Final answer:
The Fannie Mae 1004 form is designed for appraising single-family homes and can be used for modular homes but is not exclusive to them. It is a comprehensive appraisal tool for conventional mortgages.
Step-by-step explanation:
The Fannie Mae 1004 form, also known as the Uniform Residential Appraisal Report, is not intended specifically for use with modular or panelized homes. It is actually designed for appraising single-family homes, which could include modular homes, but is not exclusive to them. The form is a comprehensive appraisal tool used by appraisers to provide an opinion of the market value for conventional mortgages underwritten by Fannie Mae and other lenders. For modular or panelized homes, the appraisal may require additional considerations that are accounted for within the 1004 form and its addenda.