Appraisal Review || With 100% verified answers.

While performing an appraisal review for a loan underwriting department, you need to contact the appraiser to discuss some issues. Which statement below is correct? correct answers You need to be diplomatic in your communications with the appraiser. What are the two kinds of review appraiser positions described in the course materials? correct answers Staff review appraisers and fee review appraisers Complete the following statement taken from The Appraisal of Real Estate, 13th edition: "The primary function of the appraisal reviewer is not to appraise the subject property but to examine the contents of a report and form an opinion as to its __________ and ________________ ." correct answers adequacy and appropriateness Assuming an appraiser lived and worked in a "mandatory" state (requiring that licensed or certified appraisers perform all appraisal assignments), which of the following review assignments would an appraiser need to refuse? correct answers A Certified Residential Appraiser reviewing an appraisal of an office building What is the primary function of the appraisal reviewer? correct answers Form an opinion regarding the adequacy and appropriateness of the appraisal report Which of the following is NOT one of the four purposes of an appraisal review? correct answers Due diligence From your review of the quotes from Appraising the Appraisal: The Art of Appraisal Review, which of the following is NOT one of the three reasons why appraisals need to be reviewed? correct answers The appraiser may have been too lazy to do a good job Which would be considered an improper motivation for a review appraiser? correct answers Identify all the problems contained in the appraisal report, to prove his or her superior competence In performing an appraisal review for a lender considering a new loan, you read a brief reference to a problem of environmental contamination on the subject property. As a reviewer, you should: correct answers Highlight this issue in your review report to alert the lender of the issue Your personal attorney requests a meeting to help prepare questions for cross examination of the opposing party's appraiser. You go over the appraisal report, pointing out several weak areas, and help him frame some questions to pose to that appraiser on the witness stand. However, you do not read the entire report and make no other file notations for your records. You do this as a "professional courtesy" and do not charge a fee for this consultation. Which of the following is TRUE? correct answers You have performed an appraisal review, as defined in USPAP. An accountant (not licensed as an appraiser) is reviewing an appraisal for a client. Which of the following tasks would fall outside of his authority to perform an administrative review? correct answers Evaluating the merits of the reconciliation analysis