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Residential Report Writing and Case Studies > Chapter 5 The uniform appraisal dataset > Flashcards

Chapter 5 The uniform appraisal dataset Flashcards

1
Q

The requirements of the UAD apply to appraisals for single-family residential mortgages that are being sold to

A

Fannie Mae or Freddie Mac on the secondary mortgage market, as well as FHA and VA loans.

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2
Q

It also goes without saying that appraisals for non-mortgage lending intended uses need not comply with the UAD. Examples of non-mortgage lending intended uses include:

A 
Eminent domain/condemnation
Estates/inheritance tax
Conservation easements
Ad valorem tax assessment
Divorce/other litigation
Purchase/sell decisions
Trusts
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3
Q 
UMDP stands for:
Uniform Mortgage Delivery Platform
Uniform Mortgage Data Program
Unfunded Mandate Dataset Problem
Unilateral Mortgage Discount Program
A

Uniform Mortgage Data program

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4
Q

Which entities are referred to as the GSEs?
The Appraisal Foundation and the Appraisal Subcommittee
The FDIC and FRB
State appraisal enforcement agencies
Fannie Mae and Freddie Mac

A

Fannie Mae and Freddie Mac

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5
Q

Which statement is FALSE regarding Fannie Mae?
It was established in the 1930s as a federal government agency.
It purchases mortgage loans from originating lenders.
It is currently a federal government agency.
It packages mortgages into securities, and sells them.

A

It is currently a federal government agency

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6
Q

According to the Fannie Mae/Freddie Mac website document titled “Uniform Appraisal Dataset (UAD) Overview”, the UAD is intended to:

A

“Provide lenders with greater confidence in loan quality by offering enhanced appraisal data quality and integrity regarding the collateral value of their loans.
Create efficiency and consistency in appraisal reviews by offering appraisers and lenders an improved view and understanding of the GSE appraisal data requirements.
Support processes to manage and mitigate valuation risk by resolving inconsistencies with appraisal data, including formatting, terminology, and use of descriptions.”

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7
Q

UAD standardization is intended to support consistent appraisal reporting throughout the country. According to the UAD Overview document, the GSEs have noted “vague or disparate data currently included on some appraisal reports, such as:

A

Variations in formatting numbers, dates and measures
Inconsistent terminology for identical information (such as waterfront vs. oceanfront)
Inconsistent use of descriptions (for example, quality of construction is sometimes reported in absolute terms such as ‘brick’ and sometimes in relative terms, such as ‘average’)”

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8
Q

Because of the inconsistencies noted in appraisal reports, the UAD provides for:

A

“Standardized formats for fields that include dates, values, etc.
Allowable values from a list of choices to be provided for certain fields
Standardized abbreviations to allow more information to fit on the printed appraisal forms
Standardized ratings and definitions for the ‘condition’ and ‘quality’ of the property and ‘Updated/Remodeled’ status”

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9
Q

In order to standardize data in appraisal reports, the UAD requires:
Significant revisions to GSE appraisal report forms
All appraisal reports must be submitted by the appraiser directly to the GSEs
Standardized abbreviations to allow more information to fit on the forms
All appraisals must include an interior inspection

A

standardized abbreviations to allow more information to fit on the forms

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10
Q

An appraisal on which type of property, completed for a Fannie Mae lender, would NOT be subject to the requirements of the UAD?
A single-family home with an accessory unit
A unit in a cooperative project
A unit in a planned unit development (PUD)
A condominium unit

A

A unit in a cooperative project

The UAD applies only to single-family dwellings, single-family dwellings with an accessory unit, units in a planned unit development (PUD), or condominium units

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11
Q

An appraisal on which type of property, completed for a Freddie Mac lender, would NOT be subject to the requirements of the UAD?
A duplex
A condominium unit
A unit in a planned unit development (PUD)
A single-family dwelling with an accessory unit

A

a duplex

The UAD applies only to single-family dwellings, single-family dwellings with an accessory unit, units in a planned unit development (PUD), or condominium units

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12
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.
True
False

A

False

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13
Q

The Uniform Appraisal Dataset changed _________.
Input requirements for certain fields on appraisal report forms
The appearance of the 1004, 1073, 1075, and 2055 forms
The way FHA appraisals were developed and reported
Nothing

A

input requirements for certain fields on appraisal report forms

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14
Q

(known as “Field-Specific Standardization Requirements”) establishes the UAD requirements for all of the required fields on the 1004, 2055, 1073, and 1075 forms

A

Appendix D

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15
Q

Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional exceptions, and other conditions that affect the scope of work.

A

Assignment conditions

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16
Q

If a particular form field does not have enough room for the appraiser to insert the information that is necessary to facilitate intended user understanding, the appraiser must include the necessary information in an

A

addendum

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17
Q

Appendix D lists the data entry protocols of the UAD as either requirements or instructions. From Appendix D:

A

“For form fields labeled as a requirement, UCDP will validate the data and will return an error message if the data does not conform to the defined reporting format. For form fields labeled as an instruction, the UCDP will not validate the reporting format but the data must be transmitted if populated by the appraiser.”

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18
Q 
Under USPAP, Fannie Mae and Freddie Mac appraisal requirements would be considered:
A recertification of value
Jurisdictional exceptions
Unnecessary
Assignment conditions
A

assignment conditions

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19
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:
Optional at the lender's discretion
Suggested but not required
An assignment condition
Optional at the appraiser's discretion
A

an assignment condition

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20
Q

“The appraiser should enter a neighborhood name” is an example of:
A requirement
An instruction
Neither of these

A

an instruction

21
Q

It is ________ that the appraiser enter an address that conforms to the United States Postal Service address standards, as found in USPS Publication 28.

A

required

22
Q

Pub 28 is somewhat lengthy, and it is not necessary for appraisers to read and understand the entire document. Specifically, the UAD requires the address to contain:

A

Street number
Street name, including directional indicator, suffix, or prefix
City
USPS two-letter state abbreviation (for example: CA, not Cal)
5-digit ZIP code or ZIP+4

23
Q

For condominium unit appraisals reported on the 1073 and 1075 forms, the appraiser is also required to enter the

A

unit number

24
Q

For all UAD report types, the appraiser is required to indicate whether the subject property is occupied by the

A

owner or the tenant

25
Q

If the transaction is indicated as a _______, this will trigger the requirement that the appraiser must complete the subject property contract for sale section of the report.

A

purchase

26
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"?
2019
2021
2017
19-20
A

2019

27
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.
True
False

A

false,

just one

28
Q

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

A

true

29
Q 
Which of these is a valid architectural style, under the UAD?
2 stories
Brick
Rambler
All of these
A

rambler

30
Q

In an appraisal report prepared under the UAD, how is a three-quarter bathroom to be considered in the room count?
As a full bathroom
As a half bathroom
It is not to be counted

A

as a full bathroom

31
Q 
Which of these is a valid architectural style, according to the requirements of the UAD?
Farmhouse
Brick
Typical
2 stories
A

farmhouse

32
Q 
Under the requirements of UAD, which of these would be an acceptable indication of a comparable sale's proximity to the subject?
2 blocks east
6 bl SE
1.25 miles
0.55 miles SE
A

0.55 miles SE

33
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?
0
No adj.
Same
The field should be left blank
A

the field should be left blank

34
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; BsyRd
B; AdjPwr
Good
A; BsyRd; AdjPwr; Ind
A

A; Bsyrd

35
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?
The name of the person who emailed the appraisal order to the appraiser
The appraiser’s full name as it appears on the ASC registry
The AMC name, if applicable
The lender’s initials

A

The AMC name, if applicable

36
Q

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

A

true

37
Q

Which is NOT an acceptable way to outline the subject’s neighborhood boundaries in a UAD-compliant appraisal report?
By referencing boundaries such as streets and municipal limits
By using “North”, “South”, “East”, and “West”
By referencing a map in an addendum
By referencing waterways or other natural boundaries

A

By referencing a map in an addendum

38
Q

Which of these statements is TRUE regarding GSE requirements and USPAP?
GSEs require USPAP compliance.
If appraisers simply follow GSE requirements, they will automatically be in compliance with USPAP.
GSEs require appraisals to conform to their specific requirements, and do not care about USPAP compliance.
The UAD and its requirements are intended to replace USPAP.

A

GSEs require USPAP compliance

39
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?
06/05/2020
06/05/20
06/20
Jun 20
A

06/20

40
Q 
The UAD requires an appraiser to rate the subject property's overall view as:
Good, Average, or Poor
G, S, or U
N, B, or A
A, B, or C
A

N, B, or A

41
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?
3.75
3+2
4
3.2
A

3.2

42
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?
Can
Must
Should
Alas
A

should

43
Q

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

A

UAD

44
Q 
Which party is ultimately responsible for compliance with Fannie Mae and Freddie Mac policies and initiatives?
The seller
The lender
HUD
The borrower
A

The lender

45
Q 
Under the requirements of UAD, which of these would be an acceptable indication of a comparable sale's proximity to the subject?
2 blocks east
6 bl SE
1.25 miles
0.55 miles SE
A

0.55 miles SE

46
Q 
In an appraisal report prepared under the UAD, how is a three-quarter bathroom to be considered in the room count?
As a full bathroom
As a half bathroom
It is not to be counted
None of the answers shown
A

as a full bathroom

47
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?
1930 M/L
~1930
1930 est
est 1930
A

~1930

48
Q 
Appraisals reported on which Fannie Mae forms will require compliance with the requirements of the Uniform Appraisal Dataset?
1004, 1004C, 1004D, 1004MC
1004, 2055, 1073, 1075
1004, 2055, 1025, 2000
1040, 1073, 1075, 2065
A

1004, 2055, 1073, 1075

49
Q

If an MLS is used as a source for subject property offering data, the appraiser must enter:
The abbreviated name of the listing real estate agency and the complete MLS listing number
The name and contact number for the listing agent
The abbreviated MLS name and the MLS listing number or identifier
The MLS number followed by the pound sign (#)

A

the abbreviated MLS name and the MLS listing number or identifier

Residential Report Writing and Case Studies (10 decks)

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