Property Valuation
A Maine appraiser uses the '1004 form' (Uniform Residential Appraisal Report). This form is used for:
ACommercial properties only
BSingle-family residential properties for lender purposes✓ Correct
CVacant land appraisals
DAll property types
Explanation
The Fannie Mae Form 1004 (Uniform Residential Appraisal Report) is the standard form used for single-family residential property appraisals for mortgage lending purposes.
Related Maine Property Valuation Questions
- In Maine real estate appraisal, 'functional obsolescence' refers to:
- In Maine, a 'contaminated site discount' in a property appraisal accounts for:
- A Maine appraiser estimates a home's value at $310,000 using the cost approach, $325,000 using the sales comparison approach, and $290,000 using the income approach. For a primary residence, the appraiser would most likely weight which approach most heavily?
- In Maine, when an appraiser finds that the subject property's location causes a loss in value compared to interior properties (e.g., next to a busy road), this is:
- A Maine appraiser performing a 'narrative appraisal report' provides the most detail in which format?
- A Maine appraiser is asked to provide a 'restricted use appraisal report.' This type of report is:
- In Maine real estate, 'under improvement' of a site means:
- Seasonal and vacation properties in Maine are typically valued using which primary approach?
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