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15 Cards in this Set
- Front
- Back
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What is establish is the qualification standards for state licensing and the certification of appraisers |
Appraisal qualification board |
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Which type of properties can a certified general appraiser appraise |
All types of real property |
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Which of the following is an example of lender pressure |
Threatening to remove an appraiser from an approved list if he or she does not provide a given value |
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Which phrase best describes an appraisal management company? |
A company that handles appraisal order management for lenders |
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Who sets the policies through the Uniform Standards of Professional Appraisal Practice USPAP |
Appraisal Standards Board |
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Who is the party or parties that can engage the appraiser |
The clients appraisal management company AMC |
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What determines the scope of work |
Complexity of the appraisal assignment |
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Fraud is defined as a deceptive act or statement made by one person an attempt to gain unfair advantage over another |
Deliberately |
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What does complex mean? |
A property with a typical ownership or market conditions |
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Which part of the underwriting criteria can be affected by over evaluation? |
The loan to value ratio |
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Who can engage an appraiser |
Anyone who is separate from the loan production |
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What is an assumption directly related to a specific assignment which is found to be false could alter the appraiser options or conclusions |
An extraordinary assumption |
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Which statement best describes the occurrences of mortgage fraud. |
Mortgage fraud has drastically increased in the last 5 years |
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What is one of the strengths of AVM |
AVM are faster than appraisal |
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When can a lender NOT provide a copy of the appraisal report to borrowers before closing. |
When borrower has signed a waiver of the right to a copy of appraisal report. |
