Practice Test Geeks(FHA) Federal Housing Administration Appraiser Certification Practice Test
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Regulatory Framework & Compliance 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 Regulatory Framework & Compliance flashcards as text

  1. Under HUD Handbook 4000.1, what is the maximum age of an FHA appraisal before it must be updated or a new appraisal ordered?

    Answer: 180 days

    FHA appraisals are valid for 180 days from the effective date of the appraisal under HUD Handbook 4000.1.

  2. Which federal law requires appraisers to be state-licensed or state-certified for federally related transactions?

    Answer: FIRREA

    The Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 mandated state licensing and certification for appraisers in federally related transactions.

  3. When an FHA appraiser identifies a health or safety issue that the seller refuses to correct, what is the appraiser's required action?

    Answer: Report the condition and make the appraisal subject to repair

    The appraiser must note the deficiency and condition the appraisal 'subject to repair' so the lender is aware and can require correction before closing.

  4. Which entity maintains the FHA Appraiser Roster and has authority to remove appraisers from it?

    Answer: HUD/FHA

    HUD/FHA maintains the FHA Appraiser Roster and can remove appraisers who fail to comply with FHA requirements independent of state board actions.

  5. Under FHA guidelines, a 'subject to' appraisal means:

    Answer: The appraised value assumes repairs or conditions will be met

    A 'subject to' appraisal provides a value that is conditioned upon the completion of specified repairs, alterations, or conditions before closing.

  6. What does the FHA's Minimum Property Requirements (MPR) primarily focus on?

    Answer: Safety, soundness, and security of the property

    FHA Minimum Property Requirements focus on ensuring the property is safe for occupants, structurally sound, and provides adequate security.

  7. An appraiser on the FHA Roster who accepts an assignment with a pre-determined value conclusion is violating which principle?

    Answer: Independence requirement

    Appraiser independence requirements prohibit FHA appraisers from accepting assignments where the value is predetermined, protecting the integrity of the appraisal process.