Technology & Tools Flashcards

In appraisal management software, a 'scope of work' template helps the reviewer by:

Answer: Ensuring the appraiser's intended use, client, and inspection type are consistently documented before review begins

Scope of work templates standardize documentation of the assignment's intended use, client identification, and inspection level before substantive review proceeds.

A hybrid appraisal differs from a traditional appraisal in that:

Answer: A third-party property data collector performs the inspection while a licensed appraiser completes the analysis remotely

In a hybrid appraisal, a trained property data collector inspects and measures the property, and the appraiser develops the valuation opinion using that data without personally visiting the site.

When reviewing an appraisal where the appraiser relied on MLS data, the reviewer should consider whether the MLS data was:

Answer: Verified with at least one independent source such as public records or direct confirmation

MLS data should be verified against public records or other independent sources because MLS entries can contain errors in reported property characteristics or sale terms.

Digital appraisal forms produced by software vendors such as ACI or a la mode must comply with which reporting format standard to be accepted by the GSEs?

Answer: UAD (Uniform Appraisal Dataset) standardized data fields and definitions

The UAD standardizes field-level data definitions and allowable entries in digital appraisal forms so GSE submissions are consistent and machine-readable.

Fannie Mae's Market Conditions Addendum (Form 1004MC) requires appraisers to report data for how many time periods?

Answer: Two 6-month periods plus a current 3-month period

Form 1004MC requires data for the prior 7–12 months, prior 4–6 months, and current 0–3 months to document market trend direction.

A reviewer using GIS software identifies that three of the appraiser's five comparables are located in a different school district and census tract than the subject. The reviewer should:

Answer: Evaluate whether the location difference represents a significant value influence and whether the appraiser adequately addressed it

Location differences such as school district or census tract may or may not be significant value influences, and the reviewer must assess whether the appraiser properly identified and adjusted for any material differences.

Which of the following is a key limitation of relying solely on assessor's public records data when reviewing a residential appraisal?

Answer: Assessor data may lag actual market conditions and often reflects assessed value rather than market value

Public assessor records may be outdated, use mass-appraisal methodologies, and reflect taxable assessed values that do not equal market value.