Guidelines & 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 Guidelines & Requirements flashcards as text
When an FHA appraiser is asked to perform a desk review or field review of another appraiser's report, the reviewer must:
Answer: Be on the FHA Roster and comply with USPAP's review standards
FHA review appraisers must be on the FHA Roster and follow USPAP Standards Rule 3 governing appraisal review.
Under HUD guidelines, what action is required when an appraiser becomes aware of a prior appraisal on the same property for the same transaction?
Answer: Analyze and reconcile the prior appraisal and explain any significant value differences
FHA requires the appraiser to analyze prior appraisals and explain any material discrepancies in value in the current report.
For an FHA appraisal, which statement correctly describes the treatment of personal property in the value conclusion?
Answer: Personal property must be excluded from the market value opinion but may be listed separately
FHA market value opinions must exclude personal property; only real property contributes to the FHA-insured value.
What does FHA require regarding the appraiser's certification related to property inspections?
Answer: The appraiser must certify they personally inspected the subject property interior and exterior
FHA certification requires the appraiser to personally inspect both the interior and exterior of the subject property.
Under FHA guidelines, what is the appraiser's role when a property has an accessory dwelling unit (ADU)?
Answer: Describe the ADU, analyze its contribution to value, and confirm local zoning compliance
FHA requires the appraiser to describe the ADU, assess its value contribution, and note whether it conforms to local zoning regulations.
Which of the following best describes FHA's Minimum Property Standards (MPS) as distinct from Minimum Property Requirements (MPR)?
Answer: MPS applies to new construction and is enforced through HUD-accepted building codes; MPR applies to existing homes
FHA's MPS govern new construction through HUD-accepted building codes, while MPRs apply to existing and proposed properties evaluated under standard appraisal guidelines.
Under FHA guidelines, how should an appraiser handle a property where the heating system is incapable of maintaining 50°F in all livable rooms during winter?
Answer: Cite it as an MPR deficiency and condition the appraisal on repair or replacement of the heating system
FHA MPRs require heating systems to be capable of maintaining 50°F in all habitable rooms; failure to meet this standard is a required repair condition.