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
Fannie Mae requires that appraisers utilize the __________________ approach(es) when appraising manufactured homes.
sales comparison and cost
Fannie Mae says that manufactured home must be attached to
a permanent foundation
FHA says that no part of the finished grade level under a manufactured home may be below the ______ year flood level.
100
Fannie Mae will not accept appraisals that rely ______________________ approach(es) as an indicator of value.
solely on the cost
Some manufactured home parks have been purchased collectively by the homeowners as
cooperatives
For all appraisals of manufactured homes classified as personal property, FHA says lenders must engage independent fee appraisers who have
successfully completed a specialized course in manufactured home valuation based on the N.A.D.A. appraisal system.
Fannie Mae disseminates changes in policies through
Announcements
Fannie Mae requires that appraisers utilize the __________________ approach(es) when appraising manufactured homes.
sales comparison and cost
Which of the following are difficulties of owners trying to sell a manufactured home they own in a manufactured home community?
the cost to move the home to another location may be prohibitive, park owners often require notification of a unit for sale and demand that the home be sold through them, park owners may require approval of a new owner
