Podcast
Questions and Answers
What is the significance of the effective date of cost data in the cost approach?
What is the significance of the effective date of cost data in the cost approach?
Which factor is considered when calculating depreciation in the cost approach?
Which factor is considered when calculating depreciation in the cost approach?
In the income approach to value, what does the Gross Rent Multiplier represent?
In the income approach to value, what does the Gross Rent Multiplier represent?
What information is crucial for determining the 'As-is' value of site improvements?
What information is crucial for determining the 'As-is' value of site improvements?
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What does the summary of the income approach typically include?
What does the summary of the income approach typically include?
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What percentage of one-unit housing is classified as built-up in urban areas?
What percentage of one-unit housing is classified as built-up in urban areas?
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What does a marketing time of over 6 months indicate about property conditions?
What does a marketing time of over 6 months indicate about property conditions?
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Which zoning classification indicates a use that is legal but not conforming to current zoning regulations?
Which zoning classification indicates a use that is legal but not conforming to current zoning regulations?
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In a neighborhood with a stable property value trend, which of the following conditions is most likely affecting the housing market?
In a neighborhood with a stable property value trend, which of the following conditions is most likely affecting the housing market?
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If a property is located in a FEMA Special Flood Hazard Area, what does that imply regarding insurance requirements?
If a property is located in a FEMA Special Flood Hazard Area, what does that imply regarding insurance requirements?
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What is a fundamental step required in the scope of work for this appraisal?
What is a fundamental step required in the scope of work for this appraisal?
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What is the intended use of the appraisal report?
What is the intended use of the appraisal report?
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Which of the following best defines market value in the context of this appraisal?
Which of the following best defines market value in the context of this appraisal?
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What is the role of adjustments to comparable sales in the appraisal process?
What is the role of adjustments to comparable sales in the appraisal process?
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Which statement reflects a limitation that does not require adjustments in the appraisal?
Which statement reflects a limitation that does not require adjustments in the appraisal?
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Who is considered the intended user of the appraisal report?
Who is considered the intended user of the appraisal report?
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What is one requirement for the appraiser when modifying the scope of work?
What is one requirement for the appraiser when modifying the scope of work?
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In which situation would the appraiser need to describe the status of completion?
In which situation would the appraiser need to describe the status of completion?
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Which statement is true regarding the common elements in a PUD?
Which statement is true regarding the common elements in a PUD?
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What happens if modifications are made to the intended user of the appraisal?
What happens if modifications are made to the intended user of the appraisal?
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Study Notes
Uniform Residential Appraisal Report
- This document is used to provide an accurate and supported opinion of the market value of a property.
- It is used by lenders and clients for property valuation.
- The document analyzes the property's location, neighborhood, features, conditions, and comparable sales to determine market value.
- The report details property characteristics like location, neighborhood, property values, land use, zoning, utilities, site conditions, and the building's physical condition; number of bedrooms, baths, living area, and condition of features.
- Comparisons of the subject property with similar properties (comparables) are highlighted to gauge the value.
- Methods like sales comparison, cost approach, and income approach are sometimes used to estimate value.
- Prior sales of both the subject property and comparables are often considered to analyze value trends over time, if any.
- The report includes details regarding financing, special assessments, HOA fees, and any financial assistance provided.
- The report identifies and explains any adverse site conditions or factors that could affect the property's value.
- The report contains statements of assumptions and limiting conditions to outline the report's limitations and conditions under which the appraisal was performed.
- Appraiser's certification is included, confirming that the appraisal adheres to standards and principles of practice, and that the details are accurate.
- The report covers the specific scope of work performed to ensure accuracy and completeness.
- It ensures a detailed analysis of property characteristics, location, comparable sales, and other factors relevant to determining market value.
- Data sources and verification sources for the figures and data are essential to the study.
- The document clarifies the intended use and intended user of the report, such as a mortgage appraisal.
- The document clarifies the definition of market value to avoid ambiguity.
- Additional comments, cost approach to value, or income approach to value are sometimes documented for completeness.
- Additional information is provided for planned unit developments (PUDs), if applicable.
Appraisal Report Instructions
- The report form is for one-unit properties or properties with accessory units.
- It is not designed for manufactured homes, condominiums, or cooperatives.
- Modifications, additions, or deletions to the report are not permitted.
- The scope of work for the appraisal is defined.
- A street map and sketch should accompany the appraisal to show the subject’s location and dimensions in the neighborhood.
- The appraisal should include clear photographs of the property and comparable sales, front, back, street scenes.
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Description
This quiz covers the key elements of the Uniform Residential Appraisal Report, including its purpose, analysis methods, and property characteristics. Participants will learn how lenders and clients rely on this report for accurate property valuations, utilizing comparable sales and various appraisal approaches. Test your knowledge on property valuation principles and practices.
