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Units on URAR 1004

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Frederick R. Ruffell

Senior Member
Jan 21, 2002
Professional Status
Certified General Appraiser
I have a new client (H.F.C) requesting a duplex on a URAR 1004 form. My choice would be the S.R.I.P. form. I understand that the form does not dictate the appraisal. I have no problem putting it on a 1004 form or in narrative on a piece of toilet paper for that matter just as long as I CMA. My question is has anyone had experiance with this and if so what to watch out for. USPAP issues, limited or summary, invoke departure rule, hypothetical situations, extra ordinary assumptions, etc????

Randy Beigh

Senior Member
Jan 16, 2002

Yes, you can do a duplex on the 1004. In fact, FHA requires it be done that way.

Other than the normal disclosures, there are no other special requirements.


Junior Member
Jan 15, 2002
Randy, you might want to be aware of this:

Per the HUD Homeownership Center Reference Guide:

"Appraisal Forms Appraisal written on the Uniform Residential Appraisal Report form (URAR), the Federal National Mortgage Association's (FNMA) Individual Condominium Unit Appraisal Report form, or FNMA's Small Residential Income Property Appraisal Report form are acceptable to the Department. Currently, only these forms are acceptable for FHA cases. Other FNMA appraisal forms which are used for streamlined appraisal or a qualitative sales comparison analysis are not acceptable at this time."

Bemis Pownall

Unless it is a FHA!
But it depends on your licensing board, I would call them. I call mine all the time for special situations and questions like yours.
best way to CYA

AC King

Sophomore Member
Jan 20, 2002
You may wish to check with the client to determine if they need comparable rental data (Form 1007) and an operating income statement (Form 216). If they require that information, you may suggest that the Form 1025 would probably better suit their needs since it includes that information in the basic form.

If the duplex is for investment purposes, the secondary market will require that data. If the owner is to live in one side, it depends on the lender.

Don Clark

Elite Member
Jan 17, 2002
Professional Status
Certified Residential Appraiser

Depends on the client. FHA requires it, VA did until about a year ago. Now VA wants the appropriate form, no short forms. I for one was glad to see VA change. Now I get paid more for doing a condo than a SFR, and get much more for doing a 2-4 depending on the number of units. However, there are some second mortgage lenders who still want a 2-4 family on a 1004. The client will dictate the form, you will dictate the contents in accordance with USPAP.

Don :wink:
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