Property Valuation
Which of the following is TRUE about appraisal independence requirements for federally regulated lenders in Alaska?
ALoan officers may order appraisals directly from their preferred appraisers
BLenders must maintain independence between loan production and appraisal functions, using an appraisal management company or independent ordering✓ Correct
CAppraisal independence requirements only apply to FHA-insured loans
DLenders may share bonus arrangements with appraisers to ensure quality
Explanation
The Dodd-Frank Act and federal agency guidance prohibit loan production staff from influencing or selecting appraisers. Lenders must maintain a separation ('firewall') between loan production and appraisal functions. Many lenders use Appraisal Management Companies (AMCs) to order independent appraisals.
Related Alaska Property Valuation Questions
- Which of the following property types would an appraiser MOST likely value using only the income approach?
- An Alaska property has a gross potential income of $96,000. After deducting a 5% vacancy allowance and $32,000 in operating expenses, the NOI is:
- An Alaska property has a GPI of $150,000, a 5% vacancy rate, and operating expenses of $55,000. What is the NOI?
- An appraiser in Alaska uses the sales comparison approach and finds three comparable sales. After adjustments, the adjusted values are $310,000, $315,000, and $312,000. The most likely estimate of value using reconciliation would be:
- An Alaska appraiser adjusts a comparable sale downward by $10,000 because the comparable has a garage and the subject does not. This adjustment suggests the market values a garage at approximately:
- In Alaska, a property's 'insurable value' differs from its 'market value' because insurable value:
- In Alaska real estate practice, a broker price opinion (BPO) differs from an appraisal primarily because:
- The 'gross living area' (GLA) used in Alaska residential appraisals typically includes:
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