Residential Report Writing & Case Studies

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Nick2382
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Residential Report Writing & Case Studies
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2010-07-10 13:04:19
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Residential Report Writing & Case Studies
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  1. The last step in the appraisal process is

    a) determine the appropriate scope of work

    b) do a preliminary survey

    c) identify the problem

    d) report the appraisal
    d) report the appraisal
  2. Appraisal reports will always be documented as

    a) narrative reports

    b) summary appraisal reports

    c) written or oral reports

    d) written reports
    c) written or oral reports
  3. The property is being appraised as a federally related transaction because

    a) The market value exceeds $250,000.

    b) The secondary market will not purchase this loan

    c) The property is a complex property

    d) The mortgage exceeds $250,000.
    d) The mortgage exceeds $250,000.
  4. Appraisals performed for a federally related transaction must be reported as

    a) written reports

    b) form reports

    c) oral reports

    d) narrative reports
    a) written reports
  5. Someone , who is not an appraiser, is looking at your appraisal report to

    a) make an example of you and your work

    b) make a financial decision regarding the appraised property

    c) see if the value is high enough to sell the loan

    d) eliminate any financial concessions
    b) make a financial decision regarding the appraised property
  6. The appraiser must include enough information for the clients and other intended users to

    a) extract information for other properties

    b) understand your analyses and conclusions

    c) subtract the site value from overall value for insurance purposes

    d) use as an environmental assessment of the property
    b) understand your analyses and conclusions
  7. Types of reports include;

    a) FDIC report options

    b) OTS report options

    c) Form and narrative type

    d) Only form reports
    c) Form and narrative type
  8. In USPAP, “Reporting the Real Property Appraisal” refers to Standard

    a) 1

    b) 2

    c) 3

    d) 4
    b) 2
  9. You must base the explanation level of your reasoning and conclusions on

    a) the clients level of understanding of the appraisal process

    b) your competency in the subject market area

    c) FDIC/ACC guidelines

    d) Your education level and expertise in the market area
    a) the clients level of understanding of the appraisal process
  10. In appraising for a federally related transaction, the appraiser must report his/her opinion in accordance with:

    a) FIRREA

    b) FDIC

    c) OCC

    d) USPAP
    d) USPAP
  11. The amount of information required in the appraisal report is determined by

    a) Sellers disclosure statement

    b) Home inspection records

    c) the appraiser

    d) communications with the client
    d) communications with the client
  12. Using words, terms, and/or phrases that could be considered subjective is an example of

    a) common reporting errors

    b) misleading information

    c) relevant characteristics

    d) mistaken identity
    a) common reporting errors
  13. Poor sentence structure that effects the readability of the report is

    a) poor supervisory efforts

    b) a problem for state regulators

    c) a common reporting error

    d) not important to the client
    c) a common reporting error
  14. Assignment conditions may include

    a) intended users

    b) relevant characteristics

    c) extraordinary assumptions

    d) USPAP regulations
    c) extraordinary assumptions
  15. Insufficient information in the appraisal report is an on-going problem that is

    a) voiced by users of appraisal services

    b) addressed in FIRREA

    c) initiated by buyers and sellers

    d) created by intended users
    a) voiced by users of appraisal services
  16. An assignment is the result of

    a) scope of work decision

    b) an agreement between client and appraiser

    c) appraisal reporting standards

    d) appraiser intuition
    b) an agreement between client and appraiser
  17. Adequate property inspection and identification is a decision relating to

    a) hypothetical conditions

    b) scope of work

    c) problem identification

    d) extraordinary assumptions
    b) scope of work
  18. Addressing the scope of work in the appraisal report is required for

    a) the three page exterior-only inspection appraisal report

    b) loan guarantees by the FDIC

    c) intended users to understand what the appraiser did or did not do

    d) unsupported assumptions
    c) intended users to understand what the appraiser did or did not do
  19. The appraiser’s judgment and competency is necessary to formulate

    a) an acceptable scope of work

    b) an acceptable report

    c) reasons for legal descriptions

    d) appraiser’s specific knowledge
    a) an acceptable scope of work
  20. Identifying the type of value is required by USPAP. This is necessary information for

    a) jurisdictional exceptions

    b) supplemental standards

    c) highest and best use

    d) scope of work
    d) scope of work
  21. An example of a term that should not appear in the appraisal report is

    a) private driveway

    b) stable

    c) catholic

    d) townhouse
    c) catholic
  22. Fannie Mae and Freddie Mac are known as

    a) Government sponsored entities

    b) Public policy organizations

    c) Advisory councils for USPAP

    d) Government political action committees
    a) Government sponsored entities
  23. The primary reason for analyzing sales history of the subject is to

    a) document all the sales of the property

    b) analyze current market trends

    c) find out who the previous owners were

    d) insure flipping actions have not occurred
    d) insure flipping actions have not occurred
  24. The principle of ________________ is most often associated with the sales comparison approach to value.

    a) conformity

    b) contribution

    c) anticipation

    d) substitution
    b) contribution
  25. The URAR form can be used to report the appraisal of

    a) manufactured homes

    b) condominiums

    c) single family homes with attached units

    d) cooperative type housing
    c) single family homes with attached units
  26. Citing the source of the definition of value is a

    a) supplemental standard of Fannie Mae

    b) client requirement

    c) USPAP requirement

    d) HUD requirement
    c) USPAP requirement
  27. When using the URAR form

    a) scope of work may be expanded depending on the complexity of the assignment

    b) assumptions and limiting conditions may not be applicable

    c) intended use can be changed or altered to fit the assignment

    d) additional assumptions may be necessary to comply with the supplemental standards
    a) scope of work may be expanded depending on the complexity of the assignment
  28. The most requested appraisal report is the

    a) Qualitative appraisal report

    b) URAR report

    c) SRIPAR

    d) Quantitative analysis report
    b) URAR report
  29. Three common ways to identify a property are

    a) Tax cards, lot & block, and assessors records

    b) Assessors records, lot & block, and metes & bounds

    c) Preliminary report of title, tax records, and metes & bounds

    d) Metes & bounds, lot & block, and rectangular survey
    d) Metes & bounds, lot & block, and rectangular survey
  30. Fannie Mae last revised their residential appraisal report forms

    a) September 1986

    b) July 1993

    c) March 2005

    d) January 2006
    c) March 2005
  31. Manufactured home appraisals can be reported on the Fannie Mae form

    a) 1004

    b) 1004C

    c) 1004D

    d) 1004B
    b) 1004C
  32. The Appraisal Update Report form is considered to be a

    a) limited appraisal report

    b) self contained appraisal report

    c) summary appraisal report

    d) restricted use appraisal report
    c) summary appraisal report
  33. The form type reports are considered by Fannie Mae and Freddie Mac to be

    a) summary appraisal reports

    b) restricted use appraisal reports

    c) self contained appraisal reports

    d) complete appraisal reports
    a) summary appraisal reports
  34. Information from the HUD data plate is used to answer a specific question found in the

    a) Manufactured home appraisal report

    b) Small residential income property appraisal report

    c) Uniform residential appraisal report

    d) Appraisal update and/or completion report
    a) Manufactured home appraisal report
  35. In the introduction of the narrative appraisal report, the client would expect to find the

    a) intended use of the appraisal

    b) appraiser’s certifications

    c) appraiser’s qualifications

    d) sales comparison analysis
    b) appraiser’s certifications
  36. Lease summaries, detailed statistical data and other appropriate information would be found in _______________________ of the narrative appraisal report

    a) part two

    b) part three

    c) part four

    d) addenda section
    d) addenda section
  37. The “drive-by” Fannie Mae form requires

    a) Complete interior inspection of the subject

    b) No inspection, just verification of condition

    c) Exterior inspection of the subject, at least from the street

    d) Interior and exterior inspection of the comparable sales
    c) Exterior inspection of the subject, at least from the street
  38. Fannie Mae and Freddie Mac require the Operating income statement to be attached to the

    a) 2055 form

    b) 1007 form

    c) 1004D form

    d) 1025 form
    d) 1025 form
  39. The appraiser must identify the data source for the gross living area when using the

    a) 1004 form

    b) 1004C form

    c) 1025 form

    d) 2055 form
    d) 2055 form
  40. The general outline of the Narrative appraisal report contains

    a) 2 parts

    b) 4 parts

    c) 6 parts

    d) 8 parts
    b) 4 parts
  41. The reporting in the appraisal report of any undisclosed fees, commissions, or other things of value related to the procurement of the assignment, is outlined in which section of the ethics rule?

    a) Conduct section

    b) Management section

    c) Confidentiality section

    d) Record-Keeping section
    b) Management section
  42. Confidentiality and the appraiser-client relationship is a part of the

    a) Supplemental standards rule

    b) Competency rule

    c) Ethics rule

    d) Scope of Work rule
    c) Ethics rule
  43. The main difference between the reporting options identified in standard rule 2-2 is

    a) the form report versus the narrative report

    b) the various Fannie Mae form reports

    c) the amount of information and detail of explanation

    d) identification of the intended users by name or type
    c) the amount of information and detail of explanation
  44. Government agencies and government sponsored entities can issue

    a) competency rules for attorneys

    b) jurisdictional exception rules for clients

    c) ethics rules for the sellers of properties

    d) supplemental standards to augment USPAP
    d) supplemental standards to augment USPAP
  45. When statutes or ordinances prevent us from fully complying with USPAP, we use which rule to explain the situation?

    a) Supplemental standards

    b) Jurisdictional exception

    c) Competency rules

    d) Scope of work rule
    b) Jurisdictional exception
  46. The amount of information required in the appraisal report is determined by

    a) client

    b) appraiser

    c) reviewer

    d) underwriter
    a) client
  47. The three reporting options identified in standard rule 2-2 are

    a) restricted use, complete, and self contained

    b) restricted use, summary and self compliant

    c) self compliant, summary, limited use

    d) self contained, summary, restricted use
    d) self contained, summary, restricted use
  48. Standard 2 of USPAP is the standard that outlines the_____________ requirements for a real property appraisal

    a) development

    b) reporting

    c) review

    d) consulting
    b) reporting
  49. A checklist that will insure all required information is included in the appraisal report can be found in

    a) Standard rule 1-2

    b) Standard rule 2-3

    c) Advisory opinion # 11

    d) Statement # 5
    c) Advisory opinion # 11
  50. Work records must be maintained by the appraiser for at least

    a) 5 years

    b) 3 years

    c) 2 years

    d) 1 year
    a) 5 years
  51. When using the URAR appraisal report, the cost and income approaches are not required

    a) by Fannie Mae or Freddie Mac

    b) by governmental advisories

    c) by USPAP

    d) by FIRREA
    a) by Fannie Mae or Freddie Mac
  52. All of the following are acceptable for the subject’s address, except

    a) a post office box for the address

    b) a rural route number for the address

    c) necessary direction indicators

    d) a proper street suffix
    a) a post office box for the address
  53. In the sales comparison approach, the net adjustments should not exceed

    a) the number of sales used

    b) 10 percent of the original sales price

    c) 15 percent of the original sales price

    d) 25 percent of the original sales price
    c) 15 percent of the original sales price
  54. The intended use for the Fannie Mae/Freddie Mac URAR is

    a) testing the appraiser’s writing skills

    b) a mortgage finance transaction

    c) a federally related transaction

    d) up to the appraiser
    b) a mortgage finance transaction
  55. If the ratio of expired listings exceeds 50 percent in the defined neighborhood

    a) the assignment should be turned down

    b) the appraisal is going to cost more

    c) adjustments should be made to the subject

    d) further analysis of market conditions should be conducted
    d) further analysis of market conditions should be conducted
  56. Confidentiality and the appraiser-client relationship is part of the

    a) Ethics rule

    b) Scope of work rule

    c) Competency rule

    d) Supplemental standards rule
    a) Ethics rule
  57. Fannie Mae last revised their appraisal report forms

    a) June 1993

    b) July 2004

    c) March 2005

    d) January 2006
    c) March 2005
  58. Information documented on page 1 of the URAR form is

    a) a reconciliation of the indicated values used in the appraisal

    b) a result of collection, research, and verification of all relevant information

    c) summarized for the benefit of the buyers

    d) satisfying the requirements of the underwriter who, is the intended user
    b) a result of collection, research, and verification of all relevant information
  59. Finished area above grade, in the improvements section of the URAR, refers to

    a) GSE

    b) GBA

    c) GLA

    d) GRM
    c) GLA
  60. In reaching a scope of work decision, the assignment conditions may include

    a) intended users

    b) extraordinary assumptions

    c) sales comparison approach to value

    d) cost approach to value
    b) extraordinary assumptions
  61. An appraisal report for a property labeled as a federally related transaction

    a) must be a narrative appraisal report

    b) must be a written appraisal report

    c) must be a self-contained appraisal report

    d) must be a summary appraisal report
    b) must be a written appraisal report
  62. The Fannie Mae form 1004C is used report the appraisal of

    a) manufactured homes

    b) condominiums

    c) cooperatives

    d) 2-4 unit residential properties
    a) manufactured homes
  63. Fannie Mae and Freddie Mac are said to be

    a) Government Sponsored Enterprises

    b) Advisory agency for USPAP

    c) Public policy organizations

    d) Government Service Administrations
    a) Government Sponsored Enterprises
  64. The exclusion of the cost approach or income approach must be explained in the appraisal report. This is a requirement of

    a) Fannie Mae

    b) USPAP

    c) HUD

    d) FDIC
    b) USPAP
  65. The appraisal reporting options identified in USPAP, Standard rule 2-2 are

    a) complete, self-contained, restricted use

    b) complete, summary, self- contained

    c) self-compliant, summary, restricted use

    d) restricted use, summary, self- contained
    d) restricted use, summary, self- contained
  66. Fannie Mae and Freddie Mac require a copy of the flood map to be included in the appraisal report

    a) when zoning requirements change

    b) for all appraised properties

    c) for properties outside the 100 year flood plain

    d) for properties located in a special flood hazard area
    d) for properties located in a special flood hazard area
  67. An assignment is the result of

    a) scope of work decision

    b) appraisal reporting standards

    c) extraordinary assumptions

    d) agreement between the client and appraiser
    d) agreement between the client and appraiser
  68. The main difference between the reporting options identified in USPAP, standard rule 2-2 is

    a) forms versus narrative reports

    b) the various Fannie Mae report options

    c) forms versus narrative reports
    the various Fannie Mae report options
    the amount of information and detail of explanation

    d) identification of intended users by name or type
    c) forms versus narrative reportsthe various Fannie Mae report optionsthe amount of information and detail of explanation
  69. The reporting of any undisclosed fees, commissions, or other things of value related to the procurement of the assignment, is outlined in which section of the ethics rule?

    a) conduct section

    b) management section

    c) confidentiality section

    d) records-keeping section
    b) management section
  70. The characterization of the subject property neighborhood as urban, suburban, or rural, is determined mainly by

    a) data analysis

    b) flood maps

    c) zoning requirements

    d) visual observation
    d) visual observation
  71. Analysis of the sales history for the subject and the comparable sales used in the report is required to

    a) document all prior sales of the subject property

    b) analyze current market trends

    c) find out who the previous owners were

    d) insure flipping actions have not occurred
    d) insure flipping actions have not occurred
  72. In the introduction (part 1) section of the narrative appraisal report, the client would expect to find the

    a) intended use of the appraisal

    b) appraiser’s certifications

    c) appraiser’s qualifications

    d) sales comparison analysis
    b) appraiser’s certifications
  73. A written and recorded street maintenance agreement will be required by the lender/client for

    a) subject property located on a private street

    b) all loans sold to the secondary market

    c) verification of zoning ordinances

    d) verification of flood controls
    a) subject property located on a private street
  74. Fannie Mae requires the 216 form (operating income statement for income producing properties) be attached to the

    a) URAR form

    b) 2055 form

    c) Market rent survey form

    d) SRIPAR
    d) SRIPAR
  75. The official name for Fannie Mae is

    a) Federal Deposit Insurance Corporation

    b) Federal National Mortgage Association

    c) Federal Home Loan Corporation

    d) Federal Residential Loan Depository
    b) Federal National Mortgage Association

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