Final answer:
The commonly used form for FNMA appraisals on properties intended for residential occupancy is FNMA Form 1004 (Uniform Residential Appraisal Report). FNMA Form 1007 (Market Conditions Addendum to the Appraisal Report) may also be used.
Step-by-step explanation:
Which form is commonly used for FNMA appraisals on properties intended for residential occupancy?
The commonly used form for FNMA appraisals on properties intended for residential occupancy is FNMA Form 1004 (Uniform Residential Appraisal Report). This form is used by appraisers to provide a detailed appraisal of the property, including information on the property's condition, market value, and comparable sales in the area.
In addition to the FNMA Form 1004, FNMA Form 1007 (Market Conditions Addendum to the Appraisal Report) may also be used. This form provides information on the current market conditions affecting the value of the property, such as supply and demand, market trends, and any external factors that may impact the property's value.
Both forms are important tools in the appraisal process and help lenders and buyers assess the value and suitability of a property for residential occupancy.