Sec 1-Page 97

1. Question

An underwriter tells an appraiser that future appraisal assignments will depend on whether the appraiser’s valuation supports higher property values needed for loan approvals.

Why could this violate appraisal independence rules?

A) Appraisers may negotiate future assignments based on valuation outcomes
B) Creditors may require appraisers to support underwriting goals
C) Implying future retention depends on the appraised value is prohibited
D) Appraisers are required to satisfy lender minimum values

2. Question

A lender removes an appraiser from its approved vendor list after the appraiser submits a valuation below the lender’s preferred minimum amount.

Why could this violate appraisal independence rules?

A) Excluding an appraiser because a reported value does not meet a minimum threshold is prohibited
B) Lenders may only use appraisers selected by mortgage brokers
C) Appraisers must always support the contract sales price
D) Appraisers are prohibited from reporting declining market values

3. Question

A loan officer tells an appraiser that the property must appraise for at least $450,000 in order for the mortgage loan to be approved.

Why could this conduct violate federal appraisal rules?

A) Appraisers are required to support loan approval values
B) Telling an appraiser the minimum value needed for loan approval is prohibited
C) Loan officers may establish valuation targets during underwriting
D) Minimum valuation discussions are permitted if disclosed in writing

4. Question

A creditor refuses to pay an appraiser because the appraised value came in lower than expected and did not support the requested loan amount.

Why could this violate appraisal independence requirements?

A) Creditors may withhold payment whenever loan approval is denied
B) Appraisers are paid only after loan consummation
C) Failing to compensate an appraiser because the value did not meet a certain amount is prohibited
D) Appraisers may not submit valuations below contract price

5. Question

A mortgage broker agrees to pay an appraiser only if the loan closes successfully.

Why could this arrangement violate federal appraisal rules?

A) Appraisers may only be compensated after recording
B) Appraiser compensation may not be conditioned on loan consummation
C) Loan closing conditions are controlled exclusively by RESPA
D) Compensation agreements are regulated only by state law

6. Question

A lender provides an appraiser with additional information regarding comparable neighborhood sales and property improvements for consideration during the valuation process.

How is this action generally treated under appraisal independence rules?

A) It is prohibited because lenders may not communicate with appraisers
B) Appraisers may only use publicly recorded sales data
C) Providing additional property or comparable information is generally permitted
D) Comparable property discussions require CFPB approval

7. Question

A creditor asks an appraiser to explain how the final valuation amount was determined and to provide additional support for certain adjustments used in the appraisal report.

How is this request generally treated under federal appraisal rules?

A) Requesting additional information about the basis for a valuation is generally permitted
B) Creditors may never question completed appraisals
C) Appraisers are prohibited from discussing valuation methodology
D) Additional valuation support may only be requested by regulators

8. Question

An underwriter identifies several factual mistakes in an appraisal report and asks the appraiser to correct the errors before loan approval.

How is this action generally treated under appraisal independence requirements?

A) Appraisal corrections are prohibited once a report is submitted
B) Creditors must order a completely new appraisal instead
C) Correcting factual errors requires state regulator approval
D) Requesting correction of factual errors in a valuation is generally permitted

9. Question

A lender orders two appraisals on the same property and selects the appraisal determined to be the most reliable based on established company policy rather than choosing the highest value.

How is this practice generally treated under federal appraisal rules?

A) Ordering multiple appraisals is prohibited in residential lending
B) Creditors must always use the appraisal with the highest value
C) Multiple appraisals are permitted if the creditor selects the most reliable appraisal rather than the highest value
D) Multiple appraisals are allowed only for FHA-insured loans

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