North American Insurance Alliance
| appraiser_exam_-_plan_5.pub |
1. a) Antique appraisers are licensed and certified by the Federal government to conduct property
appraisals.
b) Antique dealers may legally conduct property appraisals based on their working history and experience.
2. a) Appraisal “methodology” allows one to conduct any type of appraisal, regardless of product knowledge.
b) Insurance companies, require product knowledge as well as methodology when conducting appraisals.
3. a) Classified ads are an effective way to promote your appraisal service.
b) Sentimental consideration is an important factor in determining an opinion of value in an appraisal.
4. a) “Replacement Value” is the opinion given in an appraisal that is most often used for insurance purposes.
b) Bringing reference books to an appraisal is considered unprofessional.
5. a) Current auction prices for antiques and collectibles are a valuable tool for the appraiser.
b) Avoid listing associations that may confuse the client - historical societies, dealer associations etc.
6. a) Valid “comparables,” are governed by sales made within a reasonable time from the start of
an appraisal.
b) “Relevant Opinions” should always be considered first before using comparables.
7. a) A “Certificate of Appraisal” is only required when the value item exceeds $10,000.00.
b) A “replacement value” appraisal that deals with art, usually includes a brief biography of the artist.
8. a) The “Sliding Scale” can show a number of different valuations for the same item.
b) Appraising porcelain requires a special methodology, that can only be taught from physical analysis.
9. a) “Land” can fall under the category of Personal Property, when appraised in concert with goods & chattels.
b) Appraisers can often be “bonded” through local counties and municipalities.
10. a) The cost quote to conduct an appraisal for a government agency is far different than that of an individual.
b) In certain cases you may have to actually defend your appraised “stated values” in a court of law.
11. a) Appraisers must always recognize the end-user, and any other intended clients of the appraisal.
b) Errors of “unintended” omission are acceptable when completing a final appraisal.
12. a) Identifying the scope of work necessary to complete an appraisal is an important initial determination.
b) Most PACC Code rules allow for a wide degree of latitude in interpretation.
13. a) Due diligence and care can constitute a degree of competency on behalf of an appraiser.
b) Appraisal principles valid for antiques & collectibles are also applicable to real estate valuations.
14. a) Rules governing appraisal principles for antiques & collectibles can vary from State to State (or Province).
b) The difference in the degree of knowledgeable professionalism can vary greatly with antique appraisers.
15. a) An “in-house” personal property appraisal should not be used for professional purposes.
b) The “retail” price in a sliding scale example is what an auction house or antique store would pay for an item.
16. a) Appraisal documentation should be paired down or altered at the request of the client.
b) It is necessary in developing an appraisal to ascertain the proposed use of such an appraisal by the client.
17. a) Appraisers must not alter their considerations of fact based on the intended use of the appraisal by the
client.
b) The cost of an appraisal is directly proportional to the value of an item.
appraisals.
b) Antique dealers may legally conduct property appraisals based on their working history and experience.
2. a) Appraisal “methodology” allows one to conduct any type of appraisal, regardless of product knowledge.
b) Insurance companies, require product knowledge as well as methodology when conducting appraisals.
3. a) Classified ads are an effective way to promote your appraisal service.
b) Sentimental consideration is an important factor in determining an opinion of value in an appraisal.
4. a) “Replacement Value” is the opinion given in an appraisal that is most often used for insurance purposes.
b) Bringing reference books to an appraisal is considered unprofessional.
5. a) Current auction prices for antiques and collectibles are a valuable tool for the appraiser.
b) Avoid listing associations that may confuse the client - historical societies, dealer associations etc.
6. a) Valid “comparables,” are governed by sales made within a reasonable time from the start of
an appraisal.
b) “Relevant Opinions” should always be considered first before using comparables.
7. a) A “Certificate of Appraisal” is only required when the value item exceeds $10,000.00.
b) A “replacement value” appraisal that deals with art, usually includes a brief biography of the artist.
8. a) The “Sliding Scale” can show a number of different valuations for the same item.
b) Appraising porcelain requires a special methodology, that can only be taught from physical analysis.
9. a) “Land” can fall under the category of Personal Property, when appraised in concert with goods & chattels.
b) Appraisers can often be “bonded” through local counties and municipalities.
10. a) The cost quote to conduct an appraisal for a government agency is far different than that of an individual.
b) In certain cases you may have to actually defend your appraised “stated values” in a court of law.
11. a) Appraisers must always recognize the end-user, and any other intended clients of the appraisal.
b) Errors of “unintended” omission are acceptable when completing a final appraisal.
12. a) Identifying the scope of work necessary to complete an appraisal is an important initial determination.
b) Most PACC Code rules allow for a wide degree of latitude in interpretation.
13. a) Due diligence and care can constitute a degree of competency on behalf of an appraiser.
b) Appraisal principles valid for antiques & collectibles are also applicable to real estate valuations.
14. a) Rules governing appraisal principles for antiques & collectibles can vary from State to State (or Province).
b) The difference in the degree of knowledgeable professionalism can vary greatly with antique appraisers.
15. a) An “in-house” personal property appraisal should not be used for professional purposes.
b) The “retail” price in a sliding scale example is what an auction house or antique store would pay for an item.
16. a) Appraisal documentation should be paired down or altered at the request of the client.
b) It is necessary in developing an appraisal to ascertain the proposed use of such an appraisal by the client.
17. a) Appraisers must not alter their considerations of fact based on the intended use of the appraisal by the
client.
b) The cost of an appraisal is directly proportional to the value of an item.
1. a) Antique appraisers are licensed and certified by the Federal government to conduct property
appraisals.
b) Antique dealers may legally conduct property appraisals based on their working history and experience.
2. a) Appraisal “methodology” allows one to conduct any type of appraisal, regardless of product knowledge.
b) Insurance companies, require product knowledge as well as methodology when conducting appraisals.
3. a) Classified ads are an effective way to promote your appraisal service.
b) Sentimental consideration is an important factor in determining an opinion of value in an appraisal.
4. a) “Replacement Value” is the opinion given in an appraisal that is most often used for insurance purposes.
b) Bringing reference books to an appraisal is considered unprofessional.
5. a) Current auction prices for antiques and collectibles are a valuable tool for the appraiser.
b) Avoid listing associations that may confuse the client - historical societies, dealer associations etc.
6. a) Valid “comparables,” are governed by sales made within a reasonable time from the start of
an appraisal.
b) “Relevant Opinions” should always be considered first before using comparables.
7. a) A “Certificate of Appraisal” is only required when the value item exceeds $10,000.00.
b) A “replacement value” appraisal that deals with art, usually includes a brief biography of the artist.
8. a) The “Sliding Scale” can show a number of different valuations for the same item.
b) Appraising porcelain requires a special methodology, that can only be taught from physical analysis.
9. a) “Land” can fall under the category of Personal Property, when appraised in concert with goods & chattels.
b) Appraisers can often be “bonded” through local counties and municipalities.
10. a) The cost quote to conduct an appraisal for a government agency is far different than that of an individual.
b) In certain cases you may have to actually defend your appraised “stated values” in a court of law.
11. a) Appraisers must always recognize the end-user, and any other intended clients of the appraisal.
b) Errors of “unintended” omission are acceptable when completing a final appraisal.
12. a) Identifying the scope of work necessary to complete an appraisal is an important initial determination.
b) Most PACC Code rules allow for a wide degree of latitude in interpretation.
13. a) Due diligence and care can constitute a degree of competency on behalf of an appraiser.
b) Appraisal principles valid for antiques & collectibles are also applicable to real estate valuations.
14. a) Rules governing appraisal principles for antiques & collectibles can vary from State to State (or Province).
b) The difference in the degree of knowledgeable professionalism can vary greatly with antique appraisers.
15. a) An “in-house” personal property appraisal should not be used for professional purposes.
b) The “retail” price in a sliding scale example is what an auction house or antique store would pay for an item.
16. a) Appraisal documentation should be paired down or altered at the request of the client.
b) It is necessary in developing an appraisal to ascertain the proposed use of such an appraisal by the client.
17. a) Appraisers must not alter their considerations of fact based on the intended use of the appraisal by the
client.
b) The cost of an appraisal is directly proportional to the value of an item.
appraisals.
b) Antique dealers may legally conduct property appraisals based on their working history and experience.
2. a) Appraisal “methodology” allows one to conduct any type of appraisal, regardless of product knowledge.
b) Insurance companies, require product knowledge as well as methodology when conducting appraisals.
3. a) Classified ads are an effective way to promote your appraisal service.
b) Sentimental consideration is an important factor in determining an opinion of value in an appraisal.
4. a) “Replacement Value” is the opinion given in an appraisal that is most often used for insurance purposes.
b) Bringing reference books to an appraisal is considered unprofessional.
5. a) Current auction prices for antiques and collectibles are a valuable tool for the appraiser.
b) Avoid listing associations that may confuse the client - historical societies, dealer associations etc.
6. a) Valid “comparables,” are governed by sales made within a reasonable time from the start of
an appraisal.
b) “Relevant Opinions” should always be considered first before using comparables.
7. a) A “Certificate of Appraisal” is only required when the value item exceeds $10,000.00.
b) A “replacement value” appraisal that deals with art, usually includes a brief biography of the artist.
8. a) The “Sliding Scale” can show a number of different valuations for the same item.
b) Appraising porcelain requires a special methodology, that can only be taught from physical analysis.
9. a) “Land” can fall under the category of Personal Property, when appraised in concert with goods & chattels.
b) Appraisers can often be “bonded” through local counties and municipalities.
10. a) The cost quote to conduct an appraisal for a government agency is far different than that of an individual.
b) In certain cases you may have to actually defend your appraised “stated values” in a court of law.
11. a) Appraisers must always recognize the end-user, and any other intended clients of the appraisal.
b) Errors of “unintended” omission are acceptable when completing a final appraisal.
12. a) Identifying the scope of work necessary to complete an appraisal is an important initial determination.
b) Most PACC Code rules allow for a wide degree of latitude in interpretation.
13. a) Due diligence and care can constitute a degree of competency on behalf of an appraiser.
b) Appraisal principles valid for antiques & collectibles are also applicable to real estate valuations.
14. a) Rules governing appraisal principles for antiques & collectibles can vary from State to State (or Province).
b) The difference in the degree of knowledgeable professionalism can vary greatly with antique appraisers.
15. a) An “in-house” personal property appraisal should not be used for professional purposes.
b) The “retail” price in a sliding scale example is what an auction house or antique store would pay for an item.
16. a) Appraisal documentation should be paired down or altered at the request of the client.
b) It is necessary in developing an appraisal to ascertain the proposed use of such an appraisal by the client.
17. a) Appraisers must not alter their considerations of fact based on the intended use of the appraisal by the
client.
b) The cost of an appraisal is directly proportional to the value of an item.
