Which ASC registry identifies state-licensed and state-certified real estate appraisers, rather than appraisal management companies?
Correct Answer
D) The National Registry of Real Estate Appraisers
The ASC maintains the National Registry of Real Estate Appraisers for credential information supplied through state programs. It also maintains a separate National Registry of Appraisal Management Companies. These databases do not make the ASC the issuer of each state credential or the direct investigator of every individual appraisal complaint.
Why This Is the Correct Answer
Option D is correct because the National Registry of Real Estate Appraisers is the database of information about state-certified and state-licensed appraisers maintained by the Appraisal Subcommittee of the FFIEC. The ASC maintains a separate registry for appraisal management companies. Credential information in the appraiser registry comes through state programs.
Why the Other Options Are Wrong
Option A: A registry of county property tax assessments
Option A, a registry of county property tax assessments, describes local assessment records, not an ASC database identifying credentialed real estate appraisers.
Option B: A directory of mortgage loan originators
Option B, a directory of mortgage loan originators, concerns loan originator licensing, which is a different system from the ASC's registry of appraisers.
Option C: A database of comparable real estate transactions
Option C, a database of comparable real estate transactions, describes sales data sources used in analysis, not a registry identifying state-licensed and state-certified appraisers.
ASC keeps the national list
States issue the credentials; the ASC collects them into the National Registry of Real Estate Appraisers, with AMCs kept on their own separate list.
How to use: Use this when asked which body maintains the national database of credentialed appraisers.
Exam Tip
Separate the appraiser registry from the AMC registry; both are kept by the ASC but list different parties.
Common Mistakes to Avoid
- -Confusing the appraiser registry with the AMC registry
- -Believing the ASC issues the credentials listed in the registry
- -Mixing up appraiser registries with loan originator directories
Concept Deep Dive
Analysis
This question tests knowledge of the registry the Appraisal Subcommittee maintains for individual appraisers. The stem separates the appraiser registry from the separate registry of appraisal management companies. Only one choice names an ASC database of state-licensed and state-certified appraisers.
Background Knowledge
Under Title XI, the Appraisal Subcommittee of the Federal Financial Institutions Examination Council maintains the National Registry of appraisers using information from state appraiser regulatory programs. It also maintains a separate national registry of appraisal management companies. The registries do not make the ASC the issuer of state credentials.
Real-World Application
A lender's vendor manager wants to confirm that an appraiser holds an active certified residential credential before assigning an order. The manager checks the National Registry of Real Estate Appraisers, which reflects credential information supplied by the state program.
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