Form 1004 at a glance
What it is: The Uniform Residential Appraisal Report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Who signs: APPRAISER: Signature, Name, Company Name, Company Address, Telephone Number, Email Address, Date of Signature and Report. SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature, Name, Company Name, Company Address, Telephone Number, Email Address, Date of Signature.
A filled-in Form 1004 example: an appraiser enters the property lines
How to fill out Form 1004, box by box
Property Address, Borrower and Owner of Public Record
Enter the Property Address, City, State and Zip Code, then the Borrower, the Owner of Public Record and the County.
Opinion of the market value
Enter the opinion of the market value, as defined, of the real property that is the subject of this report, as of the date of inspection and the effective date of this appraisal.
APPRAISER and SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature
APPRAISER: Signature, Name, Company Name, Company Address, Telephone Number, Email Address, Date of Signature and Report.
SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature, Name, Company Name, Company Address, Telephone Number, Email Address, Date of Signature.
The Supervisory Appraiser certifies and agrees that the appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
More rules for Form 1004
The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. The intended user of this appraisal report is the lender/client.
Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted.
The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment.
Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted.
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Mark Yes or No. Report data source(s) used, offering price(s), and date(s).
Mark did or did not research the sale or transfer history of the subject property and comparable sales. If not, explain.
Mark did or did not: my research reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal, and of the comparable sales for the year prior to the date of sale of the comparable sale.
The COST APPROACH TO VALUE is not required by Fannie Mae. Provide adequate information for the lender/client to replicate the cost figures and calculations.
The INCOME APPROACH TO VALUE is not required by Fannie Mae.
Common questions about Form 1004
What is a form 1004 appraisal?
The Uniform Residential Appraisal Report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit, including a unit in a planned unit development (PUD).
Is there a penalty?
Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws.
What am I certifying when I sign?
I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property.
When is this form not the right one?
This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project.
Sources
[1] Form 1004, Uniform Residential Appraisal Report, Fannie Mae Form 1004 March 2005 (Freddie Mac Form 70) (the Official source link on this page).
