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A Uniform Residential Appraisal Report or URAR is one of the most common forms used in United States real estate appraisals. It was created to allow for standard reporting and analysis of single-family dwellings or single-family dwellings with an "accessory unit". It is also suitable for a building in a planned unit development (PUD) but is not ...
Broker's price opinion. A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser. A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO. A BPO can be either an exterior drive-by or a ...
USPAP was originally written in 1986-87 by an ad hoc committee representing the various appraisal professional organizations in the U.S. and Canada. The copyright to USPAP was donated to TAF on April 27, 1987. While USPAP answers a specific regulatory need in the U.S., it has also been adopted by many appraisal professional organizations ...
Real estate appraisal. Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation.
The Appraisal Institute defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical ...
Uniform Appraisal Dataset is a component of the Uniform Mortgage Data Program, an initiative undertaken by Fannie Mae and Freddie Mac (together known as the GSEs) under the direction of the Federal Housing Finance Agency in the United States in order to comprehensively standardize mortgage loan data so that loans may be processed more efficiently.