Intro to Appraisals Questions and Answers

Intro to Appraisals Questions and Answers Select all that apply. If the minimum assessment feedback from Loan Product Advisor (LPA) requires a report with an estimate of value, which of the following would be acceptable? Form 70B - Manufactured Home Appraisal Form 70 - Uniform Residential Appraisal Report (URAR) Form 466 - Exterior-only Inspection Condominium Unit Appraisal Select all that apply. The Uniform Residential Appraisal Report (URAR) provides a description of: Information and analysis supporting the appraiser's opinions and conclusions pertaining to value and marketability The neighborhood and relevant market influences The subject property Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Which of the following review types would be accepted for a co-op by Fannie Mae? Select all that apply. Which of the following AUS valuation messages returned by DU require careful appraisal review by the lender? Excessive value message Rapid appreciation message The DU findings reflect an appraised value of $185,000. The appraisal in file supports a final value of $194,000. According to Fannie Mae, what action is required? The lender is required to resubmit the loan transaction to DU with the correct final appraised value of $194,000. If the appraised value in the appraisal report is different from the value submitted to LPA, what should the underwriter do? Correct the value and resubmit the loan For DU, clear exterior photographs of the subject and comparables are required, but photographs of comparable rentals are not. True Condominium projects meeting Fannie Mae Project Eligibility Review Service (PERS) and/or Condo Project Manager (CPM) Review requirements are eligible for delivery to Freddie Mac. True Which of the following is NOT indicated in the Subject section of the URAR? Age of property Select all that apply. Which of the following would be considered elements of comparison that should be analyzed during quantitative analysis of the sales comparison grid? Select all that apply. Which of the following certifications is acceptable for the value of the property? As is Subject to completion per plans and specifications Subject to repairs or alterations Subject to required inspections, such as a well test When the appraisal is over four months old and the appraiser believes the value has not declined, what activity is required by Fannie Mae of the lender? Request an update of value and current market conditions within four months of the note date Select all that apply. For an interior appraisal or inspection, which of the following exhibits are required by Freddie Mac for both Form 70 and Form 70B? Location map of subject Location map of comparables Form 71 Market Condition Addendum Building sketch Select all that apply. The presence of which of the following can have a negative influence on property value? Adjacent industrial areas Major thoroughfares Busy streets