Quality Assurance & Improvement 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 Quality Assurance & Improvement flashcards as text
Under USPAP's Scope of Work Rule, who bears the ultimate responsibility for determining the appropriate scope of work for an appraisal?
Answer: The appraiser
The appraiser is responsible for determining and performing the appropriate scope of work to produce credible assignment results.
A review appraiser discovers that the subject appraisal used a sales comparison approach but failed to make adjustments for superior views in the comparable sales. This is BEST classified as:
Answer: An adjustment omission error
Failing to adjust for a known and measurable difference between comparables and the subject constitutes an adjustment omission error.
When performing a field review, the reviewer physically inspects the subject property and comparables primarily to:
Answer: Verify data accuracy and assess the reasonableness of the original report
A field review verifies data used in the original report and assesses whether the conclusions are reasonable given actual property conditions.
Which FNMA form is commonly used for desk reviews of single-family residential appraisal reports?
Answer: Form 2000
Fannie Mae Form 2000 is the Appraisal Desk Review form used for single-family residential properties.
A quality control program that tracks appraisal revision rates, appraisal withdrawal rates, and repurchase demand rates is MOST useful for:
Answer: Identifying systemic appraisal quality issues across a lender's panel
Tracking revision, withdrawal, and repurchase rates as aggregate metrics helps lenders identify systemic quality problems in their appraisal panels.
An appraiser's certification in a USPAP-compliant report states assumptions and limiting conditions. In a review, a critical limiting condition that materially affects credibility should be:
Answer: Noted as a potential deficiency if it limits the report's intended use
A limiting condition that materially impairs the report's usefulness for its intended purpose should be flagged as a potential deficiency in the review.
In the context of appraisal quality management, 'interrater reliability' refers to:
Answer: The degree to which different reviewers reach the same conclusions reviewing the same report
Interrater reliability measures whether multiple reviewers evaluating the same appraisal arrive at consistent quality assessments.