Question

Which statement about Fannie Mae Form 1073/Freddie Mac Form 465, Individual Condominium Unit Appraisal Report form , is FALSE?

A. the form contains provisions for the same approaches to value as the URAR form
B. the form is not designed for valuing cooperative units or manufactured homes that are part of a complex
C. the form is used for the appraisal of a unit in a condominium project
D. the form was developed by Fannie Mae/Freddie Mac to ensure all necessary info is presented in the report

Answer 1

The false statement is that the Fannie Mae Form 1073/Freddie Mac Form 465 contains provisions for the same approaches to value as the URAR form, because it may not include all the same approaches such as the income approach.

Step-by-step explanation:

The false statement about Fannie Mae Form 1073/Freddie Mac Form 465, Individual Condominium Unit Appraisal Report form, is 'the form contains provisions for the same approaches to value as the URAR form.'

While the form does contain several approaches to value, such as market comparisons, it does not necessarily contain provisions for all the same approaches found in the Uniform Residential Appraisal Report (URAR), such as the income approach, which may be less commonly used in appraising individual condominium units.

The form is indeed used for evaluating the value of a unit within a condominium project and is not suitable for valuing cooperative units or manufactured homes that are part of a complex. Furthermore, Fannie Mae and Freddie Mac developed the form to ensure that all the necessary information is included in an appraisal report for a condominium unit.