Report Writing & Compliance

Under FIRREA, which federal agency has the authority to set minimum standards for real estate appraisals in federally related transactions?

What is the minimum transaction threshold for requiring a state licensed or certified appraiser under Title XI for most federally related transactions?

The Dodd-Frank Act established which requirement specifically related to appraisal independence?

Which of the following is NOT a responsibility of the Appraisal Subcommittee (ASC)?

State appraiser regulatory agencies are primarily responsible for which of the following functions?

According to USPAP Standard 2, which of the following must be included in every appraisal report?

On the URAR form (Fannie Mae 1004), the 'Site' section requires the appraiser to comment on all of the following EXCEPT:

In a narrative appraisal report, which section typically appears immediately after the introduction?

Under the Appraiser Independence Requirements (AIR), which party is prohibited from selecting the appraiser for a consumer credit transaction secured by the consumer's principal dwelling?

For a Certified Residential appraiser, what is the minimum number of hours of qualifying education required by AQB criteria?

An appraiser completed an appraisal with an effective date of March 15, 2024. Due to processing delays, the lender requests an updated appraisal on June 20, 2024. According to USPAP, what must the appraiser do?

A federally related transaction involves a refinance of a single-family home with a loan amount of $180,000. Which of the following is required under Title XI?

On the URAR form, if an appraiser makes a $5,000 adjustment to a comparable sale for a two-car garage that the subject lacks, where should this be reflected?

Which element is typically NOT included in the executive summary of a narrative appraisal report?

Under customary and reasonable fee requirements, which factor is NOT appropriate for determining appraiser compensation?

A Licensed Residential appraiser has completed 2,000 hours of experience. To upgrade to Certified Residential, how many additional experience hours are required under current AQB criteria?

FIRREA was enacted primarily in response to which crisis in the financial industry?

The ASC's authority to monitor state appraiser regulatory programs includes the power to:

Which of the following represents a violation of appraiser independence under the Dodd-Frank Act provisions?

An appraiser discovers a significant error in a completed appraisal report that has already been delivered to the client. According to USPAP, the appraiser must:

Under USPAP Standard 2, which of the following must be included in every appraisal report?

An appraiser completed a URAR and determined the subject property value to be $485,000. The appraiser then discovers that comparable sale #1 had an undisclosed $15,000 seller credit for repairs that should have resulted in a downward adjustment. What is the most appropriate action?

According to Title XI, what is the minimum transaction value threshold for requiring a state-licensed or certified appraiser for federally related transactions?

A state appraiser regulatory agency's primary function does NOT include:

Under the Appraiser Independence Requirements (AIR), which party is prohibited from having substantive communications with the appraiser about the appraisal?

In determining 'customary and reasonable' fees under AIR, which factor should NOT be considered?

The Dodd-Frank Act established which requirement regarding appraisal management companies (AMCs)?

What is the minimum experience requirement for a Certified General Appraiser according to AQB criteria?

What is the minimum threshold for a federally related transaction that requires an appraisal under Title XI?

Under FIRREA, which federal agency has primary responsibility for overseeing state appraiser regulatory programs?

In the URAR form (Fannie Mae 1004), the 'Sales or Financing Concessions' section is used to:

According to AQB criteria, what is the minimum number of classroom hours required for a Certified Residential Appraiser?

Under FIRREA, which of the following transactions would require a state-licensed or certified appraiser?

An appraiser discovers that comparable sale #2 had a $5,000 seller concession for closing costs, while the subject property sale will have no seller concessions. What adjustment should be made to comparable #2?

In a narrative appraisal report, the 'Highest and Best Use' analysis must be presented:

How often must certified appraisers complete continuing education according to AQB requirements?

The Dodd-Frank Act established which requirement for appraisals on higher-priced mortgage loans?

The ASC maintains a National Registry that contains information about:

According to USPAP Standard 2, which of the following is NOT required to be included in an appraisal report?

Which of the following best describes the primary function of state appraiser regulatory agencies?

How many hours of continuing education are required every two years for certified residential appraisers according to AQB criteria?

Under USPAP Standard 2, when must an appraiser include a copy of the sales contract in the appraisal report?

An appraiser is valuing a 2,400 square foot home. Comparable sales show a $45 per square foot adjustment is appropriate for size differences. If a comparable sale is 2,100 square feet and sold for $385,000, what is the adjusted sale price?

A comparable sale shows a transaction price of $520,000. The appraiser discovers the buyer received a $10,000 credit for new appliances and the seller paid $3,000 in buyer's closing costs. What is the adjusted sale price for comparison purposes?

Which section of a narrative appraisal report would typically contain the appraiser's final reconciliation of the three approaches to value?

Which federal agency has primary oversight responsibility for the Appraisal Subcommittee (ASC)?

A trainee appraiser working toward Licensed Residential Appraiser certification has completed 1,800 hours of experience. According to AQB criteria, how many additional hours are needed?

On the URAR form (Fannie Mae 1004), what does the 'C' rating in the condition rating scale represent?

Under FIRREA, what is the minimum transaction value threshold that triggers the requirement for a state-licensed or certified appraiser for federally related transactions?

In a narrative appraisal report, which section typically appears immediately after the executive summary?