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residential report writing and case studies > Chapter 6 Other Form Reporting Options > Flashcards

Chapter 6 Other Form Reporting Options Flashcards

1
Q

Exterior-Only Inspection Residential Appraisal Report

A

Fannie Mae 2055 Form

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2
Q

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 subject property’s

A

physical characteristics

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3
Q 
Which Fannie Mae appraisal report form is designed to report an exterior-only inspection appraisal of a single-family home?
2055
1025
1073
1004C
A

2055

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4
Q 
The level of detail required by the 2055 form is generally consistent with the minimum content requirements of a(n) \_\_\_\_\_\_\_\_\_\_\_.
Restricted Appraisal Report
Appraisal Report
Narrative Appraisal Report
Limited Appraisal Report
A

appraisal report

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5
Q

What is the major difference between the Fannie Mae 1004 form and the 2055 form?
The 1004 is six pages, and the 2055 is four pages.
On the 2055, the appraiser must document the source of information for the subject’s GLA and physical characteristics.
They are the same form.
The 2055 has no cost approach section.

A

on the 2055, the appraiser must document the source of the in

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6
Q

Manufactured Home Appraisal Report

A

Fannie Mae Form 1004C, Freddie Mac Form 70B, dated March 2005

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7
Q

Special Requirements of the 1004C

A

-Reporting the information found on the manufactured home’s data plate is essential in completing the 1004C form.

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8
Q

Fannie Mae requires which approach(es) to value in the appraisal of a HUD-Code manufactured home?
Income approaches only
Cost approach only
Sales comparison and cost approaches only
Sales comparison, cost, and income approaches

A

sales comparison and cost approaches only

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9
Q 
Manufactured home appraisals are required to be reported on Fannie Mae form \_\_\_\_\_\_\_\_\_.
1004
1004B
1004C
1004MC
A

Manufactured 1004c

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10
Q 
Nikki is appraising a modular home for a Fannie Mae lender. What form should she use to report her appraisal?
1004
1073
1005C
1025
A

1004

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11
Q

Small Residential Income Property Appraisal Report

A

Fannie Mae Form 1025 & Freddie Mac Form 72, dated March 2005

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12
Q

The 1025 form is sometimes referred to as the

A

SRIPAR form

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13
Q

Individual Condominium Unit Appraisal Report

A

Fannie Mae Forms 1073 & 1075, Freddie Mac Forms 465 & 466,

dated March 2005

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14
Q 
Units of comparison on the 1025 form would NOT include sale price per:
Square foot of gross building area (GBA)
Unit
Parking space
Bedroom
A

parking space

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15
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?
1004
1073
1025
Either 1004 or 1025
A

1025

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16
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?
1004
1073
1025
The form that she feels best suits the property

A

1073

17
Q

There are two Fannie Mae Individual Cooperative Interest Appraisal Reports. The forms are

A

2090

2095

18
Q

The cooperative 2095 form requires the appraiser to conduct an

A

exterior inspection

19
Q

A cooperative is an ownership of stock in a

A

corporation

20
Q

This form is often used to report the results of an appraiser’s inspection for completion of new construction, remodeling, or repairs. When the form is used in this way, it is considered to be a

A

certification of completion

21
Q

This is a dual-use form. This single-page form can be used as an appraisal update reporting form, and/or as a certificate of completion acknowledgement.

A

Fannie Mae Form 1004D, Freddie Mac Form 442, dated March, 2005

22
Q 
An inspection made for the purpose of ensuring that repairs have been completed in accordance with a prior appraisal is \_\_\_\_\_\_\_\_\_\_\_\_.
A recertification of value
An update of an appraisal
An appraisal review
A mass appraisal
A

a recertification of value

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?”

23
Q

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

A

false

24
Q

The terms “recertification of value” and “update” have the same meaning.
True
False

A

false

25
Q

Form 1004MC is actually an

A

addendum to an appraisal report; it is not an appraisal reporting form

26
Q

Who is responsible for compliance with USPAP in appraisal reporting requirements?
The client
The appraiser
The entity that creates the reporting forms
The Appraisal Standards Board (ASB)

A

the appraiser

27
Q 
The 1004MC form is best described as:
An addendum to an appraisal report
An Appraisal Report
A Restricted Appraisal Report
A form created by HUD
A

an addendum to an appraisal report

28
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.
1004MC
1004C
1075
1004D
A

1004MC

29
Q

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

A

true

30
Q

Who is responsible for compliance with USPAP in appraisal reporting requirements?
The client
The appraiser
The entity that creates the reporting forms
The Appraisal Standards Board (ASB)

A

the appraiser

31
Q 
On the 1025 form, units of comparison would NOT include sale price per:
Square foot of gross building area (GBA)
Unit
Parking space
Bedroom
A

parking space

32
Q

Jose is appraising a condominium unit for a Fannie Mae lender. He is asked to make an exterior-only inspection of the subject property from the street. What type of inspection must he make of his comparable sales?
He must enter the building, but not the individual units
No inspection of comparable sales is required
Interior inspection
Exterior inspection from at least the street

A

exterior inspection from at least the street

33
Q 
Manufactured home appraisals are required to be reported on Fannie Mae form \_\_\_\_\_\_\_\_\_.
1004
1004B
1004C
1004MC
A

1004C

34
Q

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

A

true

35
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:
21
31
15
10
A

15

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

36
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 \_\_\_\_\_\_\_.
Building permit
Data plate
UL label
HUD label
A

data plate

37
Q

Fannie Mae requires which approach(es) to value in the appraisal of a HUD-Code manufactured home?
Income approaches only
Cost approach only
Sales comparison and cost approaches only
Sales comparison, cost, and income approaches

A

sales comparison and cost approaches

38
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.
from the front and side yards
from the rear yard
or use MLS photos
A

from at least the street

residential report writing and case studies (10 decks)

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