Property Valuation
A Pennsylvania appraiser completing a 1004 UAD residential appraisal form for a conventional loan must use:
AAny format they choose
BFannie Mae/Freddie Mac standardized Uniform Appraisal Dataset (UAD) guidelines and condition/quality ratings✓ Correct
COnly PREC-approved appraisal forms
DThe HUD 203(k) form for all properties
Explanation
The Uniform Appraisal Dataset (UAD) is a standardized coding system required by Fannie Mae and Freddie Mac for appraisals on conventional loans. Pennsylvania appraisers completing Form 1004 must use UAD-compliant condition (C1-C6) and quality (Q1-Q6) ratings and other standardized data fields.
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