P5-13 Quiz

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Question 1 of 6

1. Question
What creates a prohibited interest in the property for a person preparing a valuation?
- A) Living in the same neighborhood
- B) Having previously appraised similar homes
- C) Being licensed in the same state
- D) Having any ownership or reasonably foreseeable ownership interest in the property
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Question 2 of 6

2. Question
Which of the following is an example of a prohibited interest in the property?
- A) A buyer applying for a mortgage attempts to prepare the valuation on the home they are purchasing
- B) The appraiser previously appraised the property
- C) The appraiser lives 10 miles from the property
- D) The appraiser is on the lender’s rotation list
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Question 3 of 6

3. Question
When does a person preparing a valuation have a prohibited interest in the transaction?
- A) When they have previously appraised properties for the lender
- B) When they have worked with the borrower on a past loan
- C) When they or their affiliate also serve as loan officer, broker, real estate broker, or settlement provider in the same transaction
- D) When they used MLS data from the same county
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Question 4 of 6

4. Question
Which situation also creates a prohibited interest in the transaction?
- A) The appraiser charges a flat appraisal fee
- B) The appraiser’s compensation depends on whether the loan closes
- C) The appraiser delivers the report earlier than expected
- D) The appraiser orders third-party verification services
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Question 5 of 6

5. Question
Which characteristic is protected under ECOA?
- A) Employment history
- B) Credit score
- C) Criminal record
- D) National origin
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Question 6 of 6

6. Question
Which question is never allowed under ECOA?
- A) Asking the applicant’s religion
- B) Asking about income sources
- C) Asking for employment verification
- D) Asking whether the applicant owns other properties
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