Question 1

Most appraisers have a specialized degree in real estate.

Accepted Answer

While some appraisers may have a degree in real estate, it is not necessarily a requirement. Appraisers are required to complete education and training courses to become licensed, but the specific qualifications vary by state.

Question 2

To be qualified to work in the field, an appraiser should be knowledgeable about real estate operations and markets.

Accepted Answer

This statement is true. As appraisers are responsible for performing valuations on real estate properties, they should have a deep understanding of the industry, including market trends, property types, and real estate transactions. Without this knowledge, it would be challenging for an appraiser to produce accurate valuations.

Question 3

The Society of Real Estate Appraisers and the American Institute of Real Estate Appraisers merged to become the Appraisal Institute.

Accepted Answer

The Society of Real Estate Appraisers and the American Institute of Real Estate Appraisers did merge to become the Appraisal Institute in 1991.

Question 4

The ethics provision of USPAP requires keeping an exact replica of all written appraisals.

Accepted Answer

The ethics provision of USPAP does not require keeping an exact replica of all written appraisals. However, it requires that a summary of the appraisal report be retained for a minimum of five years after preparation or at least two years after final disposition of any judicial proceeding in which testimony was provided related to the assignment, whichever period expires last.

Question 5

It is considered unethical for an appraiser to accept an appraisal assignment on a contingent fee basis.

Accepted Answer

Accepting an appraisal assignment on a contingent fee basis, where the appraiser is paid a percentage of the final value, is considered to be a conflict of interest and may influence the appraiser's judgment. Thus, it is considered unethical by professional appraisal standards.

Question 6

The American Society of Appraisers (ASA) offers designations in personal property appraisal as well as real property appraisal and others.

Accepted Answer

The American Society of Appraisers (ASA) does offer designations in personal property appraisal as well as real property appraisal and others.

Question 7

Qualifications for state license and/or certification include both appraisal-related course work, and experience in appraisal or appraisal assistance.

Accepted Answer

In most states, both appraisal-related course work and experience in appraisal or appraisal assistance are required to obtain a state license and/or certification as an appraiser.

Question 8

The licensed appraiser is eligible to appraise all residential and residential-income properties for all intended uses.

Accepted Answer

A licensed appraiser has limitations on the types of properties they can appraise and the purposes for which their appraisals can be used, which are determined by their level of licensure, state regulations, and the complexity of the property.

Question 9

Generally, state and federal laws require all appraisers to be licensed or certified.

Accepted Answer

The answer of Generally, state and federal laws require all...

Question 10

Many city, county, state and federal agencies have salaried appraisers on their staffs.

Accepted Answer

It is true that many government agencies have salaried appraisers on their staffs.

Quiz 18: The Professional Appraiser Answers to Reviewing Your Understanding Glossary Index