CA Real Estate Principles Course » 2021 » Section 12 Unit 5 Exam

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Question #1
Which category of appraiser can appraise any residential property without any limitations related to value or complexity, but only non-residential properties valued below $250,000?
A.   Trainee license
B.   Residential license
C.   Certified general appraiser
D.   Certified residential appraiser
Question #2
Which of the following actions toward an appraiser would be considered proper?
A.   Asking an appraiser to correct errors in the appraisal report
B.   Making payment of an appraisal report conditional on the value or estimate to be reached
C.   Threatening to no longer do business with an appraiser
D.   Withholding payment for a completed appraisal report
Question #3
What does the Financial Institutions Reform, Recovery, and Enforcement Act require?
A.   Federally related transactions need not be appraised.
B.   Federally related appraisals must be conducted by an appraiser who's either licensed or certified by the state.
C.   Non-federally related transactions must be appraised by government employees.
D.   Real estate licensees who perform appraisals must have a federal security clearance.
Question #4
Which type of appraisal report is lengthy and often used for complex properties?
A.   Form report
B.   Narrative report
C.   Letter report
D.   Restrictive report

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