Class Appraisal Appraiser Test

Welcome to the Class Appraisal Appraiser Test. This test is designed to test your knowledge of appraisals. All fields and questions require an answer.

Good Luck!



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What are the three major steps for the Scope of Work process?

The completed appraisal report must include:

You are appraising a leasehold property. Before proceeding with the assignment, you should:

An appraiser must: be competent to perform the assignment; acquire the necessary competency to perform the assignment; or decline or withdraw from the assignment. In all cases, the appraiser must perform competently when completing the assignment.

Fannie Mae will accept a loan for which the lender has requested the appraiser to appraise only a portion of a larger piece of property?

Can the square footage of the unpermitted addition be included in the total gross living area reported on the appraisal report?

What are you looking for in the crawl or basement of a manufactured dwelling?

Where can an appraiser find the Class Appraisal/Client’s Guidelines and Requirements?

When performing a Retrospective Appraisal, the Appraiser must follow USPAP that was in effect as of the effective date of the report.

Advisory Opinion 26 states: Once a report has been prepared for a named client(s) and any other identified intended users and for an identified intended use, the appraiser cannot “readdress” (transfer) the report to another entity.

The appraiser is determining highest and best use when considering the following: physically possible, legally permissible, and financially feasible.

You should stop and call Class Appraisal before proceeding when:

USPAP addresses the ethical and performance obligations of appraisers through Definitions, Rules, Standards, Standards Rules, and Statements.

Fannie Mae’s guidelines state a least one comparable be included from a competing market; if the subject is located within New or Recently Converted Subdivisions, Condominiums, or PUDs.

What are the Expectations of the Appraiser working with Class Appraisals?

The appraiser must provide at least two comparables with accessory units when appraising a one-unit property with an accessory unit.

What does UAD stand for?

Per FNMA, a statement only recognizing that an adjustment has been made is acceptable.

There is a limitation in distance that a comparable sale may be located from the subject?

In what situations should a property be appraised “as-is” versus “as-repaired”?

Your inspection reveals there is a small detached rental house on the subject property. Describe in order all steps you will need to perform for this assignment.

How do you keep updated on all USPAP, FNMA, (If applicable FHA and USDA) changes?

Provide example of an Extraordinary Assumption and a Hypothetical Condition.

What are USPAP STANDARDS 1 and 2?

What is the difference between a retrospective appraisal and a prospective appraisal?