CAR Quality Assurance & Improvement 2

Question 1

Under USPAP's Scope of Work Rule, who bears the ultimate responsibility for determining the appropriate scope of work for an appraisal?

Accepted Answer

The appraiser

Answer

The appraiser is responsible for determining and performing the appropriate scope of work to produce credible assignment results.

Question 2

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:

Accepted Answer

An adjustment omission error

Answer

Failing to adjust for a known and measurable difference between comparables and the subject constitutes an adjustment omission error.

Question 3

When performing a field review, the reviewer physically inspects the subject property and comparables primarily to:

Accepted Answer

Verify data accuracy and assess the reasonableness of the original report

Answer

A field review verifies data used in the original report and assesses whether the conclusions are reasonable given actual property conditions.

Question 4

Which FNMA form is commonly used for desk reviews of single-family residential appraisal reports?

Accepted Answer

Form 2000

Answer

Fannie Mae Form 2000 is the Appraisal Desk Review form used for single-family residential properties.

Question 5

A quality control program that tracks appraisal revision rates, appraisal withdrawal rates, and repurchase demand rates is MOST useful for:

Accepted Answer

Identifying systemic appraisal quality issues across a lender's panel

Answer

Tracking revision, withdrawal, and repurchase rates as aggregate metrics helps lenders identify systemic quality problems in their appraisal panels.

(CAR) Certified Appraisal Reviewer Practice Test

(CAR) Certified Appraisal Reviewer Practice Test

CAR Quality Assurance & Improvement 2