October 2016 LACBA MCLE Test and Answer Sheet

Test No. 261: Surviving the Appraiser Shortage

To access the article related to this test, please click here.
  
Instructions for Obtaining MCLE Credit

The Los Angeles County Bar Association certifies that this activity has been approved for Minimum Continuing Legal Education credit by the State Bar of California in the amount of 1 hour. To apply for credit, please follow the instructions.

1. Study the CLE article.

2. Answer the test questions by marking the appropriate boxes. Each question has only one answer.

3. Photocopies of this answer sheet may be submitted; however, this form should not be enlarged or reduced. Mail the answer sheet and the $20 testing fee ($25 for non-LACBA members) to:

Los Angeles Lawyer
MCLE Test
P.O. Box 55020
Los Angeles, CA 90055

Make checks payable to Los Angeles Lawyer.

4. You can also fill in the test form and submit it directly to LACBA by clicking "Submit." To submit your test answers online you will need to pay by credit card. After submitting your answers you will be presented with a screen requesting payment information. This information will be submitted in a secure mode which will allow you to safely transmit your credit card number over the Internet. If you prefer not to pay by credit card, please print this answer sheet and submit your responses by regular mail.

5. Within six weeks, Los Angeles Lawyer will return your test with the correct answers, a rationale for the correct answers, and a certificate verifying the CLE credit you earned through this self-assessment activity.

6. For future reference, please retain the CLE test materials returned to you.


 

Test Sheet
 



  
Mark your answers to the test by clicking next to your choice.  All questions must be answered.  Each question has only one answer. This test is worth 1 hour of credit.*

1. In California, a state-certified real estate appraiser’s license is required to value real property.


2. The California decision in Sargon Enterprises, Inc. v. University of Southern California seeks to clarify the decision in Daubert v. Merrell Dow Pharmaceuticals with respect to who can provide expert witness testimony.


3. The definitions of appraisal and evaluation are synonymous.


4. The Federal Reserve Bank has recognized the appraiser shortage by allowing some types of bank loans to be made without getting formal appraisals.


5. Which of the following qualifications is required to appraise valuable artwork for the purpose of a charitable contribution?




6. An unlicensed individual performing a written appraisal for the purpose of a large bank loan (e.g. over $1 million) could be guilty of a crime.


7. Which of the following occupations would be legally qualified to provide an opinion as to the value of a single-family residence without violating state law?




8. According to Daubert v. Merrell Dow Pharmaceuticals, only licensed appraisers may testify as to the value of a real property.


9. In an eminent domain matter, the court may accept a real estate broker’s opinion as to the value of a taken property.


10. The Uniform Standards of Professional Appraisal Practice is a standard to which all licensed appraisers are required to adhere.


11. The need for formality of appraisers and appraisals came to the forefront as a result of the 1980s savings and loan crisis.


12. Probate referees are permitted to value property for the purpose of a probate without obtaining a separate state license.


13. The term “federally related real estate activity” is directed toward the valuation of government-owned real property.


14. The future of appraisal is moving away from custom appraisals and toward computerized valuation models and/or appraisal management companies.


15. According to the Uniform Standards of Professional Appraisal Practice, these standards apply only to licensed appraisers.


16. The absence of a qualified appraisal in filing an estate tax return can result in penalties.


17. An appraisal of real property for the purpose of a loan can be used in a divorce proceeding.


18. In a family law matter, a spouse may testify as to the value of their real property.


19. Valuations of real properties by persons located outside the United States may not be used since no one personally inspected the property.


20. The value of a property as determined by Zillow or Trulia may not be entered into evidence in a civil litigation case since it is not considered an appraisal.

 


Before clicking the Submit button, please verify that all questions have been answered. An error message will appear if not all questions are answered.

* The Los Angeles County Bar Association has been approved as a continuing legal education provider of Minimum Continuing Legal Education credit by the State Bar of California. This self-assessment activity will qualify for Minimum Continuing Legal Education credit by the State Bar of California in the amount of one hour.