Uniform Residential Appraisal Report Overview

The type of dwelling, such as a detached, attached, or semi-detached unit, and whether it includes an accessory unit like a garage or studio.

The number of stories, or levels, in the dwelling. This indicates the vertical extent of the structure.

The type of foundation used to support the dwelling. Common options include concrete slabs, crawl spaces, basements, and foundation walls.

The square footage of the basement area, if present. This indicates the size of the basement.

The type of roof used. Common options include gable, hip, flat, or shed roofs.

A method used to estimate the value of a property based on the cost of constructing a new replacement property, factoring in depreciation.

A decrease in value due to factors like wear and tear, obsolescence, or physical deterioration.

The remaining useful life of a property, often used in estimating the value of improvements.

The estimated value of a property based on its potential income, considering factors like market rent and gross rent multiplier.

A ratio used in the income approach to estimate the market value of a property based on its potential income.

The most likely price a property would sell for in a competitive market with informed buyers and sellers. It assumes a typical transaction with reasonable time for exposure, cash or equivalent financing, and no undue influence on the price.

The specific purpose for which an appraisal report is created. This helps determine what information to include and how.

The individual or entity who will be using the appraisal report, such as a lender or borrower.

A complete examination of the inside and outside of a property, including the condition of its features and systems.

Inspection of similar properties in the same area that have been recently sold. This helps determine the market value of the subject property.

Gathering and analyzing data from public records, real estate databases, and other reliable sources to support the appraisal findings.

Adjustments made to comparable sales to account for differences in features, condition, and market conditions, ensuring an accurate comparison to the subject property.

The final document that summarizes the appraiser's findings, analysis, and opinions on the market value of the property.

The appraiser assumes there are no hidden or unapparent physical deficiencies or adverse conditions unless explicitly stated in the appraisal report.

The appraiser is not responsible for any hidden conditions that might exist, even if those conditions affect the property's value.

The appraiser's valuation conclusion relies on the assumption that any needed repairs or alterations will be completed professionally.

The appraiser must visually inspect both the inside and outside of the property.

The appraiser must report the condition of the property in factual and specific terms, including any physical deficiencies.

The appraiser must follow the Uniform Standards of Professional Appraisal Practice when preparing the appraisal report.

The appraiser uses the sales comparison approach to value when determining the market value of the property.

This refers to any external factors that could negatively impact the property. Examples include easements, encroachments, environmental issues, and nearby land uses.

These are legal rights granted to another party to use a portion of your property. For example, an easement might allow a utility company to access their lines.

These are unauthorized intrusions onto your property, like a neighbor's fence extending onto your land.

These include any environmental factors like contamination, flooding zones, or hazardous materials that might affect the property.

These refer to the way surrounding land is being used. Consider things like industrial zones, commercial areas, or residential neighborhoods.