Property Valuation
What is a 'narrative appraisal report' vs. a 'URAR form' appraisal?
AA narrative report is less formal; a URAR is more detailed
BA URAR (Uniform Residential Appraisal Report) is a standardized form used for most residential mortgage appraisals; a narrative report provides more detailed, written analysis for complex or unique properties✓ Correct
CNarrative reports are used for commercial properties only
DURAR forms are only accepted by Fannie Mae; narrative reports are accepted by all lenders
Explanation
The URAR (Fannie Mae Form 1004) is the standard format for single-family residential mortgage appraisals, using a check-box and grid format. Narrative reports provide a more extensive written analysis and are used for complex properties, litigation, estates, condemnation, or non-standard assignments where the URAR format is insufficient.
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