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Is a 1004 A full appraisal?

The most current incarnation of the URAR is the "Fannie Mae Form 1004" updated for March 2005. It is considered a full appraisal with all three approaches to value, cost approach, sales comparison approach, and income approach.

What is a 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.

What type of appraisal is a 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.

What type of appraisal is a 1004?

The Uniform Residential Appraisal Report / Single Family FHA 1004 is one of the most common types of residential appraisals as it is used when buying, selling or refinancing a home. The purpose of this type of home appraisal is to provide a professionally estimated market value of a residential property.

Whats a full appraisal?

A full appraisal, on the other hand, is a property valuation that is conducted in person by an appraiser at the physical address of the property. The appraiser assesses both the interior and exterior of the home to determine the condition of the property.

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What are the 4 types of appraisal?

The most common types of appraisal are: straight ranking appraisals. grading. management by objective appraisals. trait-based appraisals. behaviour-based appraisals. 360 reviews.

What is a 1004 appraisal report?

Fannie Mae Form 1004 March 2005. This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD).

What are the 3 types of appraisal reports?

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 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 is a form 1073 appraisal?

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.

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Is a 1004 A full appraisal?

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