
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Definition
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Term
True or Fasle.... Exclusion of a valuation that is not applicable in a given assignment is an example of scope of work. |
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Definition
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Term
| An appraiser who allows assignment conditions to significantly limit the scope of work can affect the credibility of the assignment results. |
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Definition
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Term
| Scope of work has no disclosure requirements. |
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Definition
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Term
| The credibility of assignment results is measured in the context of the intended use. |
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Definition
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Term
True or False... Determining the scope of work requires communication wiht the client. |
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Definition
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Term
An appraiser is leaving the appraisal firm. What should be done with the appraiser's work files? A) The appraiser must take possession of the workfiles B) The firm must take possesion of hte workfiles C) the appraiser must have custody or make ararngments for access, retrieval, and retention of the workfiles D) Burn Them |
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Definition
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Term
When a part or parts of USPAP is contrary to law or public policy in any jusridiction, appraisers must A) ignore USPAP B) ignore the law and adhere to USPAP C) be allowed to take exception to the law and public policy D) adhere to the law, taking juridictional exception only to the part or parts of USPAP that is contrary to law. |
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Definition
D) ahere to the law, taking juridictional exception only to the part or parts of USAP that is contrary to law. |
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Term
The purpose of hte Juridictional Exception Rule is to A) allow for cooperation with other professional appraisers B) preserve the balance of USPAP when a part or part is contrary to law or public policy C) place additional requirements on the appraiser D) permit acceptance of assignments in other geographic areas |
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Definition
| B. preserve the balance of USPAP when a part or part is contrary to law or public policy. |
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Term
An appraisers peers are defined as A) other appraisers who have expertise and competency in a similar type of assignment. B) appraisers with similar level of education C) hold the smae level of state licensure D) practice in the same market |
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Definition
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Term
Confidential information under USPAP is information the appraiser A)recieves from the real estate agent B)recieves from another appraiser C)recieves from the client and is identified but is available from other sources D)recieves from the client, is identified by the client as confidential, and is not available from other sources. |
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Definition
| D. recieves from the client, is identified by the client as confidential, and is not available from other sources. |
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Term
In order to accpt an assignment when an appraiser initially lacks the knowledge or experience to complete an assignment, he or she must A) associate with an appraieser qualified to complete the assignment B) ask for more time and reduce the fee C) refer the appraisal to appraisers qualified to complete the assignment. D) disclose to the client, prior to accepting the assignment, the lack of knowledge or experience |
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Definition
D. disclose to the client, prior to accpeting the assignment, the lack of knowledge or experience |
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Term
An appriaser has been asked to coplete an appraisal assignment. The fee is to be paid when and if the oan closes. According to USPAP, may the appraiser accept the assignment under these conditions? A)yes,this is a buisness decision B)no,the fee contingency arrangement and violates the Ethics Rule C)Yes,as long as the appraiser clearly discloses the basis of such a contigency in the certification D)No, unless the appraiser recieves written permission allowing the transfer of the appraisal to other parties. |
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Definition
| B. No the fee is a contingency arrangement and violates the ETHICS RULE |
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Term
Identification of the intended use of an appriaser's opinions and conlcusions is A) necessary only when doing non-mortgage assignments B) not required unless the client wants the intended use to be disclosed C) necessary for determining the appropriate scope of work D) not necessary in most appraisal assignemnts |
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Definition
| C. necessary for determining the appropriate scope of work. |
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Term
The amount and type of information researched and the analyses applied in an assignment defines the A)Scope of work B)market analysis C) property and market area inspections D) assignment condiditions |
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Definition
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Term
When is the payment of fees comissions or things of value in the procurement of an appraisal assignment allowed? A)Never B)only when the payment is in excess of the first fee C)Always D)Only whne the payment is properly disclosed |
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Definition
| D. Only when the payment is properly disclosed |
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Term
The disclosure of confidential information to a third party is unethical unless A. instructed by an attorney B. authorized by the client C. beneficial to the borrower D. needed in another similar assingment |
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Definition
| B. authorized by the client |
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Term
Exclusion of an approach to value that is not applicable in a given assignment is a A) choice of the client B) Standards Rule C) scope of work decision D) juridictional exception
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Definition
| C. Scope of work decision |
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Term
The payment of fees in connection with the procurement of an assignment is A. prohibited by a Standard Rules B. jurisdictional exception acceptable is acknowledged in the engagement letter C. scope of work decision considered unethical in all cases D. allowed if appropriately disclosed |
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Definition
D. allowed if appropriately disclosed |
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Term
The scope of work is acceptable when it A. is aggreed to by the client b. meets or exceeds the expectations of parties who are regularly intended users for similar assignments C. helps the client make the loan D. is different form what an appraiser's peers actions would be in performing the same type assignment |
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Definition
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Term
In appraisal practice, advocating the cause or interest of any party of any party or issue is A. not permitted' B. permitted when a contingent fee is not involved C. permitted when done by an undisclosed appraiser D. permitted hwen appropriately disclosed |
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Definition
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Term
True or False... Exposure time in a market value appraisal is an opinion developed by the appraiser |
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Definition
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Term
True or False... Identification of the intended use of an appraiser's opinions and conclusions is not neccessary in most appraisal assignments. |
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Definition
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Term
True or False... An appraiser may use any combination of a property inspection and documentation in identifying relevant characteristics of the subject property |
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Definition
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Term
True or False... when appraising the market value of a property subject to favorable financing, it is not necessary to identify the special financing terms and develop an opinion of their effect on value. |
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Definition
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Term
True or False.... Exclusion of a valuation approach that is not applicable in a given assignment is a scope of work decision. |
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Definition
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Term
| When appraising real property, teh appraiser must analyze prior sales of the subject over a _________ year period. |
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Definition
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Term
| An appriaser must be aware of _______ and _____ recognized methods and techniques. |
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Definition
| understand and correctly employ |
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Term
| In developing a real property appraisal, an appraiser must collect, _____ and ______ all information necessary for credible assignment results. |
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Definition
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Term
| Identification of the ____ and ____ of an appraiser's opinions and conclusions is necessary for determining the appropriate scope of work. |
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Definition
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Term
| The effective date of an appraisal can be _____, ______, or ________. |
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Definition
| current, retrospective date, or prospective date. |
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Term
| Appraisal review is the act or process of ____ and _____ an opinion about the quality of another appraiser's work. |
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Definition
| developing and communicating |
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Term
| If an appriaser is asked to develolp an opinion as to the quality of another appraisers work and to agree or disagree with the value conclusion, it is both a _____ and an _____. |
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Definition
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Term
| The review appraiser must conduct an appraisal review in the context of market conditions as of the _____ of the appraisal uner review. |
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Definition
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Term
| An appriasal review requires the reviewer to prepare a seperate report setting forth the ______ preformed and hte results of the appraisal review. |
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Definition
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Term
| The subject of a review assignment may be ______ or _________ of a report a workfile, or a combination of these. |
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Definition
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Term
True of False.... An appraiser performing an appraisal review must not sign the work of under review unless he/she intends to accept the responsibility as a co-signer. |
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Definition
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Term
true or false... and appraisal review cna be a two-stage assignment: an appraisal review and a value opinion by the reviewer. |
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Definition
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Term
| An appraisal review is hte process of both developing and reporting the supervision of an appraisal. |
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Definition
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Term
A review appraiser may use additional information that was not available to the original appraiser as long as the information... A. discredits the data in the appriasal report under review B. supports the data in the appriasal report under review C. is not used as the basis to discredit the original appraiser's value opinion D. is not used in a review that includes the reivewer's own opinion of value. |
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Definition
| C. is not used as the basis to discredit the original appriaser's value opinion |
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Term
In developing an appraisal review, the reviewer must identify all of the following except... A. the purpose of the assignment B. the scope of work to be performed C. the intended use of the reviewer's opinions and conclusions D. the reivewer's concurrence of the appraiser's opinion of value, if not part of the reviewer's scope of work. |
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Definition
| D. the reviewer's concurrence of the appraiser's opinion of value, if not part of the reviewer's scope of work. |
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Term
A reviewer must develop an opinion regarding... A. the appraiser's qualifications to complete the assignment. B. the completeness of the work under review, given the reviewer's scope of work. c. the appraiser's knowledge of USPAP D. the ethical and moral character of the appraiser |
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Definition
| B. the completeness of the work under review, given the reviewer's scope of work. |
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Term
In the development of an appriasal, the appraiser must... A. inspect the comparable sales, by at least driving by them B. inspect the subject property C. not commit a substantial error that significantly affects the appraisal D. use the three approaches to value. |
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Definition
| c. not commit a substantial error that significantly affects the appraisal |
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Term
To the extent possible and appropriate, an oral appraisal report must address the substansive matters that apply to a(n) A. Appraisal Review Report B. Summary Appraisal Report C. Self-Contained Appraisal Report D. Restricted Use Appraisal Report |
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Definition
| B. Summary Appraisal Report |
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Term
According to USPAP, any appraiser who signs any part of an appraisal report is required to ... A. sign the letter of transmital B. inspect the property C. sign the certification D. read the report |
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Definition
| C. sign the certification |
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Term
All appraisal reports must contain A. a signed letter of transmital B. sufficent information to enable intended users to understand the report C. adequate detail to allow the reader to understand the appraisal process D. maps, sketches, and photographs |
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Definition
| B. sufficent info to enable intended users to udnerstand the report. |
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Term
When reporting the reults of an appriasal, dates that must be icnluded are... A. effective date and report date B. inspection date and assignment date C. inspection date and report date D. inspection and contract date. |
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Definition
| A. effective date and report date |
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Term
If an appriaser's asked to appraise a proprty on which there is a current agreement of sale, the agreement should be.... A. disregarded it's not a sale B. used as a comp C. used as a guidline to select comps D. analyzed in the appraisal |
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Definition
| D. analyzed in the appraisal |
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Term
The review appraiser must conduct an appraisal review in the context of market conditions as of the.... A. effective date of the appraisal under review B. original inspection date C. original report date D. review report date |
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Definition
| A. effective date of the appraisal under review |
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Term
An extraordiary assumption may be used in an assignment only if ... A. mandated by the law or public policy B. approved by the client C. accompanied by a limiting condition D. it is required to develop credible results |
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Definition
| D. it is required to develop credible results |
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Term
What special requirements, if any, are appropriate when appraising the market value of a property subject to favorable financing? A. ignore the favorable financing B. Appraise the property udner typical financing only C. include no special requirements as long as the finanicng is to the typical purchaser D. identify the special financing terms and develop an opinion of their effect on value. |
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Definition
| D. identify the special financing terms and develop an opinion of their effect on value. |
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Term
Which of the following is not required by USPAP to be in an appraisal report? A. type and definition of value B. Effective date of appraisal C. Client's specific name D. Name or type of other intended users |
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Definition
| C. Client's specific name |
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Term
The client is the only intended user for A. resticted use appraiser reports B. summary appraisal reports C. self-contained appraisal reports D. oral appriasal reports |
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Definition
| A. restricted use appraisal reports |
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Term
Compared to a value opinion expressed in an summary appraisal report, a value opinion expressed in a restricted use appraisal report is.... A. less reliable B. more reliable C. less credible D. equally credbible |
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Definition
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Term
Which of the following best describes bias in appraisal practice? A. permitted in market analysis B. Allowed as long as it is disclosed in the report C. Not allowed D. Allowed if disclosed prior to accepting the assignment |
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Definition
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Term
| The commitment to cultivate greater trust and confidence in prefessional appraisal practice is the task of the __________ and _______ with support from the __________ _______ _________ _________. |
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Definition
| AQB and ASB with support from the sponsoring organizations of The Appraisal Foundation. |
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Term
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Definition
| Financial Institutions Reform, Recovery and Enforcement Act of 1989, also known as the "S&L Bailout bill" provided recognition and authorized federal financial institution regulatory agencia to reference USPAP in thier regulations. |
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Term
True or False... The Appraisal Foundation is a private entitiy and not a goverment agency. The Foundation and its Boards have no legal authority in any jurisdiction. |
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Definition
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Term
| What are the three boards of the TAF? |
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Definition
The three boards of The Appraisal Foundation are ... BOT- Board of Trustees AQB- Appraiser Qualifications Board ASB- Appraisal Standards Board |
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Term
| What is the difference between the two categories of sponsors TAF has? |
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Definition
Appraisal Sponsors are non profit appraisal organizations Affiliate Sponsors are non profit organizations with an interest in appraising |
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Term
| Who deals in qualification requirements for state licensed and certified appraisers? |
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Definition
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Term
| Who promulgates Appraisal Standards? |
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Definition
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Term
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Definition
| excercises all authority and power and performs all funcitons of TAF except for the authority, powers and functions that the Articles of Incorporation or the Bylaws have directed or required to be exercised or performed by the AQB or the ASB. Its three primary functions are Appoint members to the AQB and ASB, ensure financing of TAF, monitor performance and oversight of TAF and its two Boards (AQB and ASB) |
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Term
| The Appraiser Qualifications Board (AQB) |
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Definition
Exercises all authority over the establishment of minimum eduacation, experience, and other criteria for licensing, certification, and recertification of qualified appraisers. Defines, issues, and promotes such qualificiation criteria. Disseminates such qualification criteria to states, goverment entities, and others. Creates maintaing hte National Appraisal Examination. Responisble for the administration of the 7 and 15 hour national uspap courses. Responsible for certifying national USPAP instructors. Responsible for the national Course Approval Program (CAP). |
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Term
| The Appraisal Subcommittee ASC |
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Definition
Created as a result of FIRREA, the ASC has as its focus superivisory role over state boards and appraisers, with a duty to ensure that the goverment has sufficent controls in place over all real estate appraisal activity to protect it from loss. The ASC has six members Board of Governors of the Federal Reserve System (FRB) Office of the Comptroller of the Currency (OCC) Office of Thrift Supervision (OTS) Federal Deposit Insurance Corporation (FDIC) National Credit Union Administration (NCUA) Department of Housing and Urban Development (HUD) THE ASC IS NOT A PART OF THE APPRAISAL FOUNDATION (TAF), BUT HAS AUTHORITY FORM TITLE XI OF FIRREA TO MONITOR HTE ACTIVITES OF TAF, INCLUDING THE AQB AND THE ASB IN REGARD TO REAL PROPERT ISSUES. |
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