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

Question 1

Most appraisers have a specialized degree in real estate.

Answer 1

False

Question 2

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

Answer 2

True

Question 3

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

Answer 3

True

Question 4

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

Question 5

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

Question 6

The American Society of Appraisers (ASA) offers 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.

Question 8

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

Question 9

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

Question 10

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