Property Valuation
A NJ appraiser preparing a Uniform Residential Appraisal Report (URAR, Form 1004) for a single-family home is completing what type of appraisal?
AA desk review
BA full interior and exterior inspection appraisal for mortgage lending purposes✓ Correct
CA drive-by appraisal only
DA tax appeal appraisal
Explanation
Form 1004 (URAR) is the standard full appraisal report used for single-family residential mortgage lending. It requires a complete interior and exterior property inspection, neighborhood analysis, and three approaches to value.
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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.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market 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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