McKissock-Residential Property Inspection for Appraisers Questions and Answers Latest Updated

McKissock-Residential Property Inspection for Appraisers Questions and Answers Latest Updated Some appraisers do not want to add a detailed "Scope of Inspection" section to their appraisal reports because: It requires custom commentary, which takes time In an appraisal report, it is a good idea for an appraiser to provide an expanded explanation of the scope of their inspection because: The appraiser may be able to limit his/her liability by stating the limits of the inspection In a Restricted Appraisal Report, the appraiser must, at minimum, _________ the scope of work used to develop the appraisal. State Proper disclosure of scope of work is required because: Clients and intended users rely on the assignment results A client requires an appraiser to provide a cost of cure for a deficiency that the appraiser observed in the subject property. What is the best advice you could give this appraiser? Provide the cost to cure estimate as a range Which of these concepts is NOT listed in USPAP as part of the scope of work? The expected date of report delivery to the client An appraiser who uses templates with canned comments should: Read the template from time to time to make sure it is still current An appraiser is permitted to ___________ to Fannie Mae and Freddie Mac appraisal report forms. Add certification A retrospective appraisal is one in which: The effective date occurred sometime in the past An appraiser has been engaged to prepare an appraisal on a proposed new single-family dwelling. Instead of specifications, an appraiser receives a copy of a material list from a local home supply store. The appraiser is having trouble understanding this material list. What should the appraiser do? Request a legible and understandable set of specifications When is it more difficult to determine the relevant physical characteristics of a property in a retrospective appraisal? When the effective date is many years ago An appraiser's inspection of a property for an FHA appraisal is ________ an inspection performed by a licensed home inspector. Not as comprehensive as Which of these conditions is NOT listed in the HUD Handbook as a condition that would require an inspection by a qualified professional? A cracked sidewalk With regard to mechanical systems, the HUD Handbook states that appraisers must: Operate the systems and observe their performance When inspecting the subject property for an FHA loan, when should an appraiser NOT operate the air conditioning system? When weather conditions do not permit operation Which word is used in the HUD Handbook in lieu of the word "inspect?" Observe When inspecting a property for an FHA appraisal, the appraiser notes a crack in the foundation. The appraiser does not know whether it is structural or cosmetic. What should the appraiser do? Require an inspection by a qualified individual or entity A dwelling was constructed in 1975, and is being inspected by an FHA appraiser. The appraiser must note defective paint surfaces on __________ and require that they be repaired. The interior and exterior of the dwelling as well as fences, garages, and outbuildings If there is a conflict between the information that appears in the plans and the information that appears in the specifications: The specifications are controlling With regard to the electrical system in an FHA property inspection, what is the appraiser required to do? Operate a representative sample of switches, fixtures, and receptacles An appraiser is trying to determine the quality and type of the light fixtures and plumbing fixtures to be installed in a proposed new house. Where should the appraiser look to obtain this information? The specifications An appraiser is asked to appraise a property with proposed improvements as of a future effective date when construction of the improvements is expected to be completed. This appraisal involves the use of: An extraordinary assumption According to the HUD Handbook, an appraiser ________________ the physical and economic characteristics of a property and provides an opinion of value. Observes, analyzes, and reports