MCKISSOCK BASIC APPRAISAL PRINCIPLES I
FINAL EXAM REVIEW STUDY NOTES
◉ 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
FINAL EXAM REVIEW STUDY NOTES
◉ 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
