Form 1073 (Condominium Appraisal)
The standard appraisal form for individual condominium units, including analysis of the unit, the condominium project, and common elements. Freddie Mac designates it as Form 465.
Form 1073 includes all the sections of a standard residential appraisal plus additional fields for condominium-specific information: project name, number of units, owner-occupancy ratio, HOA fees, budget adequacy, pending litigation, and common area condition. The appraiser must evaluate both the individual unit and the overall health and marketability of the condo project. Special attention is given to commercial space percentage, investor concentration, single-entity ownership, and whether the project is established or new.
Related Terms
Uniform Residential Appraisal Report (URAR)
URARThe standard appraisal report form (Fannie Mae Form 1004 / Freddie Mac Form 70) used for most single-family residential mortgage appraisals.
Form 1004
The Fannie Mae designation for the Uniform Residential Appraisal Report (URAR), used for appraisals of one-unit properties and units in planned unit developments (PUDs).
Fannie Mae (Federal National Mortgage Association)
FNMAA government-sponsored enterprise (GSE) that purchases and securitizes residential mortgages, setting appraisal standards and form requirements that apply to the majority of conventional mortgage loans in the United States..
Homeowners Association (HOA)
HOAAn organization in a subdivision, planned community, or condominium that makes and enforces rules for its members and manages common areas.
More in Report Types & Forms
View allForm 1004D (Appraisal Update)
1004DA form used to update a previously completed appraisal to reflect current market conditions and confirm that the property condition has not materially changed.
Form 2055 (Exterior-Only Appraisal)
2055An appraisal report form for exterior-only inspections of one-unit properties.
Form 1025 (Small Residential Income Property)
1025The appraisal form for 2-4 unit residential properties, incorporating both the sales comparison approach and the income approach.
Desktop Appraisal
An appraisal performed without a physical inspection of the subject property, relying instead on public records, MLS data, prior appraisals, and other third-party data sources.