Under Fannie Mae's Selling Guide, how do the floor plan exhibit requirements for Form 1004 Desktop and Form 1004 Hybrid compare?
Correct Answer
A) Both need a floor plan; ANSI is required for hybrids, encouraged if feasible for desktops
Fannie Mae requires both forms to include the same exhibits as a traditional appraisal plus a floor plan. The hybrid floor plan must conform to the ANSI standard, while for the desktop the ANSI Z765-2021 standard is not required but is encouraged when feasible. Requiring ANSI for both, dropping the hybrid floor plan, or dropping both floor plans misstates the rules.
Why This Is the Correct Answer
Option A is correct because Form 1004 Desktop and Form 1004 Hybrid both require a floor plan in addition to the traditional exhibits. The hybrid floor plan must conform to the ANSI standard, while ANSI is not required for desktops but is encouraged when feasible.
Why the Other Options Are Wrong
Option B: Both need a floor plan, and the floor plan for each one must conform to the ANSI standard
Option B is wrong because it requires ANSI conformity for both forms. For desktop appraisals the ANSI Z765-2021 standard is not required, only encouraged when feasible.
Option C: The desktop needs a floor plan; the hybrid relies on the property data collection instead
Option C is wrong because the hybrid forms also require a floor plan, and it must conform to the ANSI standard. The property data collection does not replace the floor plan exhibit.
Option D: Neither needs a floor plan, since each uses the same exhibits as a traditional appraisal
Option D is wrong because both forms require a floor plan in addition to the traditional exhibits. Using the same exhibits as a traditional appraisal is the starting point, not the full requirement.
Hybrid measures; desktop encouraged
Someone visits the property in a hybrid, so its floor plan must meet ANSI; nobody visits for a desktop, so ANSI is encouraged when feasible.
How to use: Use this to recall which alternative form requires an ANSI-conforming floor plan.
Exam Tip
When two forms are compared, check each half of the answer against each form's rule; answers that treat both forms alike are often the trap.
Common Mistakes to Avoid
- -Assuming the ANSI standard is required for desktop appraisals
- -Assuming the property data collection replaces the hybrid floor plan exhibit
- -Forgetting that both alternative forms add a floor plan to the traditional exhibits
Concept Deep Dive
Analysis
This question tests the exhibit rules for the two alternative appraisal forms side by side. Both add a floor plan to the traditional exhibits; the difference is whether the ANSI measurement standard is required, which tracks whether someone physically collected the property data.
Background Knowledge
Floor plans help a reader understand the layout of a property the appraiser did not personally inspect. ANSI Z765-2021 is a standard method for calculating square footage, and a hybrid data collection includes an on-site visit where ANSI measurement is practical.
Real-World Application
A desktop appraiser receives a machine-generated floor plan from a listing photo service and includes it as an exhibit without ANSI measurement. On a separate hybrid assignment, the appraiser includes the ANSI-conforming floor plan prepared from the third party's on-site data collection.
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