Residential Report Writing and case
studies
> or <
Market area ___neighborhood___district - ANS-> >
1 acre = _______ feet - ANS-43,560
1004C/70B: what is it and how does it differ from URAR - ANS-Manufactured home report
-no UAD reporting requirements
-must confirm that it's on a permanent foundation, hitch and wheels removed, connected to
sewer/septic
-must describe additions and rate quality of construction
-must locate HUD data plate and certification label
-cost section adds cost for each module, as well as delivery, installation, and set-up
1004D/442 - ANS-Appraisal update and/or completion form (sometimes ofr LOC, or a delayed
closing)
1073/465: what is it and how does it differ from URAR - ANS-Individual condominium unit report
(can be freestanding - with common areas co-owned, not co-ops or manufactured homes)
-additional sections regarding the entire complex
-cost approach not developed
-no site area field
-Project information (condition) compares complex to others in market area
-Project information (ownership) describes additional measures of desirability in complex
2055: what is it and how does it differ from URAR - ANS-Exterior only form - single unit home
-must be able to find reliable sources regarding interior
-not required to speak to improvements inside hone or provide a sketch.
4 forms that UAD defines the required fields for appraisal submission - ANS-condos and SFD
full and exterior only:
URAR, Individual condominium unit appraisal report, Exterior only inspection residential
appraisal report Exterior only inspection individual condominium unit appraisal report
4 standards rules of standard 2 - ANS-2-1 addresses general reporting obligations
2-2 provides a checklist for each reporting option
2-3 illustrates and elaborates on appraiser's certification
2-4 addresses oral reports
Advisory opinion 11 provides examples of: - ANS-describing, summarizing, and stating
information.
Advisory opinion 16 illustrates applicability of fair housing prohibition in: - ANS-reporting
Advisory opinion 16, fair housing laws and appraisal report content illustrates: -
ANS-applicability of the prohibition in reporting of certain words or statements that could be
discriminatory.
, Advisory opinion 19 addresses - ANS-client requests - unacceptable assignment conditions
Advisory opinion 20 (appraisal review) - ANS-provides obligations when reviewer's scope of
work includes developing his own opinions or developing an opinion of another appraiser's
work.
Advisory opinion 3 - ANS-specifies three options for providing an update appraisal (new report,
new report with attachments from previous report, new report referencing previous report)
AMc - ANS-Appraisal Management Company must be entered in lender/client field. if none, fill
in "no AMC"
an appraiser who signs the report must also sign the - ANS-certification
Appraisal Review Standard rule 4 -1 through 4-4 - ANS-4-1 presents general requirements for
reporting that apply to an appraisal review assignment
4-2 expands on the requirements of the minimum report content
4-3 addresses the appraiser's certification
4-4 addresses an oral appraisal review report
Appraisers certification is on page ___ of the appriasal - ANS-6
appriasal data must conform to ____ and be delivered through ___ - ANS-UAD, UCDP
Built in is defined as a garage or storage area with: - ANS-living area above it
built up - ANS-the percentage of available land that has been improved
can indicate up to ____ view types - ANS-2
Conduct section of ethics rule says appraisals must perofrm with these three objectives in mind:
- ANS-impartially, independently, objectively
Cost approach section is on page __ - ANS-3 (not required except for manufactured housing)
Cannot be relied upon as final indicator of value
District - ANS-area consisting of one particular land use
EAch UAD field is either a ____ or a ____. - ANS-requirement or an instruction
Effective age considers three factors: - ANS-Structural condition
Acceptable functionality of structure
external factors influencing structure
Finished Square footage in basement is indicated with ___ not ___ - ANS-whole number to five
digits, not percent finished
FNMA requires boundaries be defined by - ANS-directions: EWNS
Form 1025/72 - ANS-Small Residential Income Property Appraisal Report - most common form
for 2-4 family properties.
Form 216/998 - ANS-Operating Income Statement (exhibit for 1025/72) - must be attached
Formula for absorption rate - ANS-total number of settled sales /timeframe
formula for months of housing supply - ANS-total listings/absorption rate
From 2000/1032 - ANS-One unit residential appraisal field review form (provides lender client
with an opinion of the accuracy of the appraisal report under review) used for one unit condos,
PUDs. coops, and manufactured homes
Growth rate options - ANS-Rapid, stable, slow. If neighborhood is fully developed, choose stable
How to figure monthly cash flow - ANS-Monthly Operating Income minus P&I, insurance, taxes,
HOA fees.
If a house number is not available for the address... - ANS-indicate the nearest intersection
(form 1025/72)
studies
> or <
Market area ___neighborhood___district - ANS-> >
1 acre = _______ feet - ANS-43,560
1004C/70B: what is it and how does it differ from URAR - ANS-Manufactured home report
-no UAD reporting requirements
-must confirm that it's on a permanent foundation, hitch and wheels removed, connected to
sewer/septic
-must describe additions and rate quality of construction
-must locate HUD data plate and certification label
-cost section adds cost for each module, as well as delivery, installation, and set-up
1004D/442 - ANS-Appraisal update and/or completion form (sometimes ofr LOC, or a delayed
closing)
1073/465: what is it and how does it differ from URAR - ANS-Individual condominium unit report
(can be freestanding - with common areas co-owned, not co-ops or manufactured homes)
-additional sections regarding the entire complex
-cost approach not developed
-no site area field
-Project information (condition) compares complex to others in market area
-Project information (ownership) describes additional measures of desirability in complex
2055: what is it and how does it differ from URAR - ANS-Exterior only form - single unit home
-must be able to find reliable sources regarding interior
-not required to speak to improvements inside hone or provide a sketch.
4 forms that UAD defines the required fields for appraisal submission - ANS-condos and SFD
full and exterior only:
URAR, Individual condominium unit appraisal report, Exterior only inspection residential
appraisal report Exterior only inspection individual condominium unit appraisal report
4 standards rules of standard 2 - ANS-2-1 addresses general reporting obligations
2-2 provides a checklist for each reporting option
2-3 illustrates and elaborates on appraiser's certification
2-4 addresses oral reports
Advisory opinion 11 provides examples of: - ANS-describing, summarizing, and stating
information.
Advisory opinion 16 illustrates applicability of fair housing prohibition in: - ANS-reporting
Advisory opinion 16, fair housing laws and appraisal report content illustrates: -
ANS-applicability of the prohibition in reporting of certain words or statements that could be
discriminatory.
, Advisory opinion 19 addresses - ANS-client requests - unacceptable assignment conditions
Advisory opinion 20 (appraisal review) - ANS-provides obligations when reviewer's scope of
work includes developing his own opinions or developing an opinion of another appraiser's
work.
Advisory opinion 3 - ANS-specifies three options for providing an update appraisal (new report,
new report with attachments from previous report, new report referencing previous report)
AMc - ANS-Appraisal Management Company must be entered in lender/client field. if none, fill
in "no AMC"
an appraiser who signs the report must also sign the - ANS-certification
Appraisal Review Standard rule 4 -1 through 4-4 - ANS-4-1 presents general requirements for
reporting that apply to an appraisal review assignment
4-2 expands on the requirements of the minimum report content
4-3 addresses the appraiser's certification
4-4 addresses an oral appraisal review report
Appraisers certification is on page ___ of the appriasal - ANS-6
appriasal data must conform to ____ and be delivered through ___ - ANS-UAD, UCDP
Built in is defined as a garage or storage area with: - ANS-living area above it
built up - ANS-the percentage of available land that has been improved
can indicate up to ____ view types - ANS-2
Conduct section of ethics rule says appraisals must perofrm with these three objectives in mind:
- ANS-impartially, independently, objectively
Cost approach section is on page __ - ANS-3 (not required except for manufactured housing)
Cannot be relied upon as final indicator of value
District - ANS-area consisting of one particular land use
EAch UAD field is either a ____ or a ____. - ANS-requirement or an instruction
Effective age considers three factors: - ANS-Structural condition
Acceptable functionality of structure
external factors influencing structure
Finished Square footage in basement is indicated with ___ not ___ - ANS-whole number to five
digits, not percent finished
FNMA requires boundaries be defined by - ANS-directions: EWNS
Form 1025/72 - ANS-Small Residential Income Property Appraisal Report - most common form
for 2-4 family properties.
Form 216/998 - ANS-Operating Income Statement (exhibit for 1025/72) - must be attached
Formula for absorption rate - ANS-total number of settled sales /timeframe
formula for months of housing supply - ANS-total listings/absorption rate
From 2000/1032 - ANS-One unit residential appraisal field review form (provides lender client
with an opinion of the accuracy of the appraisal report under review) used for one unit condos,
PUDs. coops, and manufactured homes
Growth rate options - ANS-Rapid, stable, slow. If neighborhood is fully developed, choose stable
How to figure monthly cash flow - ANS-Monthly Operating Income minus P&I, insurance, taxes,
HOA fees.
If a house number is not available for the address... - ANS-indicate the nearest intersection
(form 1025/72)
