Real Estate Appraisal Instructor Materials PDF

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Real Estate Appraisal Instructor Materials Answer Key  ' 3URIHVVLRQDODVVRFLDWLRQVUHJXODWH . '. 7hose who will receiYe a commis- the conduct of members through sion based on the outcome of the membershLS reTuLrements ZhLch transaction can¶t attempt to inÀuence include demonstrating professional an appraiser although an e[ception competence and meeting continuing is made for real estate agents who education reTuirements proYide factual information to the ap- praiser to improYe the accurac\ of the  % ),55($ is the )inancial ,nstitutions appraisal Yaluation. 5eform 5ecoYer\ and (nforcement Act. . %. AdYisor\ 2pinions merel\ reÀect the adYice of the Appraisal 6tandards . A. 7he reTuirements created b\ the %oard and do not haYe binding force. 8niform 6tandards of 3rofessional Ap- praisal 3ractice Zere enacted into laZ . A. 7he 8niform 6tandards of Appraisal b\ ),55(A. 3ractice begins with a preamble which giYes an oYerYiew of the document and . %. 7he basic reTuirements of 7itle ;, are e[plains the rationale behind it. that the appraisal must be conducted b\ a state-certi¿ed or state-licensed ap- . %. &ompensation agreements contingent praiser meet speci¿ed standards and on reporting a predetermined result, or be in writing. a direction in Yalue that faYors the cli- ent, are prohibited. . &. 6tandards for becoming a state- licensed appraiser are set b\ indiYidual . '. 'isclosure of con¿dential information states though the\ must meet mini- is limited to onl\ the client, persons au- mums established b\ the Appraiser thori]ed b\ the client, and members of 4uali¿cations %oard. an authori]ed peer reYiew committee. . '. Appraisers are not reTuired to proYide . %. :ritten records must be Nept for at pro bono or reduced fee appraisals. least ¿Ye \ears after preparation. . &. Appraisers must not haYe a ¿nancial . '. Although the &ompetenc\ 5ule interest in the propert\ being ap- generall\ prohibits appraisers from praised. accepting assignments for which the\ are not Tuali¿ed, there is an e[ception . '. )annie 0ae and )reddie 0ac reTuire as long as the appraiser taNes all of the that the appraiser must be selected and actions listed. hired directl\ b\ the lender rather than one of the parties to the transaction. 12  Chapter 14: The Appraisal Profession PowerPoint Thumbnails 8se the following thumbnails of our 3ower3oint presentation to maNe \our lecture notes. Real Estate Appraisal Lesson 14: The Appraisal Profession © 2018 Rockwell Publishing Professional Associations Profession: A vocation that requires specialized knowledge. z Regulated by standards created and enforced by associations for that industry. © 2018 Rockwell Publishing Professional Associations Two requirements for membership: z Demonstrated competence through prior education, experience, and/or testing. z Agreement to be bound by standards of professional conduct. Members of professional association receive professional designation. © 2018 Rockwell Publishing 13  Real Estate Appraisal Instructor Materials Standards for Appraisers Prior to 1980s, few states had licensing or certification requirements for appraisers. In late 1980s, collapse of S&L industry led to first industry-wide standards. © 2018 Rockwell Publishing Standards for Appraisers USPAP Nine professional associations joined together and established the Uniform Standards of Professional Appraisal Practice (USPAP), which was adopted in 1989. © 2018 Rockwell Publishing Standards for Appraisers Appraisal Foundation Also established Appraisal Foundation, which updates USPAP and encourages strict educational and testing requirements. © 2018 Rockwell Publishing 14