Property Valuation
In Virginia's Richmond market, what type of residential appraisal methodology do Fannie Mae and Freddie Mac require for single-family home purchases?
AOnly the cost approach
BA USPAP-compliant appraisal using the Uniform Residential Appraisal Report (FNMA Form 1004) or equivalent✓ Correct
CA broker price opinion
DAn automated valuation model only
Explanation
Fannie Mae and Freddie Mac require full USPAP-compliant appraisals using standardized forms (such as FNMA Form 1004 for single-family homes) prepared by licensed/certified appraisers for mortgage origination.
Related Virginia Property Valuation Questions
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