13 Ch5 Manufactured Home Financing quiz

Question 1

Fannie Mae says a manufactured home must be at least _____ in width and contain a minimum of ______ square feet.

Answer 1

12, 600

Question 2

Fannie Mae requires a detailed and supported cost approach in

Answer 2

manufactured home appraisals

Question 3

What two sources does Fannie Mae suggest appraisers should use as a source of information about the quality of a manufactured home?

Answer 3

Marshall & Swift and the NADA Guide

Question 4

About ______ of manufactured houses today are on rented land.

Answer 4

50%

Question 5

Which of the following types of homes could be classified as either real property or personal property?

Answer 5

manufactured

Question 6

VA states that a perimeter enclosure on a manufactured home is intended to keep out

Answer 6

vermin and water

Question 7

FHA states that a site for a manufactured home must be served by a(n) ___________ roadway.

Answer 7

all weather

Question 8

VA requires an appraiser to use which form to report the appraisal of a manufactured home?

Answer 8

1004C

Question 9

FHA requires a manufactured home to be at least ______ square feet.

Answer 9

400

Question 10

Does Freddie Mac require any specific number of comparable sales that must be manufactured homes of similar configuration ?

Answer 10

Yes, at least two

Question 11

Freddie Mac says the ___________ must provide the appraiser with a complete copy of the executed contract for sale of the manufactured home and land,

Answer 11

Lender

Question 12

Owners of existing manufactured homes on ___________ land have limited alternatives for financing.

Answer 12

leased

Question 13

Fannie Mae says that with a manufactured home, the roof pitch must be at least

Answer 13

There is no minimum

Question 14

Which of the following is NOT a difficulty of owners trying to sell a manufactured home they own in a manufactured home community?

Answer 14

Manufactured homes cannot legally be sold without land

Question 15

A purchaser of personal property receives a

Answer 15

title

Question 16

Fannie Mae will purchase only loans secured by ____________ consisting of a manufactured home and _______________ .

Answer 16

real property, owned land

Question 17

Manufactured homes must be built in compliance with:

Answer 17

the Federal Manufactured Home Construction and Safety Standards

Question 18

FHA says that __________________ is required to indicate compliance with the Permanent Foundations Guide.

Answer 18

a licensed professional engineer’s certification

Question 19

Fannie Mae says that any dwelling unit ______________ and attached to a permanent foundation system is a manufactured home for purposes of their guidelines.

Answer 19

built on a permanent chassis

Question 20

Fannie Mae will not accept appraisals that rely ______________________ approach(es) as an indicator of value.

Answer 20

solely on the cost

Question 21

Manufactured homes must be built in compliance with:

Answer 21

the Federal Manufactured Home Construction and Safety Standards

Question 22

If a certificate of title has been issued but state law doesn’t provide for its surrender, the lender must:

Answer 22

indicate the real property lien on the certificate of title

Question 23

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:

Answer 23

real property

Question 24

Fannie Mae says that if a manufactured home is new, the lender must provide the appraiser with

Answer 24

a copy of the executed sales contract and the dealer’s invoice

Question 25

Fannie Mae requires that appraisers utilize the __________________ approach(es) when appraising manufactured homes.

Answer 25

sales comparison and cost

Question 26

Fannie Mae says that manufactured home must be attached to

Answer 26

a permanent foundation

Question 27

FHA says that no part of the finished grade level under a manufactured home may be below the ______ year flood level.

Answer 27

100

Question 28

Fannie Mae will not accept appraisals that rely ______________________ approach(es) as an indicator of value.

Answer 28

solely on the cost

Question 29

Some manufactured home parks have been purchased collectively by the homeowners as

Answer 29

cooperatives

Question 30

For all appraisals of manufactured homes classified as personal property, FHA says lenders must engage independent fee appraisers who have

Answer 30

successfully completed a specialized course in manufactured home valuation based on the N.A.D.A. appraisal system.

Question 31

Fannie Mae disseminates changes in policies through

Answer 31

Announcements

Question 32

Fannie Mae requires that appraisers utilize the __________________ approach(es) when appraising manufactured homes.

Answer 32

sales comparison and cost

Question 33

Which of the following are difficulties of owners trying to sell a manufactured home they own in a manufactured home community?

Answer 33

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