Property Valuation
In Alaska, a 'letter appraisal' or 'form report' appraisal is MOST commonly used for:
ALarge commercial properties
BResidential mortgage lending using standardized Fannie Mae/Freddie Mac forms✓ Correct
CEminent domain proceedings
DEstate settlement purposes
Explanation
The Fannie Mae Uniform Residential Appraisal Report (URAR) is a standardized form report widely used for residential mortgage lending. It is required by Fannie Mae and Freddie Mac for conforming loan appraisals and provides a consistent, standardized format for residential appraisal reporting.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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