Final answer:
HUD/FHA and VA have adopted the 1004 (URAR) appraisal report form. HUD/FHA, which stands for the U.S. Department of Housing and Urban Development/Federal Housing Administration.
Step-by-step explanation:
The statement is true - HUD/FHA and VA have adopted the 1004 (URAR) appraisal report form. The URAR form, also known as the Uniform Residential Appraisal Report, is a standardized appraisal form used by lenders and appraisers to evaluate the value of a property. HUD/FHA, which stands for the U.S. Department of Housing and Urban Development/Federal Housing Administration, and the VA, which stands for the U.S. Department of Veterans Affairs, both require the use of the URAR form for certain types of appraisals.