Ch 5-6 Quiz Report Writing and Case Studies Flashcards
Which UMDP sub-initiative is the most applicable and important for appraisers?
UAD
“Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion” is the definition of __________.
Remodeled
“The appraiser must enter all applicable homeowners’ association (HOA) fees associated with the subject property” is an example of:
A requirement
“The appraiser should enter a neighborhood name” is an example of:
An instruction
“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 __________.
Updated
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?
Null Sechs/Zwanzig (in numbers)
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?
2.2
A recertification of value does not change the effective date of the original appraisal.
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)
A(n) _____________ does not change the effective date of the original appraisal.
Recertification of value
According to the UAD, view descriptors such as “None”, “Average”, or “Typical” are unacceptable.
TRUE
An appraisal on which type of properties, completed for a Freddie Mac lender, would be subject to the requirements of the UAD?
A condominium unit, A unit in a planned unit development (PUD), A single-family dwelling with an accessory unit
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 ________.
An appraisal
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?
~1930
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:
- 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)
An inspection made for the purpose of ensuring that repairs have been completed in accordance with a prior appraisal is ____________.
A recertification of value
Appraisals reported on which Fannie Mae forms will require compliance with the requirements of the Uniform Appraisal Dataset?
1004, 2055, 1073, 1075
Appraisers need to determine whether certain UAD data entry protocols are requirements or instructions. What is the operative word that refers to an instruction?
Should
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.
FALSE
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?
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)
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?
1025
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?
Convert the fee to either monthly or annual amount
Fannie Mae last revised their forms in
2005
Fannie Mae requires which approach(es) to value in the appraisal of a HUD-Code manufactured home?
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)
For an exterior-only inspection appraisal for Fannie Mae, an appraiser must perform an exterior inspection of the property, from at least the street.
TRUE
