Which Fannie Mae form number is used for an exterior only appraisal of a single family unit?

Which Fannie Mae form number is used for an exterior only appraisal of a single family unit?

• A. 1004
• B. 2055
• C. 1005
• D. 1025

Answer: (B)

The form number used for an exterior-only appraisal of a single-family unit is 2055. This specific form allows appraisers to assess the property's exterior, including the condition and characteristics of the outside of the home, without requiring an interior inspection. This can be beneficial in scenarios where an external appraisal is sufficient for financing purposes, often resulting in a quicker appraisal process. In the context of this question, other forms serve different functions. Form 1004 is a comprehensive appraisal form used for full appraisals that include interior and exterior inspections. Form 1005 is designed for appraisals of individual condominiums, while form 1025 is specifically for two to four-unit residential properties, making them inappropriate for a single-family unit exterior-only appraisal. The use of 2055 helps streamline the process while still providing valuable information about the property's exterior condition.

The form number used for an exterior-only appraisal of a single-family unit is 2055. This specific form allows appraisers to assess the property's exterior, including the condition and characteristics of the outside of the home, without requiring an interior inspection. This can be beneficial in scenarios where an external appraisal is sufficient for financing purposes, often resulting in a quicker appraisal process.

In the context of this question, other forms serve different functions. Form 1004 is a comprehensive appraisal form used for full appraisals that include interior and exterior inspections. Form 1005 is designed for appraisals of individual condominiums, while form 1025 is specifically for two to four-unit residential properties, making them inappropriate for a single-family unit exterior-only appraisal. The use of 2055 helps streamline the process while still providing valuable information about the property's exterior condition.