Ba Principles - Chapter 1

Front 1

One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective

Back 1

Definition of an appraiser

Front 2

The written or oral communication of an appraisal

Back 2

Appraisal report

Front 3

A written report presented in narrative style

Back 3

Narrative report

Front 4

What is the difference between an appraisal report and a narrative report?

Back 4

A narrative report is when you start with a blank document and write a longhand report. An appraisal report is a form that you just fill in the details

Front 5

What does AQB stand for?

Back 5

Appraiser Qualifications Board

Front 6

What does TAF stand for?

Back 6

The Appraiser Foundation

Front 7

Is the AQB a part of the TAF, or the other way around?

Back 7

The AQB is part of the TAF, which is the big governing body

Front 8

What does FIRREA stand for?

Back 8

Financial Institutions Reform, Recovery, and Enforcement Act

Front 9

When was FIRREA passed?

Back 9

1989

Front 10

What are the four components of the Real Property Appraiser Qualification Criteria?

QE, E, E, CE

Back 10

Qualifying Education

Experience

Examinations

Continuing Education

Front 11

How many classroom hours do Licensed Residential Appraisers need?

Back 11

150

Front 12

How many classroom hours do Certified Resident Appraisers need?

Back 12

200

Front 13

How many classroom hours do Certified General Appraisers need?

Back 13

300

Front 14

What is the minimum number of years that a supervisory appraiser must have?

Back 14

3

Front 15

A certified residential appraiser needs ___ hours of continuing education per year to renew his or her certification?

Back 15

14

Front 16

True of False: Every state's appraiser certification examination is different

Back 16

False

Front 17

Which entity is responsible for establishing the requirements to become and appraiser?

Back 17

The AQB

Front 18

True or False: An applicant for Certified General appraiser must possess at least an associate's degree from an accredited college or university.

Back 18

false

Front 19

Does a trainee appraiser have to obtain copies of all their appraisal reports?

Back 19

yes

Front 20

How many class hours does a trainee appraiser have to complete?

Back 20

75

Front 21

Can a trainee appraiser have more than one supervisory appraiser?

Back 21

yes

Front 22

What type of properties can a Licensed Residential Appraiser evaluate

Back 22

non complex one-to-four residential units with a value of less than 1,000,000 AND complex one-to-four residential units with a transaction value less than 250,000

Front 23

How many classroom hours does a Licensed Residential Appraiser need?

Back 23

150

Front 24

How many hours of experience does a Licensed Residential Appraiser need?

Back 24

2,000 hours in no fewer than 12 months

Front 25

How many does of experience does a Certified Residential Appraiser need?

Back 25

2,500 experience hours

Front 26

How many classroom hours does a Certified Residential Appraiser need?

Back 26

200 hours in no fewer than 24 months

Front 27

How many does of experience does a Certified General Appraiser need?

Back 27

3,000 hours in no fewer than 30 months

Front 28

How many classroom hours does a Certified General Appraiser need?

Back 28

300

Front 29

The appraisal of what type of property is more likely to be affected by local neighborhood conditions?

Back 29

A single family residence

Front 30

How many experience hours are required as a prerequisite for Appraiser Trainee classification?

Back 30

There is no experience prerequisite for appraiser trainee classification

Front 31

How many experience hours are required to become a certified residential appraiser?

Back 31

2,500 hours in no less than 24 months

Front 32

True or False: Some state agencies employ full-time staff appraisers.

Back 32

true

Front 33

Who is responsible for approving education courses for licensing, certification, and re-certification of appraisers?

Back 33

The Appraisal Foundation

Front 34

Which college-level course would probably be considered LEAST helpful to an appraiser?

Back 34

criminology

Front 35

The nationally recognized ethical and performance standards for appraisers are known as

Back 35

USPAP - Uniform Standards of Professional Appraisal Practice

Front 36

Under the 2015 criteria, an applicant for a Certified General license must hold a(n) ___________ degree.

Back 36

bachelors degree

Front 37

For licensed and certified real property appraisers, _____ class hours of continuing education are required each year.

Back 37

14

Front 38

The number of required classroom hours for Licensed Residential Appraisers under the 2015 criteria is ____ hours.

Back 38

150

Front 39

The document transmitted to the client upon completion of an appraisal assignment is the

Back 39

appraisal report

Front 40

Can an appraisal report be delivered both written or oral?

Back 40

Yes

Front 41

As part of the overall requirement for continuing education, appraisers must complete the 7-Hour National USPAP Update Course or its equivalent ________ calendar year(s)

Back 41

every 2

Front 42

The Licensed Residential Real Property Appraiser classification applies to the appraisal of non-complex one to four residential units having a transaction value __________ and complex one to four residential units having a transaction value ____________.

Back 42

less than 1,000,000 and less than 250,000