13 Ch5 Manufactured Home Financing quiz Flashcards
Fannie Mae says a manufactured home must be at least _____ in width and contain a minimum of ______ square feet.
12, 600
Fannie Mae requires a detailed and supported cost approach in
manufactured home appraisals
What two sources does Fannie Mae suggest appraisers should use as a source of information about the quality of a manufactured home?
Marshall & Swift and the NADA Guide
About ______ of manufactured houses today are on rented land.
50%
Which of the following types of homes could be classified as either real property or personal property?
manufactured
VA states that a perimeter enclosure on a manufactured home is intended to keep out
vermin and water
FHA states that a site for a manufactured home must be served by a(n) ___________ roadway.
all weather
VA requires an appraiser to use which form to report the appraisal of a manufactured home?
1004C
FHA requires a manufactured home to be at least ______ square feet.
400
Does Freddie Mac require any specific number of comparable sales that must be manufactured homes of similar configuration ?
Yes, at least two
Freddie Mac says the ___________ must provide the appraiser with a complete copy of the executed contract for sale of the manufactured home and land,
Lender
Owners of existing manufactured homes on ___________ land have limited alternatives for financing.
leased
Fannie Mae says that with a manufactured home, the roof pitch must be at least
There is no minimum
Which of the following is NOT a difficulty of owners trying to sell a manufactured home they own in a manufactured home community?
Manufactured homes cannot legally be sold without land
A purchaser of personal property receives a
title
Fannie Mae will purchase only loans secured by ____________ consisting of a manufactured home and _______________ .
real property, owned land
Manufactured homes must be built in compliance with:
the Federal Manufactured Home Construction and Safety Standards
FHA says that __________________ is required to indicate compliance with the Permanent Foundations Guide.
a licensed professional engineer’s certification
Fannie Mae says that any dwelling unit ______________ and attached to a permanent foundation system is a manufactured home for purposes of their guidelines.
built on a permanent chassis
Fannie Mae will not accept appraisals that rely ______________________ approach(es) as an indicator of value.
solely on the cost
Manufactured homes must be built in compliance with:
the Federal Manufactured Home Construction and Safety Standards
If a certificate of title has been issued but state law doesn’t provide for its surrender, the lender must:
indicate the real property lien on the certificate of title
All interests, benefits, and rights inherent in the ownership of physical real estate; the bundle of rights with which the ownership of the real estate is endowed best describes:
real property
Fannie Mae says that if a manufactured home is new, the lender must provide the appraiser with
a copy of the executed sales contract and the dealer’s invoice
