URAR and other standard appraisal report forms and the reporting requirements for each report type.
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- URAR is the abbreviation for what form?
- Uniform Residential Appraisal Report
- Which three appraisal approaches are considered standard?
- Sales comparison approach, cost approach, and income approach
- What type of appraisal is performed without a property inspection?
- Desktop or exterior-only appraisal
- What characteristics must be documented in the subject property description?
- Lot size, shape, utilities, zoning, condition, and construction details
- In appraisal terminology, what does market value mean?
- The most probable price at which a property should sell given adequate exposure and time
- Form 2055 is designed to appraise what type of property?
- Manufactured homes
- What must the appraiser's certification include?
- Statement confirming personal inspection of the property where required by scope
- What is the difference between appraisal date and effective date?
- Appraisal date is when the appraiser signs the report; effective date is the valuation date
- What does scope of work define in an appraisal engagement?
- The property type, extent of research, and analyses required for the specific assignment
- What is a limiting condition in an appraisal report?
- A statement that restricts or qualifies the application of the appraisal opinion
- Define comparable in appraisal context.
- A property that is similar to the subject property in relevant characteristics used for value comparison
- What is reconciliation in an appraisal report?
- The analysis and weighing of different value conclusions to arrive at a final opinion
- What information is required in the market conditions section?
- Supply and demand factors, marketing time, and recent market trends
- What income data must be disclosed for income-producing properties?
- Gross rental income, operating expenses, and capitalization rate used
- Define physical deterioration in cost approach analysis.
- Loss of value due to wear, decay, or structural problems of the building
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