Podcast
Questions and Answers
The RECORD KEEPING RULE states: 'The workfile must include: _______ copies of all written reports.'
The RECORD KEEPING RULE states: 'The workfile must include: _______ copies of all written reports.'
A workfile in support of an oral appraisal review report must be sufficient for the appraiser to produce a(n)____________________.
A workfile in support of an oral appraisal review report must be sufficient for the appraiser to produce a(n)____________________.
Appraisal Review Report
Loans that are too big to conform to Fannie Mae and Freddie Mac limits are known as ________ mortgages.
Loans that are too big to conform to Fannie Mae and Freddie Mac limits are known as ________ mortgages.
Jumbo
One of the certifications in SR 2-3 says 'I have no (or the specified) _____________ interest in the property that is the subject of this report...........'
One of the certifications in SR 2-3 says 'I have no (or the specified) _____________ interest in the property that is the subject of this report...........'
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HUD says the appraiser must ________________ any attempt to influence their independence.
HUD says the appraiser must ________________ any attempt to influence their independence.
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The RECORD KEEPING RULE states: 'The workfile must include: the name of the client and the identity, by_______, of any other intended users.'
The RECORD KEEPING RULE states: 'The workfile must include: the name of the client and the identity, by_______, of any other intended users.'
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AO-19 says, in part 'If an appraiser is asked whether a specific property has a value (a point, a range, or a relationship to some benchmark), that request is for a(n) ______________.'
AO-19 says, in part 'If an appraiser is asked whether a specific property has a value (a point, a range, or a relationship to some benchmark), that request is for a(n) ______________.'
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The RECORD KEEPING RULE states: 'A true copy is a replica of the report transmitted to the ______________.'
The RECORD KEEPING RULE states: 'A true copy is a replica of the report transmitted to the ______________.'
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AO-19 says, in part 'Assignment conditions that compromise an appraiser's impartiality and objectivity in an assignment are _______________.'
AO-19 says, in part 'Assignment conditions that compromise an appraiser's impartiality and objectivity in an assignment are _______________.'
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One of the certifications in SR 2-3 says 'the reported analyses, opinions, and conclusions are limited only by the reported __________________________......'
One of the certifications in SR 2-3 says 'the reported analyses, opinions, and conclusions are limited only by the reported __________________________......'
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Under USPAP STANDARD RULE 2-3, one of the required certifications says 'the statements of fact contained in this report are_____________.
Under USPAP STANDARD RULE 2-3, one of the required certifications says 'the statements of fact contained in this report are_____________.
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The Comment to Standards Rule 1-1(a) states, in part 'it is not sufficient for appraisers to simply ____________ the skills and knowledge they possess when they become appraisers.'
The Comment to Standards Rule 1-1(a) states, in part 'it is not sufficient for appraisers to simply ____________ the skills and knowledge they possess when they become appraisers.'
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AO-19 addresses unacceptable conditions. It says, in part 'Specifically, an assignment condition is unacceptable when it limits the scope of work to such a degree that the assignment results are not ______, given the intended use of the assignment.'
AO-19 addresses unacceptable conditions. It says, in part 'Specifically, an assignment condition is unacceptable when it limits the scope of work to such a degree that the assignment results are not ______, given the intended use of the assignment.'
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Fannie Mae says use of phrases such as 'pride of ownership' or 'poor neighborhood' are examples of ________________ terminology.
Fannie Mae says use of phrases such as 'pride of ownership' or 'poor neighborhood' are examples of ________________ terminology.
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AO-19 says, in part 'The ____________ of the assignment results affect whether assignment conditions are acceptable.'
AO-19 says, in part 'The ____________ of the assignment results affect whether assignment conditions are acceptable.'
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HUD says it is prohibited for mortgagees or AMCs to make _____________ of future business, promotions or increased compensation for an appraiser.
HUD says it is prohibited for mortgagees or AMCs to make _____________ of future business, promotions or increased compensation for an appraiser.
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The loans that Fannie Mae and Freddie Mac are willing to purchase and securitize are called _____________ loans.
The loans that Fannie Mae and Freddie Mac are willing to purchase and securitize are called _____________ loans.
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Fannie Mae is a(n) ___________________.
Fannie Mae is a(n) ___________________.
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If an appraiser has a 'current or prospective interest in the subject property', USPAP requires that such an interest be disclosed in the ___________ and ___________ acceptance of an assignment or upon discovery during the assignment.
If an appraiser has a 'current or prospective interest in the subject property', USPAP requires that such an interest be disclosed in the ___________ and ___________ acceptance of an assignment or upon discovery during the assignment.
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Study Notes
Fair Housing, Fair Lending, and Environmental Issues
- The RECORD KEEPING RULE requires maintaining copies of all written reports in the workfile.
- An appraisal review report should be supported by a comprehensive workfile.
- Mortgages exceeding Fannie Mae and Freddie Mac limits are categorized as Jumbo mortgages.
- One certification in Standard Rule 2-3 requires disclosure of any present or prospective interest in the property.
- Appraisers must report any attempt to compromise their independence as mandated by HUD.
- The RECORD KEEPING RULE specifies that the workfile should identify the client by name or type of intended users.
- Informed requests regarding a property’s value are classified as an Appraisal according to AO-19.
- A true copy of a report is defined as a replica sent to the client.
- Conditions undermining an appraiser's objectivity are termed unacceptable under AO-19.
- Certification in SR 2-3 states analyses, opinions, and conclusions are limited by reported assumptions and limiting conditions.
- Under USPAP STANDARD RULE 2-3, statements of fact in reports must be true and correct.
- Appraisers are expected to maintain their skills and knowledge, rather than relying solely on them.
- AO-19 indicates that unacceptable assignment conditions can lead to results that are not credible.
- Subjective terminology, such as "pride of ownership," is warned against by Fannie Mae.
- The intended use of the assignment impacts the acceptability of its conditions as per AO-19.
- It is prohibited for mortgagees or AMCs to offer expressed or implied promises regarding future business to appraisers.
- Loans eligible for purchase and securitization by Fannie Mae and Freddie Mac are known as conforming loans.
- Fannie Mae operates as a Government-Sponsored Enterprise, not a federal agency or a subsidiary of HUD.
- Appraisers with current or prospective interests in a property must disclose this in the certification prior to accepting an assignment.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of Fair Housing and Fair Lending concepts with these flashcards based on Chapter 5. Each card covers essential terms and their definitions, helping you prepare for examinations in real estate law and environmental issues.
