Uniform Residential Appraisal Report
From Wikipedia, the free encyclopedia
A Uniform Residential Appraisal Report (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[1] updated for March 2005. It is considered a full appraisal with all three approaches to value, cost approach, sales comparison approach, and income approach.[2]
- 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 photographs 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.
