Real Estate Appraisal Exam

One of the chief purposes of the Dodd-Frank Act was to?
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One of the chief purposes of the Dodd-Frank Act was to?
Make sure appraisers were free of pressure from lenders and sales agents to arrive at the "right price" when valuing a property
When interest rates are so high that most potential buyers cannot afford to get a loan and property values are declining, this refers to
the demand for the property
An ideal CMA would include the value of similar homes sold
in the last 6 months
Residential property is BEST suited to
the gross rent multiplier approach
An industrial property has sold for $125,000. Its gross annual income is $10,800. The gross income multiplier would be
11.6.

Sales price ÷ gross annual income = GIM. $125,000 ÷ $10,800 = 11.6. GIM uses gross annual income; it applies primarily to industrial and commercial properties. GRM uses gross monthly income; it applies primarily to residential properties.
Which economic principle states that the value of an improvement is equal to what it adds to the value of the whole property or what its absence subtracts from the value?
Contribution
Why are appraisal management companies (AMCs) needed?
to make sure appraisers are independent of lenders, thus reducing fraud.

Lenders need to be taken out of the appraiser selection process to end the practice of relying on specific "friendly" appraisers who will hit the number the lender wants.
If a homeowner hopes to borrow money to do substantial improvements, what kind of information might an appraiser collect?
Values of other nearby homes with the same improvements as those being considered by the homeowner.
What is the minimum amount of course work needed to become an appraiser trainee?
79 hours of qualifying education
What exam must be passed by a board member of an appraisal management company?
no examination is required. Individual appraiser applicants must take and pass the National Uniform State Appraiser Exam. The exam was developed by the Appraiser Qualifications Board. The fee for taking the exam is $61.
What license type applicant must take the 15-hour USPAP course?All -Certified residential appraiser -Certified general appraiser -State-licensed appraiser