Chapter 9 completing the sales comparison approach

Question 1

the most commonly used residential appraisal report form

Answer 1

URAR

Uniform Residential Appraisal Report

Question 2

Which of the following is NOT a required exhibit for Fannie Mae appraisal reports?
Interior floor plan showing doors and closets
Street map
Original photos of front, rear and street of the subject property
Photos of the front of each comparable sale

Answer 2

interior floor plan showing doors and closets

Question 3

Which of these is one of the written real property appraisal report options identified in USPAP?
Restricted Use Report
Appraisal Report
Limited Report
Letter Opinion of Value

Answer 3

appraisal report

Question 4

Which of the following property types should NOT be reported on the URAR?
Single unit
Single unit with accessory apartment
Unit in a PUD
Unit in a condominium

Answer 4

unit in a condominium

Question 5

The sum of the positive and negative adjustments made to a comparable sale price.

Answer 5

net adjustment

Question 6

The total adjustment to each comparable sale price calculated by adding the absolute values of all positive and negative adjustments

Answer 6

gross adjustment

Question 7

“The sum of the positive and negative adjustments made to a comparable sale price ” is the definition of
Point spread
Gross adjustment
Net adjustment
Adjusted value

Answer 7

net adjustment

Question 8

In a comparable sale, the adjustments were +$5,000, -$3,000, +$2,500, -$4,500, and -$3,000. How much is the net adjustment?
\+$2,000
-$3,000
\+$4,000
-$4,000

Answer 8

-$3,000

Question 9

In a comparable sale, the adjustments were +$5,000, -$3,000, +$2,500, -$4,500, and -$3,000. How much is the gross adjustment?
Zero
-$3,000
$18,000
$21,000

Answer 9

$18,000

Question 10

a collection of attachments at the end of an appraisal where you put all the supporting materials used to come to your value conclusion.

Answer 10

addenda

Question 11

Addendum might include:

Answer 11

Contracts
Covenant documents
Homeowner association documents
Deeds
Surveys
Title reports
Floor plans (drawn to scale)
Leases
Location maps showing the subject and comparables
Neighborhood plans
Photos
Plat maps

Question 12

Fannie Mae expects an explanation when the net adjustments exceed \_\_\_\_% and the gross adjustments exceed \_\_\_\_\_%.
10, 15
15, 25
5, 30
There is no set number

Answer 12

there is no set number

Question 13

Fannie Mae requires a sales history of the subject property for \_\_\_\_ years and the comparable properties for \_\_\_\_ years.
1, 1
2, 1
3, 1
3, 3

Answer 13

3,1

Question 14

Fannie Mae's Market Conditions Addendum is also known as Form
1004MC
1004D
1025
2090

Answer 14

1004MC

Question 15

An appraisal for which of the following property types should NOT be reported on the URAR?
Single unit residence
Manufactured home
Unit in a PUD
Single unit with accessory unit

Answer 15

manufactured home

Question 16

In a comparable sale, the adjustments were +$5,000, -$3,000, +$2,500, -$4,500, and -$2,000. How much is the gross adjustment?
Zero
-$2,000
$17,000
$15,000

Answer 16

$17,000

Question 17

"The total adjustment to each comparable sale price calculated by adding the absolute values of all positive and negative adjustments” is the definition of
Net adjustment
Gross adjustment
Adjustment ratio
Absolute adjustment

Answer 17

gross adjustment

Question 18

USPAP requires an appraisal report to be identified as one of the following types:
Limited Report
Restricted Appraisal Report
Complete Report
Letter Opinion of Value

Answer 18

restricted appraisal report

Question 19

“The sum of the positive and negative adjustments made to a comparable sale price” is the definition of
Point spread
Gross adjustment
Net adjustment
Adjusted value

Answer 19

net adjustment