Appraisal Report and Data Delivery Guide, page 7
FHA requires that the appraiser analyze the contract. Specifically, FHA requires the following:
•Mark the appropriate box to identify whether the appraiser did or did not analyze the contract for sale for the subject purchase transaction.
•Explain the results of the analysis (terms and conditions) of the contract for sale or why the analysis was not performed. The analysis may include a reference to the number of pages contained in the contract for sale provided.
•Identify the source(s) used, price(s) and date(s) of current or prior listings.
•If purchaser name in contract does not match borrower name provided by the lender, include a comment.
Bullet point #2 specifies that "terms and conditions" are to be analyzed. Terms and conditions include price, concessions, special stipulations, and financing. This is the closest that any authoritative source coming to define what constitutes a "contract analysis".