What are the different types of appraisals?

The most common types of appraisal are:
  • straight ranking appraisals.
  • grading.
  • management by objective appraisals.
  • trait-based appraisals.
  • behaviour-based appraisals.
  • 360 reviews.

What are the two types of appraisal reports?

There are two types of appraisal reports addressed by USPAP as of 2014, namely Appraisal Report and Restricted Appraisal Report.

What is the most common type of appraisal report?

Form 1004. Form 1004 is easily the most common and widely used property appraisal form. And this is because the form is used for single-family residential properties. You use Form 1004 when you have to perform an exterior and interior inspection.

What are the 7 steps of the appraisal process?

7 STEPS OF THE COMMERCIAL APPRAISAL PROCESS
  • 7 STEPS OF THE COMMERCIAL APPRAISAL PROCESS.
  • Identify the problem. …
  • Determine the scope of work. …
  • Collect the data. …
  • Analyze the data. …
  • Estimate the land value. …
  • Form an opinion of value. …
  • Prepare an appraisal report.

What are the 3 types of appraisal reports?

The Uniform Standards of Professional Appraisal Practice set forth the requirements for appraisal reports, which may be presented in one of three written formats: self-contained reports, summary reports, and restricted-use reports.

What is appraisal report?

An appraisal report is a written statement by an appraiser concerning the estimated value of a property. This report can also be prepared for the estimated cost to repair property, such as following storm damage to a building. A well-written report states the methods and calculations used to derive a valuation.

What is the difference between an appraisal and an appraisal report?

An appraisal is a process by which an appraiser estimates their opinion of the value of a property, including a walkthrough inspection and current market research. The appraisal report is the culmination of the home appraisal process, where the appraiser summarizes their findings.

What is a 1004 appraisal?

Fannie Mae Form 1004 March 2005. This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD).

What is the primary difference between the appraisal and restricted types of appraisal reports?

For example, a restricted appraisal briefly states but doesn’t describe relevant physical and economic characteristics of the real estate. By contrast, the two other major real estate appraisal reports either fully describe or fully summarize all characteristics of appraised properties.

Which is a type of appraisal report recognized by Uspap?

The USPAP guidelines have recognized two types of reports for appraisals: the appraisal report and the restricted appraisal report.

What is a 1025 appraisal form?

Fannie Mae Form 1025: Small Residential Income Appraisal Report. This report is used for appraising 2- to 4-unit residential income properties, and includes an interior and exterior inspection of the subject property.

What is a 1007 appraisal form?

The form is designed to present the information needed to determine the market rent for a single-family property. It calls for information on the physical structure, location, and lease terms.

What is a 1073 appraisal?

Fannie Mae Form 1073 March 2005. This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a cooperative project.

What is a 1075 appraisal form?

Fannie Mae Form 1075 March 2005. This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a cooperative project.

What is a 216 appraisal form?

Fannie Mae Form 216 is used to estimate the operating income associated with income-producing property.

What is the 1004 form?

A URAR form, also known as Fannie Mae Form 1004, contains information needed to complete a full appraisal of a property using three primary approaches to determine value: cost approach, sales comparison approach and income approach.

What is a 2070 appraisal form?

2070 – Condition and Marketability Report (FHLMC) – Form is used to determine the condition and marketability of the subject with no final determination of value. Interior only. Standard Interior/Exterior BPO’s – Forms standard contents based upon whether or not an Interior Inspection version was requested.

What is a 2055 appraisal form?

Exterior-Only Inspection Residential Appraisal Report

Form 2055 is designed to report the results of an appraisal of a 1-unit property, including a unit in a Planned Unit Development (PUD), Detached Condominium Unit or a 1-unit property with an accessory unit.

What is a Form 2075 for appraisal?

Desktop Underwriter’s enhanced risk assessment capability enables the use of the Desktop Underwriter® Property Inspection Report (Form 2075), which requires an exterior-only inspection of the subject property from the street by a state-licensed or state-certified appraiser without an estimate of market value for the …