MCKISSOCK COMPREHENSIVE APPRAISAL
AND LICENSING REVIEW SHEET FULL
SOLUTIONS
●● An appraiser finds out after completing an appraisal that the
lender/client's loan did not close. What should the appraiser do regarding
the appraisal fee?
Answer: Charge the agreed-upon fee regardless of whether the loan
closed
●● An appraiser finds that the pending sale price of the subject
residential property is not supported by market data. To avoid causing a
problem for the buyer and seller, the appraiser reconciles the value
conclusion to meet the sale price anyway. Which statement is true
regarding this situation?
Answer: The appraiser has violated his ethical obligations by doing this.
●● An appraiser accepts an appraisal on a property that is under contract
for purchase. Based on a request from the client, the appraiser agrees to
select and use only the data that supports the pending contract sale price
of the subject property. Which statement is TRUE regarding this
situation?
Answer: The appraiser has violated the ETHICS RULE by doing this.
,●● Appraiser Amy agrees to pay a fee to be included on Lender B's
"approved appraiser" list. Which statement is TRUE regarding this
situation?
Answer: This is permissible under USPAP as long as it is disclosed.
●● The fact that the appraiser has previously appraised a property is:
Answer: Not confidential information, and can be disclosed
●● Jack, an appraiser, needs to locate information on zoning ordinances
for a property he is appraising. Which resource would most likely have
this type of information available on its website?
Answer: Local government website
●● The web site with the largest amount of demographic information is
Answer: census.gov
●● EDI stands for
Answer: Electronic Data Interchange
●● Fannie Mae and Freddie Mac created the Uniform Mortgage Data
Program (UMDP) for the purpose of
Answer: Standardizing appraisal data
Standardizing lending data provided to Fannie Mae and Freddie Mac
,Protecting sensitive data
●● UAD compliance is required for single-family appraisal reports
prepared for
Answer: all of these; VA loan, FHA loan, a conventional loan that is
going to be sold to Fannie Mae
●● What would be the correct way to format the date March 15, 2013 in
a UAD-compliant appraisal report?
Answer: 03/15/2013
●● Land is a long lasting asset, and has a long economic life as
compared to other assets. What characteristic of land does this refer to?
Answer: durability
●● An appraisal is best described as
Answer: an opinion of value
●● "An identified parcel or tract of land, including improvements, if
any" is the definition of
Answer: real estate
●● Modern definitions of the word "appraisal" have replaced the word
_______ with ________.
, Answer: estimate, opinion
●● The public restriction on property rights that allows the government
to place a lien on a property is
Answer: taxation
●● Physical land and appurtenances attached to the land is the definition
of
Answer: real estate
●● An appraisal is a( n) ____________ of value.
Answer: opinion
●● Which of the following would MOST LIKELY be considered
personal property?
Answer: window air conditioner
●● Which is NOT considered to be real estate?
Answer: property rights
●● The process of eminent domain is administered through
Answer: condemnation
AND LICENSING REVIEW SHEET FULL
SOLUTIONS
●● An appraiser finds out after completing an appraisal that the
lender/client's loan did not close. What should the appraiser do regarding
the appraisal fee?
Answer: Charge the agreed-upon fee regardless of whether the loan
closed
●● An appraiser finds that the pending sale price of the subject
residential property is not supported by market data. To avoid causing a
problem for the buyer and seller, the appraiser reconciles the value
conclusion to meet the sale price anyway. Which statement is true
regarding this situation?
Answer: The appraiser has violated his ethical obligations by doing this.
●● An appraiser accepts an appraisal on a property that is under contract
for purchase. Based on a request from the client, the appraiser agrees to
select and use only the data that supports the pending contract sale price
of the subject property. Which statement is TRUE regarding this
situation?
Answer: The appraiser has violated the ETHICS RULE by doing this.
,●● Appraiser Amy agrees to pay a fee to be included on Lender B's
"approved appraiser" list. Which statement is TRUE regarding this
situation?
Answer: This is permissible under USPAP as long as it is disclosed.
●● The fact that the appraiser has previously appraised a property is:
Answer: Not confidential information, and can be disclosed
●● Jack, an appraiser, needs to locate information on zoning ordinances
for a property he is appraising. Which resource would most likely have
this type of information available on its website?
Answer: Local government website
●● The web site with the largest amount of demographic information is
Answer: census.gov
●● EDI stands for
Answer: Electronic Data Interchange
●● Fannie Mae and Freddie Mac created the Uniform Mortgage Data
Program (UMDP) for the purpose of
Answer: Standardizing appraisal data
Standardizing lending data provided to Fannie Mae and Freddie Mac
,Protecting sensitive data
●● UAD compliance is required for single-family appraisal reports
prepared for
Answer: all of these; VA loan, FHA loan, a conventional loan that is
going to be sold to Fannie Mae
●● What would be the correct way to format the date March 15, 2013 in
a UAD-compliant appraisal report?
Answer: 03/15/2013
●● Land is a long lasting asset, and has a long economic life as
compared to other assets. What characteristic of land does this refer to?
Answer: durability
●● An appraisal is best described as
Answer: an opinion of value
●● "An identified parcel or tract of land, including improvements, if
any" is the definition of
Answer: real estate
●● Modern definitions of the word "appraisal" have replaced the word
_______ with ________.
, Answer: estimate, opinion
●● The public restriction on property rights that allows the government
to place a lien on a property is
Answer: taxation
●● Physical land and appurtenances attached to the land is the definition
of
Answer: real estate
●● An appraisal is a( n) ____________ of value.
Answer: opinion
●● Which of the following would MOST LIKELY be considered
personal property?
Answer: window air conditioner
●● Which is NOT considered to be real estate?
Answer: property rights
●● The process of eminent domain is administered through
Answer: condemnation
