Certified Residential Appraiser Practice Exam

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Study for the Certified Residential Appraiser Exam. Use flashcards and multiple choice questions with hints and explanations. Ensure you're ready for your certification!

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Which advisory council consists of for-profit entities?

The correct answer is: IAC

The correct answer is the IAC, which stands for the International Advisory Council. This council is specifically composed of for-profit entities and is designed to provide insights and recommendations on relevant trends and practices within the appraisal profession. In contrast, other councils like TAF (The Appraisal Foundation) mainly consist of a variety of stakeholders in the appraisal industry, including regulatory and non-profit representatives, focusing on broader standards and guidelines. Similarly, the DAC (Development Advisory Council) and UAC (User Advisory Council) include diverse representatives from different segments of the appraisal community, such as consumers and users of appraisal services, rather than exclusively for-profit entities. The structure of the IAC emphasizes the importance of incorporating the perspectives and strategies of for-profit organizations within the appraisal sector, making it unique among the councils mentioned.