Under Fannie Mae's Selling Guide, how does the appraiser complete the Subject Property Data Collection Method and Subject Property Data Collection Date entries for a Form 1004 Desktop?
Correct Answer
B) Method "Other"; the collection date entered as Null
For a Form 1004 Desktop, Fannie Mae's required entries are an Appraisal Assignment Type of "DesktopAppraisal", a Subject Property Data Collection Method of "Other" and a Subject Property Data Collection Date of Null. "Physical" with a collection date is the hybrid pattern, and dates of photos or homeowner information do not belong in the desktop date field.
Why This Is the Correct Answer
Option B is correct because Fannie Mae's required entries for a Form 1004 Desktop are a Subject Property Data Collection Method of "Other" and a Subject Property Data Collection Date of Null. No physical data collection takes place for a desktop appraisal, so there is no collection date to report.
Why the Other Options Are Wrong
Option A: Method "Physical"; the date of the most recent photos supplied
Option A is wrong because "Physical" is the method entry for a hybrid appraisal, not a desktop appraisal. The desktop date entry is Null, not the date of supplied photos.
Option C: Method "Other"; the date the homeowner supplied the information
Option C uses the correct "Other" method but enters a date the homeowner supplied information. The desktop Subject Property Data Collection Date is Null.
Option D: Method "Physical"; the collection date entered as Null
Option D enters the correct Null date but the wrong method; "Physical" applies to hybrid appraisals. The desktop method entry is "Other".
Desktop: Other and Null
No one physically collects data for a desktop, so the method is "Other" and the date and workforce fields are Null.
How to use: Use this to separate desktop entries from hybrid entries, which use "Physical" and an actual collection date.
Exam Tip
Match each answer's method and date as a pair; one correct half does not make the choice correct.
Common Mistakes to Avoid
- -Entering "Physical" as the data collection method for a desktop appraisal
- -Reporting the date photos or homeowner information were received as the collection date
Concept Deep Dive
Analysis
This question tests the assignment-type entries a desktop appraiser reports in the Additional Comments section. Because a desktop appraisal has no physical property data collection, the method is reported as "Other" and the date is left Null, which distinguishes it from a hybrid.
Background Knowledge
Fannie Mae requires the appraiser to report the Appraisal Assignment Type and supporting details for desktop and hybrid appraisals. These entries let the reader and Fannie Mae see how the subject property data were gathered.
Real-World Application
An appraiser finishing a desktop report on a single-family purchase completes the Additional Comments entries with "DesktopAppraisal" as the assignment type, "Other" as the method, and Null for the data collection date and workforce.
More Emerging Methods Questions
A loan is eligible for Fannie Mae's value acceptance + property data option, and the lender elects that option. What does the lender obtain in place of an appraisal?
An appraiser uses a building-permit file to investigate an addition. What is an important limitation of that source?
A real estate salesperson, acting solely in a brokerage role, prepares a CMA to help a listing client choose an asking price. Which statement is best?
An appropriately credentialed appraiser is offered a desktop assignment on an unfamiliar property type. A necessary competency gap is known before agreement. If the appraiser elects to proceed, what is required?
How should an appraiser identify potentially distressed transactions in a data set?
Why should an appraiser identify the data sources used in the report?
How should an appraiser treat a value estimate found on a consumer real estate website?
An appraiser builds a spreadsheet regression to support adjustments. How is it treated?
May an appraiser use data from a prior assignment for a different client?
The intended lender’s applicable assignment conditions require an interior inspection. The client asks the appraiser to deliver a desktop appraisal instead, and the inspection condition has not been authorized for modification. What should the appraiser do?
People Also Study
Real Estate Market
13.6% of exam
Property Description
11.8% of exam
Land or Site Valuation
4.5% of exam
Sales Comparison Approach
16.4% of exam
Cost Approach
13.6% of exam
Previous Question
A Fannie Mae hybrid appraisal uses trained third-party property data collection. Which feature distinguishes that appraisal from a standalone automated model estimate?
Next Question
Which description best matches an appraisal assignment in which the appraiser inspects the property from the exterior only and does not enter the interior?