Residential and commercial property type classifications and site inspection concepts for real estate appraisers.
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- Single-family detached home
- A residential structure designed for one household with no shared walls with other properties.
- Townhouse or townhome
- A multi-unit residential structure where each unit shares side walls with adjacent units but has its own entrance and yard space.
- Condominium
- A residential unit where the owner holds title to the interior space and shares ownership of common areas with other unit owners.
- Duplex
- A residential building containing exactly two separate dwelling units on the same lot, typically side-by-side or stacked.
- Triplex or fourplex
- A residential building containing three (triplex) or four (fourplex) separate dwelling units on the same lot.
- Multi-unit residential property
- A building containing five or more separate dwelling units, also called an apartment building or multifamily property.
- Mobile home
- A factory-built single-unit dwelling constructed on a permanent chassis, designed to be towed to a site.
- Office building
- A commercial structure designed primarily for professional, administrative, or business office use.
- Retail property
- A commercial building designed for the sale of goods or services directly to consumers, including shops and storefronts.
- Shopping center or shopping mall
- A group of retail stores under common ownership or management on a single site with shared parking and common areas.
- Industrial property
- A commercial building used for manufacturing, assembly, processing, or storage of goods and materials.
- Warehouse or storage facility
- A large commercial building used primarily for storing goods, inventory, or materials, often without retail sales.
- Hospitality property
- A commercial structure operated as a lodging business, including hotels, motels, and inns.
- Restaurant property
- A commercial building used for food preparation and service to customers, typically including a kitchen and dining area.
- Functional obsolescence
- A loss in value caused by defects in the building itself, such as poor layout, outdated systems, or inadequate design.