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1. Where are real estate loans treated as investments, just like stocks and bonds?
a. Primary market
b. Secondary market
c. Wall Street
d. None of the above
2. FIRREA stands for:
a. Financial Institutions Reform, Recovery a= nd Enforcement Act (1989).
b. Financial Institutions Reform, Recovery a= nd Enforcement Act (1880).
c. Financial Institutions Repair, Redemption= and Escrow Act (1989).
d. None of the above.
3. The third requirement of the Title XI = is that all appraisals under FIRREA must be:
a. oral appraisals.
b. written appraisals.
c. free of charge.
d. by state licensed appraisal agencies.
4. Transactions that are less than a cert= ain minimum amount are known as:
a. mini transactions.
b. de minimus value.
c. worthless.
d. all of the above.
5. Title XI requires the use of state-cer= tified appraisers in all federally related transactions with a value of:
a. $250,000 or more.
b. $500,000 or more.
c. $1 million or more.
d. all of the above.
6. How many minimum standards apply to all federally related appraisals?
a. 3
b. 10
c. 14
d. 100
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7. Appraisals must be:
a. dated within one year prior to the date o= f the loan made by the primary lender.
b. in writing.
c. made on approved forms.
d. all of the above.
8. Appraisers can be:
a. corporations or individuals.
b. partnerships or individuals.
c. corporations or partnerships or individua= ls.
d. all of the above.
9. If an appraisal is dated more than four months prior to the primary loan date, the appraiser:
a. must certify that the property has not de= clined in value since the date of the report.
b. must complete a new report.
c. must get the appraisal approved by the se= ller.
d. none of the above.
10. The sales comparison analysis must be= based on at least how many completed comparable sales?
a. One
b. Two
c. Three
d. Five
Real Estate Appraisal Answer=
Key
- Quiz B - Chapter 15
1. b - p. 428
2. a - p. 428
3. b - pp. 432,434
4. b - p. 435
5. c - p. 436
6. c - pp. 436-438
7. d - p. 439
8. d - p. 441
9. a - p. 441
10. c - p. 442