What is a 'Uniform Residential Appraisal Report' (URAR) used for in Delaware?
Why Fannie Mae Form 1004 — the standard appraisal form for single-family residential properties used for most conventional and FHA loan transactions Is Correct
Answer B: Fannie Mae Form 1004 — the standard appraisal form for single-family residential properties used for most conventional and FHA loan transactions
Exam Tip: Property Valuation
Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.
Key Property Valuation Terms in This Question
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Key Terms to Know
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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