Practice Test Geeks(CGA) Certified General Appraiser Practice Test
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Regulatory & Fair Housing Compliance Flashcards

7 cards from real CGA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Regulatory & Fair Housing Compliance flashcards as text

  1. An appraisal management company (AMC) instructs an appraiser to use only comparables from a specific list. Under USPAP, the appraiser should:

    Answer: Use the provided comparables if they are the best available, but exercise independent judgment

    Appraisers must exercise independent judgment and may use provided comparables only if they represent the best available evidence; the final analysis must be the appraiser's own.

  2. Under ECOA and Regulation B, how long must a lender retain appraisal records after the loan closing?

    Answer: Three years

    Regulation B requires lenders to retain appraisal records for 25 months (approximately two years) after the loan decision, though many lenders retain them longer.

  3. Which federal law requires lenders to provide mortgage loan applicants with a copy of their appraisal report?

    Answer: The Equal Credit Opportunity Act (ECOA)

    ECOA's Regulation B requires lenders to provide applicants with a copy of any appraisal report used in connection with a credit application.

  4. A certified general appraiser is asked to perform a desk review of another appraiser's report. Under USPAP, which standard governs this appraisal review assignment?

    Answer: Standard 3

    USPAP Standard 3 governs the development of appraisal review assignments, while Standard 4 governs the reporting of such reviews.

  5. A HUD fair housing complaint must generally be filed within how many days of the alleged discriminatory act?

    Answer: 365 days

    A fair housing complaint with HUD must be filed within one year (365 days) of the alleged discriminatory act.

  6. The term 'blockbusting' as prohibited under the Fair Housing Act refers to:

    Answer: Inducing homeowners to sell by exploiting fears of racial or ethnic integration

    Blockbusting is the illegal practice of persuading homeowners to sell cheaply by suggesting that minority groups are moving in, causing neighborhood decline.

  7. Under USPAP, the Scope of Work Rule requires the appraiser to identify the problem to be solved and then determine the scope of work necessary to:

    Answer: Produce credible assignment results given the intended use and intended users

    The Scope of Work Rule requires that the appraiser's scope of work be sufficient to produce credible results for the intended use and intended users.