Fair Housing Chapter 5 Flashcards

Questions and Answers

The RECORD KEEPING RULE states: 'The workfile must include: _______ copies of all written reports.'

Photo

Certified (correct)

Accurate

True

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.

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...........'

Present or prospective Signup and view all the answers

HUD says the appraiser must ________________ any attempt to influence their independence.

Report Signup and view all the answers

The RECORD KEEPING RULE states: 'The workfile must include: the name of the client and the identity, by_______, of any other intended users.'

Name or type Signup and view all the answers

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) ______________.'

Appraisal Signup and view all the answers

The RECORD KEEPING RULE states: 'A true copy is a replica of the report transmitted to the ______________.'

Client Signup and view all the answers

AO-19 says, in part 'Assignment conditions that compromise an appraiser's impartiality and objectivity in an assignment are _______________.'

Unacceptable Signup and view all the answers

One of the certifications in SR 2-3 says 'the reported analyses, opinions, and conclusions are limited only by the reported __________________________......'

Assumptions and limiting conditions Signup and view all the answers

Under USPAP STANDARD RULE 2-3, one of the required certifications says 'the statements of fact contained in this report are_____________.

True and correct Signup and view all the answers

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.'

Maintain Signup and view all the answers

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.'

Credible Signup and view all the answers

Fannie Mae says use of phrases such as 'pride of ownership' or 'poor neighborhood' are examples of ________________ terminology.

Subjective Signup and view all the answers

AO-19 says, in part 'The ____________ of the assignment results affect whether assignment conditions are acceptable.'

Intended use Signup and view all the answers

HUD says it is prohibited for mortgagees or AMCs to make _____________ of future business, promotions or increased compensation for an appraiser.

Expressed or implied promises Signup and view all the answers

The loans that Fannie Mae and Freddie Mac are willing to purchase and securitize are called _____________ loans.

Conforming Signup and view all the answers

Fannie Mae is a(n) ___________________.

Government-Sponsored Enterprise Signup and view all the answers

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.

Certification, prior to Signup and view all the answers

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.

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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.

Fair Housing Chapter 5 Flashcards

Questions and Answers

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)____________________.

Loans that are too big to conform to Fannie Mae and Freddie Mac limits are known as ________ mortgages.

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...........'

HUD says the appraiser must ________________ any attempt to influence their independence.

The RECORD KEEPING RULE states: 'The workfile must include: the name of the client and the identity, by_______, of any other intended users.'

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) ______________.'

The RECORD KEEPING RULE states: 'A true copy is a replica of the report transmitted to the ______________.'

AO-19 says, in part 'Assignment conditions that compromise an appraiser's impartiality and objectivity in an assignment are _______________.'

One of the certifications in SR 2-3 says 'the reported analyses, opinions, and conclusions are limited only by the reported __________________________......'

Under USPAP STANDARD RULE 2-3, one of the required certifications says 'the statements of fact contained in this report are_____________.

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.'

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.'

Fannie Mae says use of phrases such as 'pride of ownership' or 'poor neighborhood' are examples of ________________ terminology.

AO-19 says, in part 'The ____________ of the assignment results affect whether assignment conditions are acceptable.'

HUD says it is prohibited for mortgagees or AMCs to make _____________ of future business, promotions or increased compensation for an appraiser.

The loans that Fannie Mae and Freddie Mac are willing to purchase and securitize are called _____________ loans.

Fannie Mae is a(n) ___________________.

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.

Study Notes

Fair Housing, Fair Lending, and Environmental Issues

Studying That Suits You

Description

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Fair Housing Chapter 5 Flashcards

Questions and Answers

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)____________________.

Loans that are too big to conform to Fannie Mae and Freddie Mac limits are known as ________ mortgages.

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...........'

HUD says the appraiser must ________________ any attempt to influence their independence.

The RECORD KEEPING RULE states: 'The workfile must include: the name of the client and the identity, by_______, of any other intended users.'

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) ______________.'

The RECORD KEEPING RULE states: 'A true copy is a replica of the report transmitted to the ______________.'

AO-19 says, in part 'Assignment conditions that compromise an appraiser's impartiality and objectivity in an assignment are _______________.'

One of the certifications in SR 2-3 says 'the reported analyses, opinions, and conclusions are limited only by the reported __________________________......'

Under USPAP STANDARD RULE 2-3, one of the required certifications says 'the statements of fact contained in this report are_____________.

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.'

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.'

Fannie Mae says use of phrases such as 'pride of ownership' or 'poor neighborhood' are examples of ________________ terminology.

AO-19 says, in part 'The ____________ of the assignment results affect whether assignment conditions are acceptable.'

HUD says it is prohibited for mortgagees or AMCs to make _____________ of future business, promotions or increased compensation for an appraiser.

The loans that Fannie Mae and Freddie Mac are willing to purchase and securitize are called _____________ loans.

Fannie Mae is a(n) ___________________.

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.

Study Notes

Fair Housing, Fair Lending, and Environmental Issues

Studying That Suits You

Description

More Quizzes Like This

Fair Housing Act Quiz: Discriminatory Practices

Fair Housing Quiz - WI Real Estate

Colorado Real Estate Law Overview

REE Ch. 21 - Human Rights and Fair Housing

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.