Property Valuation
A Montana appraiser completing a form appraisal report for a lender (such as the Fannie Mae Form 1004 for single-family homes) is providing a:
AOral appraisal report
BWritten complete appraisal in a standardized form report format required by most residential lenders✓ Correct
CRestricted appraisal report for internal use only
DMass appraisal report for tax purposes
Explanation
The Fannie Mae Form 1004 (Uniform Residential Appraisal Report) is a standardized written complete appraisal report format used for most single-family residential mortgage lending in Montana and nationwide. It meets USPAP requirements for a complete appraisal report.
Related Montana Property Valuation Questions
- The 'principle of anticipation' in Montana real estate appraisal means that value is:
- In Montana, 'functional utility' of a residential property in the sales comparison approach relates to:
- The principle of progression holds that:
- In Montana, a buyer's broker price opinion (BPO) differs from a formal appraisal in that a BPO:
- A commercial appraiser in Billings uses the direct capitalization method and determines that a retail strip center has an NOI of $120,000 and comparable cap rates are 7%. What is the indicated value?
- In Montana, a 'before-and-after' appraisal technique is used primarily in:
- In the cost approach to value in Montana, 'reproduction cost' differs from 'replacement cost' in that:
- In Montana, a comparative market analysis (CMA) performed by a real estate agent is NOT the same as:
Practice More Montana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Montana Quiz →