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Module 2 Quiz: Understanding Your Role As An Examiner
You'll need to correctly answer at least 17 of the 20 questions below (at least 85%) to progress to the next unit.
Question #1: Since all you will be doing as an appraisal examiner is recording information, it is not necessary to know the terms of the appraisal industry.
Question #2: A USPAP compliant certified appraisal is required by insurance providers, government agencies, the courts, and society at large.
Question #3: An appraiser's responsibility is to develop an opinion of the value and certify his or her findings.
Question #4: The appraiser is certifying the authenticity of the item.
Question #5: The Market Comparison Approach compares the subject item to other items that have established values.
Question #6: Fair market value is described as the price the items sell for at a festival or fair.
Question #7: Replacement value is the money that would be required to replace the item in question with another of similar age, quality, origin, appearance, and condition.
Question #8: Replacement value is used for all "non-insurance" uses like estate settlement and divorce.
Question #9: During the examination, if the client asks what the value of their items are, state that you do not draw conclusions on item identity or value.
Question #10: A remote appraisal is when there is no appraiser or appraisal examiner available to document the information for the client.
Question #11: Jewelry is the most common type of item where a remote appraisal is used.
Question #12: The purpose of an appraisal examination is to determine if an items is of enough value to warrant an appraisal.
Question #13: It is to be expected that the appraisal examiner will need to climb around, through, and over items to collect the necessary information.
Question #14: The statement of provenance assists with identification. This can include the item's history, receipts, certificates, family history, and a certificate of authenticity.
Question #15: Neither the appraiser or examiner renders an opinion as to the ownership of the item(s) appraised.
Question #16: The information collected by the examiner does not fall under your confidentiality agreement you have with your client.
Question #17: There is no need to create a privacy statement between you and the appraisal firm. You can assume that they are ethical.
Question #18: If your schedule can't accommodate the client’s needs for an examiner job, decline or receive permission from the appraiser to refer the job to another trusted examiner.
Question #19: The appraisal firm depends on your professionalism. The manner in which you serve this client reflects on their company as well as your own.
Question #20: The sole responsibility of the appraisal examiner is to provide information so the appraiser can do their job properly.