The property is being appraised as a federally related transaction because
B) The mortgage exceeds $250,000.
Appraisals performed for a federally related transaction must be reported as
A) written reports
Someone , who is not an appraiser, is looking at your appraisal report to
A) make a financial decision regarding the appraised property
The appraiser must include enough information for the clients and other intended users to
D) understand your analyses and conclusions
Types of reports include;
B) Form and narrative type
In USPAP, “Reporting the Real Property Appraisal” refers to Standard
C) 2
You must base the explanation level of your reasoning and conclusions on
C) the clients level of understanding of the appraisal process
In appraising for a federally related transaction, the appraiser must report his/her opinion in accordance with:
A) USPAP
The amount of information required in the appraisal report is determined by
C) communications with the client
Using words, terms, and/or phrases that could be considered subjective is an example of
D) common reporting errors
Poor sentence structure that effects the readability of the report is
C) a common reporting error
Assignment conditions may include
B) extraordinary assumptions
Insufficient information in the appraisal report is an on-going problem that is
D) voiced by users of appraisal services
An assignment is the result of
A) an agreement between client and appraiser
Adequate property inspection and identification is a decision relating to
A) scope of work
Addressing the scope of work in the appraisal report is required for
A) intended users to understand what the appraiser did or did not do
The appraiser’s judgment and competency is necessary to formulate
D) an acceptable scope of work
Identifying the type of value is required by USPAP. This is necessary information for
A) scope of work
An example of a term that should not appear in the appraisal report is
C) catholic
Fannie Mae and Freddie Mac are known as
D) Government sponsored entities
The primary reason for analyzing sales history of the subject is to
C) insure flipping actions have not occurred
The principle of ________________ is most often associated with the sales comparison approach to value.
C) contribution
The URAR form can be used to report the appraisal of
C) single family homes with attached units
Citing the source of the definition of value is a
A) USPAP requirement
When using the URAR form
A) scope of work may be expanded depending on the complexity of the assignment
The most requested appraisal report is the
A) URAR report
Three common ways to identify a property are
A) Metes & bounds, lot & block, and rectangular survey
Fannie Mae last revised their residential appraisal report forms
B) March 2005
Manufactured home appraisals can be reported on the Fannie Mae form
D) 1004C
The Appraisal Update Report form is considered to be a
B) summary appraisal report
The form type reports are considered by Fannie Mae and Freddie Mac to be
B) summary appraisal reports
Information from the HUD data plate is used to answer a specific question found in the
D) Manufactured home appraisal report
In the introduction of the narrative appraisal report, the client would expect to find the
B) appraiser’s certifications
Lease summaries, detailed statistical data and other appropriate information would be found in _______________________ of the narrative appraisal report
B) addenda section
The “drive-by” Fannie Mae form requires
A) Exterior inspection of the subject, at least from the street
Fannie Mae and Freddie Mac require the Operating income statement to be attached to the
A) 1025 form
The appraiser must identify the data source for the gross living area when using the
C) 2055 form
The general outline of the Narrative appraisal report contains
C) 4 parts
The reporting in the appraisal report of any undisclosed fees, commissions, or other things of value related to the procurement of the assignment, is outlined in which section of the ethics rule?
C) Management section
Confidentiality and the appraiser-client relationship is a part of the
C) Ethics rule
The main difference between the reporting options identified in standard rule 2-2 is
B) the amount of information and detail of explanation
Government agencies and government sponsored entities can issue
A) supplemental standards to augment USPAP
When statutes or ordinances prevent us from fully complying with USPAP, we use which rule to explain the situation?
B) Jurisdictional exception
The amount of information required in the appraisal report is determined by
C) client
The three reporting options identified in standard rule 2-2 are
A) self contained, summary, restricted use
Standard 2 of USPAP is the standard that outlines the_____________ requirements for a real property appraisal
B) reporting
A checklist that will insure all required information is included in the appraisal report can be found in
A) Advisory opinion # 11
Work records must be maintained by the appraiser for at least
A) 5 years
When using the URAR appraisal report, the cost and income approaches are not required
D) by Fannie Mae or Freddie Mac
All of the following are acceptable for the subject’s address, except
C) a post office box for the address
In the sales comparison approach, the net adjustments should not exceed
A) 15 percent of the original sales price
The intended use for the Fannie Mae/Freddie Mac URAR is
C) a mortgage finance transaction
If the ratio of expired listings exceeds 50 percent in the defined neighborhood
D) further analysis of market conditions should be conducted
Confidentiality and the appraiser-client relationship is part of the
B) Ethics rule
Fannie Mae last revised their appraisal report forms
A) March 2005
Information documented on page 1 of the URAR form is
C) a result of collection, research, and verification of all relevant information
Finished area above grade, in the improvements section of the URAR, refers to
D) GLA
In reaching a scope of work decision, the assignment conditions may include
A) extraordinary assumptions
An appraisal report for a property labeled as a federally related transaction
A) must be a written appraisal report
The Fannie Mae form 1004C is used report the appraisal of
B) manufactured homes
Fannie Mae and Freddie Mac are said to be
A) Government Sponsored Enterprises
The exclusion of the cost approach or income approach must be explained in the appraisal report. This is a requirement of
C) USPAP
The appraisal reporting options identified in USPAP, Standard rule 2-2 are
A) restricted use, summary, self- contained
Fannie Mae and Freddie Mac require a copy of the flood map to be included in the appraisal report
D) for properties located in a special flood hazard area
An assignment is the result of
D) agreement between the client and appraiser
The main difference between the reporting options identified in USPAP, standard rule 2-2 is
the various Fannie Mae report options
the amount of information and detail of explanation
d) identification of intended users by name or type
C) forms versus narrative reportsthe various Fannie Mae report optionsthe amount of information and detail of explanation
The reporting of any undisclosed fees, commissions, or other things of value related to the procurement of the assignment, is outlined in which section of the ethics rule?
D) management section
The characterization of the subject property neighborhood as urban, suburban, or rural, is determined mainly by
D) visual observation
Analysis of the sales history for the subject and the comparable sales used in the report is required to
A) insure flipping actions have not occurred
In the introduction (part 1) section of the narrative appraisal report, the client would expect to find the
B) appraiser’s certifications
A written and recorded street maintenance agreement will be required by the lender/client for
B) subject property located on a private street
Fannie Mae requires the 216 form (operating income statement for income producing properties) be attached to the
