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. Appraisal 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. Appraisal 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, 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 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 and 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: