Certified Residential Appraiser Practice Exam

Disable ads (and more) with a membership for a one time $4.99 payment

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

Start Multiple Choice Practice Test
Start Flash Cards

Practice this question and more.

Which of the following provides oversight for real estate appraisers?

  1. Federal Housing Authority

  2. Appraisal Subcommittee

  3. Home Mortgage Disclosure Act

  4. National Association of Realtors

The correct answer is: Appraisal Subcommittee

The Appraisal Subcommittee plays a crucial role in providing oversight for real estate appraisers. Established as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, its main function is to monitor the activities of state regulatory agencies that oversee real estate appraisal practices. The Subcommittee ensures that these agencies adhere to the minimum qualifications for appraisers, maintain standards of professional conduct, and enforce compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). In addition to monitoring, the Appraisal Subcommittee also helps to coordinate federal regulatory efforts related to appraisal activities and maintains a national registry of certified and licensed appraisers. This oversight is essential for maintaining the integrity of the appraisal profession and ensuring that real estate transactions are valued accurately and fairly, which in turn fosters consumer confidence in the real estate market.

More Questions Like This