Uspap stands for Study guides, Class notes & Summaries

BASIC APPRAISAL PRINCIPLES TEST STUDY QUESTIONS True or False? When developing an opinion of site value of an improved property, an appraiser needs to consider the highest and best use of the property as though vacant. - ANS TRUE When developing an opinion of highest and best use, what is the final criteria that is applied? - ANS maximally productive A lot owner constructs a new 4,000 square foot home in a neighborhood of mostly 800 to 1,200 square foot homes. The value ...

BASIC APPRAISAL PRINCIPLES TEST STUDY QUESTIBASIC APPRAISAL PRINCIPLES TEST STUDY QUESTIONS True or False? When developing an opinion of site value of an improved property, an appraiser needs to consider the highest and best use of the property as though vacant. - ANS TRUE When developing an opinion of highest and best use, what is the final criteria that is applied? - ANS maximally productive A lot owner constructs a new 4,000 square foot home in a neighborhood of mostl...

McKissock Basic Appraisal Principles Exam Questions and Answers An appraiser paid a referral fee in conjunction with an assignment. Which statement is TRUE regarding this situation, according to USPAP? -Answer-The appraiser must disclose that a fee was paid, but does not have to disclose the amount paid. An appraiser finds out after completing an appraisal that the lender/client's loan did not close. What should the appraiser do regarding the appraisal fee? -Answer-Charge the agreed-upon...

Do social networking sites have to be supervised by the principal broker? - ANSWER Yes, social networking sites and advertising Does an acutioneer or a short term vacation rental need a real estate liscence? - ANSWER An auctioneer who is auctioning homes must have license - someone who deals with short term vacation rentals needs business license only - real estate license not required. Which of the following needs to be disclosed to a potential buyer? - ANSWER a house used for the cooking...

BASIC APPRAISAL PRINCIPLES Exam Questions and Answers 2023 Rated 100% True or False? When developing an opinion of site value of an improved property, an appraiser needs to consider the highest and best use of the property as though vacant. *** TRUE When developing an opinion of highest and best use, what is the final criteria that is applied? *** maximally productive A lot owner constructs a new 4,000 square foot home in a neighborhood of mostly 800 to 1,200 square foot homes. The valu...

NMLS Texas Exam 2023 Front End Ratio Formula (Mortgage to income/Housing expense ratio) - ANSWER-Monthly PITI/ gross monthly income Federal Housing Finance Authority - ANSWER-Ensures GSEs have adequate practices and capital to engage in mortgage business. LTV Formula - ANSWER-Loan amount/value of property LTV % required to avoid PMI - ANSWER-Less than 80% A VA loan called IRRRL stands for - ANSWER-Interest rate reduction refinance loan Underwriters Review of capital deals wit...

Appraisal Review The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment Appraisal The act or process of developing an opinion of value; an opinion of value of or pertaining to appraising and related functions, such as appraisal proactive or appraisal services. Appraisal Practice Services performed by an individual acting as an app...

What is USPAP? - ANSWER Uniform Standards of Professional Appraisal Practice Why was USPAP developed? - ANSWER To promote and maintain a high level of public trust as well as confidence in professional appraisal practice What are the benefits of USPAP? - ANSWER 1) Provides a common basis for comparison (eg are we doing the appropriate work for the type of assignment?) 2) Provides a reference source for all users of the document. 3) Provides a basis for uniform enforcement for state regu...