Practice Test Geeks(CGA) Certified General Appraiser Practice Test
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Regulatory & Fair Housing Compliance Flashcards

7 cards from real CGA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Regulatory & Fair Housing Compliance flashcards as text

  1. Under FIRREA, which federal agency has primary oversight authority over appraisers who perform appraisals for federally related transactions?

    Answer: The Appraisal Subcommittee (ASC)

    The Appraisal Subcommittee (ASC) monitors state appraiser regulatory programs and the Appraisal Foundation under FIRREA.

  2. A lender asks an appraiser to 'hit a value' to make a loan work. The appraiser's ethical obligation under USPAP is to:

    Answer: Decline the assignment and maintain independence

    USPAP's Ethics Rule requires appraisers to protect their independence and decline assignments where predetermined conclusions are required.

  3. Which provision of the Fair Housing Act specifically prohibits steering minority buyers away from certain neighborhoods?

    Answer: Section 804(b)

    Section 804(b) of the Fair Housing Act prohibits discrimination in the terms, conditions, or privileges of the sale or rental of a dwelling.

  4. An appraiser using the sales comparison approach notes that comparable sales in a neighborhood are predominantly to one racial group. The appraiser should:

    Answer: Use the sales as comparables without reference to racial composition

    Appraisers must use all relevant market sales as comparables and may not consider racial composition as a value factor.

  5. Under Dodd-Frank, the Appraisal Independence Requirements (AIR) prohibit which party from selecting appraisers for mortgage transactions?

    Answer: Loan originators and brokers

    AIR under Dodd-Frank prohibits loan originators and brokers from selecting appraisers to prevent undue influence on valuation.

  6. A state-certified general appraiser can appraise which category of property for federally related transactions?

    Answer: All types of real property regardless of complexity or value

    A certified general appraiser is authorized to appraise all types of real property without restriction for federally related transactions.

  7. Which of the following actions would constitute a violation of the Equal Credit Opportunity Act (ECOA) in the appraisal context?

    Answer: Using race of neighborhood residents as a basis for a location adjustment

    ECOA prohibits discrimination based on race, and using racial composition as a valuation factor violates this statute.