For a Fannie Mae dwelling appraisal requiring an area-support exhibit, which exhibit most directly documents the area calculation?
Correct Answer
B) A dimensioned sketch or floor plan with area calculations
For the specified Fannie Mae dwelling appraisal, the required sketch or floor plan supports the reported area through dimensions and calculations. This is a program exhibit requirement, not a universal USPAP mandate for every property and assignment.
Why This Is the Correct Answer
Option B is correct because a dimensioned sketch or floor plan with area calculations directly shows how the reported area was measured and computed. Fannie Mae's exhibit requirements include a floor plan or footprint sketch and calculations for the specified appraisal types and situations. This is a program exhibit requirement rather than a universal USPAP mandate.
Why the Other Options Are Wrong
Option A: A copy of the recorded deed for the property
Option A is wrong because a copy of the recorded deed shows ownership and legal description. It does not document the dwelling's dimensions or area calculations.
Option C: A builder’s construction contract stating the planned home size
Option C is wrong because a builder's construction contract stating the planned home size reflects what was planned, not what was measured. It does not provide dimensions and calculations supporting the reported area.
Option D: Room photographs without any measurements on them
Option D is wrong because room photographs without any measurements show appearance and condition. They cannot document how the area was calculated.
Show the math on the sketch
Area support means dimensions plus calculations drawn out, so anyone can redo the math.
How to use: Use this when choosing which exhibit proves a reported living area.
Exam Tip
For area support, choose the exhibit that shows dimensions and calculations. Ownership documents, plans of intent and unmeasured photos do not prove area.
Common Mistakes to Avoid
- -Relying on a builder's planned size instead of measured area
- -Assuming photos alone can support area calculations
- -Treating a Fannie Mae exhibit requirement as a universal USPAP rule
Concept Deep Dive
Analysis
This question tests which exhibit supports the reported gross living area in a Fannie Mae dwelling appraisal that requires an area-support exhibit. The exhibit should show dimensions and calculations that let a reader verify the area. Documents that state a size without measurements, or address other matters, do not document the calculation.
Background Knowledge
Fannie Mae requires a floor plan or footprint sketch and calculations for certain appraisal and data-collection types and situations. The sketch shows the dimensions used to calculate area so reviewers can verify the reported figure. This is a requirement of the investor program, separate from USPAP's general obligations.
Real-World Application
An appraiser completes a desktop appraisal for a Fannie Mae loan and includes a floor plan with each room's dimensions and the area totals. The underwriter can check how the gross living area was computed. Photos alone would show the rooms but not their size.
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