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 1073 is specifically designed for individual condominium unit appraisals and includes sections for analyzing the condominium project as well as the individual unit.

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

A supervisory appraiser's signature certifies that they directly supervised the trainee appraiser, reviewed the work, and accept full responsibility for the appraisal report.

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

When standard form fields are insufficient, the appraiser should include addenda with detailed descriptions and market-supported analysis to ensure the report is not misleading.

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

When neighborhood sales are insufficient, Fannie Mae allows appraisers to use sales from competing or similar neighborhoods, provided differences in location are analyzed and explained.

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

USPAP defines scope of work as the type and extent of research and analyses necessary to develop credible assignment results, which the appraiser determines based on the problem to be solved.

(RAA) Certified Residential Accredited Appraiser Practice Test

(RAA) Certified Residential Accredited Appraiser Practice Test

RAA Residential Appraisal Report Writing 3