Real Estate Appraisal Certification Quiz
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Questions and Answers

What is the minimum number of hours of experience required for certification as a Certified General Appraiser?

  • 1500 hours
  • 2000 hours
  • 3000 hours (correct)
  • 2500 hours

    • What educational requirement must be met to become a Certified Residential Appraiser?

  • Master's degree
  • Associate's degree
  • High school diploma
  • Bachelor's degree or equivalent (correct)

    • What percentage of experience as a Certified General Appraiser must be in nonresidential appraisal work?

  • 50% (correct)
  • 25%
  • 75%
  • 100%

    • How many hours of education must a Certified Appraiser Trainee complete?

    <p>79 hours</p> Signup and view all the answers

    What is the maximum duration allowed to complete the required experience for a Certified General Appraiser?

    <p>60 months</p> Signup and view all the answers

    Which of the following is NOT a requirement for becoming a Certified General Appraiser?

    <p>Having a valid driver's license</p> Signup and view all the answers

    What is the title of the act that governs certification for real estate appraisers?

    <p>Certified Real Estate Appraiser Act</p> Signup and view all the answers

    Which certification requires the least amount of experienced hours?

    <p>Certified Appraiser Trainee</p> Signup and view all the answers

    What is defined as a supportable opinion regarding the value of specific interests in real estate?

    <p>Real estate appraisal</p> Signup and view all the answers

    Which of the following best describes an appraisal assignment?

    <p>Engagement for an unbiased opinion on real estate</p> Signup and view all the answers

    What is the primary function of the certified real estate appraiser board?

    <p>To issue and oversee permits for appraisers</p> Signup and view all the answers

    Which term refers to a person who possesses a valid permit to practice as a general or residential appraiser?

    <p>Certified real estate appraiser</p> Signup and view all the answers

    What is NOT included as part of the definition of 'real estate'?

    <p>Appraisal permits</p> Signup and view all the answers

    Which member of the certified real estate appraiser board is required to be a public member?

    <p>One from the banking industry</p> Signup and view all the answers

    What happens to a permittee who has temporarily surrendered their license?

    <p>They can reactivate their permit without an exam</p> Signup and view all the answers

    Who is responsible for paying the fees and expenses of the attorney general in relation to the certified real estate appraisal board?

    <p>The certified real estate appraisal board account</p> Signup and view all the answers

    What is the maximum number of consecutive terms a board member can serve?

    <p>Two consecutive terms</p> Signup and view all the answers

    How long is the term for each member of the certified real estate appraiser board?

    <p>Three years</p> Signup and view all the answers

    Who may remove a member of the certified real estate appraiser board?

    <p>The governor</p> Signup and view all the answers

    Which of the following is described as 'specialized services'?

    <p>Any activity outside the definition of appraisal</p> Signup and view all the answers

    What must be true for the members first appointed to the certified real estate appraiser board?

    <p>They must have five years of documented experience as a real estate appraiser</p> Signup and view all the answers

    Which of the following is NOT a criterion for a member of the certified real estate appraiser board?

    <p>Must be engaged in real estate transactions</p> Signup and view all the answers

    What authority does the board possess regarding the presence of witnesses in hearings?

    <p>The board can compel attendance and evidence.</p> Signup and view all the answers

    Which activity is NOT included in the powers of the board?

    <p>Creating a real estate training school.</p> Signup and view all the answers

    What is the maximum administrative fine the board can impose for each offense?

    <p>$2,500</p> Signup and view all the answers

    Which of the following is a responsibility of the board concerning applications?

    <p>Establish procedures for processing applications.</p> Signup and view all the answers

    What requirement is mandatory for applicants seeking permits under this act?

    <p>Payment of an application fee.</p> Signup and view all the answers

    Which classification of certified real estate appraisers is suitable for appraising residential properties with up to four units?

    <p>Certified residential real estate appraiser</p> Signup and view all the answers

    What is required from applicants when submitting an application for a permit?

    <p>Their criminal history record background check.</p> Signup and view all the answers

    What is a primary duty of the board regarding the certification of appraisers?

    <p>To review and approve applications for certification.</p> Signup and view all the answers

    What rule must certified real estate appraisers comply with?

    <p>Uniform Standards of Professional Appraisal Practice.</p> Signup and view all the answers

    Which of the following indicates a responsibility of the board in the management of fees?

    <p>Deposit all collected fees into the state treasury.</p> Signup and view all the answers

    What powers does the board have regarding the renewal of permits?

    <p>To establish continuing education requirements for renewal.</p> Signup and view all the answers

    What financial records does the board maintain?

    <p>A registry of certified names and addresses.</p> Signup and view all the answers

    Who can perform appraisal assignments according to the classes of permits?

    <p>Certified appraisers within their scope of classification</p> Signup and view all the answers

    Which activity is allowed for a real estate appraisal trainee?

    <p>Assist a certified appraiser in an assignment</p> Signup and view all the answers

    What is required for nonresidents to obtain a permit to practice as a certified real estate appraiser?

    <p>They must comply with local state provisions.</p> Signup and view all the answers

    What must a certified real estate appraiser provide to renew their permit?

    <p>Evidence of completed continuing education requirements.</p> Signup and view all the answers

    What consequence may result if a certified real estate appraiser fails to notify the board about a change of business address within thirty days?

    <p>The appraiser may face disciplinary action.</p> Signup and view all the answers

    How many classroom hours of approved continuing education are required for permit renewal?

    <p>At least thirty (30) hours including a specific course.</p> Signup and view all the answers

    Which entities or individuals are prohibited from holding a certified real estate appraiser permit?

    <p>Partnerships and corporations.</p> Signup and view all the answers

    What action is required if a certified real estate appraiser intends to change their principal place of business?

    <p>They must give written notification to the board within thirty days.</p> Signup and view all the answers

    What key factor may lead to the denial of a permit for a certified real estate appraiser?

    <p>Any enumerated grounds as specified in the act.</p> Signup and view all the answers

    What is essential for the board's approval of continuing education courses?

    <p>Board-approved standards and policies must be met.</p> Signup and view all the answers

    What designation can only be used by individuals holding a permit under this act?

    <p>Certified real estate appraiser.</p> Signup and view all the answers

    Under what condition may an applicant from another state obtain a permit in this state?

    <p>Substantial equivalency and reciprocity must exist.</p> Signup and view all the answers

    What is required for a certified general real estate appraiser to obtain a permit?

    <p>Two and a half years of experience and 3,000 hours in appraisal.</p> Signup and view all the answers

    How many classroom hours are required for a trainee classification in real estate appraisal?

    <p>75 hours.</p> Signup and view all the answers

    Which of the following is NOT a requirement for obtaining a certified residential real estate appraiser permit?

    <p>Completion of an approved examination process.</p> Signup and view all the answers

    What is the term of a permit issued for real estate appraisal?

    <p>Two years.</p> Signup and view all the answers

    Which of the following is a required knowledge area for the written examination for a certified real estate appraiser?

    <p>Knowledge of real estate law.</p> Signup and view all the answers

    What must a nonresident permittee do before being issued a permit?

    <p>File a designation appointing the director of the board as an agent.</p> Signup and view all the answers

    How long before the filing of a permit application must appraisal experience be acquired?

    <p>Five years.</p> Signup and view all the answers

    For the certified residential classification, how many classroom hours related to professional appraisal practice are required?

    <p>15 hours.</p> Signup and view all the answers

    What is NOT included in the knowledge required for the examination for a certified real estate appraiser?

    <p>Theories of property management.</p> Signup and view all the answers

    Which of the following statements regarding the experience requirement for a certified general real estate appraiser is accurate?

    <p>Experience must be equivalent to 3,000 hours in appraisal.</p> Signup and view all the answers

    What must be included in the appraisal report?

    <p>The signature of the permittee.</p> Signup and view all the answers

    When is a certified real estate appraisal trainee required to take an examination?

    <p>Not required to take an examination.</p> Signup and view all the answers

    Which of the following is NOT a principle that must be understood for the appraisal examination?

    <p>Techniques in property management.</p> Signup and view all the answers

    What type of misconduct understanding is crucial for certified real estate appraisers?

    <p>Misrepresenting property values.</p> Signup and view all the answers

    What is the maximum administrative fine that the board can impose for each separate violation?

    <p>$2,500</p> Signup and view all the answers

    Which of the following actions can result in the revocation of a registration?

    <p>Making a substantial misrepresentation</p> Signup and view all the answers

    What can the board do upon receiving a certified copy of a court order to restrict a registration?

    <p>Notify the party named in the order</p> Signup and view all the answers

    What defines negligence or incompetence in reviewing appraisals as per the Uniform Standards of Professional Appraisal Practice?

    <p>Inaccuracy in the appraisal report</p> Signup and view all the answers

    Which of the following actions is specifically excluded from the grounds for discipline or censure of an appraisal management company?

    <p>Engaging in marketing without a license</p> Signup and view all the answers

    How does the board handle disputes that lead to discipline or censure of appraisal management companies?

    <p>In accordance with the Wyoming Administrative Procedure Act</p> Signup and view all the answers

    To whom may the board assess expenses related to contested case proceedings?

    <p>Both registered and unregistered appraisal management companies</p> Signup and view all the answers

    Which of the following is NOT a possible disciplinary action the board can take against an appraisal management company?

    <p>Offering restitution to affected parties</p> Signup and view all the answers

    What is the maximum administrative fine that can be imposed on a certified real estate appraiser for separate offenses?

    <p>$2,500</p> Signup and view all the answers

    Which of the following actions can lead to the suspension or revocation of a real estate appraiser's permit?

    <p>Making a substantial misrepresentation</p> Signup and view all the answers

    What constitutes a violation regarding the confidential nature of governmental records for a certified real estate appraiser?

    <p>Violating confidentiality of governmental records accessed through employment</p> Signup and view all the answers

    For how many years must a certified real estate appraiser retain records of written contracts and appraisal reports?

    <p>Seven years</p> Signup and view all the answers

    What should a certified real estate appraiser do if they are involved in civil or criminal proceedings?

    <p>Report the proceedings to the board immediately</p> Signup and view all the answers

    What is the purpose of the certified real estate appraiser education account?

    <p>To raise standards of practice and competency of permittees</p> Signup and view all the answers

    Which of the following is NOT a reason for disciplinary action against a certified real estate appraiser?

    <p>Offering free consultations to clients</p> Signup and view all the answers

    What happens if the balance in the certified appraiser education account exceeds $50,000?

    <p>Annual fees will not be collected</p> Signup and view all the answers

    What is required of the board upon receiving a court order to withhold a certified appraiser's permit?

    <p>Comply with the court order without delay</p> Signup and view all the answers

    What is a consequence of entering into a contingent fee agreement without disclosure?

    <p>Censure from the board</p> Signup and view all the answers

    What is one requirement for a certified real estate appraiser regarding reports and supporting data?

    <p>Make records available for board inspection</p> Signup and view all the answers

    Which condition directly leads to an appraisal assignment being contingent upon a predetermined opinion?

    <p>Accepting an assignment where the fee is contingent on the outcome</p> Signup and view all the answers

    What is the timeframe for retaining records if they are involved in litigation?

    <p>Seven years after final disposition of litigation</p> Signup and view all the answers

    Under what circumstance can the board impose a probation term on a permittee?

    <p>For serious violations of the board's regulations</p> Signup and view all the answers

    Who is defined as an 'appraiser' within this context?

    <p>A person holding a certification as an appraiser in compliance with specific state laws.</p> Signup and view all the answers

    What constitutes an 'appraiser panel'?

    <p>Independently selected appraisers working under one appraisal management company.</p> Signup and view all the answers

    Which of the following describes a 'client'?

    <p>Any individual or entity contracted for appraisal services.</p> Signup and view all the answers

    What does 'in good standing' refer to?

    <p>Maintaining an active certification without disciplinary issues.</p> Signup and view all the answers

    Which statement accurately defines 'real estate appraisal services'?

    <p>Formulating a conclusion regarding specific interests in real estate.</p> Signup and view all the answers

    What is necessary for a person to legally engage in appraisal management services?

    <p>Acquiring an active Wyoming registration.</p> Signup and view all the answers

    What information is required in the registration application?

    <p>The name, contact information, and ownership details of the company.</p> Signup and view all the answers

    What must a surety bond or letter of credit guarantee?

    <p>Payment for all appraisal services performed.</p> Signup and view all the answers

    What is the penalty for engaging in appraisal management services without registration?

    <p>All penalties available under state law.</p> Signup and view all the answers

    Which is a duty of the 'contact person' as defined?

    <p>To represent the appraisal management company in contracts.</p> Signup and view all the answers

    Which statement is true regarding advertising as an appraisal management company without proper registration?

    <p>It is illegal regardless of operational intent.</p> Signup and view all the answers

    Who is primarily responsible for ensuring compliance with appraisal management laws?

    <p>The appraisal management company itself.</p> Signup and view all the answers

    What must a surety company do upon canceling a bond?

    <p>Send written notice to the board at least thirty days prior.</p> Signup and view all the answers

    In the context of real estate, who does not need to be registered?

    <p>An individual performing real estate appraisals for personal purposes.</p> Signup and view all the answers

    What action should an appraisal management company refrain from requiring of an appraiser under certain circumstances?

    <p>Conducting an appraisal with insufficient expertise</p> Signup and view all the answers

    Which of the following is NOT a permissible requirement for an appraisal management company regarding its appraisers?

    <p>To indemnify the company against liabilities</p> Signup and view all the answers

    What is the maximum time frame for an appraisal management company to pay an appraiser for their completed work?

    <p>60 days</p> Signup and view all the answers

    An appraisal management company must provide a written notification to an appraiser within what time frame before removing them from the appraiser panel?

    <p>Within the first 90 days</p> Signup and view all the answers

    What practice is prohibited for an appraisal management company in relation to altering appraisal reports?

    <p>Making changes without appraiser consent</p> Signup and view all the answers

    Which of the following actions is an appraisal management company allowed to take?

    <p>Request factual corrections in reports</p> Signup and view all the answers

    What should an appraisal management company do if it believes an appraiser is engaging in unethical conduct?

    <p>File a complaint with the appropriate board</p> Signup and view all the answers

    Which of the following must be included as a separate fee when reporting to a client?

    <p>Fees paid to the appraiser for services</p> Signup and view all the answers

    Which practice regarding appraiser compensation is required by appraisal independence standards?

    <p>Compensating appraisers at a customary and reasonable rate</p> Signup and view all the answers

    An appraisal management company is prohibited from requiring which of the following from an appraiser?

    <p>To modify appraisal reports without consent</p> Signup and view all the answers

    What must an appraisal management company do upon cancellation of their bond or letter of credit if it falls below $25,000?

    <p>File a replacement bond or surrender their registration.</p> Signup and view all the answers

    What is the time limit for commencing an action against the bond of an appraisal management company?

    <p>Within 1 year after the payment failure.</p> Signup and view all the answers

    Who is required to receive appropriate training regarding the Uniform Standards of Professional Appraisal Practice?

    <p>Employees of the appraisal management company selecting independent appraisers</p> Signup and view all the answers

    What is required of any employee performing an appraisal review for an appraisal management company?

    <p>They must hold a valid appraiser certificate in the state</p> Signup and view all the answers

    Which entity is exempt from the regulations governing appraisal management companies?

    <p>An appraisal management company owned by a financial institution.</p> Signup and view all the answers

    What is the validity period for a registration granted to an appraisal management company?

    <p>1 year.</p> Signup and view all the answers

    What documentation must appraisal management companies maintain regarding service requests?

    <p>Detailed records for five years or two years after a judicial proceeding</p> Signup and view all the answers

    What must an appraisal management company certify to the board annually concerning their appraisers?

    <p>That they have systems to verify appraisers' qualifications</p> Signup and view all the answers

    Which requirement must owners of an appraisal management company fulfill regarding criminal history?

    <p>Submit fingerprints for a background check.</p> Signup and view all the answers

    Which action is unlawful for an appraisal management company's employee regarding independent appraisers?

    <p>Promising future work based on appraisal results</p> Signup and view all the answers

    What is required for an appraisal management company to designate a contact person?

    <p>The person must have a clean criminal record.</p> Signup and view all the answers

    What happens to the liability of the issuer of a surety bond when the bond is terminated or canceled?

    <p>Liability continues for any claims from actions commenced prior to cancellation.</p> Signup and view all the answers

    Under what circumstances can an appraisal management company order another appraisal?

    <p>Only if a law requires it or if the initial appraisal is deemed flawed</p> Signup and view all the answers

    Which document must appraisal management companies disclose when engaging appraisers?

    <p>The registration number assigned by the board</p> Signup and view all the answers

    Which of the following can lead to ineligibility for registration as an appraisal management company?

    <p>Ownership by a person with a prior license revocation.</p> Signup and view all the answers

    Who is responsible for ensuring compliance with professional appraisal standards within an employer-employee relationship?

    <p>The employer of the appraisal firm.</p> Signup and view all the answers

    What must appraisal management companies ensure about their independent appraisers annually?

    <p>That they hold an appraiser certificate in good standing</p> Signup and view all the answers

    Which scenario represents a violation of appraiser independence?

    <p>Coercing an appraiser to alter a valuation</p> Signup and view all the answers

    What type of companies are specifically exempt from the appraisal management regulations?

    <p>Financial institutions that handle appraisals internally.</p> Signup and view all the answers

    What must appraisal management companies maintain for a period of five years?

    <p>Records of service requests and appraiser performance</p> Signup and view all the answers

    What action is required if an appraisal management company fails to address its bond requirements?

    <p>File a replacement bond or surrender its registration.</p> Signup and view all the answers

    What is one of the obligations of an appraisal management company regarding service of process?

    <p>Complete a uniform consent to service of process.</p> Signup and view all the answers

    Who is responsible for verifying the qualifications of new appraisers added to the panel?

    <p>The appraisal management company</p> Signup and view all the answers

    What is unlawful to condition on the opinion reached by an independent appraiser?

    <p>Payment of appraisal fees</p> Signup and view all the answers

    What must be true for an appraisal management company owner holding more than 10% ownership?

    <p>They must have a clean slate regarding any past license issues.</p> Signup and view all the answers

    What is the purpose of the fees established by the board for appraisal management companies?

    <p>To cover the expenses of board operations and enforcement.</p> Signup and view all the answers

    What is a requirement for independent appraisers when conducting real estate appraisal services?

    <p>Having required competency as per the Uniform Standards</p> Signup and view all the answers

    Which entity issues a unique registration number for appraisal management companies?

    <p>The appraisal board</p> Signup and view all the answers

    What is the maximum penalty for violating an injunction?

    <p>A fine of $1,000 or imprisonment for six months</p> Signup and view all the answers

    Which entity is authorized to contract independent hearing officers?

    <p>The board</p> Signup and view all the answers

    What happens to someone acting as a certified real estate appraiser without a permit on the first offense?

    <p>They are guilty of a misdemeanor and may face a fine or imprisonment</p> Signup and view all the answers

    What is the maximum penalty for subsequent violations of acting without a permit?

    <p>A fine of $1,000 or imprisonment for one year</p> Signup and view all the answers

    What is the liability for someone who receives money from a violation of this act?

    <p>They are liable for treble damages</p> Signup and view all the answers

    Which of the following is not a requirement for maintaining an action for fee in court as a real estate appraiser?

    <p>The act must be performed for a reasonable charge</p> Signup and view all the answers

    What defines an 'appraisal management company' according to the act?

    <p>A third party managing appraisal services for mortgage transactions</p> Signup and view all the answers

    What is included in the term 'appraisal review'?

    <p>Quality assessment of another appraiser's work</p> Signup and view all the answers

    Under what condition can judicial review of an administrative decision occur?

    <p>In the district court of the violation's occurrence</p> Signup and view all the answers

    Which of the following actions is NOT performed by an appraisal management service?

    <p>Performing the appraisal directly</p> Signup and view all the answers

    What must be true for a person to maintain an action for legal fees as a certified real estate appraiser?

    <p>They must have been certified at the time of service</p> Signup and view all the answers

    Which of the following definitions best describes 'appraisal' according to the act?

    <p>An opinion of the value of a property</p> Signup and view all the answers

    What distinguishes an appraisal firm from an appraisal management company?

    <p>An appraisal firm is owned by certified appraisers only</p> Signup and view all the answers

    What is a hearing officer's responsibility in contested cases?

    <p>To make findings of fact and conclusions of law</p> Signup and view all the answers

    What is the short title for the article covering appraisal management companies?

    <p>Wyoming Appraisal Management Company Registration Act</p> Signup and view all the answers

    Study Notes

    Certified Real Estate Appraiser Act (Wyoming)

    • Effective July 1, 1991, practicing as a certified real estate appraiser for compensation in Wyoming requires prior certification.

    Certification Criteria

    • Certified General Appraiser:

      • Bachelor's degree required.
      • 300 hours of qualified education.
      • 3000 hours of experience (18-60 months prior to application), with at least 50% in nonresidential appraisal.
      • Application, certificates, fingerprints, fees, and experience logs must be submitted.

    • Certified Residential Appraiser:

      • Bachelor's Degree or equivalent.
      • 200 hours of qualified education.
      • 2500 hours of experience (24-60 months prior to application).
      • Application, certificates, fingerprints, fees, and experience logs must be submitted.

    • Certified Appraiser Trainee:

      • 79 hours of qualified education.
      • Application, certificates, and fingerprints must be submitted.

    Definitions (W.S. 33-39-102)

    • Appraisal/Real Estate Appraisal: Supportable opinion on real estate's nature, quality, value, or utility.
    • Appraisal Assignment: Engagement where the appraiser acts as a disinterested third party.
    • Appraisal Foundation: Established November 30, 1987.
    • Appraisal Report: Any appraisal communication (written or oral).
    • Board: Certified Real Estate Appraiser Board.
    • Commission: Wyoming Real Estate Commission.
    • Inactive Permittee: Temporarily surrendered license; can reactivate without exam, but subject to disciplinary action.
    • Permit: Document certifying appraisal practice authorization.
    • Permittee: Individual with a permit (general, residential, or trainee).
    • Market Analysis: Price opinion for marketing, provided only by real estate licensees.
    • Real Estate: Any interest in land, regardless of location.
    • Certified Real Estate Appraiser: Holds a valid permit for general or residential appraisal.
    • Responsible Permittee: Holds a general or residential appraiser permit, or trainee permit.
    • Salaried Employee: Employed on a salary, subject to income tax and FICA withholding.
    • Specialized Services: Activities outside the definition of appraisal or appraisal assignment.
    • USPAP: Uniform Standards of Professional Appraisal Practices, as promulgated by the Appraisal Foundation and adopted by the board.

    Exemptions (W.S. 33-39-103)

    • The act generally does not apply to those who do not present themselves as, or offer services as, certified real estate appraisers.
    • Licensed real estate licensees may only provide price opinions as specified in W.S. 33-28-125.

    Board of Certified Real Estate Appraisers (W.S. 33-39-104)

    • Six members: one public, one banking industry, one appraisal management company representative, and three certified real estate appraisers. The Real Estate Commission Director serves ex officio.
    • Appointed by the Governor; removable as per W.S. 9-1-202.
    • Three-year terms; no more than two consecutive terms.
    • Quorum: three members.
    • Members receive per diem and mileage.
    • The Wyoming Attorney General serves as legal counsel.

    Board Powers and Duties (W.S. 33-39-105 & 33-39-106)

    • Defines appraiser categories, education, and experience requirements.
    • Establishes exam specifications.
    • Approves/disapproves applications and issues permits.
    • Defines continuing education.
    • Imposes disciplinary actions (fines up to $2500, censure, probation, suspension, revocation).
    • Conducts research and educational activities.
    • Contracts for services.
    • Implements FIRREA requirements.
    • Implements and enforces the Wyoming Appraisal Management Company Registration and Regulation Act.
    • Receives and processes applications.
    • Maintains a registry of permittees.
    • Retains records.
    • Issues permits and pocket cards.
    • Requires criminal background checks.
    • All fees deposited into the state treasury, credited to the Certified Real Estate Appraiser Board account.

    Standards of Practice (W.S. 33-39-107)

    • Compliance with USPAP is mandatory.

    Fees (W.S. 33-39-108)

    • Fees established for examinations, permits (original and renewal), changes of business, certifications, duplicates, etc., to cover board operation and enforcement.

    Permit Process (W.S. 33-39-109)

    • Written application on prescribed forms.
    • Fees accompany applications.
    • Applicants must be of legal age.
    • Fingerprints and criminal background check required.

    Permit Classifications (W.S. 33-39-110)

    • Certified Residential: 1-4 unit residential.
    • Certified General: All types of real property.
    • Trainee: Assists certified appraisers; no examination required.
    • Appraisal reports must include permittee's signature.

    Examination Requirements (W.S. 33-39-111)

    • Written exam covering:
      • Technical terminology, report writing, and economic concepts.
      • Principles of land economics, appraisal processes, data interpretation.
      • USPAP.
      • Depreciation, cost estimating, capitalization, appraisal math.
      • Other relevant principles and procedures.
      • Real estate law.
      • Misconduct that could lead to disciplinary action.

    Examination Prerequisites (W.S. 33-39-112)

    • General: 300 hours of education, including 15 hours on USPAP.
    • Residential: 200 hours of education, including 15 hours on USPAP.
    • Trainee: 75 hours of education, including 15 hours on USPAP. No examination.

    Experience Requirements (W.S. 33-39-113)

    • General: 2.5 years equivalent experience (3000 hours) in the five years preceding application.
    • Residential: 2 years equivalent experience (2500 hours) in the five years preceding application.
    • Detailed listing of appraisal reports required.

    Permit Term (W.S. 33-39-114)

    • Two years from issuance. Expiration date indicated on permit.

    Nonresident Permit (W.S. 33-39-115)

    • Nonresident permittees must designate the board director as their agent for service of process. Service on the agent is considered equivalent to personal service.

    Nonresident Permits

    • Nonresidents must agree in writing to abide by state provisions regarding real estate appraisal activities, submit to board jurisdiction, and maintain this agreement as long as they hold a permit. This agreement is filed with the board.
    • Nonresidents meeting requirements of subsections (a) and (b) can obtain a permit.
    • Reciprocity permits are available if another state has substantially equivalent requirements.

    Permit Renewal

    • Renewal requires application, fee payment, and evidence of continuing education (except for trainees).

    Permit Denial

    • Permits can be denied for grounds specified in the act.

    Principal Place of Business

    • Certified appraisers and trainees must notify the board of their principal place of business and any changes within 30 days, including paying a change of address fee.

    Use of Designation "Certified Real Estate Appraiser"

    • Only permit holders can use this designation, and it can't be used to refer to firms, partnerships, or groups.
    • Corporations, partnerships, firms, or groups can't be issued permits, but an appraiser can sign reports on their behalf.

    Continuing Education

    • Renewal requires completing at least 30 board-approved classroom hours, including a 7-hour USPAP update course.
    • The board sets regulations for continuing education, including course approval, equivalency evaluations, and attendance tracking.

    Disciplinary Proceedings

    • The board can investigate appraisers and impose fines (up to $2,500 per offense), censure, probation, suspension, or revocation for various offenses such as fraud, felony convictions relevant to the practice, misrepresentation, rule violations, negligence/incompetence, contingency fees, violating confidentiality of governmental records, failing to disclose contingent fee agreements, and failure to report civil/criminal proceedings.
    • The board will follow court orders to withhold, suspend, or restrict permits, and this action is not appealable under the Wyoming Administrative Procedure Act

    Hearings

    • Hearings on violations are conducted according to the Wyoming Administrative Procedure Act.

    Record Retention

    • Appraisers must retain originals or copies of contracts, reports, and supporting data for at least seven years, extending if involved in litigation.
    • Records must be made available for inspection by the board.

    Certified Real Estate Appraiser Education Account

    • An education account is funded by additional fees ($20) for permit applications/renewals and civil penalties.
    • Fees cease when the account exceeds $50,000.
    • Funds can be used to improve standards and competency through education & research.

    Enjoining Violations

    • The Attorney General or District Attorney can seek injunctions against violations, with contempt of court penalties for violations of the injunction (fine up to $1,000 or six months imprisonment, or both).

    Contested Cases

    • The board may use independent hearing officers (not employed by the Attorney General’s office or the board), and hearings follow the Wyoming Administrative Procedure Act. Judicial review in district court.

    Penalties

    • Practicing without a permit is a misdemeanor, with increased penalties for subsequent violations (fines up to $1,000 and/or jail time up to six months for first offense and up to one year for subsequent offenses).
    • Those illegally receiving compensation are liable for at least and up to three times the amount received.

    Action for Fees

    • Unpermitted individuals can't sue for compensation for work done as a certified appraiser

    Wyoming Appraisal Management Company Registration and Regulation Act (Short Title)

    • Defines terms such as "appraisal," "appraisal firm," "appraisal management company," "appraisal management service," "appraisal review," "appraiser," "appraiser panel," "board," "client," "contact person," "in good standing," "real estate appraisal services," and "uniform standards for professional appraisal practice".
    • Requires appraisal management companies to register with the board before doing business in Wyoming. A single act of appraisal management service triggers this requirement
    • Engaging in business as an appraisal management company without registration is unlawful.

    Appraisal Management Company Registration Requirements

    • Registration applications must include: applicant's name, business address, phone number; agent for service of process (if not domiciled in state); information on entities owning 10% or more; designated contact person; certification of compliance; other information reasonably required by the board; and evidence of a $25,000 surety bond or irrevocable letter of credit.

    • The surety bond or letter of credit guarantees payment of amounts owed to appraisers and amounts awarded against the company for negligence, improper services, or breach of contract.

    • The surety company must notify the board 30 days before canceling or revoking the bond, and within 30 days of paying a claim.

    • Upon bond termination or reduction below $25,000, the company must file a replacement or surrender its registration.

    • Those damaged by non-payment have a one-year window to sue on the bond. Bond cancellation does not affect pre-existing legal actions.

    Exemptions from Appraisal Management Company Regulations

    • Exemptions apply to: persons exclusively employing appraisers as employees; internal departments in financial institutions requesting appraisals from their own employees; appraisal management companies that are subsidiaries of federally regulated financial institutions; independent contractor appraisers subcontracting with each other; appraisal firms (as defined in the article); and professionals (attorneys, CPAs, financial advisors etc.) requesting appraisals on behalf of clients.

    Forms, Fees, and Expiration

    • Registration applications must be on a board-prescribed form.

    • Registrations are valid for one year.

    • Applicants must complete a uniform consent to service of process form.

    • The board sets fees for registration, renewal, and certifications, using the revenue to cover operating expenses and enforcement.

    Owner and Designated Contact Person Requirements

    • Companies with more than 10% ownership by someone whose appraiser license/certificate was revoked in any state are ineligible for registration unless reinstated.

    • Owners with over 10% ownership must: have no felony theft/dishonesty convictions; submit fingerprints for background checks; and certify that their appraiser licenses/certificates were never refused, denied, canceled, revoked, or surrendered in lieu of revocation (unless reinstated).

    • Each company must designate a contact person, who must: certify to never having had an appraiser license/certificate refused, denied, canceled, revoked or surrendered (unless reinstated); have no felony theft/dishonesty convictions; and submit fingerprints for background checks.

    Employee Requirements and Limitations

    • Appraisal management company employees selecting independent appraisers must receive training on USPAP (Uniform Standards of Professional Appraisal Practice).

    • Employees reviewing appraisals must hold valid state appraiser certificates.

    • Companies cannot contract with appraisers lacking valid certificates.

    Pre-Engagement Certification, Adherence to Standards, and Recordkeeping

    • Companies must annually certify a system exists to verify that appraisers on their panel have valid certificates.

    • Companies must annually certify that they review appraisers' work periodically for USPAP compliance and require appraisers to possess necessary competency.

    • Companies must maintain detailed records of service requests and appraiser names for five years from final submission or two years after final disposition of related judicial proceedings, whichever is later.

    Registration Number, Appraiser Independence, and Compensation

    • The board issues unique registration numbers.

    • A list of registered companies and their numbers is maintained and published.

    • Companies must disclose their registration number on engagement documents.

    • It's unlawful for company employees to influence appraisals through coercion, extortion, etc. This includes withholding payment (except for breach of contract/substandard work), threatening to withhold future business, promising future business/promotions, conditioning compensation on valuation, requesting predetermined valuations, providing desired values, providing appraisers with financial benefits, removing appraisers from panels without notice, etc.

    • It is unlawful for an appraisal management company to obtain or pay for a second appraisal without justified reasons, require an appraiser to complete an appraisal if they lack expertise or time, use an appraiser's digital signature/seal without consent, alter appraisal reports without appraiser agreement, etc.

    • Companies must have systems to ensure appraisers are compensated at customary and reasonable rates, free from inappropriate influence.

    • Companies must state fees separately (appraiser fees, management fees) in client reports and may not include management fees in reported appraiser compensation.

    Mandatory Reporting, Payment Requirements, and Disciplinary Proceedings

    • Companies must report to the board if they believe an appraiser is violating USPAP, laws, or engaging in unethical conduct that affects the appraisal value.

    • Payment to appraisers must be made within 60 days of report submission, except in breach of contract or substandard service cases.

    • Removal of appraisers from panels (except within 90 days of joining) requires written notice stating reasons.

    • The board can investigate appraisal management companies. Penalties for violations include fines (up to $2,500 per violation), censure, probation, suspension, or revocation of registration. Violations include false statements in applications, felony convictions, misrepresentations, violating the article or board rules, and negligence/incompetence in reviews, report preparation, or communication.

    Court Orders and Registration Actions

    • The Board of Appraisers must notify the affected party when a court order mandates withholding, suspending, or restricting a registration.
    • Notification follows the court order's terms.
    • Appeals under the Wyoming Administrative Procedure Act are not permitted for actions taken based on court orders.

    Cost Recovery in Contested Cases

    • The board can charge all or part of the actual expenses from contested case proceedings to the involved party.
    • This applies to registered or unregistered appraisal management companies, and applicants for registration.
    • Charges are levied when proceedings result in discipline, censure, suspension, revocation, or denial of registration.

    Hearing Procedures

    • Hearings for violations of W.S. 33-39-224 are scheduled by the board.
    • Hearings adhere to the Wyoming Administrative Procedure Act.

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    Test your knowledge on the certification requirements for real estate appraisers, including the specifics for Certified General and Certified Residential Appraisers. This quiz covers experience, education, and regulatory acts governing appraiser certification. Challenge yourself and see how well-versed you are in the field of real estate appraisal.

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