Communication & Documentation Flashcards
7 cards from real CAR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Communication & Documentation flashcards as text
When a reviewer identifies that an appraisal used an effective date that predates the sale contract by more than 12 months, the most critical documentation concern is:
Answer: Whether the value conclusion reflects market conditions as of the effective date
The reviewer must document whether the value conclusion is properly supported by market data as of the stated effective date, regardless of when the contract was executed.
A communication best practice for a review appraiser who disagrees with the original appraisal's highest and best use conclusion is to:
Answer: Document the alternative HBU analysis and explain the basis for disagreement in the review report
The reviewer should clearly document the alternative highest and best use analysis and articulate the reasoning behind the disagreement within the review report.
Under Fannie Mae guidelines, if a review appraiser concludes that the original appraised value is not supportable, the next step is typically to:
Answer: Provide a recommended value and indicate whether it is above or below the original
Fannie Mae guidelines require the reviewer to provide their own supported value conclusion when the original value is not supportable.
In documenting neighborhood analysis during a review, the reviewer should verify that the original appraiser:
Answer: Identified factors that influence value trends and their effect on the subject
The reviewer should confirm that the neighborhood analysis identifies relevant value-influencing factors and correctly relates them to the subject property.
Which of the following is a key documentation requirement when a review appraiser performs a retrospective review?
Answer: The reviewer must use only data available as of the original effective date
In a retrospective review, the reviewer must limit their analysis to data that was available as of the original effective date to properly evaluate the original appraisal.
An appraisal review report that contains a 'restricted use' limitation is appropriate when:
Answer: The report is intended for use only by the client and no other parties
A restricted appraisal review report is appropriate when the intended use is limited to the client only and no other intended users are identified.
When documenting cost approach analysis in a review, the reviewer should evaluate whether the original appraiser's depreciation estimate:
Answer: Is adequately supported and consistent with observed physical condition and market data
The reviewer must assess whether the depreciation estimate is supported by observed evidence and consistent with market-derived data for similar properties.