1075 Exterior-Only Inspection Individual Condominium Unit App

Exterior-Only Inspection Individual Condominium Unit Appraisal Report

File #

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address
Unit #
City
State
Zip Code
Borrower
Owner of Public Record
County
Legal Description
Assessor’s Parcel #
Tax Year
R.E. Taxes $
S
Project
Name
Phase
#
Map
Reference
Census Tract
U
B
Occupant
Owner
Tenant
Vacant
Special Assessments $
HOA $
per year
per month
J
Fee Simple
Leasehold
Other (describe)
E Property Rights Appraised
C
Assignment Type
Purchase Transaction
Refinance Transaction
Other (describe)
T
Lender/Client
Address
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal?
Yes
No
Report data source(s) used, offering price(s), and date(s).

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N
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I
did
did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
Contract Price $
Date of Contract
Is the property seller the owner of public record?
Yes
No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?
If Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics
Condominium Unit Housing Trends
Location
Urban
Suburban
Rural
Property Values
Increasing
Stable
Declining
Built-Up
Over 75%
25–75%
Under 25% Demand/Supply
Shortage
In Balance Over Supply
Growth
Rapid
Stable
Slow
Marketing Time
Under 3 mths
3–6 mths
Over 6 mths
Neighborhood Boundaries

Yes

No

Condominium Housing Present Land Use %
PRICE
AGE
One-Unit
%
$ (000)
(yrs)
2-4 Unit
%
Low
Multi-Family
%
High
Commercial
%
Pred.
Other
%

Neighborhood Description

Market Conditions (including support for the above conclusions)

Topography
Size
Density
View
Specific Zoning Classification
Zoning Description
Zoning Compliance
Legal
Legal Nonconforming – Do the zoning regulations permit rebuilding to current density?
Yes
No
No Zoning
Illegal (describe)
Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?
Yes
No If No, describe

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Utilities
Public Other (describe)
Public Other (describe)
Off-site Improvements—Type
Public Private
Electricity
Water
Street
Gas
Sanitary Sewer
Alley
FEMA Special Flood Hazard Area
Yes
No FEMA Flood Zone
FEMA Map #
FEMA Map Date
Are the utilities and off-site improvements typical for the market area?
Yes
No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?
Yes
No If Yes, describe

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Data source(s) for project information
Project Description
Detached
Row or Townhouse
Garden
Mid-Rise
High-Rise
Other (describe)
General Description
General Description
Subject Phase
If Project Completed
If Project Incomplete
# of Stories
Exterior Walls
# of Units
# of Phases
# of Planned Phases
# of Elevators
Roof Surface
# of Units Completed
# of Units
# of Planned Units
Existing
Proposed Total # Parking
# of Units For Sale
# of Units for Sale
# of Units for Sale
Under Construction
Ratio (spaces/units)
# of Units Sold
# of Units Sold
# of Units Sold
Year Built
Type
# of Units Rented
# of Units Rented
# of Units Rented
Effective Age
Guest Parking
# of Owner Occupied Units
# of Owner Occupied Units
# of Owner Occupied Units
Project Primary Occupancy
Principle Residence
Second Home or Recreational
Tenant
Is the developer/builder in control of the Homeowners’ Association (HOA)?
Yes
No
Management Group –
Homeowners’ Association
Developer
Management Agent – Provide name of management company.

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Does any single entity (the same individual, investor group, corporation, etc.) own more than 10% of the total units in the project?

Was the project created by the conversion of an existing building(s) into a condominium?

Yes

Yes

No If Yes, describe the original use and the date of conversion.

Are the units, common elements, and recreation facilities complete (including any planned rehabilitation for a condominium conversion)?

Is there any commercial space in the project?

Freddie Mac Form 466 March 2005

Yes

No If Yes, describe

Yes

No If No, describe

No If Yes, describe and indicate the overall percentage of the commercial space.

Page 1 of 6

Fannie Mae Form 1075 March 2005

Exterior-Only Inspection Individual Condominium Unit Appraisal Report

File #

Describe the condition of the project and quality of construction
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N

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Describe the common elements and recreational facilities.

Are any common elements leased to or by the Homeowners’ Association?

Yes

Is the project subject to ground rent?

per year (describe terms and conditions)

Yes

No If Yes, $

Are the parking facilities adequate for the project size and type?

Yes

No If Yes, describe the rental terms and options.

No If No, describe and comment on the effect on value and marketability.

I
did
did not analyze the condominium project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why
the analysis was not performed.

Are there any other fees (other than regular HOA charges) for the use of the project facilities?

Yes

Compared to other competitive projects of similar quality and design, the subject unit charge appears

No If Yes, report the charges and describe.

High

Average

Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
Yes
No If Yes, describe and explain the effect on value and marketability.

Unit Charge $
per month X 12 = $
per year
Annual assessment charge per year per square feet of gross living area = $
Utilities included in the unit monthly assessment
None
Heat
Air Conditioning
Electricity
Gas
Water
Sewer
Cable
Other
Source(s) Used for Physical Characteristics of Property
Appraisal Files
MLS
Assessment and Tax Records
Prior Inspection
Property Owner
Other (describe)
Data Source(s) for Gross Living Area
General Description
Amenities
Appliances
Car Storage
Floor #
Fireplace(s) #
Refrigerator
None
# of Levels
Woodstove(s) #
Range/Oven
Garage
Covered
Open
Heating Type
Fuel
Deck/Patio
Disp
Microwave
# of Cars
Central AC
Individual AC
Porch/Balcony
Dishwasher
Assigned
Owned
Other (describe)
Other
Washer/Dryer
Parking Space #
Finished area above grade contains:
Rooms
Bedrooms
Bath(s)
Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered?
Yes
No If No, describe and comment on compatibility to other projects in the market area.
Additional features (special energy efficient items, etc.)
Describe the condition of the property (including apparent needed repairs, deterioration, renovations, remodeling, etc.).

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?

I

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Y

Low If High or Low, describe

did

Yes

Yes

No If Yes, describe

No If No, describe

did not research the sale or transfer history of the subject property and comparable sales. If not, explain

My research
did
did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data source(s)
My research
did
did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data source(s)
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM
SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARAB LE SALE # 3
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales.

Freddie Mac Form 466 March 2005

Page 2 of 6

Fannie Mae Form 1075 March 2005

Exterior-Only Inspection Individual Condominium Unit Appraisal Report

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File #

There are
comparable properties currently offered for sale in the subject neighborhood ranging in price from $
to $
.
There are
comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $
to $
.
FEATURE
SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE # 3
Address and
Unit #
Project Name and
Phase
Proximity to Subject
Sale Price
$
$
$
$
Sale Price/Gross Liv. Area $
sq. ft. $
sq. ft.
$
sq. ft.
$
sq. ft.
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+(-) $ Adjustment
DESCRIPTION
+(-) $ Adjustment
DESCRIPTION +(-) $ Adjustment
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
HOA Mo. Assessment
Common Elements
And Rec. Facilities
Floor Location
View
Design (Style)
Quality of Construction
Actual Age
Condition
Total Bdrms. Baths Total Bdrms. Baths
Total Bdrms. Baths
Total Bdrms. Baths
Above Grade
Room Count
Gross Living Area
sq. ft.
sq. ft.
sq. ft.
sq. ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porch/Patio/Deck

Net Adjustment (Total)
Adjusted Sale Price
of Comparables
Summary of Sales Comparison Approach

+
Net Adj.
Gross Adj.

-

$
%
% $

+
Net Adj.
Gross Adj.

-

$
%
% $

+
Net Adj.
Gross Adj.

-

$
%
% $

Indicated Value by Sales Comparison Approach $
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INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent $
X Gross Rent Multiplier
= $
Summary of Income Approach (including support for market rent and GRM).

Indicated Value by: Sales Comparison Approach $

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Indicated Value by Income Approach

Income Approach (if developed) $

This appraisal is made
“as is”,
subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or
subject to
completed,
the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a visual inspection of the exterior areas of the subject property from at least the street, defined scope of work, statement of assumptions and limiting
conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
$
, as of
, which is the date of the exterior inspection and the effective date of this appraisal.

Freddie Mac Form 466 March 2005

Page 3 of 6

Fannie Mae Form 1075 March 2005

Exterior-Only Inspection Individual Condominium Unit Appraisal Report

File #

This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned
unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a
cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this
appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional
certifications that do not constitute material alterations to this appraisal report, such as those required by law or those
related to the appraiser’s continuing education or membership in an appraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and
the reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a visual inspection
of the exterior areas of the subject property from at least the street, (2) inspect and analyze the condominium project, (3)
inspect the neighborhood, (4) inspect each of the comparable sales from at least the street, (5) research, verify, and
analyze data from reliable public and/or private sources, and (6) report his or her analysis, opinions, and conclusions in this
appraisal report.
The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to,
condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public
and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she
uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior
inspections, appraisal files, information provided by the property owner, etc.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a
specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically
motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own
best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in
U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal
consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone
associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party
institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a
mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate
the market’s reaction to the financing or concessions based on the appraiser’s judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the
title to it, except for information that he or she became aware of during the research involved in performing this appraisal.
The appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in
question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
4. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no
such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any
such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions
exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be
considered as an environmental assessment of the property.
5. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to
satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject
property will be performed in a professional manner.

Freddie Mac Form 466 March 2005

Page 4 of 6

Fannie Mae Form 1075 March 2005

Exterior-Only Inspection Individual Condominium Unit Appraisal Report

File #

APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I have performed a visual inspection of the exterior areas of the subject property from at least the street. I have reported
the condition of the improvements in factual, specific terms. I have identified and reported the physical deficiencies that could
affect the livability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice
that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at
the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for
this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to
the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
8. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.

Freddie Mac Form 466 March 2005

Page 5 of 6

Fannie Mae Form 1075 March 2005

Exterior-Only Inspection Individual Condominium Unit Appraisal Report

File #

21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary
market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or
instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the
appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may
be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news,
sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.

SUPERVISORY APPRAISER’S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’s
analysis, opinions, statements, conclusions, and the appraiser’s certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,
statements, conclusions, and the appraiser’s certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature ______________________________________________
Name _________________________________________________
Company Name _________________________________________
Company Address _______________________________________
______________________________________________________
Telephone Number ______________________________________
Email Address __________________________________________
Date of Signature and Report ______________________________
Effective Date of Appraisal_________________________________
State Certification # ______________________________________
or State License # _______________________________________
or Other _______________________________________________
State__________________________________________________
Expiration Date of Certification or License ____________________

Signature___________________________________________
Name _____________________________________________
Company Name _____________________________________
Company Address____________________________________
__________________________________________________
Telephone Number ___________________________________
Email Address _______________________________________
Date of Signature ____________________________________
State Certification #___________________________________
or State License # ____________________________________
State ______________________________________________
Expiration Date of Certification or License _________________
SUPERVISORY APPRAISER
SUBJECT PROPERTY

ADDRESS OF PROPERTY APPRAISED
______________________________________________________
______________________________________________________
APPRAISED VALUE OF SUBJECT PROPERTY $ _________________
LENDER/CLIENT
Name _________________________________________________
Company Name _________________________________________
Company Address _______________________________________
Email Address __________________________________________

Freddie Mac Form 466 March 2005

Did not inspect exterior of subject property
Did inspect exterior of subject property from street
Date of Inspection ____________________________________
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection ____________________________________

Page 6 of 6

Fannie Mae Form 1075 March 2005

Instructions
Exterior-Only Inspection Individual Condominium Unit Appraisal Report
This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD)
based on an exterior-only inspection of the subject property from at least the street. This report form is not designed to report an appraisal of a
manufactured home or a unit in a cooperative project.

Learn How to Use the New Market Conditions Addendum
Gain an understanding of and recognize the sources of market information necessary to analyze market conditions. Our new recorded training is
View Recorded Training

Modifications, Additions, or Deletions
This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting
conditions, and certifications contained in the report form. Modifications, additions, or deletions to the intended use, intended user, definition of market
value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or
analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However,
additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization are permitted.

Scope of Work
The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report
form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a
minimum: (1) perform a visual inspection of the exterior areas of the subject property from at least the street, (2) inspect and analyze the condominium
project, (3) inspect the neighborhood, (4) inspect each of the comparable sales from at least the street, (5) research, verify, and analyze data from
reliable public and/or private sources, and (6) report his or her analysis, opinions, and conclusions in this appraisal report.
The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to, condition, room count, gross
living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or private sources to perform this appraisal. The
appraiser should use the same type of data sources that he or she uses for comparable sales such as, but not limited to, multiple listing services, tax
and assessment records, prior inspections, appraisal files, information provided by the property owner, etc.

New Projects
For units in new ( or recently converted) condominium projects, the appraiser must compare the subject property to other properties in its general market
area as well as to properties within the subject project. This comparison should help demonstrate market acceptance of new developments and the
properties within them. Generally, the appraiser should select one comparable sale from the subject project, one comparable sale from outside the subject
project, and one other comparable sale, which can be from inside or outside of the subject project, that the appraiser considers to be a good indicator of
value for the subject property. In selecting the comparables, the appraiser should keep in mind that re-sales from within the subject project are preferable
to sales from outside the project as long as the developer or builder of the subject property is not involved in the transactions.

Established Projects
For units in established condominium projects (those that have resale activity), the appraiser should use comparable sales from within the subject project
if there are any available. Resale activity from within the subject project should be the best indicator of value for properties in that project. If the
appraiser uses sales of comparable properties that are located outside of the subject neighborhood, he or she must include an explanation with the
analysis.

Required Exhibits
•

A street map that shows the location of the subject property and of all comparables that the appraiser used;

•

Clear, descriptive photographs (either in black and white or color) that show the front of the subject property, and that are appropriately identified.
(Photographs must be originals that are produced either by photography or electronic imaging.);

•

Any other data--as an attachment or addendum to the appraisal report form--that are necessary to provide an adequately supported opinion of
market value.

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