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V_Basic Appraisal Principles > Chapter 4 - Appraisal Data and Information Sources > Flashcards

Chapter 4 - Appraisal Data and Information Sources Flashcards

1
Q

Who created UMDP initiative and what does UMDP stands for?

A

Fannie Mae and Freddie Mac created the Uniform Mortgage Data Program (UMDP) initiative.

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2
Q

As it pertains to appraisers, what does the abbreviation UAD stand for?

A

Uniform Appraisal Dataset

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3
Q

In a UAD-compliant appraisal report, what would be the BEST overall condition rating for the subject property? And what would be the WORST?

A

C1 (best)

C6 (worst)

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4
Q

UAD only applies to appraisals for mortgage loans that are:

A

sold to Fannie Mae and Freddie Mac,

or are insured by FHA

or guaranteed by VA.

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5
Q

How are most dates in a UAD-compliant appraisal report required to be formatted?

A

MM/DD/YYYY

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6
Q

When calculating the square footage of a condominium unit, an appraiser must use______________ measurements

A

Interior Measurements

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7
Q

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
A

sales agreement for the subject property

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8
Q

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
A

the maps must all be of the same scale

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9
Q

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
A

because clients are demanding good quality interior photos

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10
Q

True or False? Cell phone cameras have replaced standard digital cameras for most appraisers.

A

False

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11
Q

True or False? There is only one company in the U.S. that produces software programs for appraisers.

A

False

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12
Q

As it pertains to appraisers, the abbreviation GIS stands for?

A

Geographic Information Systems

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13
Q

Today, most appraisals are transmitted in a(n) _______ format.

A

PDF

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14
Q

In a GIS mapping system, _______ of data can be turned on and off for viewing or printing.

A

Layers

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15
Q

EDI stands for

A

Electronic Data Interchange

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16
Q

Electronic Data Interchange became popular in the

  • Late 1970s
  • Late 1980s
  • Late 1990s
  • Early 2000s
A

Late 1990’s

17
Q

The website that serves as a portal for almost any federal agency is

  • Census.gov
  • usa.gov
  • hud.gov
  • Gov.gov
A

usa.gov

18
Q

What is UCDP

A

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.

19
Q

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
A

All of these

20
Q

What is the name of the technology that allows the transmission of information from one computer application to another?

  • Apex
  • UMD
  • PUAD
  • EDI
A

EDI - Electronic Data Interchange

21
Q

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
  • PDF
A

XML

22
Q

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
A

sharing through a comprehensive electronic system

23
Q

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
A

UCDP - Uniform Collateral Data Portal.

V_Basic Appraisal Principles (19 decks)

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