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Uniform Residential Appraisal Report
A Uniform Residential Appraisal Report or URAR is one of the most common forms used in United States real estate appraisals. It was created to allow for standard reporting and analysis of single-family dwellings or single-family dwellings with an "accessory unit". It is also suitable for a building in a planned unit development (PUD) but is not meant to be used for appraisals of manufactured homes or condos. The most current incarnation of the URAR is the ''Fannie Mae Form 1004'' updated for March 2005. It is considered a full appraisal with all three approaches to value, cost approach, sales comparison approach, and income approach. Requirements * The report requires an interior and exterior inspection of the subject property. * An exterior building sketch of the improvements that indicates the dimensions. * Clear, descriptive photograph A photograph (also known as a photo, or more generically referred to as an ''image'' or ''picture'') is an image created by light falling on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Appraisal
Real estate appraisal, home appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). The appraisal is conducted by a licensed appraiser. Real estate transactions often require appraisals to ensure fairness, accuracy, and financial security for all parties involved. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, etc. Sometimes an appraisal report is also used to establish a sale price for a property. Factors like size of the property, condition, age, and location play a key role in the valuation. Process for Obtaining an Appraisal Appraisals are often required by lenders for issuing or refinancing a loan. In such cases, when the borrower asks the lender for a loan or a refinance, the lender will order an appraisal. Once ordered, the borrower will have to schedule an appointment with the appraiser for the in-home visit. The appraiser will visit the property, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Planned Unit Development
A planned unit development (PUD) is a type of flexible, non- Euclidean zoning device that redefines the land uses allowed within a stated land area. PUDs consist of unitary site plans that promote the creation of open spaces, mixed-use housing and land uses, environmental preservation and sustainability, and development flexibility. Areas rezoned as PUDs include building developments, designed groupings of both varied and compatible land uses—such as housing, recreation, commercial centers, and industrial parks—within one contained development or subdivision. Developed areas vary in size and by zoned uses, such as industrial, commercial, and residential. Other types of similar zoning devices include floating zones, overlay zones, special district zoning, performance-based codes, and transferable development rights. History The conceptual origins of PUDs date back to the 1926 enactment of the Model Planning Enabling Act of 1925 by the Committee on the Regional Plan of New York, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Approach
Cost approach is a real estate appraisal valuation method used to price an individual property.Uniform Standard of Professional Appraisal Practice, 2008, Appraisal Foundation, Standards Rule 1-4(b) p. U18 It is one of three methods, the others being market approach, or sales comparison approach, and income approach. The fundamental premise of the cost approach is that a potential user of real estate will not, or should not, pay more for a property than it would cost to build an equivalent. The cost of construction minus depreciation, plus land, therefore is a limit, or at least a metric, of market value. Methodology There are some fairly large assumptions embedded in the approach. One of the basics is that there is a sufficient supply of buildable land that construction is a viable alternative to purchase of an existing property. In some parts of the world today, including in the US, there are areas which are either so fully developed, or so restrictive in their planning approv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Comparison Approach
The sales comparison approach (SCA) is a real estate appraisal valuation method that relies on the assumption that a matrix of attributes or significant features of a property drive its value. For examples, in the case of a single family residence, such attributes might be floor area, views, location, number of bathrooms, lot size, age of the property and condition of property. This method is in contrast to the two other main pricing methods for real estate which are cost approach and income approach. Economic Basis The sales comparison approach is based upon the principles of supply and demand, as well as upon the principle of substitution. Supply and demand indicates value through typical market behavior of both buyers and sellers. Substitution indicates that a purchaser would not purchase an improved property for any value higher than it could be replaced for on a site with equivalent utility, assuming no undue delays in construction. Examples of Methods In practice, the most c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Approach
The income approach is a real estate appraisal valuation method. It is one of three major groups of methodologies, called valuation ''approaches'', used by appraisers. It is particularly common in commercial real estate appraisal and in business appraisal. The fundamental math is similar to the methods used for Valuation (finance), financial valuation, securities analysis, or bond pricing. However, there are some significant and important modifications when used in real estate or business valuation. While there are quite a few acceptable methods under the rubric of the income approach, most of these methods fall into three categories: direct capitalization, discounted cash flow, and gross income multiplier. Direct capitalization This is simply the quotient of dividing the annual net operating income (NOI) by the appropriate capitalization rate ("cap rate"). For income-producing real estate, the NOI is the net income of the real estate (but not the business interest) plus any i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Photograph
A photograph (also known as a photo, or more generically referred to as an ''image'' or ''picture'') is an image created by light falling on a photosensitivity, photosensitive surface, usually photographic film or an electronic image sensor. The process and practice of creating such images is called photography. Most photographs are now created using a smartphone or camera, which uses a photographic lens, lens to focus the scene's visible spectrum, visible wavelengths of light into a reproduction of what the human eye would perceive. Etymology The word ''photograph'' was coined in 1839 by Sir John Herschel and is based on the Greek language, Greek φῶς ('':el:phos, phos''), meaning "light", and γραφή (''graphê''), meaning "drawing, writing", together meaning "drawing with light". History The first permanent photograph, a contact-exposed copy of an engraving, was made in 1822 using the Bitumen of Judea, bitumen-based "heliography" process developed by Nicéphore Niép ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
