FHA has streamlined its current examination of 50 questions, which was administered at testing centers by a national test administrator, to 10 questions which have been integrated into the application form for the FHA Appraiser Roster and which is available online. This reduction in the number of questions, as well as the format of the questions, supercedes the provisions of Handbook 4150.2, Section 1-1, A.
Following FHA’s adoption of the revised appraisal reporting forms and protocol announced in Mortgagee Letters 2005-34 and 2005-48, FHA reviewed the 200 questions that made up the universe of those randomly selected for the exam, and determined that many were no longer relevant given that FHA and conventional appraisal requirements are now virtually identical. Further, each of the revised appraisal forms adopted by FHA with ML 2005-34, contain a list of appraiser certifications designed to increase the appraiser’s responsibility and accountability for their work product, improve the quality of appraisal reports and improve the accuracy and relevance of the information in the appraisal report.
Thus, FHA believes that the 10 questions now posed, along with the certifications made, and the existing Licensed and /or Certified Real Property Appraiser Qualification criteria established by the AQB, provide sufficient evidence of an appraiser’s knowledge to competently and professionally appraise properties that will be the security for mortgages insured by FHA.
Recent Comments