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09 Report Writing and Case Studies > Ch 5-6 Quiz Report Writing and Case Studies > Flashcards

Ch 5-6 Quiz Report Writing and Case Studies Flashcards

1
Q

Which UMDP sub-initiative is the most applicable and important for appraisers?

A

UAD

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2
Q

“Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion” is the definition of __________.

A

Remodeled

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3
Q

“The appraiser must enter all applicable homeowners’ association (HOA) fees associated with the subject property” is an example of:

A

A requirement

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4
Q

“The appraiser should enter a neighborhood name” is an example of:

A

An instruction

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5
Q

“The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost” is the definition of __________.

A

Updated

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6
Q

A comparable property closed (settled) on June 5, 2020. Under the requirements of UAD, what would be the appropriate format to enter the settlement date in the sales comparison grid?

A

Null Sechs/Zwanzig (in numbers)

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7
Q

A home has two full bathrooms, two half-bathrooms, and one-quarter bath above grade. How must the appraiser indicate the bathroom count under the UAD?

A

2.2

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8
Q

A recertification of value does not change the effective date of the original appraisal.

A

TRUE. The 1004D form is often used to report the results of an appraiser’s inspection for completion of new construction, remodeling, or repairs. This inspection is considered to be a recertification of value, which does not change the effective date of the original appraisal. The report merely answers the question, “Have the conditions that were specified in a prior appraisal report been met?” (Ch 6, Appraisal Update and/or Completion Report)

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9
Q

A(n) _____________ does not change the effective date of the original appraisal.

A

Recertification of value

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10
Q

According to the UAD, view descriptors such as “None”, “Average”, or “Typical” are unacceptable.

A

TRUE

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11
Q

An appraisal on which type of properties, completed for a Freddie Mac lender, would be subject to the requirements of the UAD?

A

A condominium unit, A unit in a planned unit development (PUD), A single-family dwelling with an accessory unit

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12
Q

An appraiser completes an appraisal on a property. One year later, the appraiser is asked by the client to tell the client whether the value of the property has remained the same. Under USPAP, this assignment is ________.

A

An appraisal

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13
Q

An appraiser estimates that the subject home was built in 1930, but is unable to verify this. How must the appraiser indicate this in the “Year Built” section of the 1004 form?

A

~1930

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14
Q

An appraiser is valuing a property as of a current date. During the last three-month period, there were a total of 21 similar properties offered on the market; however, 6 of them either expired or were withdrawn during this time, leaving 15 properties currently on the market in the neighborhood. There were 10 closed sales in this neighborhood during this time. When filling in the number of active listings for the “current 3 month” period on the 1004MC form, the appraiser should insert:

A
  1. In June 2010, Fannie Mae issued Announcement SEL-2010-09 which stated that when filling out the number of available listings for the time periods being analyzed, the appraiser is required to use the number of listings that were available on the most recent day of the period in question, not the cumulative number of listings that were available at any time during the period. (Ch 6, 1004MC - Inventory Analysis Section)
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15
Q

An inspection made for the purpose of ensuring that repairs have been completed in accordance with a prior appraisal is ____________.

A

A recertification of value

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16
Q

Appraisals reported on which Fannie Mae forms will require compliance with the requirements of the Uniform Appraisal Dataset?

A

1004, 2055, 1073, 1075

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17
Q

Appraisers need to determine whether certain UAD data entry protocols are requirements or instructions. What is the operative word that refers to an instruction?

A

Should

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18
Q

As part of the implementation of the Uniform Appraisal Dataset (UAD), Fannie Mae and Freddie Mac changed the layout and format of several appraisal report forms.

A

FALSE

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19
Q

As per the UAD, what information is required to be inserted in the “Name” field, in the “LENDER/CLIENT” section on page 6 of the 1004 form?

A

The AMC name, if applicable. In this field, the appraiser must enter the name of the appraisal management company (AMC) if the appraisal was ordered through an AMC. If the appraisal was not ordered through an AMC, then the appraiser must enter “No AMC” in this field. (Ch 5, Lender/Client)

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20
Q

Austin is appraising a 3-unit residential property for a Fannie Mae lender. Which form should he use to report the results of this appraisal?

A

1025

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21
Q

Dave is appraising a single-family home in a Planned Unit Development (PUD). The HOA fees are assessed quarterly. What does Dave need to do in order to fill out the HOA fields?

A

Convert the fee to either monthly or annual amount

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22
Q

Fannie Mae last revised their forms in

A

2005

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23
Q

Fannie Mae requires which approach(es) to value in the appraisal of a HUD-Code manufactured home?

A

Sales comparison and cost approaches only. In addition to completing the sales comparison approach to value, the cost approach is required by Fannie Mae and Freddie Mac as part of the appraisal process for all manufactured homes. (Ch 6, Manufactured Home Appraisal Report)

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24
Q

For an exterior-only inspection appraisal for Fannie Mae, an appraiser must perform an exterior inspection of the property, from at least the street.

A

TRUE

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25
Q

Form __________ is an addendum that is no longer required for 1-4-family residential appraisals for Fannie Mae, Freddie Mac, and VA loans, although some individual lenders still require it.

A

1004MC. The 1004MC addendum is used for all 1-4-family residential appraisals for loans that are being sold to Fannie Mae or Freddie Mac. Its use is widespread; even HUD/FHA and VA have adopted it for use. (Ch 6, Operating Income Statement)

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26
Q

How does Fannie Mae require that cooperative units be valued?

A

Sales comparison approach

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27
Q

If a home has three full bathrooms and two half-bathrooms above grade, how must the appraiser indicate the bathroom count according to the UAD?

A

3.2

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28
Q

If an appraiser enters improperly formatted data into a required field on the URAR form, what will happen?

A

An error message will be generated

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29
Q

If an MLS is used as a source for subject property offering data, the appraiser must enter:

A

The abbreviated MLS name and the MLS listing number or identifier. The data source used to obtain this information must be reported. If MLS is used, the appraiser must enter the abbreviated MLS organization name, followed by the pound sign (#) and the appropriate MLS number or identifier for the property listing. (Ch 5, Subject Offering Information)

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30
Q

If the Assignment Type is indicated as a purchase transaction, the appraiser is required to report on sales concessions or financial assistance.

A

TRUE

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31
Q

If there is insufficient space on the form for an appraiser to describe the characteristics of the subject property, the appraiser is obligated to provide only whatever information will fit in the space.

A

FALSE

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32
Q

In an appraisal report prepared under the UAD, how is a three-quarter bathroom to be considered in the room count?

A

As a full bathroom

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33
Q

In order to complete an appraisal based on an exterior-only inspection for a Fannie Mae loan, the appraiser must be able to obtain reliable information about the property’s physical characteristics and GLA.

A

TRUE

34
Q

In order to obtain the manufacturer’s name and date of manufacture of a HUD-Code manufactured home, the appraiser needs to find and analyze the _______.

A

Data plate. The serial number, the manufacturer’s name, the trade/model of the home, and the date of manufacture can only be found on the data plate; this information cannot be found on the red HUD label(s) affixed to the exterior of the home. The building permit may have the date the home was placed on the foundation, but it will not have the date of manufacture. (Ch 6, Special Requirements of the 1004C)

35
Q

In order to standardize data in appraisal reports, the UAD requires:

A

Standardized abbreviations to allow more information to fit on the forms

36
Q

Jody is appraising a condominium unit for a Fannie Mae mortgage lender. Which report form is she required to use to report the results of her appraisal?

A
  1. Fannie Mae form 1073 is used to report an interior inspection appraisal of a condominium unit. Form 1075 is used to report an exterior-only inspection appraisal of a condominium unit. (Ch 6, Individual Condominium Unit Appraisal Report)
37
Q

Manufactured home appraisals are required to be reported on Fannie Mae form _________.

A

1004C. The 1004C reporting form is used exclusively for the appraisal of a HUD-Code manufactured home, which is a home constructed on a permanent chassis in accordance with the federal requirements. (Ch 6, Manufactured Home Appraisal Report)

38
Q

Marian is appraising a single-family home where the property tax year spans 2019 and 2020. In her UAD report, what should she put under “Tax Year”?

A

2019

39
Q

Nikki is appraising a modular home for a Fannie Mae lender. What form should she use to report her appraisal?

A

1004

40
Q

Robert receives an assignment to appraise a single-family home for a conventional loan for a lender who sells loans to Freddie Mac. Compliance with the requirements of the UAD would be:

A

An assignment condition

41
Q

The 1004MC form is best described as:

A

An addendum to an appraisal report

42
Q

The appraisal data requirements of the UAD apply to which type of loans?

A

Conventional, FHA, VA

43
Q

The differences in required information between the Fannie Mae 1004 and 1025 forms include:

A

The 1025 requires comparable rental information. The 1025 requires units of comparison (sale price per room, etc.). The 1025 has a section where an indicated GRM can be extracted from comparable sales.

44
Q

The form 1004MC addendum is no longer required for 1-4-family residential appraisals for Fannie Mae, Freddie Mac, and VA loans.

A

TRUE

45
Q

The gross living area of a ______________ unit is calculated using interior measurements.

A

Condominium

46
Q

The gross living area of a condominium unit is calculated using interior measurements.

A

TRUE

47
Q

The level of detail required by the 2055 form is generally consistent with the minimum content requirements of a(n) ___________.

A

Appraisal Report

48
Q

The Manufactured Home Appraisal Report, according to Fannie Mae, is consistent with the minimum content requirements for a(an) _________ report.

A

Appraisal

49
Q

The subject property has a two-car attached garage. Comp 1 also has a two-car attached garage. What should the appraiser enter in the sales comparison grid in the adjustment field for this item?

A

The field should be left blank

50
Q

The UAD requires an appraiser to rate the subject property’s overall view as:

A

N, B, or A. For all UAD report types, the appraiser must select an overall view rating for the subject property; the choices are N, B, or A (Neutral, Beneficial, or Adverse). (Ch 5, View)

51
Q

The Uniform Appraisal Dataset changed _________.

A

Input requirements for certain fields on appraisal report forms

52
Q

Tom is appraising a single-family home with an accessory unit. The home is occupied by the property owner, and the accessory unit is vacant. Under “Occupant” on the 1004 form, Tom must:

A

Check the “Owner” box

53
Q

UMDP stands for:

A

Uniform Mortgage Data Program

54
Q

Under the requirements for UAD, if an appraiser determines that property values in the neighborhood are “stable to increasing”, she may check both the “stable” and “increasing” boxes in the neighborhood section of the URAR form.

A

FALSE

55
Q

Under the requirements of UAD, which of these would be an acceptable indication of a comparable sale’s proximity to the subject?

A

0.55 miles SE

56
Q

Under USPAP, Fannie Mae and Freddie Mac appraisal requirements would be considered:

A

Assignment conditions

57
Q

Units of comparison on the 1025 form would include sale price per:

A

Square foot of gross building area (GBA), Unit, Bedroom, Room

58
Q

USPAP requires a signed certification for appraisal “updates” reported using the Fannie Mae form 1004D.

A

TRUE

59
Q

What is the major difference between the Fannie Mae 1004 form and the 2055 form?

A

On the 2055, the appraiser must document the source of information for the subject’s GLA and physical characteristics. The 2055 form is designed to report the appraisal of a single-family home or PUD unit, with an exterior-only inspection. The major difference in the report forms is that on the 2055 form, the appraiser must document the source of the information used to determine the physical characteristics. (Ch 6, Exterior-Only Inspection Residential Appraisal Report)

60
Q

When an individual purchases a unit in a cooperative project, what is he or she actually purchasing?

A

Stock in a corporation

61
Q

When appraising a manufactured home, an appraiser needs to look for the __________ to verify that the home was constructed in accordance with federal standards.

A

HUD label

62
Q

When appraising a new manufactured home, an appraiser is required to report the results of the analysis of the _________.

A

Manufacturer’s invoice

63
Q

When implementing most of the reporting requirements of the UAD, an appraiser is required to _____________.

A

Select entries from prepared lists

64
Q

Which are acceptable ways to outline the subject’s neighborhood boundaries in a UAD-compliant appraisal report?

A

By referencing boundaries such as streets and municipal limits, By using “North”, “South”, “East”, and “West”, By referencing waterways or other natural boundaries

65
Q

Which document would be MOST helpful for an appraiser in understanding the requirements of the Uniform Appraisal Dataset (UAD)?

A

UAD Appendix D

66
Q

Which entities are referred to as the GSEs?

A

Fannie Mae and Freddie Mac

67
Q

Which Fannie Mae appraisal report form is designed to report an exterior-only inspection appraisal of a single-family home?

A
  1. The 2055 form is designed to report the appraisal of a single-family home or PUD unit, based on an exterior-only inspection. The major difference in the report forms is that on the 2055 form, the appraiser must document the source of the information used to determine the physical characteristics. (Ch 6, Exterior-Only Inspection Residential Appraisal Report)
68
Q

Which federal government entity currently has oversight over Fannie Mae and Freddie Mac?

A

FHFA

69
Q

Which of these are valid architectural style, under the UAD?

A

Rambler, Farmhouse

70
Q

Which of these is an acceptable way to report site size under the requirements of the UAD?

A

4.25 ac

71
Q

Which of these statements is TRUE regarding GSE requirements and USPAP?

A

GSEs require USPAP compliance.

72
Q

Which of these would be the MOST appropriate entry in the location section of the sales comparison grid in a UAD-compliant appraisal report?

A

A; BsyRd. The appraiser is required to select N, B, or A for an overall location rating, and then select at least one, but not more than two, location factors for the subject and comparables. It is unlikely that a powerline would be considered a beneficial location for a residential property. (Ch 5, Location)

73
Q

Which party is ultimately responsible for compliance with Fannie Mae and Freddie Mac policies and initiatives?

A

The lender

74
Q

Which statement are TRUE regarding Fannie Mae?

A

It was established in the 1930s as a federal government agency.It purchases mortgage loans from originating lenders. It packages mortgages into securities, and sells them.

75
Q

Which statement is If Fannie Mae receives an appraisal report that they believe to be fraudulent, what are they MOST likely to do? regarding Fannie Mae?

A

Refer the matter to the appropriate state enforcement agency. If one of the GSEs receives an appraisal report they believe to be incompetently prepared or fraudulent, they will refer the report to the appropriate state appraisal licensing and enforcement agency. Fannie and Freddie do not maintain lists of approved appraisers, and they do not have the authority to take disciplinary action against appraisers directly. (Ch 5, Responsibilities)

76
Q

Which statement is TRUE regarding gross living area (GLA) in an exterior-only inspection appraisal for Fannie Mae?

A

The appraiser must identify the data source for the GLA information in the appraisal report. For an exterior-only inspection appraisal, the appraiser must identify the data source for the gross living area (GLA) used in the performance of this appraisal. Naturally, this information source must be considered “reliable.” (Ch 6, Exterior-Only Inspection Residential Appraisal Report)

77
Q

Which type of home has a small red metal label affixed to the exterior?

A

HUD-code manufactured home. HUD-code manufactured homes have a small red metal label affixed to the exterior

78
Q

Which UMDP sub-initiative is the most applicable and important for appraisers?

A

UAD

79
Q

Who is responsible for compliance with USPAP in appraisal reporting requirements?

A

The appraiser

80
Q

Why does the Individual Condominium Unit Appraisal Report require extensive information regarding the condominium project in which the subject unit is located?

A

Because common elements and amenities are essential to the value of a condominium unit

81
Q

Why is it necessary for an appraiser to disclose the sources for the physical characteristics of the subject property in a report of an exterior-only inspection appraisal?

A

To enable intended users to understand the appraisal process

09 Report Writing and Case Studies (13 decks)

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