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The Uniform Standards of Professional Appraisal Practice set forth the requirements for appraisal reports, which may be presented in one of three written formats: self-contained reports, summary reports, and restricted-use reports.
What is the purpose of an appraisal report?
The lender orders the appraisal to obtain an accurate description of the property and an independent opinion of value. The lender uses the appraisal to document that the real estate is appropriate collateral and determine whether the value of the property is sufficient to support the lending decision.
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 2 types of appraisals?
The four types are the full appraisal, exterior-only appraisal, the rental analysis, and the broker price opinion. A full appraisal is the most common type of appraisal. How the appraised value is determined is the same for all home appraisal types. The appraisal costs for each is different.
What are appraisal reports?
An appraisal report is usually a written statement of the appraiser's opinion of value of an adequately described property as of a specified date. It is a conclusion which results from the process of research and analysis of factual and relevant data.
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What is the purpose of the Uniform Residential Appraisal Report quizlet?
The "Uniform Residential Appraisal Report" is a general report about the real estate markets in the U.S. The photographs of the home, provided by the appraiser must include a front view, back view and a street scene.
Which form is used most frequently for residential appraisals?
The Uniform Residential Appraisal Report (URAR) is the most commonly used single-family appraisal form, and it is also known as Form 1004.
What is the standard appraisal form?
The Uniform Residential Appraisal Report (URAR) is widely considered to be one of the most common forms used in real estate appraisal. The form, which allows for standard reporting and analysis of single family dwellings, applies to a one-unit property or one-unit property with an accessory unit.
What is the Uniform Residential Appraisal Report commonly known as?
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.
What is a form report appraisal?
Usually used in residential appraisals, the form report is a standardized format combining checklists and light narrative descriptions used in the determination of value.
All appraisals performed for FHA-insured mortgages must be reported on one of the following appraisal reporting forms, based on the property type: ; Property ...
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 ...
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