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

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

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

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

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

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

Most appraisers have a specialized degree in real estate.

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

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

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

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