Umdp Training Course Quiz
(91).jpg "Umdp Training Course Quiz - Quiz")
This quiz covers the material learned in the training course on UMDP.
Questions and Answers
- 1.
Which forms are UAD forms (choose all that apply).
- A.
1004
- B.
2055
- C.
1073
- D.
1075
Correct Answer(s)
A. 1004
B. 2055
C. 1073
D. 1075Explanation
The UAD forms are 1004, 2055, 1073, and 1075. These forms are used in the real estate industry for various purposes. The 1004 form is the Uniform Residential Appraisal Report, used for single-family homes. The 2055 form is the Exterior-Only Inspection Residential Appraisal Report, used for appraising properties based on exterior observations. The 1073 form is the Individual Condominium Unit Appraisal Report, used for appraising individual condo units. The 1075 form is the Cooperative Unit Appraisal Report, used for appraising cooperative units. These forms are standardized and widely recognized in the industry.Rate this question:
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- 2.
How many forms can be submitted in XML format to the GSE's?
- A.
4
- B.
6
- C.
8
- D.
10
Correct Answer
C. 8Explanation
The correct answer is 8 because the question asks for the number of forms that can be submitted in XML format to the GSE's. Out of the given options, 8 is the only number that matches the criteria.Rate this question:
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- 3.
What date format should be used within the appraisal?
- A.
M/D/YY
- B.
MM/DD/YYYY
- C.
YYYY/MM/DD
- D.
MM/DD/YY
Correct Answer
B. MM/DD/YYYYExplanation
The correct answer is MM/DD/YYYY. This date format should be used within the appraisal. The format includes the month, followed by the day, and then the year in four digits. This format is commonly used in the United States and ensures clarity and consistency when recording dates.Rate this question:
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- 4.
What is the correct way to enter the following amount in the appraisal report?
- A.
$49.50
- B.
$50
- C.
$49.5
- D.
Fifty Dollars
Correct Answer
B. $50Explanation
The correct way to enter the amount $49.50 in the appraisal report is by rounding it up to the nearest whole dollar, which is $50. This ensures accuracy and consistency in reporting the value.Rate this question:
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- 5.
View and Location fields must contain a rating and either one or two factors.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because it states that the View and Location fields must contain a rating and either one or two factors. This means that in order for the View and Location fields to be valid, they must have a rating and one or two factors. If they do not have these requirements, they would not be considered valid.Rate this question:
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- 6.
Which is the correct entry for 3 full baths and 1 half bath?
- A.
3.5
- B.
3 1/2
- C.
3.1
Correct Answer
C. 3.1Explanation
The correct entry for 3 full baths and 1 half bath is 3.1. This is because the number 3 represents the 3 full baths, and the decimal point followed by the number 1 represents the half bath. This format accurately represents the combination of full and half baths in a clear and concise manner.Rate this question:
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- 7.
You cannot submit a UAD report if WinTOTAL is unable to standardize the report addresses.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
If WinTOTAL is unable to standardize the report addresses, it does not prevent you from submitting a UAD report. Therefore, the statement is false.Rate this question:
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- 8.
If your subject and comparable have different descriptions you must enter a 0 for the adjustment if you are not making an actual adjustment.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The given answer is true because it states that if the subject and comparable have different descriptions, a 0 should be entered for the adjustment if no actual adjustment is being made. This implies that when comparing two entities, if their descriptions do not match, no adjustment should be made in order to maintain accuracy.Rate this question:
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- 9.
When filling out the "Price of Prior Sale" field on a report you are getting an error that it is over the character limit. You can correct this error by removing the _________________________ from the field.
Correct Answer
commas
comma's
,
,'sExplanation
The error in the "Price of Prior Sale" field is due to the presence of commas or apostrophes. To correct this error, you need to remove these punctuation marks from the field.Rate this question:
- 10.
If the house has no finished basement, the rooms below grade section of the appraisal should be what?
- A.
Left blank
- B.
0's entered
- C.
Skipped
Correct Answer
A. Left blankExplanation
If the house has no finished basement, the rooms below grade section of the appraisal should be left blank. This is because the rooms below grade refer to the basement area, and if there is no finished basement, there is no information to be entered in that section. Leaving it blank indicates that there are no rooms below grade in the house.Rate this question:
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- 11.
What is the character limit for the clients email address on the report?
- A.
20
- B.
25
- C.
30
- D.
35
Correct Answer
B. 25Explanation
The character limit for the clients email address on the report is 25.Rate this question:
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- 12.
If the appraisal assignment is a refinance, the contract section should be left _________________________.
Correct Answer
blank
emptyExplanation
In the context of a refinance appraisal assignment, leaving the contract section blank or empty would be appropriate. This is because in a refinance, there is no need to include the details of a purchase contract as there is no sale involved. The contract section is typically used to document the terms and conditions of a purchase agreement, which is not relevant in a refinance scenario. Therefore, leaving this section blank or empty would be the correct approach.Rate this question:
- 13.
The AMC name or "No AMC" is determined by the lender section of the order form/report.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because the AMC name or "No AMC" is not determined by the lender section of the order form/report. The determination of the AMC name or "No AMC" is based on other factors or sections of the order form/report, not specifically the lender section.Rate this question:
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- 14.
Appraisers can deliver directly to the UCDP Portal.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Appraisers cannot deliver directly to the UCDP Portal. The UCDP (Uniform Collateral Data Portal) is a platform used by lenders to submit appraisal reports to Fannie Mae and Freddie Mac. It is the responsibility of the lender to upload the appraisal report to the UCDP Portal, not the appraiser. Therefore, the statement that appraisers can deliver directly to the UCDP Portal is false.Rate this question:
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- 15.
MISMO XML __________GSE is the required file type to submit reports to the UCDP portal.
- A.
2
- B.
2.5
- C.
2.6
- D.
None of these
Correct Answer
C. 2.6Explanation
The correct answer is 2.6. This is because the question is asking for the specific version of MISMO XML that is required to submit reports to the UCDP portal. Among the given options, 2.6 is the only version that matches this requirement.Rate this question:
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- 16.
Which of the following are methods to deliver reports to the GSE's?
- A.
Batch Upload
- B.
Manually Upload
- C.
Direct Integration
- D.
All of these
Correct Answer
D. All of theseExplanation
All of the mentioned methods, namely Batch Upload, Manually Upload, and Direct Integration, can be used to deliver reports to the GSE's. Batch Upload refers to uploading reports in bulk, Manually Upload refers to manually uploading individual reports, and Direct Integration refers to integrating systems to automatically deliver reports. All these methods provide different options for delivering reports to the GSE's based on the user's preference and requirements.Rate this question:
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- 17.
Which of the following are ways our customers can deliver UAD reports.
- A.
Data Courier
- B.
Mercury Network
- C.
XSite Plugins
Correct Answer(s)
A. Data Courier
B. Mercury Network
C. XSite PluginsExplanation
Customers can deliver UAD reports through various methods, including Data Courier, Mercury Network, and XSite Plugins. These platforms provide the necessary tools and features for customers to securely transmit UAD reports to the intended recipients. Data Courier ensures efficient and reliable delivery of reports, while Mercury Network and XSite Plugins offer additional functionalities and integrations to streamline the process. By utilizing these options, customers can conveniently and effectively deliver UAD reports to meet their specific needs and requirements.Rate this question:
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Current Version
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Jul 25, 2024Quiz Edited by
ProProfs Editorial Team -
Jun 06, 2012Quiz Created by
Catherine Halcomb
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