Reviewing Residential Appraisals and Using Fannie Mae Form 2000
This seminar presents key information for residential appraisers who review reports or would like to learn about this type of work. It provides tips on where to find and confirm data presented in reports, ways to better understand the needs of clients who order appraisal reviews, and instructions on how to complete the various appraisal review forms. While USPAP will be addressed, this isn’t a UPAP seminar. In USPAP, Standards 3 and 4 address review work. This material will focus on a line-by-line discussion of the Fannie Mae Form 2000, the One-Unit Residential Appraisal Field Review Report, which is used to present a single-unit residential appraisal review report, and Fannie Mae Form 1004, the Uniform Residential Appraisal Report (URAR), which is used to report most residential appraisals. This discussion includes tips on where to research or confirm the data and identifies some possible areas where review appraisers may need to focus.
Discuss the logic of residential real estate form appraisal reports.Identify possible ways to complete the various appraisal review forms.Identify issues and sources that can be used to confirm data presented in appraisal reports and find other relevant data needed for an appraisal analysis. Identify the concerns and needs of clients who order appraisal reviews.Discuss ways to meet the needs of clients in appraisal review assignments.Evaluate the appraisal process, the review process, and the data confirmation process.Identify areas where review appraisers can use the actual forms to support the requirements and the scope of work required by appraisers.Identify data sources to find support for a conclusion in the review process.Discuss applications of USPAP in the residential appraisal review process.Identify USPAP issues that apply to residential appraisal reports and may become exposed during the review process.
