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Procedures for Academic Achievement Recognition Small Residential Income Property Appraisal Report Form
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People also ask
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What is the difference between 1004 and 1025 appraisal form?
Keep in mind that Form 1004C is used for appraising single-family manufactured housing, while Form 1073 is used for condominium units. On the other hand, Form 1025 is for small multi-family investment properties. -
What is the difference between Form 1073 and 1004?
For a single unit home, it's either a condo or a SFR/PUD. For a condo, FNMA form 1073 is usually used; for a SFR/PUD, FNMA form 1004 is used. How to tell if a property is a condo? In California, it usually (>99%) says in the Legal Description (Exhibit A) section of the title report. -
How do you acknowledge receipt of appraisal report?
Initial the applicable statement: I/we acknowledge the appraisal report was received no less than three (3) business days prior to the closing of the loan. I/we acknowledge the appraisal report was not received no less than three (3) business days prior to the closing of the loan. -
What is a FNMA 1073?
Fannie Mae Form 1073 March 2005. The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. -
What are the 3 types of appraisal reports?
Appraisal reports that communicate either complete or limited appraisals may be presented in three formats: self-contained reports, summary reports, and restricted reports. -
What is the best method for valuing residential property?
In the sales comparison, or market, approach, value is estimated by comparing the subject property to similar properties that have sold. The sales comparison approach often produces the most reliable evidence of RMV because sales are based on the actions of buyers and sellers in the marketplace. -
What type of appraisal is a 1004?
A 1004 appraisal form is considered to be one of the most commonly used forms in residential real estate appraisals. In ance with USPAP a 1004, or URAR, is completed when estimating the market value of a single-family dwelling complete with an exterior and interior inspection. -
What is form 1073 used for?
Form 1073. Form 1073 is the second most commonly used property appraisal form for residential properties. This form is used for appraising condominiums. Essentially, it is the same form as Form 1004 and also serves the same purpose.
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