Property Valuation
An appraiser in NJ completing an update appraisal (appraisal update and/or completion report) would use which Fannie Mae form?
AForm 1004
BForm 1004D (Appraisal Update and/or Completion Report)✓ Correct
CForm 2055
DForm 1073
Explanation
Form 1004D is the standard form for appraisal updates (confirming no material change in value since the original appraisal) and for completion inspections (confirming proposed construction or repairs are complete).
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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