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
An appraiser discovers during an assignment that the subject property has an underground storage tank (UST) with potential contamination. The appraiser's primary obligation is to:
Answer: Disclose the observed condition, note its potential impact on value, and recommend a qualified expert
USPAP requires appraisers to disclose environmental conditions they observe and note the potential value impact, while recommending environmental experts for assessment.
The Fannie Mae Selling Guide prohibits appraisers from making adjustments based on which of the following factors?
Answer: Racial or ethnic composition of a neighborhood
Fannie Mae's guidelines explicitly prohibit adjustments based on race, color, religion, sex, disability, familial status, or national origin.
Which USPAP rule prohibits an appraiser from accepting an assignment that includes predetermined opinions or conclusions as a condition of employment?
Answer: Ethics Rule — Management section
The Management section of the Ethics Rule prohibits accepting assignments contingent upon reporting a predetermined conclusion.
A property owner converts a fourplex into a single-family home to avoid renting to families with children. This action most likely violates which provision of the Fair Housing Act?
Answer: The familial status protected class provisions
Familial status is a protected class under the Fair Housing Act, and converting rental units to avoid renting to families with children is illegal discrimination.
The term 'intended use' in USPAP refers to:
Answer: How the client and intended users will use the appraisal
USPAP defines 'intended use' as the use or uses of an appraiser's reported appraisal by the client and intended users.
Under the Fair Housing Act, which of the following is an example of a reasonable accommodation that must be provided to a person with a disability?
Answer: Allowing a guide dog in a no-pets building
Allowing an assistance animal such as a guide dog in a no-pets building is a classic example of a reasonable accommodation required by the Fair Housing Act.
When a state law conflicts with USPAP requirements, an appraiser operating in that state should:
Answer: Follow state law and invoke the Jurisdictional Exception Rule with appropriate disclosure
The Jurisdictional Exception Rule allows compliance with conflicting law or regulation, provided the appraiser discloses the conflict and the exception taken.