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

By: Present Value