RESIDENTIAL SALES LATEST
COMPARISON AND
INCOME APPROACHES
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
Fannie Mae's Market Conditions Addendum is also known as Form
1004MC
1004D
1025
2090
1004MC
Fannie Mae requires a sales history of the subject property for ____
years and the comparable properties for ____ years.
1, 1
2, 1
3, 1
3, 3
3, 1
Fannie Mae expects an explanation when the net adjustments exceed
____% and the gross adjustments exceed _____%.
10, 15
END OF
PAGE
1
, RESIDENTIAL SALES LATEST
COMPARISON AND
INCOME APPROACHES
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
15, 25
5, 30
There is no set number
There is no set number
An appraisal for which of the following property types should NOT
be reported on the URAR?
Single unit residence
Manufactured home
Unit in a PUD
Single unit with accessory unit
Manufactured home
"The total adjustment to each comparable sale price calculated by
adding the absolute values of all positive and negative adjustments”
is the definition of
Net adjustment
Gross adjustment
END OF
PAGE
2
, RESIDENTIAL SALES LATEST
COMPARISON AND
INCOME APPROACHES
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
Adjustment ratio
Absolute adjustment
Gross adjustment
Residential investment properties are typically considered to be
____________ properties.
Anything less than 10 units
Apartment
One- to four-unit
Duplexes and apartments up to 8 units
One- to four-unit
The most common methodology used to value residential investment
properties is the
Potential gross income multiplier
Overall capitalization rate
Effective gross income multiplier
Gross rent multiplier
END OF
PAGE
3
, RESIDENTIAL SALES LATEST
COMPARISON AND
INCOME APPROACHES
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
Gross rent multiplier
The principle of anticipation is the basis for which valuation
methodology?
Market study
Income capitalization approach
Cost approach
Sales comparison approach
Income capitalization approach
Historically, which investment typically produces the lowest overall
rate of return?
Savings account
Real estate
Bonds
Certificate of deposit
Savings account
END OF
PAGE
4
COMPARISON AND
INCOME APPROACHES
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
Fannie Mae's Market Conditions Addendum is also known as Form
1004MC
1004D
1025
2090
1004MC
Fannie Mae requires a sales history of the subject property for ____
years and the comparable properties for ____ years.
1, 1
2, 1
3, 1
3, 3
3, 1
Fannie Mae expects an explanation when the net adjustments exceed
____% and the gross adjustments exceed _____%.
10, 15
END OF
PAGE
1
, RESIDENTIAL SALES LATEST
COMPARISON AND
INCOME APPROACHES
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
15, 25
5, 30
There is no set number
There is no set number
An appraisal for which of the following property types should NOT
be reported on the URAR?
Single unit residence
Manufactured home
Unit in a PUD
Single unit with accessory unit
Manufactured home
"The total adjustment to each comparable sale price calculated by
adding the absolute values of all positive and negative adjustments”
is the definition of
Net adjustment
Gross adjustment
END OF
PAGE
2
, RESIDENTIAL SALES LATEST
COMPARISON AND
INCOME APPROACHES
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
Adjustment ratio
Absolute adjustment
Gross adjustment
Residential investment properties are typically considered to be
____________ properties.
Anything less than 10 units
Apartment
One- to four-unit
Duplexes and apartments up to 8 units
One- to four-unit
The most common methodology used to value residential investment
properties is the
Potential gross income multiplier
Overall capitalization rate
Effective gross income multiplier
Gross rent multiplier
END OF
PAGE
3
, RESIDENTIAL SALES LATEST
COMPARISON AND
INCOME APPROACHES
EXAM QUESTIONS AND
ANSWERS 2026 - 2027
Gross rent multiplier
The principle of anticipation is the basis for which valuation
methodology?
Market study
Income capitalization approach
Cost approach
Sales comparison approach
Income capitalization approach
Historically, which investment typically produces the lowest overall
rate of return?
Savings account
Real estate
Bonds
Certificate of deposit
Savings account
END OF
PAGE
4
