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?
Correct Answer
B) Effective date March 9; data collection date March 2
For a Fannie Mae hybrid appraisal, the effective date is the date the appraiser arrives at the opinion of value (March 9), while the Subject Property Data Collection Date is the date the property data collection was performed (March 2). Using March 2 for both treats the collection like a traditional inspection, using March 9 for both misreports the collection date, and March 10 is the signing date rather than the date the opinion was reached.
Why This Is the Correct Answer
Option B is correct because the hybrid effective date is the date the appraiser arrives at the opinion of value, March 9, and the Subject Property Data Collection Date is the date the collection was performed, March 2. The two entries record two different events.
Why the Other Options Are Wrong
Option A: Effective date March 2; data collection date March 2
Option A, an effective date of March 2, wrongly ties the effective date to the property data collection, as if it were a traditional inspection. The data collection date of March 2 is right, but the effective date should be March 9.
Option C: Effective date March 9; data collection date March 9
Option C, a data collection date of March 9, enters the appraiser's opinion date in a field meant for the date the collection was performed. The effective date of March 9 is right, but the collection date should be March 2.
Option D: Effective date March 10; data collection date March 2
Option D, an effective date of March 10, uses the date the report was signed. The hybrid effective date is the date the appraiser arrived at the opinion of value, March 9.
Collector's date, appraiser's date
The collection date belongs to the data collector's visit; the effective date belongs to the appraiser's opinion of value.
How to use: Use this whenever a hybrid question gives you several dates and asks which goes where.
Exam Tip
Line up each date in the stem with the event it describes before matching it to a report field.
Common Mistakes to Avoid
- -Using the property data collection date as the hybrid effective date
- -Using the report signature date as the effective date
- -Entering the appraiser's opinion date in the Subject Property Data Collection Date field
Concept Deep Dive
Analysis
This question tests two different dates in a hybrid report and asks the candidate to keep them apart. The effective date follows the appraiser's opinion of value, while the data collection date field records when the third party gathered the property data; the signing date is a third, separate event.
Background Knowledge
In a traditional appraisal, appraisers commonly think of the effective date in relation to their own inspection. In a hybrid appraisal, someone else may collect the data, so Fannie Mae ties the effective date to the appraiser's opinion of value and records the collection date in its own field.
Real-World Application
A real estate agent collects property data on a home on a Monday. The appraiser, working from that data and market sources, finalizes the value the following Monday and records that second date as the effective date, entering the agent's visit date in the data collection date field.
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