Sec4-P109

A borrower applies for a mortgage, and the appraiser determines the property’s value by comparing it to recently sold homes of similar size and condition in the same neighborhood.

A loan file shows that an appraiser selected three comparable properties located within one mile of the subject property. Each comparable closed approximately eight months prior to the appraisal date.

A comparable property used in an appraisal contains more square footage than the subject property.

The subject property includes a basement, but none of the comparable properties include a basement.

A borrower asks when they must be informed of their right to receive a copy of the appraisal.

An appraisal is completed two days before a closed-end loan is scheduled to close.

A borrower applies for a mortgage loan with an annual percentage rate that exceeds the Average Prime Offer Rate (APOR).

A lender fails to provide the borrower with a copy of the appraisal prior to closing.