How should an appraiser report a comparable’s sale dates on a Fannie Mae appraisal report form?
Correct Answer
D) Contract and settlement dates by month and year (s04/10, c02/10)
The appraiser should provide the date of the sales contract and the settlement or closing date; only month and year are needed, written with an “s” for settlement and “c” for contract. Unknown contract dates are entered as “Unk.”
Why This Is the Correct Answer
Option D is correct because Fannie Mae asks for the date of the sales contract and the settlement or closing date, with only the month and year reported, as in s04/10 and c02/10. The letter s marks the settlement date and c marks the contract date. An unknown contract date is entered as Unk.
Why the Other Options Are Wrong
Option A: The closing date alone, with the full day, month and year
Option A is wrong because reporting the closing date alone, with full day, month and year, omits the contract date. Fannie Mae asks for both dates, and only the month and year are needed.
Option B: The listing date and the closing date, each with the full day
Option B is wrong because the listing date is not the date requested, and the full day is not needed. Fannie Mae asks for the contract date and the settlement date by month and year.
Option C: The date the deed was recorded, given as month and day
Option C is wrong because the deed recording date given as month and day is not the required format. The guidance calls for the contract and settlement dates, reported by month and year.
s settles, c contracts
Write s for settlement and c for contract, each with month and year only. Two dates, two letters.
How to use: Use this letter pairing when a question asks how sale dates are entered on a Fannie Mae form.
Exam Tip
Look for the answer that includes both the contract and settlement dates in month-and-year format. Options with only one date or with a full day are wrong.
Common Mistakes to Avoid
- -Reporting only the closing date
- -Using the listing or recording date instead of the contract date
- -Including the full day when only month and year are needed
Concept Deep Dive
Analysis
This question tests the Fannie Mae reporting convention for comparable sale dates. The appraiser reports both the contract date and the settlement or closing date, giving only the month and year. Each date is marked with a letter showing which type it is.
Background Knowledge
Reporting both the contract and settlement dates helps the reader understand when the buyer and seller agreed on price, which bears on market conditions analysis. The contract date reflects the market at the time of agreement, while settlement can occur weeks or months later.
Real-World Application
A comparable went under contract in February and closed in April. The appraiser enters the dates as s04/10 and c02/10 style entries, so the reviewer can see that the price was agreed two months before closing.
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?
A comparable listed at $420,000 and sold for $399,000. What sale-to-list price ratio (sale price ÷ list price) does this indicate?
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