Supervisor-Trainee Course for Ohio McKissock 2023-2024
Practice Questions and Answers
Currently, what is the annual national registry fee per appraiser?
$40
The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national
registry of:
Appraisal management companies
Which statement BEST describes The Appraisal Foundation?
It is a non-profit organization established for educational and scientific purposes.
Which law mandated that all states must establish a program for appraiser
licensing and certification?
FIRREA
An appraiser contacts the ASC's National Complaint Hotline because she
believes an AMC has attempted to improperly influence her. What can the
appraiser expect the hotline to do?
Provide a referral for a complaint
Which of these is NOT a function performed by professional appraiser
organizations?
Issuing appraisal credentials
Which was NOT a direct result of the passage of FIRREA?
The Appraisal Foundation was established
An individual submits an application to become a certified appraiser. Who is
responsible for approving or disapproving the application?
The state appraisal regulatory agency
How often do ASC representatives perform an on-site review of each state's
appraisal licensing and certification program?
Every two years
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 Housing and Urban Development
Which board within The Appraisal Foundation is responsible for establishing
requirements for appraiser licensure and certification?
Appraiser Qualifications Board (AQB)
Who is responsible for appointing members to the Appraiser Qualifications
Board?
The Board of Trustees (BOT)
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)
The three independent boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
A state appraisal regulatory agency issues ________, while a professional
appraiser organization awards ________.
, Credentials, designations
Appraiser Marie holds a valid Licensed Residential Appraiser Credential, and she
wants to upgrade to a Certified Residential Appraiser credential. How many
additional hours of appraisal education does she need, according to the AQB?
50
In order to be acceptable for appraiser qualifying education, an appraisal course
must include ________ examination.
A closed-book
Which of the following appraisal credentials allows the credential holder to
appraise any one-to-four family residential property, regardless of complexity?
Certified Residential Appraiser only
Which type of appraisal credential allows an appraiser to appraise all types of real
property?
Certified General Appraiser
A Certified General Appraiser wants to act as a Supervisory Appraiser. The
appraiser received a formal reprimand from the state appraisal regulatory agency
18 months ago, but has had no disciplinary issues before or since that time. Is
the appraiser qualified to be a Supervisory Appraiser?
Yes, because the appraiser is currently "in good standing", and the prior action did not
affect the appraiser's eligibility to engage in appraisal practice
An applicant for a Certified Residential Appraiser credential must have completed
how many hours of appraisal education?
200
A Trainee Appraiser wishes to upgrade to a Licensed Residential Appraiser
credential. Under the AQB Criteria, how many additional hours of education must
the Trainee Appraiser complete?
75
To obtain a Licensed Residential Appraiser credential, an applicant must obtain
______ creditable hours of appraisal education, according to the AQB Criteria.
150
An appraiser wishes to perform an appraisal review assignment but she does not
possess the necessary competency. What is the FIRST action she must take,
according to the COMPETENCY RULE?
Disclose the lack of competency to the client before agreeing to perform the assignment
An appraiser wishes to perform an appraisal assignment but he does not possess
the necessary competency. What are his options under USPAP?
Acquire the necessary competency or decline the assignment
USPAP defines an appraiser as one who ___________.
Is expected to perform valuation services competently and in a manner that is
independent, impartial, and objective
Which standard in USPAP sets forth the requirements for developing a real
property appraisal?
STANDARD 1
A Trainee Appraiser signs the letter of transmittal of an appraisal report, but does
not sign the certification. Which statement is TRUE regarding this situation?
Practice Questions and Answers
Currently, what is the annual national registry fee per appraiser?
$40
The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national
registry of:
Appraisal management companies
Which statement BEST describes The Appraisal Foundation?
It is a non-profit organization established for educational and scientific purposes.
Which law mandated that all states must establish a program for appraiser
licensing and certification?
FIRREA
An appraiser contacts the ASC's National Complaint Hotline because she
believes an AMC has attempted to improperly influence her. What can the
appraiser expect the hotline to do?
Provide a referral for a complaint
Which of these is NOT a function performed by professional appraiser
organizations?
Issuing appraisal credentials
Which was NOT a direct result of the passage of FIRREA?
The Appraisal Foundation was established
An individual submits an application to become a certified appraiser. Who is
responsible for approving or disapproving the application?
The state appraisal regulatory agency
How often do ASC representatives perform an on-site review of each state's
appraisal licensing and certification program?
Every two years
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 Housing and Urban Development
Which board within The Appraisal Foundation is responsible for establishing
requirements for appraiser licensure and certification?
Appraiser Qualifications Board (AQB)
Who is responsible for appointing members to the Appraiser Qualifications
Board?
The Board of Trustees (BOT)
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)
The three independent boards within The Appraisal Foundation include:
Appraisal Standards Board, Appraiser Qualifications Board, Board of Trustees
A state appraisal regulatory agency issues ________, while a professional
appraiser organization awards ________.
, Credentials, designations
Appraiser Marie holds a valid Licensed Residential Appraiser Credential, and she
wants to upgrade to a Certified Residential Appraiser credential. How many
additional hours of appraisal education does she need, according to the AQB?
50
In order to be acceptable for appraiser qualifying education, an appraisal course
must include ________ examination.
A closed-book
Which of the following appraisal credentials allows the credential holder to
appraise any one-to-four family residential property, regardless of complexity?
Certified Residential Appraiser only
Which type of appraisal credential allows an appraiser to appraise all types of real
property?
Certified General Appraiser
A Certified General Appraiser wants to act as a Supervisory Appraiser. The
appraiser received a formal reprimand from the state appraisal regulatory agency
18 months ago, but has had no disciplinary issues before or since that time. Is
the appraiser qualified to be a Supervisory Appraiser?
Yes, because the appraiser is currently "in good standing", and the prior action did not
affect the appraiser's eligibility to engage in appraisal practice
An applicant for a Certified Residential Appraiser credential must have completed
how many hours of appraisal education?
200
A Trainee Appraiser wishes to upgrade to a Licensed Residential Appraiser
credential. Under the AQB Criteria, how many additional hours of education must
the Trainee Appraiser complete?
75
To obtain a Licensed Residential Appraiser credential, an applicant must obtain
______ creditable hours of appraisal education, according to the AQB Criteria.
150
An appraiser wishes to perform an appraisal review assignment but she does not
possess the necessary competency. What is the FIRST action she must take,
according to the COMPETENCY RULE?
Disclose the lack of competency to the client before agreeing to perform the assignment
An appraiser wishes to perform an appraisal assignment but he does not possess
the necessary competency. What are his options under USPAP?
Acquire the necessary competency or decline the assignment
USPAP defines an appraiser as one who ___________.
Is expected to perform valuation services competently and in a manner that is
independent, impartial, and objective
Which standard in USPAP sets forth the requirements for developing a real
property appraisal?
STANDARD 1
A Trainee Appraiser signs the letter of transmittal of an appraisal report, but does
not sign the certification. Which statement is TRUE regarding this situation?
