A Uniform Residential Appraisal Report or URAR is one of the most common forms used in United States
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 ...
s. 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
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 ...
(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
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 be ...
,
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, ...
, and
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 a ...
.
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 a photosensitivity, photosensitive surface, usually photographic film or an electronic image sensor. Th ...
s of the subject property and comparable sales used.
* A street map that shows the location of the subject property and of all comparable properties that the appraiser used.
Parts of the URAR
Some of the sections of a URAR include but are not limited to:
*Improvements: Physical characteristics of the property such as age, materials, and condition.
*Site: Data on the size, shape, zoning, and access to utilities as well as FEMA flood-zone information.
*Contract: Information on the contract for sale is entered here for appraisals in which a change of ownership is about to occur.
*Subject: Basic information such as the address, legal description, owner's and/or borrower's names. The client is also identified here.
*Sales comparison approach: The grid analysis, this is where the property being appraised is compared to recent sales of other properties.
Fair Housing and Reasonable Accommodations
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*Subject Interior and Exterior Photos
*Additional Addendum
*Comparable Photos
*Signature Section
*Income approach
*Building Sketch
*Reconciliation
*Cost approach
*Location Map
*Aerial Map
*Flood Map
*Plat Map
*License
*E&O
References
External links
Landlord Reviews
Real estate valuation
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