Property Valuation
What is a uniform residential appraisal report (URAR) and when is it used in Nevada?
AA Nevada-specific appraisal form required by NRED
BThe standard Fannie Mae/Freddie Mac appraisal form (Form 1004) used for single-family residential properties in Nevada conforming loan transactions✓ Correct
CA form used for commercial appraisals only
DA HUD form required for FHA transactions only
Explanation
The URAR (Fannie Mae Form 1004) is the standard appraisal report form for single-family residential properties used in conventional conforming loan transactions. Nevada appraisers completing appraisals for lenders selling to Fannie Mae or Freddie Mac must use this form.
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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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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