Final answer:
Fannie Mae last updated its residential appraisal report forms in March 2005. These forms are crucial for appraisals related to mortgages and have significant influence on the housing market. The correct answer is option (C)
Step-by-step explanation:
Fannie Mae last revised its residential appraisal report forms in March 2005. Residential appraisal report forms are essential documents in the real estate finance industry as they contain an appraiser's opinion of value of a residential property. Revisions to these forms can significantly impact the practices and processes of appraisals conducted for mortgages backed by Fannie Mae, thus influencing the housing market and mortgage finance.