Chapter 4 - Appraisal Data and Information Sources Flashcards
Who created UMDP initiative and what does UMDP stands for?
Fannie Mae and Freddie Mac created the Uniform Mortgage Data Program (UMDP) initiative.
As it pertains to appraisers, what does the abbreviation UAD stand for?
Uniform Appraisal Dataset
In a UAD-compliant appraisal report, what would be the BEST overall condition rating for the subject property? And what would be the WORST?
C1 (best)
C6 (worst)
UAD only applies to appraisals for mortgage loans that are:
sold to Fannie Mae and Freddie Mac,
or are insured by FHA
or guaranteed by VA.
How are most dates in a UAD-compliant appraisal report required to be formatted?
MM/DD/YYYY
When calculating the square footage of a condominium unit, an appraiser must use______________ measurements
Interior Measurements
Which item needed in appraisal assignment is an appraiser LEAST likely to find by searching on the internet?
- an aerial photo of the subject property
- zoning information for the subject property
- census tract number for the subject property
- sales agreement for the subject property
sales agreement for the subject property
What is the biggest issue when creating GIS maps?
- the boundary lines of every property must be shown in red
- the map will not be legal without the zoning map overlaid
- the maps must all be of the same scale
- the flood map must be created first
the maps must all be of the same scale
Why is it important that an appraiser be able to adjust settings and features on a camera?
- so appraisers can photograph properties at night
- because clients are demanding good quality interior photos
- so the appraiser can obtain good photographs when flying over the property in an airplane
- so appraisers can make extra money selling photographs to property owners
because clients are demanding good quality interior photos
True or False? Cell phone cameras have replaced standard digital cameras for most appraisers.
False
True or False? There is only one company in the U.S. that produces software programs for appraisers.
False
As it pertains to appraisers, the abbreviation GIS stands for?
Geographic Information Systems
Today, most appraisals are transmitted in a(n) _______ format.
In a GIS mapping system, _______ of data can be turned on and off for viewing or printing.
Layers
EDI stands for
Electronic Data Interchange
Electronic Data Interchange became popular in the
- Late 1970s
- Late 1980s
- Late 1990s
- Early 2000s
Late 1990’s
The website that serves as a portal for almost any federal agency is
- Census.gov
- usa.gov
- hud.gov
- Gov.gov
usa.gov
What is UCDP
Uniform Collateral Data Portal.
Originating lenders were required to use this portal to submit appraisal data to Fannie and Freddie beginning in March 2012. Use of this portal is the lender’s responsibility, not the appraiser’s.
Fannie Mae and Freddie Mac created the Uniform Mortgage Data Program (UMDP) for the purpose of
- Standardizing appraisal data
- Standardizing lending data provided to Fannie Mae and Freddie Mac
- Protecting sensitive data
All of these
What is the name of the technology that allows the transmission of information from one computer application to another?
- Apex
- UMD
- PUAD
- EDI
EDI - Electronic Data Interchange
A common language called _______ was developed and standardized so that most software companies produced a common language that could be read by most lending clients.
- XML
- XLA
- QB
XML
Today, most appraisals are delivered to the client by
- sharing through a comprehensive electronic system
- mailing a hard copy of the report
- transmitting the report as a PDF attachment
- transmitting the report through proprietary appraisal software programs
sharing through a comprehensive electronic system
What is the name of the portal that the lenders use to transmit loan documentation to the government-sponsored enterprises Fannie Mae and Freddie Mac?
- PLS
- GDP
- UCDP
- GIS
UCDP - Uniform Collateral Data Portal.
