FHA FHA Appraisal Report Writing & Standards

Question 1

Which form is the standard report form required for FHA single-family appraisals of one-unit properties?

Accepted Answer

Fannie Mae Form 1004 (URAR)

Answer

Fannie Mae Form 1073

Answer

HUD Form 92800.5B

Answer

Fannie Mae Form 1025

Question 2

Under USPAP, an FHA appraisal report must contain a signed certification. Which of the following is a required certification statement?

Accepted Answer

The appraiser has performed an impartial and unbiased analysis

Answer

The appraiser has a financial interest in the subject property

Answer

The appraiser's compensation is contingent on the appraised value

Answer

The appraiser guarantees the accuracy of all data sources

Question 3

When an FHA appraiser uses the sales comparison approach, what is the maximum age of comparable sales typically acceptable under HUD guidelines?

Accepted Answer

6 months

Answer

3 months

Answer

12 months

Answer

24 months

Question 4

What is the primary purpose of the 'subject' photographs required in an FHA appraisal report?

Accepted Answer

To document the property's condition and support the appraiser's observations and conclusions

Answer

To satisfy lender marketing requirements

Answer

To comply with state licensing board requirements only

Answer

To assist the real estate agent in listing the property

Question 5

In an FHA appraisal report, what must an appraiser disclose if they have appraised the subject property within the prior three years?

Accepted Answer

The prior service must be disclosed in the certification

Answer

Nothing, prior appraisals are confidential

Answer

Only if the prior appraisal resulted in a different value

Answer

Only if the lender specifically asks

Question 6

Which statement best describes the FHA appraiser's obligation when market conditions are declining?

Accepted Answer

Report declining market conditions and ensure adjustments reflect current market trends

Answer

Use only the most favorable comparable sales to support value

Answer

Ignore market trends if the property physically qualifies

Answer

Rely solely on the cost approach in declining markets