Property Valuation
In Arizona, the purpose of the URAR (Uniform Residential Appraisal Report) is to:
AAssess property for tax purposes
BProvide a standardized format for reporting residential appraisals for secondary mortgage market transactions✓ Correct
CEstablish market value for HOA fees
DDocument property condition for insurance
Explanation
The URAR (Fannie Mae Form 1004) is the standard residential appraisal report form required for conventional mortgage loans sold to Fannie Mae or Freddie Mac, ensuring consistent data collection and reporting.
Related Arizona Property Valuation Questions
- Excess land in appraisal refers to:
- An Arizona appraiser finds a comparable sale has one extra bathroom compared to the subject property. The appraiser would:
- A property in Arizona has a gross rent multiplier (GRM) of 120 and rents for $1,800 per month. What is the estimated value using the GRM method?
- External (economic) obsolescence as a cause of depreciation is characterized as:
- The reconciliation step in an appraisal involves:
- A Comparative Market Analysis (CMA) in Arizona is prepared by a real estate agent and is:
- Functional obsolescence in a property is BEST illustrated by:
- Depreciation in real estate appraisal refers to:
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