PSI Real Estate Appraisal 3

Question 1

The Uniform Standards of Professional Appraisal Practice (USPAP) are developed and interpreted by:

Accepted Answer

The Appraisal Standards Board of The Appraisal Foundation

Answer

The Federal Reserve Board

Answer

The U.S. Department of Housing and Urban Development

Answer

The National Association of Realtors

Question 2

Under USPAP, the appraisal report option that provides the most detail and documentation is the:

Accepted Answer

Self-contained appraisal report

Answer

Restricted appraisal report

Answer

Summary appraisal report

Answer

Complete appraisal report presented in an appraisal report

Question 3

Appraiser independence requirements under federal law prohibit:

Accepted Answer

A mortgage lender's loan production staff from selecting or pressuring appraisers

Answer

Appraisers from holding a state license in more than one state

Answer

Appraisers from appraising properties in which they have no prior experience

Answer

The use of appraisal management companies for federally related transactions

Question 4

In an appraisal report, reconciliation refers to the process of:

Accepted Answer

Weighing the reliability of each approach to value and arriving at a final value opinion

Answer

Verifying that all comparable sales used are within the same ZIP code

Answer

Recalculating adjustments to ensure mathematical accuracy

Answer

Confirming the property's legal description matches the deed

Question 5

Assemblage in real estate refers to the process of:

Accepted Answer

Combining two or more adjacent parcels under single ownership to create greater utility

Answer

Estimating the contributory value of individual improvements to a property

Answer

Dividing a large parcel into smaller lots for individual sale

Answer

Calculating site value by the land residual technique

Question 6

A federally related transaction requiring a state-certified or state-licensed appraiser is defined as any real estate transaction that:

Accepted Answer

Is regulated by a federal financial institutions regulatory agency

Answer

Involves a commercial property worth more than $500,000

Answer

Requires title insurance issued by a federally chartered company

Answer

Is financed by a seller with an owner-carry mortgage

Question 7

The scope of work in an appraisal assignment is determined by:

Accepted Answer

The appraiser based on the intended use, intended users, and complexity of the assignment

Answer

State appraisal board regulations that mandate a fixed scope for all residential appraisals

Answer

The lender's standard form, which cannot be modified by the appraiser

Answer

Federal guidelines that specify minimum page counts for each property type