VA Appraisal Requirements and
Guidelines
Appraisal management companies
The Virginia Real Estate Appraiser Board also regulates which other entities?
Which of these exhibits is NOT required in a VA appraisal report on a single-unit residence?
1004MC Form
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The definition of market value used by the VA _________ the definition used by Fannie Mae
and Freddie Mac on their standard appraisal report forms.
Is consistent with
An appraiser performs a VA appraisal and uploads the report. The lender contacts the appraiser
and asks the appraiser to add a statement to the report certifying the appraisal was completed
in accordance with VA requirements. Which statement is TRUE regarding this situation?
The VA does not require a statement certifying USPAP compliance.
,An appraiser is preparing a VA appraisal report using the URAR form. The appraiser wants to
make certifications that are in addition to the pre-printed certifications on the form. What should
the appraiser do?
Make the additional certifications on a separate form or page
“A living unit including kitchen, sleeping, and bathroom facilities added to or created within a
single-family dwelling or attached on the same site is the definition of:
Accessory dwelling unit (ADU)
The VA accepts the Fannie Mae 2055 form:
For liquidation appraisals
A VA appraisal report must contain a building sketch that includes:
Basement dimensions
Exterior dimensions of the dwelling
GLA calculations
All of these
What does the VA Lenders Handbook say about nuisances, such as heavy traffic, highway
noise, or odors from a factory in the vicinity?
The appraiser must describe them and consider their effect on value
“The square footage of the area that is finished, habitable, contiguous, above-grade, residential
space calculated by measuring the outside walls of the structure” is the VA’s definition of:
Gross living area (GLA)
,Who is responsible for seeking VA acceptance of a condominium project?
The lender
A VA appraiser is completing an origination appraisal on a property that needs several MPR
repairs. The appraiser’s estimate of effective age should:
Reflect the condition of the property as repaired
The VA says that UAD condition ratings of _______ are not appropriate for VA origination
appraisals.
C5 or C6
An appraiser performs a VA appraisal and uploads the report. The lender contacts the appraiser
and asks the appraiser to add a statement to the report certifying the appraisal was completed
in accordance with VA requirements. Which statement is TRUE regarding this situation?
The VA does not require a statement certifying USPAP compliance.
In a VA appraisal report, the appraiser’s estimate of remaining economic life must be provided:
In the cost approach section of the appraisal report
“A living unit including kitchen, sleeping, and bathroom facilities added to or created within a
single-family dwelling or attached on the same site is the definition of:
Accessory dwelling unit (ADU)
A property owner converted a porch into a room. The quality of the finish is inferior to the rest of
the house, and there is no heat source in this room. What should the appraiser do?
Not include this room in GLA, and instead adjust for it separately in the sales comparison grid
, A VA appraiser determines that a partially below-grade habitable space is inferior to the
above-grade space in quality and appeal, and has limited functional utility. The appraiser should:
Should consider the area separately, and not include it in GLA
Which statement about accessory dwelling unit (ADU) is true?
An ADU is usually subordinate in size to the main dwelling.
Which statement is true regarding VA acceptance of condominium projects?
VA requirements for condominium project acceptance are different from those of HUD/FHA.
When might an appraiser use a commercially available vacant land appraisal form to report a
VA appraisal?
For liquidation appraisals if the improvements have no contributory value
The VA requires all of these photos in an origination appraisal report, EXCEPT:
Any views affecting value (positive or negative)
Main living area
Rear view of each comparable sale
MPR repair items
A VA appraiser is completing an origination appraisal on a property that needs several MPR
repairs. The appraiser’s estimate of effective age should:
Reflect the condition of the property as repaired
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