Form 2055 (Exterior-Only Appraisal)
An appraisal report form for exterior-only inspections of one-unit properties. The appraiser inspects the property from the street and public areas but does not enter the home. Also known as a "drive-by" appraisal.
Form 2055 is used when a full interior inspection is not required or feasible, typically for lower-risk transactions such as refinances with strong equity positions. The appraiser photographs the property from the street, estimates the condition and GLA from external observation and public records, and completes a sales comparison analysis. Because interior condition cannot be verified, these appraisals carry more risk and lenders typically require higher loan-to-value ratios or additional documentation.
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).
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.
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..
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 1073 (Condominium Appraisal)
1073The standard appraisal form for individual condominium units, including analysis of the unit, the condominium project, and common elements.
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.
Hybrid Appraisal
An appraisal in which a third-party (not the appraiser) conducts the property inspection and data collection, while the licensed appraiser completes the analysis and value opinion based on the collected data..