Uniform Standard of Professional Appraisal Practice or USPAP’s market value is estimated by using the FHA Single Family Residential Appraisal, which provides the full interior and exterior inspection. Comes with a complete URAR form, which shows the complete map subject property photos, with their front, rear and street view. It also shows if the area is flood prone or has amenities that affect the marketability with complete floor plan sketch. That has appropriate certification and limiting guidelines.
Providing the full benefit of interior and exterior inspection, the Single Family Residential Appraisal is basically used to define Uniform Standard of Professional Appraisal Practice (USPAP)’s market value. Comes with a complete URAR form, which shows the complete map subject property photos, with their front, rear and street view. It also shows if the area is flood prone or has amenities that affect the marketability with complete floor plan sketch.
The Condominium Appraisal is basically designed to report a condominium unit or project in Planned Unit Development or PUD. The reports come with attachments that are included with the Single Family Residential Report and also contain a brief analysis of interior and exterior inspection.
In order to judge how appropriate the appraisal techniques or methods are or if the data in the appraisal report are accurate, The Residential Appraisal Review Report (Form 2000) is used. Also, it is used to review a one-unit property like a detached or attached single family home, a co-op, manufactured home or condominium. Comes with the overall analysis of interior and exterior analysis and complete USPAP certification.
This form is used by the review appraiser to assess the accuracy of the data of an appraisal report which helps in formation of an opinion on the suitability of the techniques and methods used by the original appraiser. The 2000 A Form or The Residential Appraisal Report is a five page form used to review a 2 to 4 unit property.
To determine the logic and reasoning showed to support the estimated value and the appraisal’s report in compliance with USPAP, the appraisal under the review is analysed Desk Appraisal reviews are done for both the pre & post funding audits. If there is any additional data that has to be considered by the reviewer is reported within the completed body of review. Also the confirmed data used in the report is made from the variety of available public sources.
This inspection report is used only for exterior property. Reporting is done on the basis of observed conditions and improvements of the subject site with exterior only inspection that reports the current market and its neighbourhood conditions. Estimated value is not provided, only photograph of the front and street scene of the subject property with the map is included.
Form 2055 is a USPAP complaint appraisal report based on exterior inspection only. This form is basically used for a single family property with its accessory unit that includes single family detached, PUD or attached property. Photograph of front and street view with comparable maps is provided.
Form 1075 used for exterior only condominium units and its appraisals. Providing the exterior inspection of the subject property, the from includes the analysis of the market value opinion and the project. It’s a six paged form that complies with the USPAP, Lender guidelines and also Class Appraisal National Appraisal Services. Only the Sales Comparison Analysis and the Income approach to value is considered when appraising one unit in condominium project. The valuation does not include the Cost approach in this case.
Providing the benefit of full interior and exterior inspection, this form is used to estimate the market value of a property defined by USPAP. This report is similar to a Standard Family Residential Appraisals with two additional completed forms of Single Family Rent Schedule (form 1007) and Operating Income Statement (form 216). It also includes a complete URAR form with flood map, street, rear and front view photographs that may affect the value or marketability of the property.
For any dwelling built and attached on the permanent chassis, form 1004C is used to for appraisal of manufacturing homes. This form ensures that the appraiser has inspected, considered and reported information that also includes Manufacture’s Date, Model number, Serial number, Trade number, Utility connections, type of foundation, Certification numbers and detailed photographs.
Small Residential Income Property Report Form 1025 includes two to four unit Residential Appraisals. This reports includes the overall analysis of cost approaches, competitive listings, competitive rents and sales comparison with completed operating income statement.
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