Appraiser || Questions with correct solutions.

Appraiser correct answers Person who values property in a competent, objective and impartial manner. Collateral correct answers Property pledged to secure a loan. Retrospective Appraisal correct answers Looks at the value of property in the past. Market Value correct answers Most. Probable price a property would bring in normal market conditions. Price correct answers Amount of money paid for a property. AQB correct answers Appraisal Qualification Board. Establishes minimum education experience and examination requirements a person must meet to become an appraiser. ASB correct answers Appraisal Standards Board. Develops, interprets and amends USPAP. APB correct answers Appraisal Practices Board. Issues opinions on Recognized Valuation Methods and Techniques. S&L Crisis correct answers Savings and loan failures in the 1980's. FIRREA correct answers Law that empowered federal mortgage regulators to adopt USPAP as the generally recognized standards of practice for the appraisal profession. Federally Regulated Transaction correct answers Any real estate-related financial transaction which requires services of an appraiser. Transaction Value correct answers Either the loan amount or the market value of the property involved. Appraisal Subcomittee correct answers Created by FIRREA. Maintains official registry of appraisers, oversees state agencies and TAF (The Appraisal Foundation). Licensed Appraiser correct answers May only accept assignments to appraise non-complex 1-4 residential units with transaction value less than 1,000,000 and complied 1-4 residential units with transactional value less than 250,000 without supervision. Certified Residential Appraiser correct answers May accept assignments to appraise 1-4 residential units without regard to value or complexity. Certified general Appraiser correct answers Appraiser who may accept assignments to appraise all types of real property. Subtitle F correct answers Part of Dodd-Frank Act, Title XIV-Mortgage Reform and Anti-Predatory Lending Act that addresses appraisal and valuation issues.