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Fannie Mae Form 1025: Small Residential Income Appraisal Report. This report is used for appraising 2- to 4-unit residential income properties, and includes an interior and exterior inspection of the subject property.
What is the most common land appraisal form?
Form 1004. Form 1004 is easily the most common and widely used property appraisal form. And this is because the form is used for single-family residential properties. You use Form 1004 when you have to perform an exterior and interior inspection.
What are the methods of valuation of land?
Land Valuation Methods Comparative Method. It is the most popular method. ... 2. Development Method. This method is used to estimate value of such land which can be developed to unlock its true value. ... Allocation Method. ... Extraction Method. ... Income Capitalization Method. ... Belting Method. ... Guideline Value.
What is the most common appraisal approach?
Sales comparison. This is the most common method, where appraisers value a property based on the recent selling prices of similar properties in the same neighborhood.
What is an appraisal form 1004?
A URAR form, also known as Fannie Mae Form 1004, contains information needed to complete a full appraisal of a property using three primary approaches to determine value: cost approach, sales comparison approach and income approach.
land appraisal form
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This report is used for appraising 2- to 4-unit residential income properties, and includes an interior and exterior inspection of the subject property.
Which appraisal approach is best for vacant land?
The best way to value residential property or vacant land is by using the market data approach, which is all about looking at comparable properties. The market data approach is based on the principle of substitution, which says that a property is only worth what one can get another property for just like it.
What is a 1004?
What is a 1004 form? A 1004 appraisal form is considered to be one of the most commonly used forms in residential real estate appraisals. In accordance with USPAP a 1004, or URAR, is completed when estimating the market value of a single-family dwelling complete with an exterior and interior inspection.
What is a 1007 appraisal form?
Description: The Single Family Comparable Rent Schedule Form 1007 is intended to provide an appraiser with a familiar format to estimate the market rent of a property. Adjustments should be made only for those items of significant difference between the comparables and the subject property.
What is an appraisal form 1073?
An Individual Condominium Unit Appraisal Report (ICUAR) is for appraisals of one-unit properties in condo projects based on interior and exterior property inspections. Also known as Fannie Mae Form 1073, appraisals reported on this form must be completed in accordance with the UAD Specification.
land appraisal report form
Uniform Residential Appraisal Report - Wikipedia
A Uniform Residential Appraisal Report or URAR is one of the most common forms used in real estate appraisal which was created to allow for standard ...
If Uniform Residential Appraisal Report is utilized then use Statement of Limiting Conditions and Appraiser's Certification provided in Fannie Mae Form 1004B. I ...
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