Chapter 16 Section 6

Question 1

FIRREA

Answer 1

-purpose is to provide that federal financial and public policy interests in real estate transactions will be protected by requiring that real estate appraisals utilized in connection with federally related transactions are performed in writing, in accordance with uniform standards, by individuals whose competency has been demonstrated and who’s professional conduct will be subject to effective supervision

Question 2

federally related transaction

Answer 2

-any real estate related financial transaction that a Federal Financial Institution Regulatory Agency (FFIRA) has either contracted for or regulates, and requires the services of an appraiser
-appraisal reports involving a federally related transaction must be prepared by a state certified appraiser

Question 3

4 independent boards of TAF (the appraisal foundation)

Answer 3

-board of trustees
-appraiser qualifications board
-appraisal practices board
-appraisal standards board

Question 4

board of trustees

Answer 4

-the BOT appoints members to the APB, AQB, and ASB; secures funding for TAF operations and monitors performance and oversight of the TAF’s boards and advisory councils

Question 5

Appraiser qualifications board

Answer 5

-the AQB establishes the minimum education, experience, and examination requirements for real property appraisers to obtain a state license or certification
-the AQB performs a number of additional duties related to real property and personal property appraiser qualifications

Question 6

appraisal practices board

Answer 6

-the APB offers voluntary guidance to appraisers, regulators, and users of appraisal services on recognized valuation methods and techniques for all valuation disciplines

Question 7

appraisal standards board

Answer 7

-the ASB develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP), the generally accepted standards of the appraisal profession

Question 8

Florida real estate appraisal board (FREAB)

Answer 8

-9 members
-4 members who are real estate appraisers who have been engaged in the general practice of appraising real property in Florida for at least 5 years immediately preceding the appointment
-2 members who represent the appraisal management industry
-1 member who represents organizations that use appraisals for the purpose of eminent domain proceedings, financial transactions, or mortgage insurance
-2 members who are representatives of the general public and are not connected in any way with the practice of real estate appraisal

Question 9

3 appraiser lisence levels

Answer 9

-registered trainee
-state certified residential
-state certified general

Question 10

registered trainee

Answer 10

-individual who are registered with the DBPR and are qualified to perform appraisal services only under the direct supervision of a certified appraiser
-educational requirements but no state exam requirement
-provide valuation services in an independent, impartial, and objective manner

Question 11

state certified residential

Answer 11

-individuals who are certified by the DBPR and are qualified to issue appraisal reports for residential real property of 1-4 residential units

Question 12

state certified general

Answer 12

-individuals who are certified by the DBPR to issue appraisal reports for any type of real property classification as well as personal property appraisals and business valuations