Property Valuation
In Minnesota, an appraiser's 'narrative report' differs from a 'form report' in that:
AA narrative report can only be used for residential properties
BA narrative report provides a detailed written analysis; a form report uses standardized checkboxes and fields✓ Correct
CA form report is more detailed than a narrative report
DA narrative report is not compliant with USPAP
Explanation
An appraisal narrative report provides a comprehensive written analysis of the property, market, and value conclusion in essay format. A form report (like the URAR) uses standardized forms with checkboxes, tables, and limited narrative sections.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property 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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