David Saks: January 2011

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 981

                                                          #981

The Uniform Standards of Professional Appraisal Practice endorse the use of letter reports when communicating with a client.

Is this fact true or false ?

Remember to take your time. The solution is posted below the wildlife photo.

wildlife

A. False

Letter reports are not acceptable to the USPAP.

Letter reports do not meet the requirements for the acceptable report formats conforming to USPAP standards which include form reports and narrative reports.




David Saks



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Comment balloon 0 commentsDavid Saks • January 24 2011 01:19AM
Real Estate Practice : Lesson 981
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#981 The Uniform Standards of Professional Appraisal Practice endorse the use of letter reports when communicating with a client. Is this fact true or false Remember to… more
Real Estate Practice : Lesson 980
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#980 Appraisals are performed so that the seller and the broker can determine a fair sales price for the property. Is this true or false Take your time. the solution is… more
Real Estate Practice : Lesson 979
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#979 When a comparative market analysis is prepared it uses an approach much like the method used in the income approach to appraisal. Is this fact true or false Take your… more
Real Estate Practice : Lesson 978
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#978 An appraisal is generally considerd to be based on value according to a specific calendar and time element imposed on the various factors involved in estimating value. Is this true or… more
Real Estate Practice : Lesson 977
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#977 A house had been appraised for the loan at $516, 000 and the sales price is $510, 000. The loan-to-value ratio is 85%. What is the eligible amount of the loan based on this… more
Real Estate Practice : Lesson 976
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#976 If a lender wants to produce a better yield on a loan the lender may increase the loan amount by 3% which will be paid at the closing table as a charge known as an origination fee … more
Real Estate Practice : Lesson 975
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#975 When we talk about an adjustable rate mortgage we're talking about a loan that is adjusted in a way to increase and decrease the amount but the payment always remains the same. … more
Real Estate Practice : Lesson 974
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#974 When a conventional loan is sought by the borrower, private mortgage insurance to protect the loan is usually not required if the loan-to-value ration of the loan is over 95%. … more
Real Estate Practice : Lesson 973
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#973 The FHA buys and sells loan in the secondary mortgage market as well as makes loans to borrowers in the primary mortgage market. Is this fact true or false … more
Real Estate Practice : Lesson 972
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#972 It is well known that if a borrower's credit is excellent a downpayment is not required for an FHA loan. Is this fact true or false Pleaser take your time. The solution… more