After a real estate appraiser performs an appraisal of a property, he or she will fill out a Uniform Residential Appraisal Report. A Uniform Residential Appraisal Report (URAR) is the most common real estate appraisal form. Use of the URAR ensures standard reporting and analysis of single family dwellings or buildings in a planned unit development (PUD). The URAR is not used for appraisals of manufactured homes or condos.
The most current version of the URAR is the Fannie Mae Form 1004, updated for March 2005. It is considered a full appraisal with all three approaches to value: cost approach, sales comparison approach, and income approach.
There are several URAR requirements:
An inspection of the inside and outside of the property
A street map that shows the location of the property and of all comparable properties used by the appraiser
A sketch of the exterior (if improvements have been made) that indicates the dimensions
Clear photographs of the property
Some of the URAR sections:
Basic information such as the property address, legal description, and owners’ names
Information on the sale contract for appraisals with a change of ownership
The size, shape, zoning and access to utilities of the property, as well as FEMA flood-zone information
Physical characteristics of the property, such as age, materials, and condition
