Property Valuation
What is a 'narrative appraisal report' versus a 'form report' (URAR)?
AA. Narrative reports are for residential; form reports for commercial
BB. A narrative report is a detailed written appraisal explaining all aspects of the analysis; a form report (like the URAR) is a standardized form commonly used for residential mortgage lending✓ Correct
CC. Form reports are more reliable because they follow a standardized format
DD. Only narrative reports are accepted by Hawaii lenders for mortgages
Explanation
The Uniform Residential Appraisal Report (URAR/Fannie Mae Form 1004) is a standardized form used for most residential mortgage appraisals. Narrative appraisal reports provide a more detailed written analysis, often used for complex properties, litigation, estate appraisals, or unusual situations where the standard form is inadequate.
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