BARBARAY VA SAR 1 QUESTIONS WITH
CORRECT ANSWERS 2026-2027
VA - CORRECT ANSWER -Veterans Administration
SAR - CORRECT ANSWER -Staff Appraisal Reviewer
USPAP - CORRECT ANSWER -Uniformed Standards of Professional Appraisal Practice
LAPP - CORRECT ANSWER -Lenders Appraisal Processing Program
VA requirements - CORRECT ANSWER -Meet all credit & income standards and ENSURE:
1. Loan App.
2. VA appraisal
3. VA COE
4. Collect Appraisal fee
5. Process Determination for Reasonable Value
VA Form 26-1805 - CORRECT ANSWER -
Request for "Determination for Reasonable Value" in WebLGY
Fee Appraiser duties - CORRECT ANSWER -Assigned through WebLGY will personally:
1. Inspect interior/exterior
2. Examine exterior or Comparables
3. Analyze Comparable sales
4. Provide market opinion of value
, 5. Sign appraisal report as appraiser
6. Upload appraisal report into WebLGY
Why is appraisal required? - CORRECT ANSWER -
1. Provide indication of market value in order to determine maximum loan amount VA can gua
rantee.
2. Determine whether or not property meets certain minimum property requirements (MPRS)
3. Ensure property is in an acceptable condition for the VA
Reasonable Value - CORRECT ANSWER -Same as Market Value
Timeliness Standards - CORRECT ANSWER -Upon opening Appraisal report:
1. Ensure needed documentation has been provided
2. Check information for accuracy
3. Create list of missing docs/inaccurate info.
4. Contact fee appraiser for missing docs/inaccurate info.
VA Timeliness Standards NOT MET - CORRECT ANSWER -If fee appraiser failed to explain why:
1. Contact fee appraiser
2. Request corrected appraisal report containing explanation for delay.
Notice of Value (NOV) - CORRECT ANSWER -
Establishes reasonable value of subject property for VA.
Timeliness Standards - Underwriter Review and Issue of NOV - CORRECT ANSWER -
Must be reviewed WITHIN 5 Business days:
*If not, must enter valid explanation in WebLGY
CORRECT ANSWERS 2026-2027
VA - CORRECT ANSWER -Veterans Administration
SAR - CORRECT ANSWER -Staff Appraisal Reviewer
USPAP - CORRECT ANSWER -Uniformed Standards of Professional Appraisal Practice
LAPP - CORRECT ANSWER -Lenders Appraisal Processing Program
VA requirements - CORRECT ANSWER -Meet all credit & income standards and ENSURE:
1. Loan App.
2. VA appraisal
3. VA COE
4. Collect Appraisal fee
5. Process Determination for Reasonable Value
VA Form 26-1805 - CORRECT ANSWER -
Request for "Determination for Reasonable Value" in WebLGY
Fee Appraiser duties - CORRECT ANSWER -Assigned through WebLGY will personally:
1. Inspect interior/exterior
2. Examine exterior or Comparables
3. Analyze Comparable sales
4. Provide market opinion of value
, 5. Sign appraisal report as appraiser
6. Upload appraisal report into WebLGY
Why is appraisal required? - CORRECT ANSWER -
1. Provide indication of market value in order to determine maximum loan amount VA can gua
rantee.
2. Determine whether or not property meets certain minimum property requirements (MPRS)
3. Ensure property is in an acceptable condition for the VA
Reasonable Value - CORRECT ANSWER -Same as Market Value
Timeliness Standards - CORRECT ANSWER -Upon opening Appraisal report:
1. Ensure needed documentation has been provided
2. Check information for accuracy
3. Create list of missing docs/inaccurate info.
4. Contact fee appraiser for missing docs/inaccurate info.
VA Timeliness Standards NOT MET - CORRECT ANSWER -If fee appraiser failed to explain why:
1. Contact fee appraiser
2. Request corrected appraisal report containing explanation for delay.
Notice of Value (NOV) - CORRECT ANSWER -
Establishes reasonable value of subject property for VA.
Timeliness Standards - Underwriter Review and Issue of NOV - CORRECT ANSWER -
Must be reviewed WITHIN 5 Business days:
*If not, must enter valid explanation in WebLGY
