Property Valuation
An appraisal report for a single-family home mortgage most commonly uses which standardized form?
AThe URAR (Uniform Residential Appraisal Report) — Fannie Mae Form 1004✓ Correct
BThe AREC Standard Appraisal Form
CThe HUD-1 Settlement Statement
DThe USPAP Form B
Explanation
The URAR (Uniform Residential Appraisal Report), Fannie Mae Form 1004, is the standard form used for single-family residential appraisals for mortgage lending purposes.
Related Alabama Property Valuation Questions
- A property is listed with an asking price of $375,000. The appraiser's market value conclusion is $350,000. The lender will base the loan on:
- Economic (external) obsolescence is caused by:
- Functional obsolescence in property valuation refers to:
- What is 'over-improvement' in real estate?
- When two or more appraisal approaches are used, the appraiser assigns weight to each method through a process called:
- An adjustment of +$10,000 is made to a comparable because the comparable has one fewer bathroom than the subject. This means the appraiser believes the extra bathroom contributes approximately $10,000 in value. This type of analysis is:
- In the income approach, which formula is used to estimate property value?
- In an appraisal of an Alabama property, a positive adjustment to a comparable sale means the comparable is:
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