Practice Test Geeks(FHA) Federal Housing Administration Appraiser Certification Practice Test
← All FHA Flashcard Decks

Documentation & Legal Requirements Flashcards

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

Read the first 7 Documentation & Legal Requirements flashcards as text

  1. When an FHA appraisal report references a prior sale of the subject property, which time frame requires the appraiser to analyze and reconcile any significant price change?

    Answer: Within the past 12 months

    FHA requires the appraiser to analyze and reconcile any significant price change for sales of the subject property within the past 12 months.

  2. What must an FHA appraiser do if the MLS data used as a data source contains an error that affects the appraisal conclusion?

    Answer: Note the discrepancy, verify with an alternate source, and document the resolution in the report

    The appraiser must note data discrepancies, verify through an alternate source, and document how the conflict was resolved within the appraisal report.

  3. Under FHA guidelines, which document formally transfers the FHA case number assignment and appraisal to a new lender when a borrower switches lenders?

    Answer: Case Transfer Request via FHA Connection

    A case transfer is processed through FHA Connection, allowing the appraisal and case number to follow the borrower to the new lender.

  4. Which section of the Uniform Residential Appraisal Report (URAR/Fannie Mae Form 1004) is primarily used by FHA appraisers to document required repairs and property condition?

    Answer: Comments on the Condition of the Property section within Improvements

    Required repairs and condition issues are documented in the Comments on the Condition of the Property section of the Improvements portion of the URAR.

  5. For FHA appraisals, what is the required protocol when the appraiser cannot gain interior access to a comparable sale used in the report?

    Answer: Use the comparable with a disclosure that only exterior inspection was possible and verify data from reliable sources

    FHA allows exterior-only inspection of comparables provided the appraiser discloses the limitation and verifies data through reliable sources such as MLS or public records.

  6. When an FHA appraisal is completed on a proposed construction property, which document must be reviewed and referenced to identify the subject property's planned improvements?

    Answer: Approved construction plans and specifications

    For proposed construction, the appraiser must review and reference the approved construction plans and specifications to identify all planned improvements.

  7. According to FHA Handbook 4000.1, how must the appraiser handle a situation where the contract sales price includes personal property that may inflate the value?

    Answer: Deduct the contributory value of personal property from the contract price and report the adjusted price

    The appraiser must deduct the contributory value of personal property from the contract price and report the adjusted figure as the basis for the appraisal.