The 'UW Training - Appraisal Review Quiz' assesses understanding of appraisal report reviews, borrower credit analysis, and compliance with Appraiser Independence Requirements. It emphasizes the importance of USPAP adherence and accurate property valuation.
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Not important because the comps on page 2 and the appraised value is all the Underwriter needs to review
Not really needed to because the 1004MC is more accurate and reliable
Should be typical to its surroundings and the comps used in the appraisal report should be within the same neighborhood as it describes neighborhood characteristics, Housing trends, Price and Age ranges and land uses
All of the Above
None of the Above
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True
False
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That the comps are similar to the subject property
The subject may be an under-improvement for the neighborhood
The subject may be an over-improvement for the neighborhood
The property is not acceptable to lend on
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Current Listings
Closed Sales
Pending Sales
All of the above
None of the above
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Order a Second Appraisal report
Decline the loan file because this is unacceptable
Reconcile the discrepancies through the applicable AMC or VA appraiser
Order a Desk Review
Order a Field Review
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Typically the property has a large site
Distances of comps to subject property are greater than urban or suburban properties, especially when acreage is involved
Very small towns or sparsely populated areas may not have any recent sales available or properties that are truly similar to subject
All of the above
None of the above
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Wants to bring the appraised value in to match the purchase price on the contract since that is the price the buyer is willing to pay
Is responsible to ensure the Seller of the property matches public records and needs to review the terms of the contract, concessions, financing assistance and the type of sale
Is responsible to ensure the purchase contract is written up on the correct form with all applicable disclosures attached
All of the above
None of the above
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True
False
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Disregard the information because it is not relevant to a refinance transaction
Refer to and evaluate the appraiser’s comments for the comps’ extended market time
Disregard the information if the comps photo’s and corresponding adjustments indicate they are inferior properties than the subject property
All of the Above
None of the Above
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A house with only 1 bathroom located on a different floor than the bedrooms
Lack of a master bedroom (E.G. all bedrooms are the same size)
Tandem or captive bedrooms that can only be accessed through another room without a hallway
All of the above
None of the above
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True
False
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Documenting identical comps through paired sales analysis
Using comps with higher as well as lower sales prices than subject property
Identifying potential Health and Safety issues
Describing foundation structure
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True
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None
Typical
Average
All of the above
None of the above
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True
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