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| 1. VC requirements
limit required repairs to those items necessary to:
be repaired to meet a minium saftey and livibality standard set by HUD ensure the 3 S's: Safety, Security, Saleability of the property be repaired to meet a minium saftey and livibality standard set by HUD protect safety, security, and
safety and security Safety and security safety, saleability and security
safety, saleability and security
safety, saleability and security safety, saleability and security safety, saleability and security safety, saleability and security make it habital
compete property sale, to meet the three S's rule insure safety to assure safety and minimal shorttem repairs safety, saleability and security safety and security Safety, Saleability and Security 3 sss 3 sss health and safety
health and safety Health and safety PROTECT SECURITY AND MARKETABILITY OF PROERTY AS WELL AS SAFETY PROTECT SECURITY AND MARKETABILITY OF PROERTY AS WELL AS SAFETY health and safety Preserve the continued marketability very gay this is so gay safety, saleability security 3 s rule: saleability, safety, security
3 s rule: saleability, safety, security
3 s rule:saleability ,safety, security 3 s rule: saleability, safety, security Continued marketability, safety, security protect security and marketability of property as well as safety Protect security and marketability of property as well as safety PROTECT SECURITY AND MARKETABILITY OF PROERTY AS WELL AS SAFETY protect security and marketability of property as well as safety. protect security and marketability of property as well as safety safe PROTECT SECURITY AND MARKETABILITY OF PROPERTY AS WELL SAFETY OF OCCUPANTS protect security and marketability of property as well as sagety of occupanta safety safety, security, salability protect security and marketability of property as well as safety of occupants 3 S 3 s's protect the property from a health, safety and preservation standpoint. PROTECT SECURITY AND MARKETABILITY OF PROPERTY AS WELL SAFETY OF OCCUPANTS safety,security and salability safety, security and salability safe security salability safe security, salability marketability of the subject property 30 days or 24 hours
30 days or 24 hours 30 days or 24 hours live in the property safety security salability safety, security, salability sss safety, security, salability faw safety safety,security,salability
safety,security,salability
safety, security, salability Safety , Secure, salabilty safe,secure,stable three s's 3 S 3 S Safety, security, & saleability SAFETY safety, saleability Safety Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) d
Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) d
Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) d
Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) d
Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) d
Safety SAFE,SOUND,SANATARY Safe, Sound and Sanatary (3 S's) ensure safety,saleability and security Subject being Structurally Sound, Hazard free and Adequate acceptable functional Sanitation safe, sanitary, structurally sound the 3 s' saleability, safety, security the 3 s' saleability, safety, security the 3 s' saleability, safety, security bring property up to safe standards bring property up to a safe standards saleability safety security Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security)
saleability safety security marketability, safety, security marketability, safety, security saleability safety security safety,security,saleability safety, security, saleability safety, security, structually sound
safety, security, salebility Safe, sanitary, structurally sound Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security)
Health and Safety
health and safety safety, security, saleability of the home safety, security living space safety, security security safety and marketability safety, saleability, security safety, saleabiity, security SECURITY SAFETY AND MARKETABILITY Saftey Security Salability safety, security, and saleability safety,security and saleabiity safety,security and saleabiity safety, security, saleability Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security)
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safety,security & marketbility safety, security & marketability saleability,safety,security safety, security & marketability SECURITY SAFETY AND MARKETABILITY security, safety, or marketability safety, security and marketability safety security all right ok To make a nice place to keep my old whore Mary Hennessy safety, security, saleability of the home. Marketability safety, security, saleability safety,security,saleability safey,security,saleability safey,security,saleability yes to have decent,safe and sanitary housing safety, security, salability
Safety, Security, saleability safety safty , security, saleabilty safty , security, saleabilty safety safety safety, security, saleabilty safety,security,saleability safety,security,saleability safty,salability safety, security, saleability safety,security,saleability SAFETY, SECURITY, SALEABILITY safety safety, saleabilty and security to make home livelable safet,security,saleability repair the problem safety i dont know Safety, security, saleability To make the home habitable i dont know make the home liveable make the home liveable MAKE HOME LIVEABLE security, safty, salability safety, security, saleability safety,security,saleability safety, security, salability Safety,Security,Saleability SAFETY, SECURITY, SALEABILITY safety security and saleability safety security and saleability Safety Security and Saleability safety, security, saleability safety, security, salability SAFTY, SECURITY, SALABILITY i dont no safty, security and salibalty saleability salability salability,safty,security salable, safty, security Required repairs will be limited to necessary requirements commonly referred to as the
three S’s Rule: preserve the continued marketability of the property (Saleability);
protect the health and safety of the occupants (Safety); protect the security of the
property (Security) nsure health & safty saleability,safety,security safety, saleability and security saleability,safety,security saleability,seurity,safety saleability, safety, security saleability, safety, security safe,sound,sanitary safe sound saleable safety, saleability, security safe sound saleable safe sound saleable Safe, sound and saleable Make the property Sound, Safe and Saleable. preserve property, safety, continued marketabily safety, saleability, security xxx safety, saleability, security SALEABILITY AND STRUCTURAL SOUNDNESS AND SAFETY preserve marketability, protect health, and safety insure the health and safty of occupants safe, sound, sanitary saleability,safety,security safety, saleability, security safety, saleability, security safety, saleability, seurity safety Salability,Safety,Security preserve the marketability, safety and health of occupants Safe, Sound, Sanitary meet minimum standards salability,safety,security preserve the marketability of the property and to protect the health and safety of the
occupants salability,safety,security salability,safety,security salability,safety,security Salability,Safety,Security insure health and safty insure health & safty saleabilitity, safety, security Required repairs will be limited to necessary requirements commonly referred to as the
three S’s Rule: preserve the continued marketability of the property (Saleability);
protect the health and safety of the occupants (Safety); protect the security of the
property (Security) meet minimum housing standards the minimum repairs necessary to make both the mortgage broker happy as well as the
listing realtor. To protect the health & safety of the inhabitants & the preservation fo the
property. Safe, Sound, Sanitary health, safety and welfare Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) d meet minimum housing standards To put property in a safe and livable condition. To those repairs necessary to maintain the investment quality level of the dwelling. health and safety Required repairs will be limited to necessary requirements commonly referred to as the three S’s Rule: preserve the continued marketability of the property (Saleability); protect the health and safety of the occupants (Safety); protect the security of the property (Security) |
| 2. If unable to
view inspection and improvement in its entirety, the appraiser must:
Make it a work requirement to provide access and reinspect If you inspect 90% or more of the subject just disclose what was not accessable to inspect and disclose it in the report. Noitfy lender and reinspect Noitfy lender and reinspect Estimate the value on the exterior inspection of the property PROTECT SECURITY AND MARKETABILITY OF PROERTY AS WELL AS SAFETY Estimate the value on the exterior inspection of the property state so in apprasil state so in apprasil stop, then contact lender contact client and advise return the assignment to the lender Noitfy lender and reinspect indicate in written report that it was not possible return assignment to the lender until a complete inspection can be preformed return assignment to the lender until a complete inspection can be preformed contact FHA for further instructions. notify client require that all can be viewed Noitfy lender and reinspect notivy lender and make subject to reinspection notify lender, appraise subject to reinspection notify lender,reinspect Notify lender and make subject to reinspection Notify lender and reinspect Notify lender and reinspect Noitify lender and Make subject to re-inspection
stop and notify the lender
return assignment to the lender until a complete inspection can be preformed
NOTIFY LENDER AND MAKE SUBJECT TO RE-INSPECTION
notify lender, and make subject to re-inspection
reinspect the property to view previous items that could not be inspected reinspect the property to view previous items that could not be inspected reinspect the property to view previous items that could not be inspected
reject
Reject the Appraisal request, return application to Lender with explanation of rejection. NOTIFY LENDER AND MAKE SUBJECT TO RE-INSPECTION
NOTIFY LENDER AND MAKE SUBJECT TO RE-INSPECTION
Noitify lender and Make subject to re-inspection
notify lender, and make subject to re-inspection
Reject the Appraisal request, return application to Lender with explanation of rejection.
Notify lender and reinspect Reject the Appraisal request, return application to Lender with explanation of rejection. notify lender, and make subject to re-inspection notify lender, and make subject ot re-inspection rescheduled the appointment time discontinue and return unfinisher appraisel to lender discontinue and return unfinisher appraisel to lender disclose what wasn't inspected & why noitify lender, and make subject to re-inspection NOTIFY LENDER AND MAKE SUBJECT TO RE-INSPECTION NOTIFY LENDER AND MAKE SUBJECT TO RE-INSPECTION noitify lender, and make subject to re-inspection hmmm reject noitify lender, and make subject to re-inspection noitify lender, and make subject to re-inspection noitify lender, and make subject to re-inspection
Noitify lender and Make subject to re-inspection Noitify lender and Make subject to re-inspection
Noitify lender and Make subject to re-inspection inform lender access was unavailable Drink a Beer a wait notify client that property was not accesable for inspection reinspect the property to view previous items that could not be inspected notify client that property was not accesable for inspection notify client that property was not accesable for inspection otify client that property was not accesable for inspection notify client that property was not accesable for inspection notify client that property was not accesable for inspection stop the appraisal and advise the client end the inspection and return document to the lender explaining circumstances discontinue inspection Reject and return the incomplete appraisal to the lender. return the incomplete appraisal to the lender return the incomplete appraisal to the lender return the appraisal to the lende until a complete visual inspection can be performed Return the appraisal to the lender until a complete visual inspection can be performed call for an inspection i do not know return assignment to the lender until a complete inspection can be preformed return appraisal to lender return appraisal to lender return appraisal to lender return appraisal to lender return to lender return appraisal to lender Noitify lender and Make subject to re-inspection notify the lender return appraisal to lender Return the appraisal to the lender. stop stop and notify the lender noitify lender, and make subject to re-inspection not accesable stop & notify lender stop and notify the lender stop and notify the lender Stop stop reject |
| 3. VC-1 asks if
there are "Overhead high voltage transmission lines within engineering (designed)
fall distance." For the purposes of VC-1, what is an acceptable distance from the
base of the tower?
Anything more than the height of the tower Estimate the height of the pole/tower, then if the pole / tower were to fall will will it hit the subject home? yes or no if yes then it is within the fall distance. it depends on the estimated height of the tower most are about 25-100 ft. impacts 10 FEET what determines how high a tower should be 132 kv The Appraisers n-lay use tower height as the fall distance 110 % height of tower
100 Feet 100 feet. the fall distance the fall distance 110 % height of tower Tower height height of tower 110% height of tower 175 feet 175 feet the length of the fall or length of the tower not within reach of the subject property, this distance varies with each property 3m 3m for field use, the appraiser may use the tower height as the fall distanace 40 FT 110% height of tower what does a tower look like what does a tower look like 40 FT for field use, the appraiser may use the tower height as the fall distance yes 110% height of tower length of the tower the acceptable distacne is the one which is enough to contain the whole of the tower the length of the fall or length of the tower. fr field analysis, the appraiser may use tower height as the fall distance. For field analysis, the appraiser may use tower height as the fall distance. for field use, the appraiser may use the tower height as the fall distance tower height may be considered fall distance nothing is measured from the base, it's based on the fall distance 60 feet base to top of tower acceptable 3000 3000 500 ft 3000 500 feet The appraiser may consider the Tower height as the fall distance. |
| 4. When a property
lacks connection to a public water supply, the appraiser must condition the appraisal on
connection to a public supply, assuming:
Connection cost is less than 3% of the value of the property feasible to hook up connection to a public suppy is possible connection is feasible (3% or less)of the estimated value of the property that a public water supply is available to the site. supply is availab.e Public supply is available and economicly feasible supply is available pass a well and septic tank ispection Assuming that the property does not have its own private water supply such as a well or that a private well cannot be drilled. well & septic must pass inspection of a qualified well & septic inspector public water is available public water available and economically feasable public water available and economically feasable economically feasable & less than 3% of market value public water available and economically feasable public water availabel and economically feasable it is feasible it is feasible the connection cost are less than 3% of the estimated value od the property. the connection costs are reasonable (3% of the estimated value of the property economically feasable & less than 3% of market value Public water is available, an econ. feasable, if not have well water tested. Public water is available, an econ. feasable, if not have well water tested. Public water is available, an econ. feasable, if not have well water tested. public water is available cost to connetct is less than 3% of the estimated market value, not sle price They have a well tested for acceptable lead content economically feasible and less than 3% of sales price public water is available it is feasible Quote from 4150.2 page 3-10 "Conncetion must be made to a public water/sewage system or a community water/sewage system, if the connection costs to the public system are reasonable (3% or less of the estimated value of the property). If the costs exceed 3%, the existing on-site systems will be acceptable provided they are functionaing properly and meet the requirements of the local health department". I have all of the page references and answersto the 200 questions at www.seanet.com/~mroskind a public water supply is available The cost to hook up to public water is 3% or less of the cost of the home. |
| 5. Which of the
following is NOT a requirement under VC-6 (Private Road Access and Maintenance)?
gravel road must be accessible by foot and vehicle Does not need to be gravel or paved. However, must to all weather for emergency vehicles. concret or bitumouse gravel road The question is ambiguous; it asks which is "NOT" a requirement but gives no choices; please be more specific or rephrase question. Where can I find a Private Road Maintenance Agreement? private road must be recorded and maintained Private road must be all weather recorded easement with an acceptable maintenance agreement shared driveway/Maintance agreement???? gravel road road must be concrete or bituminous road must be concrete or bituminous road must be concrete or bituminous road must be concrete or bituminous concret or bitumouse accessible Private Road road must be concrete or bituminous all weather road with access for emergency vehicles concrete or bituminous road must be concrete or bituminous gravel road The road must be an all weather road with access to emmergency vehichles road must be concrete or bituminous GRAVEL ROAD the road must be concrete or asphalt paved road gravel road |
| 6. If the floor
support system shows evidence of damage the appraiser will:
kjlj condition appraisal on repair either reject the property or make value subject to structural engineer's report and recommended repairs. report condition report condition note damage and require repairs advise lender and require repairs note damage and require repairs to be done report it/make appaisal subject to satisfactory inspection of the floor system call for structural stbility inspection call for a structural inspection require repair report it condition yes on vc sheet and make subject to repair of deficiency require structural inspection require structural inspection Mark "yes" on VC sheet to condition repairs. Complete appraisal as repaired condition yes on vc sheet and make subject to repair of deficiency check yes on vc sheet and require repair of deficiency call for a structural inspection Condition the appraisal "as-repaired", mark Yes on VC-7. |
| 7. To ensure
against conditions that could cause the building to deteriorate, all of the following are
true EXCEPT:
anything that does not effect the structural integrety of the improvement Any thing on the vc sheets Another ambiguous question; to ensure against conditions, "EXCEPT", but no options are provided. Huh! normal wear and usage unsure of question unsure of question do not condition repair on VC sheet conditions for cosmetic reasons are not required. yes conditions for cosmetic reasons are not required. condition appraisal for such adverse conditions except do not require repairs that would exceed 3% of sales price and would be considered economically unfeasible do not condition repair on VC sheet |
| 8. In order to
examine the roof, the appraiser should at a minimum:
inspect the roof from the ground and the attic inspect the roof from the ground do measurements firts inspect the roof from the ground inspect roof from all angles from the ground visially inspect exterior roof & inspect attic visually inspect roof from the ground and inspect attic for water damage Walk on top on roof and jump up and down inspect roof from all angles from the ground. inspect from the ground 5 FEET 5 FEET 5 FEET 5 feet Visually check exterior of roof and do interior inspection of attic visual check and inspect attic space visual check outdoors and look in the attic space visial check outdoors and look in the attic space visial check outdoors and look in the attic space bend corner physically examine the roof by walking the roof visial check outdoors and look in the attic space look at the ceiling spray roof with water then inspect attic Ask the nearest neighbor bend corner Inspect the interior for signs of leaks (water stains) and the exterior from the ground (for general condition)) - will it last > 2 years?) No more than 3 layers? Standing water? Inspect the interior for signs of leaks (water stains) and the exterior from the ground (for general condition)) - will it last > 2 years?) No more than 3 layers? Standing water? Inspect the interior for leaks and exterior from the ground and will last >2 years, no standing water, no more than 2 3 layers Try to bend the corner of a shingle to see if it breaks check the attic, inside the structure for leaks; use a ladder outside but do not get on roof
climb in attic, check for leaks or moisture naked inspect check the attic inside the structure for leaks; use a ladder outside but do not get on roof inspect Be Able To See It examine the roof from ground level observe the roof from ground level at all sides noting any deficiencies inspect from the ground Inspect the interior for signs of leaks (water stains) and the exterior from the ground (for general condition)) - will it last > 2 years?) No more than 3 layers? Standing water? inspect the interior of the attic to check for signs of water stains or leaks ask the owner |
| 9. Based on
Handbook 4150.2, if a dwelling's primary heat source is a wood-burning stove:
There must be a second permanent conventional heating system capable of maininting all areas with plumbing to a minimum of 50 degrees. there must be a conventional heating system to maintain a 50 degrees in plumbing area. where is the damper located on a wood burning stove Appraisal must require a thermostatically controlled heat source that meets safety and health requirements. Must be able to maintain 50 degrees must be able to maintain 50degrees unsure maintain 50 degrees in plumbing areas how many holes in the damper there must be a conventional heating system to maintain 50 degrees in plumbing area
there must be a conventional heating system to maintain 50 degrees in plumbing area
there must be a conventional heating system to maintain 50 degrees in plumbing area there must be a conventional heating system to maintain a 50 degrees in plumbing area. there must be a conventional heating system to maintain a 50 degrees in plumbing area. it must conform to local standards, most probabley be a fixed source and heat to a minimum of 50 degress it is not acceptable and central heat to be installed A conventional heating system must be operational to sustain temps of 50 deg F, where plumbing is located. |
| 10. During the
summer, examination of the heating system must include:
turning on the furnace Comment that operation of heating system could not be verified. inspection of ac inspection of ac unit if it isn't turned on you have to disclose this and state reason why yes yes. yes Assume the unit is functioning. Note the inability on VC sheet. Note furnace was not turned on in Buyers Summary.
yes Assume the unit is functioning. Note the inability on VC sheet. Note furnace was not turned on in Buyers Summary. Assume the unit is functioning. Note the inability on VC sheet. Not furnace was turned on in Buyers Summary. trying to turn system on without damage and marking yes on the vc sheet of uable to turn unit on vc 10 , assumed functionality & note on homebuyer summary, could not operate safely due to weather conditions |
| 11. It is a
requirement that there is an installed heat or cool-air source:
HEAT IS REQUIRED HEAT IS REQUIRED Yes There is a requirement for a heating system that meets safety and health requirements, but no requirement for air conditioning. meating must be able to maintain healful and stable heat heating must be adequate for heathful & comfortable living conditions to include a permanently installed heating system to maintain a temp of at least 50 degrees. yes in each room of the home. heat source only, unless in areas where cool air is a necessity for life heating must be adequate for heathful & comfortable living conditions to include a permanently installed heating system to maintain a temp of at least 50 degrees. in order to maintain a 50 degree temp. |
| 12. The appraiser
must flush toilets and run faucets to:
why won't paper flush check water pressure and flow Question Go Back to All the Questions 12. The appraiser must flush toilets and run faucets to: Your Best Answer to the Question is:
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-------------------------------------------------------------------------------- Check for pressure and adequate water flow
-------------------------------------------------------------------------------- check water pressure
check water pressure Check for pressure and adequate water flow check water pressure check water pressure No; that is the job of a home inspector. check for leaks verify good water pressure and rule out clogged pipes Flush poop down Flush poop down verify that water is flowing through plumbing as is typical. pluming is in working order check for hot water, water pressure, adequate water pressure for all necessary items, check for leaks, and any loss of pressure
check water pressure and if they work See if they work Eliminate refuse to determine that the plumbing system is intact, that it does not emit foul odors, that faucets function appropriately, that both cold and hot water run and that there is no readily observable evidence of leaks or or structural damage under fixtures. ( D-32 ) check for hot water, water pressure, adequate water pressure for all necessary items, check for leaks, and any loss of pressure
CHECK FOR HOT WATER, WATER PRESSURE, LEAKS
check water pressure & for signs of leaks CHECK FOR HOT WATER, WATER PRESSURE, LEAKS ensure proper water pressure and function ensure proper water pressure and function ensure proper water pressure and function ensure proper water pressure and funtion assess for adequate water pressure. rid the tiolet of his feces and to wash his hands afterwards check for hot water, water pressure, adequate water pressure for all necessary items, check for leaks, and any loss of pressure ensure the proper water pressure ensure the proper water presure. to determine that the plumbing system is intact, that it does not emit foul odors, that faucets function appropriately, that both cold and hot water run and that there is no readily observable evidence of leaks or or structural damage under fixtures. ( D-32 ) |
| 13. The
appraiser's observation of the plumbing system must include all of the following EXCEPT:
water temperature Water temperature quality of water. water quality galvanized determine quality of water determine quality of water determine quality of water
copper under ground plumming causing any harm to the system determine quality of water determine quality of water determine quality of water Except drinking the water. causing any harm to the system |
| 14. In observing
the electrical system the appraiser must:
Operate a represenative number or installed smoke detectors, lighting fixtures, swithches and receptacles inside the house, garage and on exterior walls. Note presence of sparks or smoke from outlets. D-32 Examine control panel for breakers with frayed wires and adequate amperage for appliance present on property. Ensure that outlets and switches operate properly check electrical box for amps you of need taht post's assingned to identify at least's of 2 different post and explain why you as the human resources executive have been. ensure that the electrical switches and outlets operate properly. Operate a representative number of lighting fixtured, switches and receptacles inside the house, garage and on exterior walls. Note presence of sparks or smoke from outlets. ( D-32 ) ensure that the electrical switches and outlets operate properly. Operate a representative number of installed smoke detectors, lighting fixtured, switches and receptacles inside the house, garage and on exterior walls. Note presence of sparks or smoke from outlets. ( D-32 ) note any fuses, visible damaged wiring and amperage note any fuses, visible damaged wiring and amperage ? observe the electrical box adequate system for appliances, no frayed wiring, no hazards, no fuses ensure that the electrical switches and outlets operate properly. Operate a representative number of installed smoke detectors, lighting fixtured, switches and receptacles inside the house, garage and on exterior walls. Note presence of sparks or smoke from outlets. ( D-32 ) |
| 15. Which of the
following statements is true regarding garage doors?
The appraiser must operate a representative number of windows, interior doors and all exter and garage doors, as well as verify that the electric garage door operator will reverse or stop when met with resistance during closing. Page 3-16 of handbook 4150.2 that door will open and close. If electrical, will stopp \ Door will open and close. If electrical that it will stop with resistance dd Which of the following statements is true? Automatic garage doors must have safety stop and reverse and operating properly; non-automatic doors must open and close properly. must automatically reveerse when met with object Operate all garage doors and verify that the electric garage door opener will automatically reverse or stop when met with reasonable resistence during closing. ( D-32 ) strue garage.com garage door openers must reverse when met with resistance they must close garage door openers must reverse when met with resistance garage door openers must reverse when met with resistance. they must close they mus close Operate all garage doors and verify that the electric garage door opener will automatically reverse or stop when met with reasonable resistence during closing. ( D-32 ) Operate all garage doors and verify that the electric garage door opener will automatically reverse or stop when met with reasonable resistence during closing. ( D-32 )
all garage doors must be inspected for automtic reverse when obstructed must be reversible upon negative pressure Operate all garage doors and verify that the electric garage door opener will automatically reverse or stop when met with reasonable resistence during closing. ( D-32 ) The appraiser must test automatic garage doors to see if they will stop when an object appears in the field of the electric eye. |
| 16. In checking
for health and safety deficiencies, the appraiser must operate:
all appliances, outlets all appliances, smoke alarms, window and doors Garage door, windows and doors, Representative number of windows, doors, plumbing, and electrical outlets; exterior and garage doors must be operative. check windows, garage doors, electrical outlets A representative number of windows, interior doors & electrical outlets. All exterior & garage doors must be inspected.
a represnetative number of windows, interior doors & electrical outlets. All exterior & garage doors must be inspected.
a represnetative number of windows, interior doors & electrical outlets. All exterior & garage doors must be inspected.
all elements that perform an active function: doors,windows,appliances, electrical components, etc. doors and windows A representative number of windows, interior doors & electrical outlets. All exterior & garage doors must be inspected. A representtative number of windows, interior doors & electrical outlets. All exterior & garage doors must be inspected. a represnetative number of windows, interior doors & electrical outlets. All exterior & garage doors must be inspected. all appliances, outlets all appliances, smoke alarms, window and doors a number of windows, interior doors, all exterior & garage doors. 22 |
| 17. Because of
potential lead paint hazards, if the house was built before 1978, the appraiser should:
what are the hazards in the kitchen can you just paint over lead base paint and be safe note the condition and location of all defective paint in the Home. Inspect all interior and exterior surfaces - wars, stairs, deck porch, railing, windows and doors - for defective paint (chipping, flaking or peeling). Exterior surfaces include those surfaces on fences, detached garages, storage sheds, and other outbuildings and appurtenants structures. (Page 3-16 HUD Handbook 4150.2 note the condition and location of all defective paint in the Home. Inspect all interior and exterior surfaces - wars, stairs, deck porch, railing, windows and doors - for defective paint (chipping, flaking or peeling). Exterior surfaces include those surfaces on fences, detached garages, storage sheds, and other outbuildings and appurtenants structures. Check for evidence of of peeling paint and note condition and location of such. is there any sealent i can put over lead base paint? where do I get a lead base paint certificate where do I get a lead base paint certificate Check for peeling; require scraping and painting; provide a lead based paint certificate. report any loose paint, require scraping and painting check for lead provide a lead base paint certificate provide a lead base paint certificate provide a lead base paint certificate check the interior and exterior of home, garages, fences etc for and defective paint which is peeling or chipping. Yes on VC sheet and report in buyers summary can you wallpaper over lead based paint provide a lead base paint certificate check the interior and exterior of home, garages, fences etc for and defective paint which is peeling or chipping. Yes on VC sheet and report in buyers summary
Inspect for evidence of chipping or peeling paint note on vc sheet and homebuyers summary require repair of any inadequacy noted. yes have all defective paint surfaces scraped and repainted have all defective paint surfaces scraped and repainted put another layer of paint check the interior and exterior of home, garages, fences etc for and defective paint which is peeling or chipping. Yes on VC sheet and report in buyers summary have all chipped paint surfaces scraped, removed and painted over have all defective paint surfaces scraped and repainted note the codition & location of all defective paint interior & exterior, looking for chipping, flaking and/peeling. |
| 18. What is the
owner-occupancy standard in a condominium project?
sd Hello, nice page, keep on - please visit mine, too. http://www.logoforum.at/anleitung.htm http://www.lastminute-flugreisen.at/index10.htm http://www.kaufen-verkaufen.at/index30.htm http://www.internet-online-shop.de/index20.htm Must be 51% owner occupied and the project must be 2/3 complete how do you qualify for owners occupancy 110% 51% owner occupied and 2/3 complete. 60 60 60 unsure 48 60 Question Go Back to All the Questions 18. What is the owner-occupancy standard in a condominium project? Your Best Answer to the Question is:
After you submit your comments, you will need to reload this page with your browser in order to see your additions to the log.
-------------------------------------------------------------------------------- 51%
51% 43% 70% 60% 51% 51% 51% at least 51% owner-occupied & must be at least 2/3 complete at least 50% owner-occupied |
| 19. What is the
completion standard for a condominium project?
According to hudclips.org there will be no requirement regarding percent complete only in percent of owner occupancy 2/3 2/3 2/3 2/3 complete 2/3 2/3 complete 2 years 2/3 2/3 project must be at least 2/3 complete. D-33 |
| 20. A HUD/FHA
Section 203 (k) mortgage CANNOT be used to:
Update an existing home used-------- repairs only Install luxury improvements, i.e., pools, spas, etc. repair with luxury improvements to install luxury items or improvements or non-permanent items TO INSTALL LUXURY ITEMS OR IMPROVEMENTS OR NON-PERMANENT ITEMS to install luxury items or improvements or non-permanent items Can I use a 203(K) loan to make improvements on a home in which I am currently living? for the addition of pools,spas rehab or repair cooperatives Can I use a 203(K) loan to make improvements on a home in which I am currently living? for the addition of pools, spas commercial dwellings, co-ops and upgrading amenities as pools etc to install luxury items or improvements or non-permanent items rehabilitate and repair cooperatives. B-1 |
| 21. The minimum
threshold for required repairs under the Section 203 (k) program is:
5,000. $5000 $5,000.00 $5000 $5,000.00
$5,000.00 $5,000.00 a minimum of $5,000. |
| 22. For HUD/FHA
appraisals, a Section 203 (k) appraisal requires:
guidlines do home foundations get inspected An as repaired value estimate will i be able to get a mortgage with the driveway cracked GUIDELINES FHA guidelines for water testing below grade below grade what is below grade do home foundations get inspected Don't know Don't know Square footage minumim bedrooms in basement bedrooms in basement bedrooms in basement bedrooms in basement bedrooms in basement bedrooms in basement bedrooms in basement are there any specific ways to increase value in an unfinished basement are there any specific ways to increase value in an unfinished basement are there any specific ways to increase value in an unfinished basement Are staircases considered taxable square footage Are staircases considered taxable square footage how long for fha appraisal how long for fha appraisal what type of house qualifies for FHA what type pf house qualifies for FHA fha appraisal guidlines appraisal What is an appraisal? Sealent are there any specific ways to increase value in an unfinished basement does your floor choice need insulatoin GUIDELINES railing requirements for steps Range hood vent What is the requirement regarding Carbon Monoxide sensors fha appraisal guidlines what kind of credit do need what kind of credit do need copper pipes gfci outlets near all sinks. gfci outlets near all sinks. what type of house quaulifies for fha fha appraisal guidlines bedrooms in basement
bedrooms in basement
no bedrooms in basement bedrooms in basement what type of well water test needs to be completed? what type of well water test needs to be completed? fha appraisal guidlines what are the requirements for hand rails leading to the basement railing railing what are the requriements for an fha loan or eligability If I have a dripping faucet will they make me repair it before the loan is approved? fha appraisal guidlines fha appraisal guidlines fha appraisal guidlines fha appraisal guidlines fha appraisal guidlines What is the economic life? How long fha appraisal guidlines What are the standards for an FHA appraisal report fha appraisal guidlines fha appraisal guidlines What are the requirements of an FHA inspection? house condition want the ansdweres Is my house up to standard? house is up to standard How high does the crawl space in a house have to be? how do would you measure a 2nd level of a 2 story house fha inspection what is required house requirememts for fha sidewalk repair what are the fha inspection requirements FHA home inspection eligable requirements I'm doing an appraisal 4 blocks from Midway airport log house appraisal fha home inspection what is required fha home inspection what is required House Condition requirements 241 d program WHAT ARE THE STANDARDS FOR A FHA APPRAISAL REPORT properties sold within last 6 months What are the saftey and construction standards to meet fha guidelines property eligibility guidelines property eligibility guidelines what type of house quaulifies for FHA Can a lender do a holdback on repairs not called for on the Appraisal what type of house qualifies for FHA what type of house quaulifies for FHA Do I need to put in GIF outlets in bath and kitchen if my home was built in 1940 guidlines accepted for fha what type of house quaulifies for fha what type of house quaulifies for fha what type of house quaulifies for fha compliances for a FHA home compliance with VC condiitons list of approved FHA appraisers compliance with VC condiitons compliance with VC condiitons fha appraisals What are the requirement that need to be met for a Fha loan fha appraisals Are cement floors required for a add on of a older houses? HUD/FHA APPRAISER LIST scope of repairs needed and a 203k inspector; both finding must be submitted to the appraiser hudclips.org/subscriber/html/pdfforms/92563.pdf as repaired an "as repaired" appraisal |
| 23. "Eligible
improvements" on a Section 203 (k) loan would NOT include:
Luxury improvements. luxury improvements installing a hot tub installing a hot tub? inslatting a spa ANYTHING THAT WOULD NOT BECOME A PERMANENT PART OF THE PROPERTY any luxury item or any item that does not become a permanent part of the subject property. ( B-2 )
sauna sauna sauna Appliances or luxury amenities dishwasher sauna any luxury item or any item that does not become a permanent part of the subject property. ( B-2 ) |
| 24. A Section 203
(k) Consultant does NOT:
Give blowjobs Perform appraisals. do appraisals do appraisals do appraisals issue appraisials issue appraisials do the appraisal do the appraisal do an apprasial control the pricing of the contractor control the actions or pricing of the general contractor do the appraisal perform the home inspection perform the home inspection perform the home inspection perform the home inspection do an appraisal do an appraisal. |
| 25. Which property
type is NOT eligible for Section 203 (k) financing:
Coops Cooperative units. cooperatives cooperatives cooperatives Cooperatives ( B-1 ) |
| 26. The subject
property for a HUD/FHA Section 203 (k) mortgage:
huh Single-family dwellings (attached or detached) simgle family properties Is primary program for rehabilitating and repairing single family properties. (See Page B-1 (B-1) HUD HOMES IN NORTH DAKOTA purchase and repair/renovate, purchase and move dwelling to another site repair/renovate, refinance repair/renovate or repair/renovate presently owned.
Unknown CLOSING COSTS TO SELLER purchase/renovate/move building from another site/renovate/refinance/repair renovate purchase and repair/renovate, purchase and move dwelling to another site repair/renovate, refinance repair/renovate or repair/renovate presently owned. |
| 27. In addition to
the Uniform Residential Appraisal Report (URAR), the following documents must be submitted
with EVERY FHA appraisal:
Homebuyer Summary Form- Five Day Rule: The purpose of the Homebuyer Summary form is to provide timely information to the buyer for repairs to be completed or property conditions that have to be satisfied prior to FHA insurance endorsement. If the repairs have been completed, conditions satisfied, or in those rare instances where there are no repairs or conditions, the buyer may waive the five-day requirement, in writing. The borrower must RECEIVE and sign the form 5 days prior to closing. Saturday can be included in the 5-day calculation if it is considered a normal business day for the lender. Sunday may not be included in the calculation. The date of closing will be considered to be the date on the HUD-1. In all cases homebuyers must be provided with the Homebuyer Summary Form. In addition, to purchase mortgages the 5-day requirement also applies to refinances from conventional financing to FHA and on cash-out FHA to FHA refinances. The lender must ensure that the appraiser is fully informed on the type of appraisal that is being ordered. Appraisers may routinely wish to complete both the VC Form and the Homebuyer Summary. The Homebuyer Summary does not have to be completed for streamline refinances with appraisals. For these loans all that is required is the VC form. Although FHA does not require repairs (except for lead based paint repairs) on streamline refinances with appraisals, the lender may (at their own discretion) require completion of repairs as-a condition to approving the mortgage. Homebuyer Summary Form- Five Day Rule: The purpose of the Homebuyer Summary form is to provide timely information to the buyer for repairs to be completed or property conditions that have to be satisfied prior to FHA insurance endorsement. If the repairs have been completed, conditions satisfied, or in those rare instances where there are no repairs or conditions, the buyer may waive the five-day requirement, in writing. The borrower must RECEIVE and sign the form 5 days prior to closing. Saturday can be included in the 5-day calculation if it is considered a normal business day for the lender. Sunday may not be included in the calculation. The date of closing will be considered to be the date on the HUD-1. In all cases homebuyers must be provided with the Homebuyer Summary Form. In addition, to purchase mortgages the 5-day requirement also applies to refinances from conventional financing to FHA and on cash-out FHA to FHA refinances. The lender must ensure that the appraiser is fully informed on the type of appraisal that is being ordered. Appraisers may routinely wish to complete both the VC Form and the Homebuyer Summary. The Homebuyer Summary does not have to be completed for streamline refinances with appraisals. For these loans all that is required is the VC form. Although FHA does not require repairs (except for lead based paint repairs) on streamline refinances with appraisals, the lender may (at their own discretion) require completion of repairs as-a condition to approving the mortgage. What is a notice to homebuyer summary? summary report summary report statement of limiting conditons VC sheets & home buyer summary homebuyers summary homebuyers summary Assuming the URAR has all typical attachments (market data map, floor plan, assumptions of limiting conditions, etc.); additional requirements are the VC Sheet and the Homebuyers Summary. The VC's vc sheets Form 2055 Form 2055 every fha Notice to homebuyer/Comprehensive VC What is a form 72 homebuyers summary property inspection certification where can i get acopy of the urar "urar" "urar" What is a form 72 Uniform Residential Appraisal Report what conditions are needed when evaluating a fire wall where can I find a sample letter of transmittal how is an appraisal done how is an appraisal done Sketch, Map, Subject & Comp Photos, VC Sheets, HomeBuyers Summary, Statement of Limiting Conditions.
Sketch, Map, Subject & Comp Photos, VC Sheets, HomeBuyers Summary, Statement of Limiting Conditions. Sketch, Map, Subject & Comp Photos, VC Sheets, HomeBuyers Summary, Statement of Limiting Conditions. where can i find a finished appraisal report? Where can I get a copy of the URAR identify the property how is a appraisal done where can i find a finished appraisal report? certification & limiting condtions certification & limiting conditions where can i find a finshed residential appraisal report? cvp, comprehensive valuation package includes 3 parts: urar, vc form & the homebuyer summary. |
| 28. Appraisers
should NOT require repair items that:
Do not affect the safety, health or preservation of the property; repairs that are strictly cosmetic in nature should not be required. I wont to know if there are any safty procautions on makeup do not affect the salability, safety, or security of the property which means cosmetic repairs. cosmetic do not affect the salability, safety, or security of the property which means cosmetic repairs. do not affect the salability, safety, or security of the property which means cosmetic repairs.
cosmetic do not affect the salability, safety, or security of the property which means cosmetic repairs. do not affect the sailability, safty, or security of the property which means cosmetic repairs. cost over $5000 do not affect structural stability of teh subject no longer produces annual income or services sufficient to offset the r sevices maintenance expense, insurance and taxes to produce returns on value of the land and when rehabilitation is not feasible. cosmetic |
| 29. Which of the
following would NOT be considered a required repair item:
Cosmetic items such as unusual paint decor, mis-matched carpet or tile, less attractive or unusual light fixtures, etc. tiles yhat dony match worn carpet worn carpet or tiles that dont match ROOF WORN CARPET OR TILES THAT DON'T MATCH an element functioning well, not to be replaced just because of age.
an element functioning well, not to be replaced just because of age. broken lock broken lock worn carpeting or tiles that don't match an element functioning well, not to be replaced just because of age. |
| 30. On a
10-year-old, two-living-unit property, HUD/FHA requires as a minimum the following
approach to value:
Sales comparison approach. If one unit is owner occupied and one is vacant, income approach is optional depending on availability and reliability of rental data. If on unit is owner-occupied and the other is rented, then the income approach is required when the market area has other rental properties, otherwise is optional depending on the availability and reliability of rental data. Sales comparsion approach- at a minimium Sales comparsion approach- at a minimium Sales Comparison and Income Approach. sales comparsion approach sales comparsion approach sales comparison and income comparable sale Sales Comparison Approach - at a minimum! income income income |
| 31. Before
performing an appraisal on a property involving new or proposed construction, the
appraiser must have the following documents:
Plans, Specs, Builder's certification form, Builder's warranty, all reports and information regarding the property and construction available (i.e. sales agreement, title report, any inspection/assessment reports. In our area the 10 year warranty is not required. plans and specs Plans, Specifications, and Builders Certification; it is assumed that the certification will inform the appraiser that the subdivision or project has been approved by FHA; if not, the appraiser should research for additional information regarding this issue. the address Improve PA rating what are the basic inprove PA approaches or formats what are the basic approaches or formats to improve the PA rating Rating errors Plans & Specs, Plat WHAT COULD WE USE INSTEAD OR ENLUIE OF A BULIDER 10 YR WARRANTY plans/specs/builders certification & 10 yr warranty 4150.2 4-3 NEW AND PROPOSED CONSTRUCTION REQUIREMENTS Before performing an appraisal for new or proposed construction, the appraiser must have the plans and specifications and a fully completed Builder's Certification. The lender must provide this information to the appraiser prior to issuing the assignment. Without these items, the property will not be acceptable for FHA insurance purposes. |
| 32. A fully
completed Builder's Certification form: Must be sent by the lender to the appraiser prior to the appraisal being started. when should a builder fill a builder's certificatin form establishes builder credability FHA FHA must be sent to appraiser by lender and be made part of the Comprehensive valuation package Is required before performing an appraisal for new or proposed construction. The lender must provide this information to the appraiser prior to issuing the assignment. Without these items, the property will not be acceptable for FHA insurance purposes. |
| 33. What repair
items are required on a streamline refinance?
what is streamline financing what is str none What is streamline financing? Is the closing cost added into the loan amount? those that affect safety, security, and saleability What is Streamline Financing? refinancing without closing cost refinancing without closing cost roof plumbing what is streamline financing and how can I get started termite credit There is no difference to an appraiser whether the loan is streamlined or not. What is streamline financing and how can I get started What is streamline financing and how can I get started
m None roof repairs, plumbing and paint What is streamline financing and how can I get started What is streamline financing and how can I get started what does streamline mean none NONE termites none none none roof door a roof What do I need to know about Streamline Financing The same requirements and guidlines for a purchase. lead based paint None Lead based paint requirement still needed to be observed. credit none anything listed on your VC sheet |
| 34. The minimum
floor area for a manufactured home is:
400 s.f. comeon people, I hope your not appraisers answering anything else than 400 s.f. If you are you should not be doing FHA assignments. 400 500 2,500 sq ft 400 500 860 860 960 400sqft 400 400 1000 400 1032 400 sqft 400 1000 400' 400' 400 400 sqft |
| 35. After what
construction date is a manufactured home acceptable?
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| 36. Which road
surface is NOT acceptable for HUD/FHA purposes?
For the test: dirt. For a more accurate answer: any street that does not provide an all-weather access to all buildings for essential and emergency use, including access for deliveries, service, maintenance and fire equipment. If emergency vehicles cannot pass in all types of weather then the surface is unacceptable. dirt DIRT one that does not meet all-weather surface dirt dirt dirt one that does not meet all-weather surface |
| 37. HUD's
requirements for a private road include:
I need to print a hud road maintenance agreement form HOW CAN I PRINT A PRIVATE ROAD MAINTENANCE AGREEMENT (BLANK) How do I write an easment agreement granting access to my property? signed document by all who use road Privately maintained County road agreement everyone's agreement how can I print a private road maintenance agreement copy of road maintenance agreement Where can I print a Private Road Maintenance Agreement Where can I print a Private Road Maintenance Agreement Where can I print a Private Road Maintenance Agreement (blank) HOW CAN I PRINT A PRIVATE ROAD MAINTENANCE AGREEMENT FORM? HOW CAN I PRINT A PRIVATE ROAD MAINTENANCE AGREEMENT FORM?
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Private Road Maintenance Agreement maintenance agreement a joint maintenance agreement. where do you get this agreement? permanent easment a joint maintemance agreement. where do you get this agreement? must have access to public road That the road be maintained permanent easment and a maintenance agreement permanent easment permanent easment permanent easement and a maintenance agreement permanent easement and a maintenance agreement 60 ft. width a permanent easement and a maintainance agreement must be protected by permanent recorded easements and have joint maintenance agreements or be owned and maintainted bya HOA. 3-12 |
| 38. What type of
septic system is NOT acceptable?
One that does not meet the requirements of the local health authority with jurisdiction. Or when the cost to hookup to a public system is less than 3% of the value of the property. when feasible to hook up to public system SEPTIC TANK direct discharge direct discharge direct discharge rgregregre cesspool cesspools cesspools Dug wells, cisterns, rivers, streams. |
| 39. What is the
minimum distance between the private well and the septic tank for new construction?
50 feet between the well and septic tank. 100 feet between the well and septic drainfield. 100ft 50 50 feet 50 feet 50 50 50 feet 50 feet 90 35 feet 50 feet 50 FEET 100 50 feet 100 ft 100 ft 20 100 20 ft ? 100 ft 100 ft 50 ft 50 50 feet 50 feet 50 feet 50 feet 100 metres 300 feet 25 ft 25 ft 25 ft 50 feet 25 ft 100 feet 50 feet 50 feet 50 feet 50' 50 Ft 50 Ft |
| 40. The cost
approach should be used in which of the following circumstances:
unknown unknown new building new building none special use special use proposed construction, homes less than 1 year old always always asd special use property If less than one year always special use property special use property proposed construction, homes less than 1 year old special use property special use property none none proposed construction, homes less than 1 year old churches gas stations, churches, always what is cost of residential construction by county in jnew jersey resdinal new construction proposed and existing property less than one year proposed and existing property less than one year all proposed/under constuction units & homes under 1 year all proposed/under construction units & homes under 1 year old NEW CONSTRUCTION OR HOMES BUILLT WITHIN TWO YERAS PROPOSED AND NEW CONSTRUCTION AND EXISTING LESS THAN ONE YEAR. |
| 41. The cost approach for the HUD appraisal must be completed for: |
| 42. Excess land is: |
| 43. The appraisal of a property with excess land should: |
| 44. The appraiser can be removed from the FHA register for six months to one year for square footage calculation errors of more than what percentage: |
| 45. HUD does not discriminate in the selection of the appraiser on the basis of: |
| 46. Ways to avoid discrimination, or to not encourage discrimination by others, include all of the following, EXCEPT: |
| 47. Appraisers must be aware of Fair Housing regulations because: |
| 48. A lender may request a reconsideration of the appraised value when: |
| 49. Who is authorized to send additional comparables to the appraiser in HUD’s reconsideration of an appraisal? |
| 50. A vapor barrier for a crawl space is required when: |
| 51. HUD requires repair of: |
| 52. An existing property MUST always be rejected when: |
| 53. Functional obsolescence is more likely to be present when the subject property: |
| 54. An interior floor plan drawing is required when: |
| 55. An appraisal performed under HUD general acceptable criteria for existing dwellings are to be done: |
| 56. Which of the following properties would not require a termite inspection |
| 57. A defective roof with ________ layers of all old shingles must be removed before re-roofing. |
| 58. If observed deficiencies exist in the property the appraiser must note them on this: |
| 59. Required repairs are limited to those necessary to preserve: |
| 60. All homes built prior to 19__ may contain lead paint |
| 61. The _______ has the primary responsibility to determine if general acceptability criteria have been met prior to a loan. |
| 62. A site must be graded to provide positive, rapid drainage away from perimeter walls of the dwelling and prevent: |
| 63. Which of the following is NOT a Health and Safety deficiency? |
| 64. FHA requires a minimum living area for all types of homes, other than manufactured housing: |
| 65. The Cost Approach is required on FHA appraisals: |
| 66. HUD's "3-S" Rule means: |
| 67. Which of the following, if any, properties are not eligible for the 203K program? |
| 68. Which of the following, are eligible property improvements under the 203K program for the first $5000 in repairs? |
| 69. A 203K mortgage may be originated on a mixed-use residential property, provided: |
| 70. What is the maximum percentage of commercial use permitted for a two-story building under the 203k program? |
| 71. The Income Approach is always required if the property: |
| 72. Which of the following is important for the HUD reviewer to keep in mind? |
| 73. An interior floor plan drawing is necessary. |
| 74. What should the appraiser do if at the time of inspection if repairs are in process? |
| 75. Based on HUD’s Handbook 4150.2, the verification process of comparable sales includes: |
| 76. Which of the following conditions is not a consideration? |
| 77. A comparable sale sold for $ 108,000 with a FHA mortgage of $100,000. The seller verified that "they paid 3 points" to the lender. What is the "net sale price"? |
| 78. The most similar income property comparable sale had a sale price of $110,000. It had rents of $500 for each unit. The $110,000 comparable is similar to the duplex style of the subject, but the subject's rents are slightly lower ($475 per month) because they are smaller units. What is the indicated value for the subject, using a GRM? (rounded) |
| 79. When the appraiser completes the cost approach for proposed construction, a marketing expense ratio of ___% is required. |
| 80. The valuation condition segment sheet includes all but one of the following: |
| 81. HUD defines Gross Living Area as : |
| 82. According to HUD 4150.2 which square foot method is the most applicable for estimating replacement cost new: |
| 83. Which of the following complete and make the following statement correct: |
| "All flat roofs require ____________?" |
| 84. Any departure from HUD requirements should: |
| 85. Which is the preferred method for developing the cost new of the existing subject improvements? |
| 86. The appraiser must certify that the appraised value is based on the following: |
| 87. When an appraiser finds a property in a condominium project that was not approved he/she should: |
| 88. New single family construction requires: |
| 89. Three and four family new construction requires: |
| 90. The building sketch must show: |
| 91. FHA requires the land value: |
| 92. Final reconciliation is: |
| 93. An appraisal reporting violation which has a square footage error of more than 10%, as a first offense will result in: |
| 94. Failing to accurately report defects that costs over $5,000 to repair will result in (as a repeated offense): |
| 95. Failing to recognize property in a special flood hazard area could result in: |
| 96. Security bars on bedroom windows are acceptable if: |
| 97. In the Site section of the sales comparison grid section the appraiser must enter which of the following as a response: |
| 98. In the condition section of the Sales Comparison Grid section, the appraiser should make an adjustment for: |
| 99. Comparable sales used in the appraisal must not be older than: |
| 100. Adjustments to comparable sales must be: |
| 101. Generally, a single line item adjustment on the URAR should not exceed: |
| 102. A dwelling located in proximity to an underground high-pressure gas line is: |
| 103. If appraising a single family home as a HUD real estate owned (REO), the appraiser must: |
| 104. The "effective date" of an appraisal is: |
| 105. For the typical HUD real estate owned (REO) property, the preferred "approach" to value is the: |
| 106. On a FHA streamline refinance, which would not be considered a required repair? |
| 107. When appraising a manufactured house, the appraiser cannot find the Federal Manufactured Home Construct & Safety Standard labels (tags) because the manufactured house (mobile home) has been bricked on the exterior veneer. The appraiser must: |
| 108. Upon completion of the exam, the appraiser is placed on the FHA register for: |
| 109. The selection of the appraiser is made by the: |
| 110. The fee paid for the appraisal is: |
| 111. The fee for a real estate appraisal must NOT include: |
| 112. Under HUD guidelines, the fee for an appraisal is based upon: |
| 113. The appraiser is required to state the full market assessed value in the: |
| 114. The subject property is located in an area that is subject to hazards, which can not be cured. The appraiser must: |
| 115. Assuming the current assessment does not represent the full market assessed value, the appraiser must have the which of the following to estimate the full market assessed value: |
| 116. During the site visit the appraiser finds a property located next to a highly traveled roadway. The traffic noise is considerable yet several homes have sold on this same street. Access and the traffic flow are generally considered safe. According to HUD’s Handbook 4150.2 the appraiser must: |
| 117. Typically high-voltage power transmission lines are characterized as; |
| 118. This type of property is not permitted within the 100-year floodplain. |
| 119. The following photographs are required for an appraisal. |
| 120. The appraiser must consider easements in the appraisal by: |
| 121. According to HUD handbook 4150.2, gross living area includes the following types of space: |
| 122. According to HUD’s Handbook 4150.2, the analysis of conformity to the neighborhood for appraisal purposes requires: |
| 123. The remaining economic life must: |
| 124. The appraiser is responsible to determine the municipal zoning codes in order to: |
| 125. Signs of soil contamination include the following: |
| 126. According to HUD’s Handbook 4150.2, the water supply for each living unit must contain the following: |
| 127. The location of a domestic well must be: |
| 128. Defective conditions in a property are characterized as: |
| 129. If the roof must be repaired and there are already too many layers of shingles: |
| 130. According to HUD’s Handbook 4150.2 , the minimum distance between single family detached homes is: |
| 131. HUD permits security bars in the windows of bedrooms under the following conditions: |
| 132. One unit of a two-unit property is currently leased through the valuation date, while the remaining unit, which is much smaller, is owner occupied. The property rights appraised are: |
| 133. During the site visit the appraiser notes several items which need to be repaired. Correcting all of the deficient items would require a major rehabilitation and repair costs are too extensive to estimate. The appraiser should: |
| 133. What criteria does HUD permits the use of comparable listing in the sales comparison approach? |
| 135. The fee for a real estate appraisal must not include: |
| 136. The fee for an appraisal is based upon: |
| 137. The selection of comparable sales is based upon the verification of the conditions of sale. The most applicable sales are generally: |
| 138. The proper order of adjustments is: |
| 139. The Income Approach is NOT required for the following property type. |
| 140. The Income approach used for HUD relies upon the Gross Rent Multiplier (GRM). Which component is NOT required to calculate this multiplier? |
| 141. The final analytical step is to reconcile the different approaches to value. |
| According to HUD’s Handbook 4150.2, the reconciliation must: |
| 142. The Comprehensive Valuation Package (CVP) consists of the following three parts: |
| 143. The purpose of the Home Buyer Summary is to: |
| 144. The appraisal file must include all of the following items, EXCEPT: |
| 145. HUD will monitor appraiser’s performance using: |
| 146. According to HUD’s Handbook 4150.2, appraisal performance measures will include: |
| 147. According to FIRREA the threshold for requiring state-certified appraisers is $250,000. Therefore HUD requires all appraisals performed for FHA to |
| 148. Under the competency rule, HUD will permit all FHA Register Appraisers to perform appraisals for manufactured homes under which one of the following conditions: |
| 149. All appraisers on the FHA Register must have a current state appraisal license. HUD also requires all appraisers to: |
| 150. The four tiers of sanctions are: |
| 151. A residential development should be processed as a Planned Unit Development (PUD) if it has one of the following minimum characteristics. |
| 152. The approved list of condominium projects are available from the: |
| 153. The appraiser is required to state the exposure period on the appraisal. The exposure period is defined as: |
| 154. The previous sales history for a residential property must be considered and disclosed in the appraisal for _______ prior to the valuation date. |
| 155. In developing the cost approach for properties on tribal trust lands: |
| 156. In developing an appraisal for a single family home located on tribal trust land, HUD permits the appraiser to: |
| 157. According to HUD’s Handbook 4150.2, the appraiser may increase the value of a new or existing home by ___ for solar energy systems, assuming a full conventional back-up system. |
| 158. The appraisal file must include all of the following items, EXCEPT: |
| 159. HUD will monitor appraisers performance using: |
| 160. According to HUD’s handbook 4150.2, performance measures used to measure appraisers will include: |
| 161. The subject property has an assessment and taxes well above comparable properties in the local market. The appraiser is required to: |
| 162. If there is no method to relate the assessment to a full assessed market value or there is not a current assessment for properties such as new construction, then the appraiser must enter _________ on the VC form. |
| 163. A letter may be obtained from a state authority stating that an oil or gas well on the subject property has been safely and permanently abandoned. If such a letter is not provided, the dwelling must be located at least ___ from the abandoned well. |
| 164. Evidence of sinkholes or subsidence can include the following: |
| 165. Flood maps are available from FEMA and Special Flood Hazard Areas (SFHA) have the following designations. |
| 166. During the site visit, the appraiser walks the property line and sees that a garage and fence from an adjacent property has been built extending on to the subject property. The appraiser must: |
| 167. The appraiser is required to access the attic to visually examine for: |
| 168. According to HUD’s Handbook 4150.2, the requirements for mechanical systems include: |
| 169. According to HUD’s Handbook 4150.2, the requirements for mechanical systems include all of the following, EXCEPT: |
| 170. Conventional heating systems are required to maintain at least __ in areas containing plumbing systems. |
| 171. According to HUD’s Handbook 4150.2, utility service must have all of the following , EXCEPT: |
| 172. According to HUD’s Handbook 4150.2, the following classifications of properties must comply with CABO Model Energy Code concerning energy efficiency standards and insulation. |
| 173. In the property address section the appraiser is required to list the: |
| 174. In the neighborhood section of the URAR the appraiser is required to list the: |
| 175. In the neighborhood section of the URAR the appraiser is required to list the: |
| 176. The subject property has a private well, the appraiser is required to check "yes" for VC-4 (Sewer & Water Supply) and require a: |
| 177. The subject property has a community sewer system, the appraiser must always check ___ for VC-4 (Sewer & Water Supply). |
| 178. According the HUD’s Handbook 4150.2, evidence of termite infestation includes all of the following, EXCEPT: |
| 179. Evidence that a private road or drive is required for VC-6. Evidence can be one of the following: |
| 180. During the site visit, the appraiser finds a negative physical condition that does not require repair or inspection. Therefore, the appraisal must be based upon the: |
| 181. For each specific item marked "YES" for VC-2 through VC-11 indicates a: |
| 182. The homebuyer must receive a copy of the Homebuyer Summary Form that the ________ prepares and the ________ submits to the buyer. |
| 183. If a supervisory appraiser and the appraisal trainee both prepare an appraisal report: |
| 184. If an appraiser is sanctioned by HUD for an action that also violates USPAP, HUD will refer the administrative record to: |
| 185. The FHA reviews appraiser performance and has four tiers of sanctions. Optional actions can include all of the following , EXCEPT: |
| 186. The appraiser has a contractual responsibility to the: |
| 187. The appraiser is required to identify the following intended users: |
| 188. Basement apartments can be included in the gross livable area if the following requirements are met, EXCEPT: |
| 189. The standard used to describe the extent of the appraisers inspection procedure for compliance with minimum property standards; is: |
| 190. Section 223(E) is a mortgage insurance program specifically designed for: |
| 191. HUD waives the following requirement for loans under the Section 223(E) mortgage insurance program: |
| 192. The appraiser is required to state the current owner on the URAR. If the dwelling is not occupied by the current owner, the appraiser must provide the: |
| 193. The borrower selects a HUD approved 203K Consultant to do all of the following, EXCEPT: |
| 194. A conflict of interest can included one of the following situations: |
| 195. The URAR prepared for HUD is considered a ________ report and a ________ analysis, under USPAP standards. |
| 196. The levels of severity for all of the levels of violations listed in HUD’s Handbook 4150.2 include the following, EXCEPT: . |
| 197. Appraisal questions and comments can be directed to: |
| 198. According to HUD’s Handbook 4150.2, the special assessment is calculated: |
| 199. New and proposed construction within Runway Clear Zone is: |
| 200. According to HUD’s Handbook 4150.2, the subject dwelling or related property improvement must be at least ___ feet from the outer boundary of the pipeline easement. |
