Chapter 6 Other Form Reporting Options Flashcards
Exterior-Only Inspection Residential Appraisal Report
Fannie Mae 2055 Form
The major difference in the report forms is that on the 2055 form, the appraiser must document the source of the information used to determine the subject property’s
physical characteristics
Which Fannie Mae appraisal report form is designed to report an exterior-only inspection appraisal of a single-family home? 2055 1025 1073 1004C
2055
The level of detail required by the 2055 form is generally consistent with the minimum content requirements of a(n) \_\_\_\_\_\_\_\_\_\_\_. Restricted Appraisal Report Appraisal Report Narrative Appraisal Report Limited Appraisal Report
appraisal report
What is the major difference between the Fannie Mae 1004 form and the 2055 form?
The 1004 is six pages, and the 2055 is four pages.
On the 2055, the appraiser must document the source of information for the subject’s GLA and physical characteristics.
They are the same form.
The 2055 has no cost approach section.
on the 2055, the appraiser must document the source of the in
Manufactured Home Appraisal Report
Fannie Mae Form 1004C, Freddie Mac Form 70B, dated March 2005
Special Requirements of the 1004C
-Reporting the information found on the manufactured home’s data plate is essential in completing the 1004C form.
Fannie Mae requires which approach(es) to value in the appraisal of a HUD-Code manufactured home?
Income approaches only
Cost approach only
Sales comparison and cost approaches only
Sales comparison, cost, and income approaches
sales comparison and cost approaches only
Manufactured home appraisals are required to be reported on Fannie Mae form \_\_\_\_\_\_\_\_\_. 1004 1004B 1004C 1004MC
Manufactured 1004c
Nikki is appraising a modular home for a Fannie Mae lender. What form should she use to report her appraisal? 1004 1073 1005C 1025
1004
Small Residential Income Property Appraisal Report
Fannie Mae Form 1025 & Freddie Mac Form 72, dated March 2005
The 1025 form is sometimes referred to as the
SRIPAR form
Individual Condominium Unit Appraisal Report
Fannie Mae Forms 1073 & 1075, Freddie Mac Forms 465 & 466,
dated March 2005
Units of comparison on the 1025 form would NOT include sale price per: Square foot of gross building area (GBA) Unit Parking space Bedroom
parking space
Austin is appraising a 3-unit residential property for a Fannie Mae lender. Which form should he use to report the results of this appraisal? 1004 1073 1025 Either 1004 or 1025
1025
Jody is appraising a condominium unit for a Fannie Mae mortgage lender. Which report form is she required to use to report the results of her appraisal?
1004
1073
1025
The form that she feels best suits the property
1073
There are two Fannie Mae Individual Cooperative Interest Appraisal Reports. The forms are
2090
2095
The cooperative 2095 form requires the appraiser to conduct an
exterior inspection
A cooperative is an ownership of stock in a
corporation
This form is often used to report the results of an appraiser’s inspection for completion of new construction, remodeling, or repairs. When the form is used in this way, it is considered to be a
certification of completion
This is a dual-use form. This single-page form can be used as an appraisal update reporting form, and/or as a certificate of completion acknowledgement.
Fannie Mae Form 1004D, Freddie Mac Form 442, dated March, 2005
An inspection made for the purpose of ensuring that repairs have been completed in accordance with a prior appraisal is \_\_\_\_\_\_\_\_\_\_\_\_. A recertification of value An update of an appraisal An appraisal review A mass appraisal
a recertification of value
The 1004D form is often used to report the results of an appraiser’s inspection for completion of new construction, remodeling, or repairs. This inspection is considered to be a recertification of value, which does not change the effective date of the original appraisal. The report merely answers the question, “Have the conditions that were specified in a prior appraisal report been met?”
USPAP requires a signed certification for appraisal “updates” reported using the Fannie Mae form 1004D.
True
False
false
The terms “recertification of value” and “update” have the same meaning.
True
False
false
Form 1004MC is actually an
addendum to an appraisal report; it is not an appraisal reporting form
Who is responsible for compliance with USPAP in appraisal reporting requirements?
The client
The appraiser
The entity that creates the reporting forms
The Appraisal Standards Board (ASB)
the appraiser
The 1004MC form is best described as: An addendum to an appraisal report An Appraisal Report A Restricted Appraisal Report A form created by HUD
an addendum to an appraisal report
Form \_\_\_\_\_\_\_\_\_\_ is an addendum that is no longer required for 1-4-family residential appraisals for Fannie Mae, Freddie Mac, and VA loans, although some individual lenders still require it. 1004MC 1004C 1075 1004D
1004MC
The Form 1004MC addendum is no longer required for 1-4-family residential appraisals for Fannie Mae, Freddie Mac, and VA loans.
True
False
true
Who is responsible for compliance with USPAP in appraisal reporting requirements?
The client
The appraiser
The entity that creates the reporting forms
The Appraisal Standards Board (ASB)
the appraiser
On the 1025 form, units of comparison would NOT include sale price per: Square foot of gross building area (GBA) Unit Parking space Bedroom
parking space
Jose is appraising a condominium unit for a Fannie Mae lender. He is asked to make an exterior-only inspection of the subject property from the street. What type of inspection must he make of his comparable sales?
He must enter the building, but not the individual units
No inspection of comparable sales is required
Interior inspection
Exterior inspection from at least the street
exterior inspection from at least the street
Manufactured home appraisals are required to be reported on Fannie Mae form \_\_\_\_\_\_\_\_\_. 1004 1004B 1004C 1004MC
1004C
A recertification of value does not change the effective date of the original appraisal.
True
False
true
An appraiser is valuing a property as of a current date. During the last three-month period, there were a total of 21 similar properties offered on the market; however, 6 of them either expired or were withdrawn during this time, leaving 15 properties currently on the market in the neighborhood. There were 10 closed sales in this neighborhood during this time. When filling in the number of active listings for the "current 3 month" period on the 1004MC form, the appraiser should insert: 21 31 15 10
15
when filling out the number of available listings for the time periods being analyzed, the appraiser is required to use the number of listings that were available on the most recent day of the period in question, not the cumulative number of listings that were available at any time during the period
In order to obtain the manufacturer's name and date of manufacture of a HUD-Code manufactured home, the appraiser needs to find and analyze the \_\_\_\_\_\_\_. Building permit Data plate UL label HUD label
data plate
Fannie Mae requires which approach(es) to value in the appraisal of a HUD-Code manufactured home?
Income approaches only
Cost approach only
Sales comparison and cost approaches only
Sales comparison, cost, and income approaches
sales comparison and cost approaches
For an exterior-only inspection appraisal for Fannie Mae, an appraiser must perform an exterior inspection of the property \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ . from at least the street. from the front and side yards from the rear yard or use MLS photos
from at least the street
