A comparable’s contract date is not available to the appraiser in the normal course of business. What should be entered on the Fannie Mae form?
Correct Answer
B) “Unk” for unknown
If the contract date is unavailable in the normal course of business, the appraiser must enter “Unk” (unknown) in place of the contract date.
Why This Is the Correct Answer
Option B is correct because Fannie Mae states that if the contract date is unavailable to the appraiser in the normal course of business, the appraiser must enter the abbreviation Unk for unknown in place of the contract date. This tells the reader the date was not available instead of substituting a different date.
Why the Other Options Are Wrong
Option A: The closing date in place of the contract date
Option A, entering the closing date in place of the contract date, is wrong because the closing date is a different event and would misstate the contract date. Fannie Mae requires Unk instead.
Option C: The listing date in place of the contract date
Option C, entering the listing date in place of the contract date, is wrong because the listing date is when the property was offered, not when the contract was signed. Fannie Mae requires Unk when the contract date is unavailable.
Option D: Nothing; the field may be left blank
Option D, leaving the field blank, is wrong because Fannie Mae requires an entry. The appraiser must enter Unk to show the contract date is unknown.
Unknown means Unk
If you cannot find the contract date, do not swap in another date; write Unk.
How to use: Use this when a question asks what to report for a missing contract date.
Exam Tip
Substitute dates such as closing or listing dates are tempting distractors; the Fannie Mae entry for an unavailable contract date is Unk.
Common Mistakes to Avoid
- -Entering the closing date as the contract date
- -Using the listing date as a substitute
- -Leaving the contract date field blank
Concept Deep Dive
Analysis
This question tests a specific Fannie Mae reporting requirement. When an appraiser cannot obtain a comparable's contract date in the normal course of business, Fannie Mae specifies what to enter. The required entry is the abbreviation Unk, for unknown.
Background Knowledge
The contract date shows when the price was agreed, which matters for market-conditions analysis. Fannie Mae requires reporting it when available. When it cannot be obtained in the normal course of business, the appraiser enters Unk rather than a substitute date.
Real-World Application
An appraiser uses a for-sale-by-owner comparable that was not on the MLS, and neither party can be reached to confirm the contract date. The appraiser enters Unk in the contract date field.
More Sales Comparison Questions
Supported adjustments are: non-market financing $10,000, GLA $36/sf, garage $3,500 per car, pool/spa $12,500. A comparable identical to the 2,800 sf subject sold for $267,000 with non-market financing. What is its adjusted price?
Using GLA $36/sf and non-market financing $10,000: a 3,100 sf comparable sold for $277,000 with non-market financing; the subject has 2,800 sf. Bath count differences are not adjusted. What is the adjusted price?
Using garage $3,500 per car and pool/spa $12,500: a comparable with a 2-car garage and a pool/spa sold for $268,000. The subject has a 3-car garage and no pool. What is the adjusted price?
Using GLA $36/sf, garage $3,500 per car and pool/spa $12,500: a 2,600 sf comparable with a 2-car garage and a pool/spa sold for $264,000. The subject is 2,800 sf with a 3-car garage and no pool. What is the adjusted price?
In a neighborhood with declining values and marketing times over six months, what must Fannie Mae lenders confirm about the sales comparison analysis?
A house is a 4,000 square foot home in an area of 2,000 square foot homes. How must the appraiser treat this over-improvement in the sales comparison grid?
According to the Interagency Appraisal and Evaluation Guidelines, which items should an appraisal’s market conditions discussion include?
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An appraiser wants to describe the neighborhood boundaries in a Fannie Mae report. Which approach is acceptable?
Which of these is listed by Fannie Mae as a sales or financing concession?
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