Emerging Appraisal Methods

A loan is eligible for Fannie Mae's value acceptance + property data option, and the lender elects that option. What does the lender obtain in place of an appraisal?

An appraiser uses a building-permit file to investigate an addition. What is an important limitation of that source?

A real estate salesperson, acting solely in a brokerage role, prepares a CMA to help a listing client choose an asking price. Which statement is best?

An appropriately credentialed appraiser is offered a desktop assignment on an unfamiliar property type. A necessary competency gap is known before agreement. If the appraiser elects to proceed, what is required?

How should an appraiser identify potentially distressed transactions in a data set?

Why should an appraiser identify the data sources used in the report?

How should an appraiser treat a value estimate found on a consumer real estate website?

An appraiser builds a spreadsheet regression to support adjustments. How is it treated?

May an appraiser use data from a prior assignment for a different client?

The intended lender’s applicable assignment conditions require an interior inspection. The client asks the appraiser to deliver a desktop appraisal instead, and the inspection condition has not been authorized for modification. What should the appraiser do?

What is the value of interviewing market participants alongside recorded data?

Two data sources disagree about a comparable's living area. What should the appraiser do?

What does verification of a comparable sale involve beyond confirming the price?

Which evidence most directly helps verify the actual price and material terms of a particular closed sale?

Why does the growth of data sources not reduce the appraiser's verification burden?

Assume an appraiser is legally authorized and the assignment program permits a hybrid appraisal. Which additional capability is necessary to competently use third-party property data?

An appraiser wishes to rely on an AVM figure in developing an opinion of value. What is required?

An apparently relevant sale has important transaction terms that remain unverified after reasonable research. What should the appraiser do?

An appraiser consults a geographic information system for parcel boundaries. What limitation applies?

An appraiser cites a market statistic without stating the geography it covers. What is the flaw?

How does an appraiser handle a property data collection that omits a required characteristic?

Collector photographs show cracking that may be structural, and the appraiser cannot assess its significance from the available information. What is the appropriate response?

Why is the date a data extract was pulled worth recording in the workfile?

An appraiser receives photographs of a comparable taken by someone else. How should they be treated?

An appraiser finds a public records file that omits a recent addition to the subject. What does this illustrate?

Why might an appraiser decide a limited collector record is insufficient to understand a property’s functional layout and setting?

An AVM reports a confidence score alongside its value estimate. What does that score indicate?

Under Fannie Mae's hybrid appraisal option, which date is the effective date of the appraisal?

An appraiser adopts and reports an AVM value as their own opinion. How is that service characterized, without assuming the underlying work was adequate?

A property data collection reveals damage the collector describes but does not evaluate. What follows for the appraiser?

How should rent survey data be applied in the income approach?

What is the appropriate use of a published cost service in the cost approach?

Why should an appraiser disclose that a valuation model informed the analysis?

Local validation shows an AVM systematically overstates values in a neighborhood, and no supported correction has been established. How should the appraiser treat its current output there?

What is meant by model drift?

A system applies AVMs in a predetermined sequence, moving to the next when an earlier result fails its specified acceptance criteria. What is this arrangement commonly called?

Under Fannie Mae's Selling Guide, a lender submitted a property data collection to the Property Data API for value acceptance + property data, and the loan then lost that eligibility. Which option does the Selling Guide give the lender?

Under Fannie Mae's Selling Guide, each loan below is a DU loan casefile with an Approve/Eligible recommendation. Which one meets the eligibility criteria for a desktop appraisal?

Under Fannie Mae's Selling Guide, each of the following DU loan casefiles received an Approve/Eligible recommendation. Which one is eligible for a hybrid appraisal?

Under Fannie Mae's Selling Guide, an appraiser completing a Form 1004 Desktop receives interior photos and a floor plan from the listing agent, who has a financial interest in the sale. How may the appraiser use this material?

Under Fannie Mae's Selling Guide, a lender engages an appraiser to perform a property data collection on a home. Two weeks later, the same lender engages that appraiser to complete the appraisal using that data collection. How is the appraisal classified?

Under Fannie Mae's Selling Guide, a hybrid appraisal's property data collection was performed by a real estate agent rather than the appraiser. When must the lender share the property data collection with the appraiser?

Under Fannie Mae's Selling Guide, a trained third party performs a hybrid property data collection on March 2. The appraiser arrives at the opinion of value on March 9 and signs the report on March 10. Which entries are correct for the effective date and the Subject Property Data Collection Date?

Under Fannie Mae's Selling Guide, how does the appraiser complete the Subject Property Data Collection Method and Subject Property Data Collection Date entries for a Form 1004 Desktop?

Under Fannie Mae's Selling Guide, how do the floor plan exhibit requirements for Form 1004 Desktop and Form 1004 Hybrid compare?

Under Fannie Mae's Selling Guide, DU finds a prior appraisal of the subject property in Collateral Underwriter data, but CU issued an Overvaluation Flag on it. What is the effect on value acceptance for the new loan casefile?

Under Fannie Mae's Selling Guide, a lender's final DU submission on January 10 produced a value acceptance offer, and no appraisal was obtained. The note and mortgage are dated May 20. May the lender exercise the offer?

Under Fannie Mae's Selling Guide, DU issues a value acceptance offer on an eligible loan casefile. Which circumstance requires the lender to order an appraisal instead of exercising the offer?

Under Fannie Mae's Selling Guide, on which report form is a desktop appraisal reported?

Under Fannie Mae's Selling Guide, a lender obtains a hybrid property data collection from an insurance inspector, gives it to an appraiser who completes Form 1004 Hybrid, submits the appraisal to UCDP, reviews it, and delivers the loan. Which required lender step was skipped?