Quiz 1 - Appraisal Profession

10 Questions | Total Attempts: 626

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Appraisal Quizzes & Trivia

Private self-study practice test to help prepare for Real Estate Appraisal test.


Questions and Answers
  • 1. 
    The federal legislation that resulted in state licensing and certification of appraisers in federally related transactions was?
    • A. 

      Internal Revenue Code

    • B. 

      FIRREA

    • C. 

      FDIC

    • D. 

      FSLIC

  • 2. 
    State appraiser licensing and certification qualifications must meet or exceed those of the
    • A. 

      Appraisal Standards Board

    • B. 

      USPAP

    • C. 

      Appraiser Qualifications Board

    • D. 

      FIRREA

  • 3. 
    Appraisals in federally related transactions must meet or exceed the requirements of the
    • A. 

      FHA

    • B. 

      Appraisal Qualifications Board

    • C. 

      Fannie Mae & Freddie Mac

    • D. 

      Appraisal Standards Board

  • 4. 
    Fannie Mae requires the use of a state-licensed or state-certified appraiser
    • A. 

      Only for appraisals of property with a transaction value of more than $250,000.

    • B. 

      For all single family property transactions.

    • C. 

      For all Fannie Mae-related transactions

    • D. 

      Only for appraisals of property with a transaction value of more than $1m.

  • 5. 
    The federal agency that now insures deposits in financial institutions is
    • A. 

      FDIC

    • B. 

      FSLIC

    • C. 

      RTC

    • D. 

      FIRREA

  • 6. 
    All of the following areas of federal regulation affect appraisers EXCEPT
    • A. 

      Appraiser licensing

    • B. 

      Fair housing

    • C. 

      FDA

    • D. 

      Lead-based paint

  • 7. 
    Appraiser qualifications that meet federal guidelines come from the
    • A. 

      Appraiser Qualification Board

    • B. 

      Appraisal Standards Board

    • C. 

      Resolution Trust Corporation

    • D. 

      Appraisal Institute

  • 8. 
    Every state must enact legislation to provide for appraiser licensing and certification that is consistent with criteria established by the
    • A. 

      Federal National Mortgage Association

    • B. 

      Appraiser Qualification Board of The Appraisal Foundation

    • C. 

      Resolution Trust Corporation

    • D. 

      Appraisal Institute

  • 9. 
    The purpose of USPAP is to
    • A. 

      Delay government regulation

    • B. 

      Present information that will be meaningful to the client and will not be misleading in the marketplace

    • C. 

      Guarantee professionalism in appraisers

    • D. 

      Present information that will be useful to appraisers

  • 10. 
    A certified appraiser is required for federally related transactions involving property valued at more than
    • A. 

      $250,000

    • B. 

      $500,000

    • C. 

      $750,000

    • D. 

      $1 million