RAA Residential Appraisal Report Writing 3

Question 1

Which Fannie Mae form is used to appraise an individual condominium unit in a low-rise or high-rise project?

Accepted Answer

Form 1073 (Individual Condominium Unit Appraisal Report)

Answer

Form 1004 (URAR)

Answer

Form 1025 (Small Residential Income Property Appraisal Report)

Answer

Form 2090 (Individual Cooperative Interest Appraisal Report)

Question 2

When an appraiser signs a report as a 'supervisory appraiser,' what does this signature certify?

Accepted Answer

That the supervisory appraiser directly supervised the trainee and accepts responsibility for the report

Answer

That the supervisory appraiser performed all aspects of the appraisal independently

Answer

That the supervisory appraiser reviewed the report for grammatical accuracy only

Answer

That the client has authorized the supervisory appraiser to co-sign all reports

Question 3

An appraiser is completing a report for a property with a pool and solar panels. These items are not adequately addressed by the standard form. What should the appraiser do?

Accepted Answer

Include an addendum with a detailed description and market analysis of those features

Answer

Omit the features since standard forms cannot accommodate them

Answer

Report them only in the cost approach section and assign no contributory value

Answer

Note that the items exist without providing additional analysis or adjustment

Question 4

According to Fannie Mae guidelines, when an appraiser cannot find comparable sales within the subject's immediate neighborhood, what is the appropriate course of action?

Accepted Answer

Use comparable sales from competing neighborhoods with explanation of differences

Answer

Limit the report to the income and cost approaches only

Answer

Decline the assignment due to lack of market data

Answer

Use listing prices in lieu of closed sales without adjustment

Question 5

What does 'scope of work' mean in the context of an appraisal assignment, as defined by USPAP?

Accepted Answer

The type and extent of research and analyses applied in an assignment

Answer

The geographic area covered by the appraiser's state license

Answer

The dollar amount and complexity of the appraisal assignment

Answer

The number of comparable sales required for a credible opinion of value

Question 6

A lender requests a 'drive-by' appraisal of a residential property. Which Fannie Mae form is typically used for this type of limited-inspection assignment?

Accepted Answer

Form 2055 (Exterior-Only Inspection Residential Appraisal Report)

Answer

Form 1004 (URAR)

Answer

Form 1004C (Manufactured Home Appraisal Report)

Answer

Form 1007 (Single Family Comparable Rent Schedule)

Question 7

When an appraisal report contains a prior service disclosure, what must the appraiser report under USPAP ethics rules?

Accepted Answer

Any previous appraisal, appraisal review, or consulting service on the subject within the prior 3 years

Answer

Any appraisal performed on the subject property within the prior 36 months

Answer

Any inspection of the subject property in any capacity within the past 5 years

Answer

Any financial interest in properties within one mile of the subject in the past 12 months