Under Fannie Mae's hybrid appraisal option, which date is the effective date of the appraisal?
Correct Answer
D) The date the appraiser arrives at the opinion of value.
Fannie Mae’s hybrid-appraisal guidance identifies the effective date as the date the appraiser arrives at the opinion of value. That is distinct from the separately reported property-data-collection date. The appraiser still must assess whether the available collection is sufficiently reliable and current. This product rule is not a statement that every USPAP appraisal uses the same date relationship.
Why This Is the Correct Answer
Option D is correct because Fannie Mae's hybrid appraisal guidance identifies the effective date as the date the appraiser arrives at the opinion of value. That date is distinct from the separately reported property data collection date. The appraiser still must assess whether the collected data are sufficiently reliable and current.
Why the Other Options Are Wrong
Option A: The date the separate property data collection was performed.
Option A is wrong because the date the separate property data collection was performed is reported separately and is not the effective date under this hybrid option. The effective date is when the appraiser arrives at the value opinion.
Option B: The date the lender first requested the property data collection.
Option B is wrong because the date the lender first requested the property data collection is an ordering date. It is not the effective date of the appraisal.
Option C: The date the property data report was uploaded to a portal.
Option C is wrong because the date the property data report was uploaded to a portal is an administrative date. It does not mark when the appraiser formed the opinion of value.
Opinion day is effective day
For this Fannie Mae hybrid option, the effective date is the day the appraiser reaches the value opinion, not the day data were collected.
How to use: Use this when a question asks for the effective date of a Fannie Mae hybrid appraisal.
Exam Tip
Separate data collection, ordering and upload dates from the date of the appraiser's opinion. Note that this answer reflects a specific product rule.
Common Mistakes to Avoid
- -Using the data collection date as the effective date in this hybrid option
- -Confusing ordering or upload dates with the effective date
- -Assuming this product rule applies to every USPAP appraisal
Concept Deep Dive
Analysis
This question tests a product-specific rule for the Fannie Mae hybrid appraisal option. In that option, the effective date is the date the appraiser arrives at the opinion of value, which differs from the separately reported property data collection date. Distinguish the analysis date from data collection and administrative dates.
Background Knowledge
A hybrid appraisal combines a property data collection by a separate person with an appraiser's analysis and value opinion. Because the two steps occur at different times, Fannie Mae specifies which date serves as the effective date for this product; this is a product rule, not a general USPAP statement.
Real-World Application
A property data collector visits a home on one date and uploads the report two days later. The appraiser completes the analysis and reaches a value opinion the following week, and that later date is the effective date for this hybrid product.
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Under Fannie Mae's Selling Guide, a trained third party performs a hybrid property data collection on March 2. The appraiser arrives at the opinion of value on March 9 and signs the report on March 10. Which entries are correct for the effective date and the Subject Property Data Collection Date?