1. The Standard (1004) Appraisal

2. The Subject SectionSummarizes the Property Dataand Appraisal Purpose.Data Resources Include:Local Tax Assessor, Public RecordsDatabases and Multiple Listing Service. 3. The Contract SectionConfirms Appraiserreviewed data on thePurchase & SaleData Resources Include:Agreement.Public Records and the Purchase and Sale Agreement provided by the mortgage lender. 4. The Neighborhood SectionCharacteristics: Urban, Suburban, and RuralUrban: Most livingnecessities (grocerystore, restaurants,shopping) are withinwalking distance. 5. The Neighborhood SectionCharacteristics: Urban, Suburban, and RuralSuburban: Mostliving necessities(grocery store,restaurants, shopping)require a vehicle toaccess, although youwould not need todrive far. Also inclose proximity tomajor metropolitanareas. 6. The Neighborhood SectionCharacteristics: Urban, Suburban, and RuralRural: Basic livingservices (grocerystores, restaurants,shopping) aretypically over 5miles away and thesubject is outside ofa defined city ortown. 7. The Neighborhood SectionBuilt Up PercentagesThe % Rate:Indicates how muchof the neighborhoodhas been developed. 8. The Neighborhood SectionBuilt-Up Percentages / Red Flags If checked Under 25% thedevelopment progress and itsimpact on property values shouldbe addressed by the appraiser (itcould indicate weak priceappreciation).A Rural area checked Over75% indicates an inconsistencyand should be further investigatedto make sure that the comparablesand the subject are located in thesame market area. 9. The Neighborhood SectionGrowthDetermines thecurrent stage inthe propertyslife-cycle andneighborhood. 10. The Neighborhood SectionGrowthDetermines thecurrent stage inthe propertyslife-cycle andneighborhood.Rapid: Generally anew, developing area.Stable: Most, if notall land is developed.Slow: May indicateprices are weakeningand market isdistressed. 11. The Neighborhood SectionGrowth Red FlagDetermines thecurrent stage inthe propertyslife-cycle andneighborhood.Rapid: Generally anew, developing area.Stable: Most, if notall land is developed.Slow: May indicateprices are weakeningand market isdistressed.If checked Slow appraisershould provide a detailedexplanation as to why or howhe/she came to this conclusion. 12. One-Unit Housing TrendsProperty ValuesData Resource:Sales Trends on Local Multiple Listing Service (MLS)Appraisermust indicateif values in thearea areIncreasing,Stable, orDeclining. 13. One-Unit Housing TrendsProperty Values Red FlagMaximum financing istypically not available ifvalues are Declining.Data Resource:Sales Trends on Local Multiple Listing Service (MLS)Appraisermust indicateif values in thearea areIncreasing,Stable, orDeclining. 14. One-Unit Housing TrendsDemand / SupplyThe Demand vs. Supply in a given market isindicated by the local Absorption Rate.ABSORPTION RATE =# HOMESCURRENTLYFOR SALE(AND UNDERCONTRACT)RATE OFSALES FOR AGIVENPERIOD 15. One-Unit Housing TrendsDemand / SupplyShortage:Typically a shortage inthe market is indicatedwhen the absorption rateis 4 months or less. 16. One-Unit Housing TrendsDemand / SupplyIn Balance:A housing market istypically in balanceif the inventoryabsorption rateaverages 4 6 months. 17. One-Unit Housing TrendsDemand / SupplyOver Supply:Excess of supply overdemand, indicated byhigh vacancy rates,sluggish absorption rates,and declining rents.Generally, when theresmore than a 6-monthsupply of inventory thisis considered a BuyersMarket. 18. One-Unit Housing TrendsDemand / Supply Red FlagOver Supply:Excess of supply overdemand, indicated byhigh vacancy rates,sluggish absorptionrates, and decliningrents. Generally, whentheres more than a 6-month supply ofinventory this isconsidered a BuyersMarket.If Over Supply is indicated thatinformation can be verified withthat presented in the MC orMarket Conditions Form. If thesetwo contradict then furtherexplanation is needed. Oversupplymay result in weakened prices andincreased sales incentives. 19. One-Unit Housing TrendsMarketing TimeAn opinion on theamount of time it maytake to sell a real orpersonal propertyinterest at the concludedmarket value levelduring the periodimmediately after theappraisals effectivedate. -Appraisal Institute 20. One-Unit Housing TrendsMarketing Time Red FlagIf Marketing Time is Over6 Months the appraisershould provide an adequatedescription of the propertysmarketability.Longer marketing times canindicate declining values. 21. One-Unit HousingPricePrice:The amount asked, offered, orpaid for a property. Once stated,price is a fact, whether publiclyexposed or privately detained.-Appraisal Institute 22. One-Unit HousingPricePrice:The appraiser mustindicate whether theprice is Low, High, orPredominant for themarket area.The sales price of thecomparable sales and theappraised value of thesubject property should beclose to the Predominantvalue for the neighborhood. 23. One-Unit HousingPrice Red FlagPrice:The appraiser mustindicate whether theprice is Low, High, orPredominant for themarket area.The sales price of thecomparable sales and theappraised value of thesubject property should beclose to the Predominantvalue for the neighborhood.If the conclusion is notPredominant then appraisershould explain, as this could indicatethat overpriced comparables wereused to determine value. 24. One-Unit HousingOne-Unit Housing / AgeAge:The actual age of thesubject property shouldtypically be near orwithin the age range ofother properties in theneighborhood. 25. One-Unit HousingOne-Unit Housing / Age Red FlagAge:The actual age of thesubject property shouldtypically be near orwithin the age range ofother properties in theneighborhood.If not, this should be explainedin the commentary at the end ofthis section. 26. One-Unit HousingLow / High / Pred.This is where theappraiser puts the lowand high price rangewhere typical sales in thearea occur, as well as thepredominant (mostfrequently occurring)price for the subject area. 27. One-Unit HousingPresent Land UseDescribes the % ofdistribution of landuse to helpdetermine if thesubject property isnegatively affectedby other land uses(i.e. multi-family,commercial,industrial, etc. 28. One-Unit HousingPresent Land Use Red FlagDescribes the % ofdistribution of landuse to helpdetermine if thesubject property isnegatively affectedby other land uses(i.e. multi-family,commercial,industrial, etc.All totals combined (One-Unit, 2-4 unit, Multi-Family,Commercial, Other) mustadd up to 100% 29. Unit Housing TrendsNeighborhood BoundariesShould clearly outlinethe subjectneighborhood. Generallyneighborhoods are not anentire city, town, etc. sospecific boundaries(freeway, creek, railroad,golf course, etc.) shouldhelp mark theneighborhoods borders. 30. Unit Housing TrendsNeighborhood Boundaries Red FlagShould clearly outlinethe subjectneighborhood. Generallyneighborhoods are not anentire city, town, etc. sospecific boundaries(freeway, creek, railroad,golf course, etc.) shouldhelp mark theneighborhoods borders.Comparable sales locatedoutside the neighborhoodboundaries are typicallyNOT ACCEPTABLEwithout proper commentary. 31. Unit Housing TrendsNeighborhood DescriptionProvides info onneighborhoodcharacteristics,identification andmarketability.This may includeproximity toamenities, schools,and/or adverseenvironmentalinfluences. 32. Unit Housing TrendsMarket ConditionsSupport forneighborhoodcharacteristics.This may includesupportingcomments for valuetrends, demand andsupply, marketingtimes and data oncomparables. 33. Unit Housing TrendsMarket Conditions Red FlagSupport forneighborhoodcharacteristics.This may includesupportingcomments for valuetrends, demand andsupply, marketingtimes and data oncomparables.Any indication of weak offalling home prices shouldwarrant further investigation,as it may indicate the propertyis located in a distressedmarket. 34. Providesmeasurementsfor the site,typically widthand depth (forrectangularlots) andmultipledimensions forirregularly-shapedlots.Site SectionDimensions 35. The sum of the sitedimensionstypically expressedin square feet oracres. (FYI: 43,560sq. ft. = 1 acre)Site SectionAreaData Resources Include:Appraiser Calculations, Local Tax Assessor,Public Records Databases and Multiple Listing Service. 36. Site SectionShapeThe shape of the subject site; typically rectangularbut can vary (See Below). 37. Site SectionCertain views such aswater, mountains, city,etc. may add value tothe home. Viewattributes are also a lineitem and, if applicable,will appear on the SalesComparison Approachon page 2, or may beincluded within the lineitem, just above View.View 38. Site SectionView Red FlagCertain views such aswater, mountains, city,etc. may add value tothe home. Viewattributes are also a lineitem and, if applicable,will appear on the SalesComparison Approachon page 2, or may beincluded within the lineitem, just above View.Views can be tricky to quantifyfrom an appraisal perspective andsometimes difficult to confirm. Ifan appraiser has missed a view(due to weather circumstances,etc.) try to provide a personalphoto of it to confirm. 39. Site SectionSpecific Zoning ClassificationThe specific site zoning code as dictatedby local government. The most commonlyused is R-1 Residential or justResidential.Other residential classifications include:RC-5 = Residential / Conservation DistrictR-2 = Medium-Density ResidentialR-3 = High Density Residential 40. Site SectionZoning DescriptionThis is a general statement todescribe what a specific zonepermits such as one-unitand two-units when theappraiser indicates specificzoning (i.e. R-1 or R-2).Description may readResidential Use, one unit on acre or less. 41. Site SectionZoning Description Red FlagThis is a general statement todescribe what a specific zonepermits such as one-unitand two-units when theappraiser indicates specificzoning (i.e. R-1 or R-2).Description may readResidential Use, one unit on acre or less.If the zoning descriptionincludes a reference to the min.or max. site size, this is anopportunity to cross check andconfirm the site size on the salesgrid from page 2 within theSales Comparison Approach. 42. Site SectionZoning ComplianceIdeally the 1st checkbox(Legal) is selected, althoughLegal Nonconforming isacceptable (meaninggrandfathered use). 43. Site SectionZoning Compliance Red FlagIdeally the 1st checkbox(Legal) is selected, althoughLegal Nonconforming isacceptable (meaninggrandfathered use).If Zoning Compliance is not alegal, conforming use theappraisal must address the issueand its affect on the marketabilityand value of the subject. Illegaluses are not insurable and eventhe smallest violation of the localordinance calls for the appraiser tocheck the Illegal box. Lack ofzoning or no zoning also requiresan explanation. 44. Site SectionZoning Compliance Red FlagIdeally the 1st checkbox(Legal) is selected, althoughLegal Nonconforming isacceptable (meaninggrandfathered use).If Zoning Compliance is not alegal, conforming use theappraisal must address the issueand its affect on the marketabilityand value of the subject. Illegaluses are not insurable and eventhe smallest violation of the localordinance calls for the appraiser tocheck the Illegal box. Lack ofzoning or no zoning also requiresan explanation.Note: Some municipalitiesand many rural propertiesmay not have any zoningregulations. 45. Site SectionHighest and Best UseIs the highest and best use ofthe subject as improved (or asproposed per plans andspecifications) the presentuse? Yes No If no,describe. 46. Site SectionHighest and Best UseIs the highest and best use ofthe subject as improved (or asproposed per plans andspecifications) the presentuse? Yes No If no,describe.If the answer is Nothe appraisal shouldverify that theproperty is suitablesecurity for aresidential loan anddescribe in detail. Insuch cases, the GSEswill likely notpurchase themortgage. 47. Site SectionHighest and Best Use Red FlagIs the highest and best use ofthe subject as improved (or asproposed per plans andspecifications) the presentuse? Yes No If no,describe.If the answer is Nothe appraisal shouldverify that theproperty is suitablesecurity for aresidential loan anddescribe in detail. Insuch cases, the GSEswill likely notpurchase themortgage.If the subjects Highest and BestUse is not residential then thisUniform Residential AppraisalReport (URAR) form likelywont be acceptable. 48. Site SectionUtilitiesPublic, private or community utilities (Electric, Gas, Water,Sanitary Sewer) must be available and meet communitystandards. Off-site utilities may be acceptable if the subjectparcel has the associated right to access them and if there isa legally binding agreement for their access andmaintenance. 49. Site SectionUtilities Red FlagPublic, private or community utilities (Electric, Gas, Water,Sanitary Sewer) must be available and meet communitystandards. Off-site utilities may be acceptable if the subjectparcel has the associated right to access them and if there isa legally binding agreement for their access andmaintenance.If private well water and septicsystems are used (ideally) theyshould be located on theproperty and commentaryshould be provided. 50. Site SectionOff-Site ImprovementsOff-SiteImprovementsusually encompassStreet or Alleyaccess and whetheror not they areprivately or publiclymaintained. 51. Site SectionOff-Site ImprovementsOff-SiteImprovementsusually encompassStreet or Alleyaccess and whetheror not they areprivately or publiclymaintained.If the street is markedPrivate access to theproperty should be deededand an adequate and legallyenforceable agreement formaintenance should beavailable. The associatedmaintenance for streets maycontribute to increased feesfor road maintenance (such assnow plowing, road repairs,or dust control if gravel). 52. Site SectionFEMAIs the property located in aFEMA special flood hazardarea Yes NoA Yes check will indicatethat the property is located inan area that has at least a 1%chance of experiencing aflood event any year withinthe next 100 years. 53. Site SectionFEMA Red FlagIs the property located in aFEMA special flood hazardarea Yes NoA Yes check will indicatethat the property is located inan area that has at least a 1%chance of experiencing aflood event any year withinthe next 100 years.A Special Flood HazardArea (SFHA) designationcould indicate anunacceptable location orone that requires specialflood insurance. 54. Site SectionFEMA Flood ZoneThis represents the FEMAflood zone code. Thefollowing codes usuallyrequire flood insurance:A, AE, AH, AO, A1-30, A-99, V, VE, VO, and V1-30. 55. Site SectionFEMA Flood ZoneThis represents the FEMAflood zone code. Thefollowing codes usuallyrequire flood insurance:A, AE, AH, AO, A1-30, A-99, V, VE, VO, and V1-30.You can enter an address atthe following website toreview flood info:https://msc.fema.gov/portal 56. Represents mostcurrent FEMAmap info. Thiswill reflect anyupdated floodcontrol projectsthat can impactpotentialflooding andFlood Zone codeclassification forthe subject line.Site SectionFEMA Map Date 57. Site SectionUtilities and Off-Site ImprovementsAre the utilities and off-siteimprovements typical for themarket area?Yes No If no, describe.Providesconfirmation andor information onutility serviceand streets andalleyways thatprovide access tothe site. 58. Site SectionAdverse Site ConditionsAre there any adverse siteconditions or external factors?Yes No If yes, describe.If yes, appraiser shoulddescribe any conditionspecific to the subject sitethat would affect value ormarketability. Examplesare: Easements,Encroachments, IllegalZoning, Slide Areas, HighVoltage Power Lines, CellPhone Towers, and LargeIndustrial Plants. 59. Site SectionAdverse Site Conditions Red FlagAre there any adverse siteconditions or external factors?Yes No If yes, describe.If yes, appraiser shoulddescribe any conditionspecific to the subject sitethat would affect value ormarketability. Examplesare: Easements,Encroachments, IllegalZoning, Slide Areas, HighVoltage Power Lines, CellPhone Towers, and LargeIndustrial Plants.The existence of any adverseconditions should be takeninto consideration and shouldreappear in the SalesComparison Approach. 60. ImprovementsSummarizedImprovements to the homeshould conform to thosethroughout the neighborhoodwith regard to type, design,and materials used. 61. ImprovementsSummarized Red FlagImprovements to the homeshould conform to thosethroughout the neighborhoodwith regard to type, design,and materials used.If a property is consideredunique and is non-conformingthe appraisermust provide adequate infoto ensure that the estimate ofvalue is reliable (due to thedifferences in comparableproperties). 62. ImprovementsGeneral DescriptionThe General Description check boxes and questions identifycharacteristics of the residential improvements. (This sectionspecifically applies to a single-family residence with a possible accessory unit.) 63. ImprovementsGeneral DescriptionCharacteristics include:-Units: 1 or 1 withAccessory Unit# of Stories-Type: Det (Detached)or Att (Attached) or S-Det/End Unit (Semi-Detached)-Existing or Proposed orUnder Construction-Design(Style)-Year Built-Effective Age (in Years)Effective Age: The age of aproperty based on the amount ofobserved deterioration andobsolescence sustained. If thehome has been well maintainedthe Effective Age will often beless than the Actual Age. 64. ImprovementsGeneral Description - AtticDescription and use ofattic space.Appropriate boxesshould be checkedindicating the type ofaccess, finish, andheating available. 65. ImprovementsGeneral Description - AtticDescription and use ofattic space.Appropriate boxesshould be checkedindicating the type ofaccess, finish, andheating available.Similar to a finished basement,an attic should NOT be includedin the square footage or GrossLivable Area (GLA) or in theroom count. Nonetheless, it canstill have significantcontributory value. 66. ImprovementsFoundationSummarizes thefoundations materialsand constructiontechniques. Ifapplicable, it will alsoinclude info on thebasement. 67. ImprovementsFoundationInfo Provided Includes:-Concrete Slab-Crawl Space-Full Basement-Partial Basement-Basement Area (in SF)-Basement Finish (as a % ofthe total basement area) 68. ImprovementsFoundation Red FlagsInfo Provided Includes:-Concrete Slab-Crawl Space-Full Basement-Partial Basement-Basement Area (in SF)-Basement Finish (as a % ofthe total basement area)It is possible for the foundationto consist of more than onefoundation type. The appraisalshould identify each applicabletype. Foundations that involvewood products and earth contactare generally not acceptable. 69. ImprovementsFoundation Red FlagsInfo Provided Includes:-Concrete Slab-Crawl Space-Full Basement-Partial Basement-Basement Area (in SF)-Basement Finish (as a % ofthe total basement area)It is possible for the foundationto consist of more than onefoundation type. The appraisalshould identify each applicabletype. Foundations that involvewood products and earth contactare generally not acceptable. 70. ImprovementsBasementSome items represent theexistence of severalbasement relatedcategories that may havean impact on value,marketability, andstructural integrity of thestructure. These include: Outside Entry / Exit Sump Pump Evidence of: Infestation orDampness or Settlement 71. ImprovementsBasement Red FlagSome items represent theexistence of severalbasement relatedcategories that may havean impact on value,marketability, andstructural integrity of thestructure. These include: Outside Entry / Exit Sump Pump Evidence of: Infestation orDampness or SettlementThe existence of a sump pumpand / or any signs of dampnessand or infestation may requireadditional inspections byexperts in these categories. 72. ImprovementsHeating and CoolingA series of check box selections precedes the mostcommon heating types such as FWA (forced air),HWBB (hot water base board), Radiant (heat), andother. Cooling systems for the subject, ifapplicable, can include central air, individuallycooled rooms, and other. Central air conditioning isan important feature in most southern locations inthe US and can contribute to value. 73. ImprovementsExterior DescriptionProvides an overall descriptionof the exterior features of theimprovements. In general, theappraiser should providedescriptive comments regardingconstruction materials andtechniques used: Foundation Walls Exterior Walls Roof Surface Gutter and Downspouts Window Type and Treatments 74. ImprovementsExterior Description Red FlagProvides an overall descriptionof the exterior features of theimprovements. In general, theappraiser should providedescriptive comments regardingconstruction materials andtechniques used: Foundation Walls Exterior Walls Roof Surface Gutter and Downspouts Window Type and TreatmentsThe information in this section should furtheridentify and confirm the type of structure andthe appropriate use with this appraisal form. 75. ImprovementsAmenitiesFeatures in this section add utilityand comfort to the home andshould be clearly described, asthey represent additional costsand may contribute additionalvalue to the property.A series of check boxes completethis section that will identifyamenities for the housesimprovements and include: Fireplace(s) Patio/Deck Pool Woodstove(s) Fence Porch Other 76. ImprovementsAmenities Red FlagA series of check boxes completethis section that will identifyamenities for the housesimprovements and include: Fireplace(s) Patio/Deck Pool Woodstove(s) Fence Porch OtherThese amenities, if applicable, mayappear in the SALES COMPARISONAPPROACH and used to adjectcomparable properties. 77. ImprovementsAmenities Red FlagREMEMBER: Cost does notalways equal value!Construction quality, materialsand methods can vary but shouldreflect those of the surroundingmarket. Over-improvements cancause what is called functionalobsolescence and should bevalued and adjusted accordingly.Each item should be consideredin terms of its market-basedcontribution to the propertysvalue. 78. ImprovementsInteriorDescribes the homesinterior focusing onconstruction materials,condition, and overallconstruction quality. Theappraisal should have aclear description of eachfeature associated with: Floor Surfaces Wall Treatments Trim / Finish Bathroom Floors and Walls 79. ImprovementsCar StorageCar storage should beadequate for the propertyand should meet marketdemands. Sometimes agarage has beenconverted to a livingarea.A series of check boxescompletes this sectionand provides data onvarious combinations ofcar storage features anddriveways for theproperty. 80. ImprovementsAppliancesProvides info on thekitchen equipment andappliance items that arebuilt in to the property.Range/Ovens are usuallyconsidered built-ins. 81. ImprovementsAppliances Red FlagProvides info on thekitchen equipment andappliance items that arebuilt in to the property.Range/Ovens are usuallyconsidered built-ins.Range/Ovens are usuallyconsidered built-ins; however,Refrigerators, Microwaves, andWasher/Dryers will most oftenbe considered PersonalProperty and will not affectvalue. 82. ImprovementsFinished Area Above GradeThe Above Gradefinished area contains thesquare footage of: Rooms, Bedrooms and BathroomsThese are important for theCost Approach and SalesComparison Approach. 83. ImprovementsFinished Area Above Grade Red FlagThe Above Gradefinished area contains thesquare footage of: Rooms, Bedrooms and BathroomsThese are important for theCost Approach and SalesComparison Approach.Cross-comparison of the Cost Approach and SalesComparison Approach should be completed whenreviewing the appraisal.If the property has an atypical layout the appraisalshould identify any market resistance (whether ornot the average buyer will like it or not) and makesure the appropriate adjustments are applied in theSales Comparison Approach section. 84. ImprovementsFinished Area Above Grade ClarificationRooms, Bedrooms and Baths:To determine is a propertysfloor plan is common to themarket area the reader shouldtake a look at the room count inconjunction with the attachedsketch. Ideally the room countshould be similar to those of thecomparable sales used. 85. ImprovementsFinished Area Above Grade ClarificationSquare Feet of Gross Living AreaAbove Grade (GLA):Only the finished areas above-gradeare used to calculate GLA.Rooms not included as above-gradecan still add substantial valueto the property and can be includedseparately in the Cost Approachsection (if applicable) and the SalesComparison Approach. 86. ImprovementsFinished Area Above Grade ClarificationSquare Feet of Gross Living AreaAbove Grade (GLA):Only the finished areas above-gradeare used to calculate GLA.Rooms not included as above-gradecan still add substantial valueto the property and can be includedseparately in the Cost Approachsection (if applicable) and the SalesComparison Approach.Square footage is typically based onthe measurement of the exterior walls.Note the square feet of the GLA mustbe consistent throughout the report. 87. ImprovementsFinished Area Above Grade ClarificationSquare Feet of Gross Living AreaAbove Grade (GLA):Only the finished areas above-gradeare used to calculate GLA.Rooms not included as above-gradecan still add substantial valueto the property and can be includedseparately in the Cost Approachsection (if applicable) and the SalesComparison Approach.Square footage is typically based onthe measurement of the exterior walls.Note the square feet of the GLA mustbe consistent throughout the report.Garage, carports, or basement areas(any area below-grade) should NOT beincluded in the square feet of livingestimate. 88. ImprovementsAdditional FeaturesAdditional amenities mayinclude special energyefficient items andconstruction, as well asfinish material upgrades.These items affectingvalue will be addressed inthe Valuation Analysis onpage 2. 89. ImprovementsAdditional Features Red FlagAdditional amenities mayinclude special energyefficient items andconstruction, as well asfinish material upgrades.These items affectingvalue will be addressed inthe Valuation Analysis onpage 2.Please dont assume that just becausesomething has an energy efficientlabel (i.e. a low-flush toilet) that itwill have an impact on value.Typically energy efficient itemsimpacting value would include:insulation systems, major waterefficiency systems, daylightingfeatures, major energy producing items(solar panels) and major appliances. 90. ImprovementsProperty ConditionDescribe the condition ofthe property includedneeded repairs,deterioration, renovations,remodeling, etc.)This area includes morecommenting on thepropertys condition. Ifapplicable, any repairs,renovations, and remodelingshould be described as wellas how the appraiserapproached them in terms ofvaluation. 91. ImprovementsProperty Condition Red FlagDescribe the condition ofthe property includedneeded repairs,deterioration, renovations,remodeling, etc.)This area includes morecommenting on thepropertys condition. Ifapplicable, any repairs,renovations, and remodelingshould be described as wellas how the appraiserapproached them in terms ofvaluation.Any deterioration that may result in thehomes depreciation should beaddressed in this section and appear inthe Cost Approach (when provided) aswell as the Functional Utility andcondition line items within the SalesComparison Approach. 92. ImprovementsPhysical DeficienciesAre there any physicaldeficiencies or adverseconditions that affect thelivability, soundness, orstructural integrity of theproperty? If Yes, describe.These conditions MUST bereported even if theconditions are typical forthe market area. 93. ImprovementsPhysical DeficienciesAre there any physicaldeficiencies or adverseconditions that affect thelivability, soundness, orstructural integrity of theproperty? If Yes, describe.These conditions MUST bereported even if theconditions are typical forthe market area.Examples: Water seepage Active leaks Inadequate electrical service Cracks and settlement offoundations 94. ImprovementsPhysical Deficiencies Red FlagAre there any physicaldeficiencies or adverseconditions that affect thelivability, soundness, orstructural integrity of theproperty? If Yes, describe.These conditions MUST bereported even if theconditions are typical forthe market area.Examples: Water seepage Active leaks Inadequate electrical service Cracks and settlement offoundationsIn some cases a qualified inspectors reportmay be required to verify the presence and/ormagnitude of these conditions.When analyzing the appraisal consider anyinfluence the condition may have on thevalue and marketability of the property andlook for appropriate value adjustments. 95. ImprovementsConforming to NeighborhoodDoes the propertygenerally conform tothe neighborhood(functional utility,style, condition, use,construction, etc.) IfNo, describe.The property shouldgenerally conform interms of age, type,design, andmaterial(s) used. 96. ImprovementsConforming to Neighborhood Red FlagDoes the propertygenerally conform tothe neighborhood(functional utility,style, condition, use,construction, etc.) IfNo, describe.The property shouldgenerally conform interms of age, type,design, andmaterial(s) used.Lack of conformity could affect value andmarketability and should be described withcomments.Identification and special consideration mustbe given to properties that represent uniquehousing for the subject neighborhood. 97. Sales Comparison Approach (SCA)SummaryAKA the Market Data Approach,the SCA is an analysis of thecomparable properties (comps)recently sold in the neighborhoodor general market area.Comparable sales should show asmuch similarity to the subject aspossible, ideally requiringminimal value adjustments. 98. Sales Comparison Approach (SCA)Summary Red FlagAKA the Market Data Approach,the SCA is an analysis of thecomparable properties (comps)recently sold in the neighborhoodor general market area.Comparable sales should show asmuch similarity to the subject aspossible, ideally requiringminimal value adjustments.The description of all features here should beconsistent with the data presented in theProperty Description (Page 1) and the CostApproach sections. 99. Sales Comparison Approach (SCA)Comp Guidelines1. A minimum of 3 comparable sales are required, althoughadditional comps may be requested if the estimate of valuedoesnt appear to be supported.2. The comps date of sale typically should have closed withinthe last 12 months. Fannie Mae no longer requirescommenting for sales over 6 months.3. For properties in established subdivisions or PUDs theappraisal should contain sales from within the samesubdivision or PUD. If not, explanation is required. 100. subdivision or PUD. If not, explanation is required.Sales Comparison Approach (SCA)Comp Guidelines1. New subdivisions: appraisal should have at least 1 salewithin the general market area and 1 within the subdivisionor project. Ideally the 3rd sale should also be from thesubdivision as long as it is an arms-length sale and thebuilder-developer is not involved.1. Appraisals of rural properties may include sales located aconsiderable distance from the subject. The appraiser shoulddefine his knowledge of market trends and clarify his compselection. 101. Sales Comparison Approach (SCA)Comp GuidelinesEach comparable sale must beanalyzed for differences andappropriately adjusted on thesales grid on Page 2 of theURAR under the followingcharacteristics: Location Condition of Sale Time (passed since salecompleted) Physical CharacteristicsThe subject property is thestandard for comparison of allother properties. If thecomparable sale has a featurethat is superior to the subject anegative (-) dollar adjustmentis required. If the comp has afeature that is inferior, apositive (+) adjustment isrequired. 102. Sales Comparison Approach (SCA)Comp Guidelines Red FlagEach comparable sale must beanalyzed for differences andappropriately adjusted on thesales grid on Page 2 of theURAR under the followingcharacteristics: Location Condition of Sale Time (passed since salecompleted) Physical CharacteristicsThe subject property is thestandard for comparison of allother properties. If thecomparable sale has a featurethat is superior to the subject anegative (-) dollar adjustmentis required. If the comp has afeature that is inferior, apositive (+) adjustment isrequired.Adjustments must reflect the valuethe market will recognize for thefeature NOT its actual cost (aka itsMarket Reaction). 103. Sales Comparison Approach (SCA)Reading the GridThe first two lines require theappraiser to provide both the #and the price ranges for onlythose properties which are trulycomparable to the subject andalso within the neighborhood.These include propertiescurrently for sale (listings) andactual closed sales. 104. Sales Comparison Approach (SCA)Reading the GridADDRESS: The first lineprovides the actual physicalstreet addresses for the subjectand comparables. 105. Sales Comparison Approach (SCA)Reading the GridPROXIMITY TOSUBJECT: The referencemeasured as the crowflies. Description shouldbe in terms of a specificdistance and direction.Example: 8 Blocks West,1.00 Miles North. (TheUAD requires mileage berecorded with 2 decimalplaces.) Distance should bereasonable for the subjectslocation and within thedefined neighborhood or ina competing market area. 106. Sales Comparison Approach (SCA)Reading the Grid Red FlagPROXIMITY TOSUBJECT: The referencemeasured as the crowflies. Description shouldbe in terms of a specificdistance and direction.Example: 8 Blocks West,1.00 Miles North. (TheUAD requires mileage berecorded with 2 decimalplaces.) Distance should bereasonable for the subjectslocation and within thedefined neighborhood or ina competing market area.Generally an explanation is requiredfor any sale that is considered to beoutside these guidelines. 107. Sales Comparison Approach (SCA)Sale PriceThe sale price ofeach comparableproperty should fallwithin the valuerange indicated inthe NeighborhoodAnalysis. Ideallycomp sales shouldalso bracket thesubjects estimate ofvalue. 108. Sales Comparison Approach (SCA)Sale Price / Gross Living Area (GLA)This multiplier isobtained by dividing thesales price for eachproperty by its squarefootage of gross livingarea.It also provides a quickcheck of the relativesimilarity to the subjectproperty as the subjectsindicated value should alsofall inside the range shownfor the comparable sales. 109. Sales Comparison Approach (SCA)Sale Price / Gross Living Area (GLA) Red FlagThis multiplier isobtained by dividing thesales price for eachproperty by its squarefootage of gross livingarea.It also provides a quickcheck of the relativesimilarity to the subjectproperty as the subjectsindicated value should alsofall inside the range shownfor the comparable sales.The resulting factor should reflect anarrow range, if good comparablesales have been utilized. 110. Sales Comparison Approach (SCA)Data / Verification SourcesThe appraiser should usepublic data sources;however it is acceptablefor the appraiser to useprivate or multiple datasources provided they aredisclosed and verifiable. 111. Sales Comparison Approach (SCA)Value AdjustmentsThe descriptivefeatures that allow theplus and minus dollaradjustments fordifferences betweeneach comparable saleand the subjectproperty. 112. Sales Comparison Approach (SCA)Value Adjustments Red FlagThe descriptivefeatures that allow theplus and minus dollaradjustments fordifferences betweeneach comparable saleand the subjectproperty.Only comparable salesare to be adjusted. 113. Sales Comparison Approach (SCA)Value Adjustments Sales or Financing ConcessionsExamples of salesconcessions include: Interest ratebuydowns Loan discount points Unique closing costs Below marketfinancing Seller carried 2ndloans, etc. 114. Sales Comparison Approach (SCA)Value Adjustments Financing Concessions FlagExamples of salesconcessions include: Interest ratebuydowns Loan discount points Unique closing costs Below marketfinancing Seller carried 2ndloans, etc.Adjustments shouldonly be made forconcessions that areatypical, excessive oroutside of generalmarket acceptance andmust reflect thedifference between whatthe property would sellfor with and without theconcession. 115. Sales Comparison Approach (SCA)Value Adjustments Financing Concessions FlagExamples of salesconcessions include: Interest ratebuydowns Loan discount points Unique closing costs Below marketfinancing Seller carried 2ndloans, etc.Adjustments shouldonly be made forconcessions that areatypical, excessive oroutside of generalmarket acceptance andmust reflect thedifference between whatthe property would sellfor with and without theconcession.Note: Positive dollar adjustments for concessions orother items that are considered superior financingare not acceptable. 116. Sales Comparison Approach (SCA)Value Adjustments Date of Sale / TimeReports any change insales price for similarproperties from the dateof sale for eachcomparable and the sateof valuation for thesubject. The dollaradjustment should beconsistent with theProperty Values,Demand/Supply andMarketing Time trendsreported on page 1. 117. Sales Comparison Approach (SCA)Value Adjustments Date of Sale / Time FlagsReports any change insales price for similarproperties from the dateof sale for eachcomparable and the sateof valuation for thesubject. The dollaradjustment should beconsistent with theProperty Values,Demand/Supply andMarketing Time trendsreported on page 1.If Property Values aredeclining one would notexpect to find positiveadjustments for Date ofSale/Time, which wouldindicate the market isappreciating, without adetailed explanation.If the market is described as active it should notbe state that comps are difficult to find withoutsufficient explanation. Similarly, if the comparablesales are all over 6 months old, an explanationshould be included address the need for the use ofolder sales. Sales must be verified and theappraisal should indicate whether the sale date,contract date, or closing date was used. 118. Sales Comparison Approach (SCA)Value Adjustments Date of Sale / Time FlagsNote: A common misconception if that the time elapsed since the dateof sale for each comp must fall within the Marketing Time indicated onPage 1. For ex: take a comp sale that closed 5 months prior to thevaluation date on the appraisal. It may have been marketed for only 2months prior to the sale; therefore its marketing time would be under3 months even though it is now 5 months old. 119. Sales Comparison Approach (SCA)Value Adjustments Date of Sale / Time FlagsNote: A common misconception if that the time elapsed since the dateof sale for each comp must fall within the Marketing Time indicated onPage 1. For ex: take a comp sale that closed 5 months prior to thevaluation date on the appraisal. It may have been marketed for only 2months prior to the sale; therefore its marketing time would be under3 months even though it is now 5 months old.Note: The next set of potential value influencing factors can besomewhat subjective and are heavily reliant on the appraisers marketknowledge. All adjustments should be clearly explained and baseddirectly on market derived info. If a property is overvalued, it iscommonly due to the subjective adjustments to value that are made forthese features. The appraiser must be consistent with items reported onPage 1 and the reader should understand the basis for all appliedadjustments. 120. Sales Comparison Approach (SCA)Value Adjustments LocationA property may experience negative or positive influences basedon location. If the location is typical and sales are selected fromthe subjects neighborhood, no adjustment may be required. Anyadjustment should be explained and related to the PropertyDescription data (neighborhood, site, etc.) on Page 1. 121. Sales Comparison Approach (SCA)Value Adjustments Leasehold/Fee SimpleThis shouldcorrespond withthe descriptivedate on Page 1.The readershould expectthe comparablesales to havesimilarownership or anexplanation ofthe marketsreaction if theydiffer. 122. Sales Comparison Approach (SCA)Value Adjustments SiteIf the subject is typicalof neighborhood sites,no adjustment is usuallyrequired. Corner sites,size differences, inferioror superior siteorientations (waterfrontage, golf course,etc.) should beappropriately adjustedand explained. 123. Sales Comparison Approach (SCA)Value Adjustments ViewView may have asignificant impact onvalue. Sites located in thesame neighborhood, andeven on the same streetmay have differentvalues due to theirorientation and views.Adjustments are oftenrecognized for scenicviews (i.e. mountains,valleys, or bodies ofwater.) 124. Sales Comparison Approach (SCA)Value Adjustments View FlagView may have asignificant impact onvalue. Sites located in thesame neighborhood, andeven on the same streetmay have different valuesdue to their orientationand views. Adjustmentsare often recognized forscenic views (i.e.mountains, valleys, orbodies of water.)All view adjustments must beadequately explained in the appraisal. 125. Sales Comparison Approach (SCA)Value Adjustments NOTENote: Appraisers may have different approached to their methods ofvaluating Location, Site, and View attributes. Ex: One appraiser maycategorize all 3 of these features into a single Location adjustment fora waterfront property, whereas another appraiser may consider part ofthe value attributed to Location and part to Site and/or View. 126. Sales Comparison Approach (SCA)Value Adjustments Design (Style)Design or Style adjustments are derived from the market, but are oftendifficult to verify as neighborhoods typically contain homes or similardesign and style and the rarity of a market recognized variation makesextraction by a Paired Sales Analysis more difficult. Nonetheless, insome cases some neighborhoods show a preference toward one styleof home and the value difference can be very apparent. 127. Sales Comparison Approach (SCA)Value Adjustments Quality of Construction FlagIf there is an adjustment for a Design orStyle feature make sure there arent anyunusual comments about the subject inthe Improvements section and expect afull explanation for adjustments to thecomparable sales. Comps of similarDesign and Style to the subject shouldbe used whenever possible.Design or Style adjustments are derived from the market, but are oftendifficult to verify as neighborhoods typically contain homes or similardesign and style and the rarity of a market recognized variation makesextraction by a Paired Sales Analysis more difficult. Nonetheless, insome cases some neighborhoods show a preference toward one styleof home and the value difference can be very apparent. 128. Sales Comparison Approach (SCA)Value Adjustments Quality of Construction NOTENote: Cost does not always equal value. An adjustment should reflectonly the amount the real estate market in that neighborhood willrecognize. This required an informed judgment by the appraiser, andone that must be communicated clearly to the user of the report. 129. Sales Comparison Approach (SCA)Value Adjustments Actual AgePage 1 of the appraisal shouldstate both the actual YearBuilt and the Effective Age ofthe subject. Differences canbe due to the level of propertymaintenance, and/or updatingmade to keep pace withcurrent market trends. OnPage 2, the Actual Age shouldbe used for the subject andcomps. Adjustments hereshould only be made formarket recognizeddifferences in comparativeages. 130. Sales Comparison Approach (SCA)Value Adjustments ConditionConditional differences canbe a result of propertymaintenance or updatingmade to keep pace withcurrent market demands.Adjustments should not bebased on the cost of repairs ormodernization, but on theamount a typical buyer iswilling to pay for thedifference in condition of thesubject and each comparable. 131. Sales Comparison Approach (SCA)Value Adjustments Condition Red FlagConditional differences canbe a result of propertymaintenance or updatingmade to keep pace withcurrent market demands.Adjustments should not bebased on the cost of repairs ormodernization, but on theamount a typical buyer iswilling to pay for thedifference in condition of thesubject and each comparable.The appraiser may choose to combineadjustments for Age and Condition;however they must provide a clearexplanation in the appraisal. Theseadjustments may also be checkedagainst the depreciation estimates in theCost Approach, if provided, in order togauge their consistency. 132. Sales Comparison Approach (SCA)Value Adjustments Above-Grade vs. GLAThe Above-Grade RoomCount and the Gross LivingArea (GLA) need to beconsistent with thedescriptions on Page 1. Onlyfinished above-grade areasare used in calculating GLA.Basements and partial below-gradeareas and attics can beincluded elsewhere in thereport and adjustedaccordingly. 133. Sales Comparison Approach (SCA)Value Adjustments Above-Grade vs. GLA FlagThe Above-Grade RoomCount and the Gross LivingArea (GLA) need to beconsistent with thedescriptions on Page 1. Onlyfinished above-grade areasare used in calculating GLA.Basements and partial below-gradeareas and attics can beincluded elsewhere in thereport and adjustedaccordingly.Remember, ideally the room count forthe subject and comp sales should besimilar and adjustments made on thebasis of market reaction. Room countadjustments are usually applied todifferences in baths (and occasionallyin bedrooms); otherwise the appraisershould provide an explanation. 134. Sales Comparison Approach (SCA)Value Adjustments Above-Grade vs. GLA NOTENOTE: Adjustments made forsize should be consistentthroughout the report. Forinstance, if the adjustment is$20/SF for size differential onone comp, it should be $20/SF onall other comps. Also rememberthe general rule: adjustments persquare foot of living area usuallyrun between 40% and 75% of thecost per SF to construct new orDwelling Sq Ft. cost, which maybe provided in the optional CostApproach. 135. Sales Comparison Approach (SCA)Basement & Finished Rooms Below GradeIn some areas finishedbasements are quitetypical and can addsignificant value to theproperty. It is importantto confirm that these area typical attribute to thelocal market and that alladjustments areconsistent for build-out,bath, or other roomutility and size. 136. Sales Comparison Approach (SCA)Basement & Finished Rooms Below Grade NOTEIn some areas finishedbasements are quitetypical and can addsignificant value to theproperty. It is importantto confirm that these area typical attribute to thelocal market and that alladjustments areconsistent for build-out,bath, or other roomutility and size.Any valued features should beexplained, and if the Cost Approach isprovided the reader should compare theappraisers adjustment with theestimated cost figure use in the CostApproach. 137. Sales Comparison Approach (SCA)Value Adjustments Functional UtilityFunctional utilityadjustments shouldreflect any functionalinadequacies mentionedin the Improvementssection and adjustmentsshould be consistentwith the functionaldepreciation estimateshown in the CostApproach (if provided). 138. Sales Comparison Approach (SCA)Value Adjustments Functional UtilityFunctional utilityadjustments shouldreflect any functionalinadequacies mentionedin the Improvementssection and adjustmentsshould be consistentwith the functionaldepreciation estimateshown in the CostApproach (if provided).Functional utilityadjustment itemsinclude:-Heating / Cooling-Energy Efficient Items-Garage / Carport-Porch / Patio / Deck-Optional Items:Fireplace, Pool, Fenceetc. (may be entered onthe 3 blank lines) 139. Sales Comparison Approach (SCA)Value Adjustments Functional Utility FlagFunctional utilityadjustments shouldreflect any functionalinadequacies mentionedin the Improvementssection and adjustmentsshould be consistentwith the functionaldepreciation estimateshown in the CostApproach (if provided).Functional utilityadjustment itemsinclude:-Heating / Cooling-Energy Efficient Items-Garage / Carport-Porch / Patio / Deck-Optional Items:Fireplace, Pool, Fenceetc. (may be entered onthe 3 blank lines)The adjustment is forthe markets reactionto the functional lossand it must besupported and clearlyexplained by theappraiser.Adjustments shouldNOT be made baseddirectly on their cost. 140. Sales Comparison Approach (SCA)Value Adjustments Net Adjustment (Total)The net adjustment foreach comparable saleshould be within + or 15% of its sale priceand the grossadjustment (combinedtotal of all adjustmentamounts regardless ofpositive or negativeinfluence) should bewithin + or 25% of itssale price. 141. Sales Comparison Approach (SCA)Value Adjustments Net Adjustment FLAGThe net adjustment foreach comparable saleshould be within + or 15% of its sale priceand the grossadjustment (combinedtotal of all adjustmentamounts regardless ofpositive or negativeinfluence) should bewithin + or 25% of itssale price.An explanation shouldbe provided ifadjustments exceedthis range, and thecomparable should begiven special attentionto determine if it istruly comparable tothe subject. 142. Sales Comparison Approach (SCA)NOTE: The followingquestions are there to helpprovide the reader with anoverview of research, datasources, and sale historiesfor all the properties on thesales grid. It can be usefulto support values and alertthe reader to any possibleflip activity. 143. Sales Comparison Approach (SCA)I did / did not research the sale or transfer history ofthe subject property.Ideally the appraiser checked thathe/she HAS done the research. Ifnot, the appraiser must explaindue diligence completed incomplying with the key (USPAP)requirement. 144. Sales Comparison Approach (SCA)My research did / did not reveal any prior sales ortransfers of the comparable sales for the year prior tothe date of sale of the comparable sale.Requires the appraiser toresearch and provide anysales and transfers of thesubject that have occurred inthe three years prior to theeffective date of theappraisal. 145. Sales Comparison Approach (SCA)Data SourcesRequires the appraiserto provide the sourceof the sales history datafor the subject inenough detail to directthe reader to thesource. 146. Sales Comparison Approach (SCA)My research did / did not reveal any prior sales ortransfers of the comparable sales for the year prior tothe date of sale of the comparable sales.This question determines ifany sales or transfers havetaken place within one yearof the sale date of thecomparable sale used in theappraisal. 147. Sales Comparison Approach (SCA)Data SourcesRequires the appraiserto provide the sourceof the sales history datafor the comparables inenough detail to directthe reader to thesource. 148. Sales Comparison Approach (SCA)Report the results of the research and analysis of the prior sale ortransfer history of the subject property and comparable sales(report additional prior sales on page 3).You should see a tablejust below this question.The input data shouldrepresent the subject andall comparables salehistory features asfollows:- Date of prior sale /transfer- Price of prior sale /transfer- Data source(s)- Effective date of datasource(s) 149. Sales Comparison Approach (SCA)Analysis of prior sale or transfer history of the subject propertyand comparable sales.Requests an analysis ofthe sale histories of thesubject ANDcomparables. Commentsshould clarify how thesesales affect of relate tothe current indicatedmarket value of thesubject. 150. Sales Comparison Approach (SCA)NoteAnalysis of prior sale or transfer history of the subject propertyand comparable sales.Requests an analysis ofthe sale histories of thesubject ANDcomparables. Commentsshould clarify how thesesales affect of relate tothe current indicatedmarket value of thesubject.NOTE: The information provided in this table section relates toprevious sales of the subject and comp sale properties, not thesubjects current sale transaction or the comparable saletransactions reported and analyzed in the Sales ComparisonApproach. 151. Sales Comparison Approach (SCA)Summary of Sales Comparison ApproachProvides adequate spacefor the appraiser tosummarize the SalesComparison Approachand ultimate value in anarrative format. 152. Sales Comparison Approach (SCA)Indicated Value by Sales Comparison ApproachThe dollar estimate derivedfrom this Approach should bewithin the range of theindicated values shown butthe final adjusted sales pricesof the comparable sales. Thevalue should be reasonableand further justified withdetailed comments andexplanation so the reader willhave a full understanding ofthe subjects market and howthe final indicated valueestimate was determined. 153. ReconciliationReconciliation is a process that continuesthroughout the appraisers analysis andresults in the final estimate of market value.In the final reconciliation, the appraisermust review the reasonableness andreliability of the data presented in therequired Sales Comparison Approach, andif provided, the now optional Cost andIncome Approaches to value. The appraiserthen fills in the opinion(s) of value for eachapproach used, then discusses and providescomments for the rationale for whichapproach(es) were given the most weight.The reader of the report must be assuredthat the final reconciliation represents alogical analysis and conclusion and not asimple mathematical averaging technique. 154. ReconciliationIf the appraiser has provided sufficient,comprehensive data that is relative to thesubjects neighborhood, site, improvements,and the comparable sales, the reviewershould reach the same conclusion as theappraiser. This should provide the user withthe basis for a sound determination as to theadequacy of the property as a security for amortgage.In most cases the Sales ComparisonApproach will be the basis of the reconciledor final estimate. 155. ReconciliationThe next four check boxes on thereconciliation grid reflect the appraisedvalue and relate to either the currentcondition of the subject or some yet tooccur event ranging from being built torepairs. 156. Page 3 Cost and Income Approaches andProject DataSection 8: AdditionalCommentsThis section is used to provide anyadditional information or overflowcomments that do not fit within thespaces provided on the prior pages ofthe URAR the appraiser may use thisspace for any additional research,expanded scope of work, and/orsketches. The Additional Commentssection, in most cases will eliminatethe need for additional commentaddendums and extra pages. 157. Page 3 Cost and Income Approaches andProject DataSection 9: Cost ApproachThis section is not always required,however is an approach to value isconsidered by the appraiser as beingnecessary to produce credible results,the approach is not optional, butrather an aspect of the appraisalassignment. In fact, especially fornew or recently constructionproperties, the client would be wellserved to obtain the Cost Approach tovalue. 158. Page 3 Cost and Income Approaches andProject DataSection 9: Cost Approach(continued)This approach to value is based on the realestate principle of substitution that assumes thata prudent buyer would pay no more for aproperty than the cost to reproduce or replace it.The Cost Approach will typically set the upperlimit of value for a given property and isconsidered to be much more reliable with newerproperties. The reliability tends to decrease as aproperty ages due to the complexities withestimating accrued depreciation. This approachto value is based on cost of production andrequired accurate estimated of the Reproductionor Replacement Cost New of theImprovements, Accrued Depreciation (loss ofvalue from any cause) and Site Value. 159. Page 3 Cost and Income Approaches andProject DataProvide adequate information for thelender / client to replicate the costfigures and calculations.The Cost Approach, if provided, will need to bebased on published cost services to enablelender / client and the reviewer the opportunityto replicate the cost figures used in theappraisal. This should improve appraiseraccountability. There may be some options here,but a detailed explanation is required and theapproach still needs to be replicable by lenderclient. 160. Page 3 Cost and Income Approaches andProject DataSupport for the opinion of site value(summary of comparable land sales orother methods for estimating site value):This represents an estimate of the value of thesite as if vacant and is best derived bycomparison to sales of other similar parcels ofvacant land. 161. Page 3 Cost and Income Approaches andProject Data FlagSupport for the opinion of site value(summary of comparable land sales orother methods for estimating site value):This represents an estimate of the value of thesite as if vacant and is best derived bycomparison to sales of other similar parcels ofvacant land.A clear explanation should be provided if thevalue of the site is not typical for theneighborhood, including a discussion of itsimpact on value and overall marketability.An explanation should also be provided whenthe Site Value exceeds 30% to 40% of theestimated total value of an improved property. 162. Page 3 Cost and Income Approaches andProject Data Flag 2Support for the opinion of site value(summary of comparable land sales orother methods for estimating site value):This represents an estimate of the value of thesite as if vacant and is best derived bycomparison to sales of other similar parcels ofvacant land.NOTE: The best approach for supported sitevalue estimates would be a list of addresses,sales, prices and dates, site sizes and distancesto the subject and some sort of reconciliationstatement. If the appraiser used another methodto determine land value, such as extraction orallocation, additional explanations should beprovided on the blank spaces that are provided. 163. Page 3 Cost and Income Approaches andProject DataDwelling:This represents the cost on a per square footbasis typically multiplied by the Gross LivableArea (GLA) of the dwelling. If applicable,several additional lines are provided for similarcalculations for Garage/Carport and two extralines for describing other improvements ofvalue, such as a finished basement or attic. 164. Page 3 Cost and Income Approaches andProject Data FlagDwelling:This represents the cost on a per square footbasis typically multiplied by the Gross LivableArea (GLA) of the dwelling. If applicable,several additional lines are provided for similarcalculations for Garage/Carport and two extralines for describing other improvements ofvalue, such as a finished basement or attic.NOTE: The reader should utilize the Dwellingsquare foot cost as a reference to the GrossLiving Area adjustments in the SalesComparison Approach. As a general rule, 40%to 75% of the cost per square foot will beaccepted in the market for differences in theliving area of comparable sales. The amount isderived through comparison of sales and similarproperties with differences in living area. 165. Page 3 Cost and Income Approaches andProject DataEstimated Reproduction or Replacement Cost NewThese check boxes willindicate if the estimatedcosts are based on buildingan exact replica of thesubject, or a dwelling ofequivalent utility(replacement). Mostappraisers will utilize thereplacement cost new ratherthan the reproduction cost. 166. Page 3 Cost and Income Approaches andProject DataQuality Rating from Cost ServiceProvides appraisersassessment of the quality ofthe subjects improvementsand attempts to matchpredefined ratings from thecost services. 167. Page 3 Cost and Income Approaches andProject DataQuality Rating from Cost ServiceProvides appraisersassessment of the quality ofthe subjects improvementsand attempts to matchpredefined ratings from thecost services.Effective Date of CostDataThe period, quarter, or dateprovided would representthe vintage or version of thepublished cost service data. 168. Page 3 Cost and Income Approaches andProject DataComments on Cost Approach (GLAcalculations, depreciation, etc.)These eight blank linesprovide space for a varietyof items that may helpexplain and illustrate areplicable Cost Approach. 169. Page 3 Cost and Income Approaches andProject DataComments on Cost Approach (GLAcalculations, depreciation, etc.)These eight blank linesprovide space for a varietyof items that may helpexplain and illustrate areplicable Cost Approach.Estimated RemainingEconomic Life (forHUD and VA)Required for governmentloan programs. 170. Page 3 Cost and Income Approaches andProject DataEstimated RemainingEconomic Life (forHUD and VA)Required for governmentloan programs. 171. Page 3 Cost and Income Approaches andProject DataEstimated RemainingEconomic Life (forHUD and VA)Required for governmentloan programs.DwellingRepresents the cost on a per squarefoot basis typically multiplied bythe Gross Livable Area (GLA) ofthe dwelling. If applicable, severaladditional lines are provided forsimilar calculations for Garage /Carport and two extra lines fordescribing other improvements ofvalue, i.e. finished basement ofattic. 172. Page 3 Cost and Income Approaches andProject Data NoteEstimated RemainingEconomic Life (forHUD and VA)Required for governmentloan programs.DwellingRepresents the cost on a per squarefoot basis typically multiplied bythe Gross Livable Area (GLA) ofthe dwelling. If applicable, severaladditional lines are provided forsimilar calculations for Garage /Carport and two extra lines fordescribing other improvements ofvalue, i.e. finished basement ofattic.NOTE: Readers should use the Dwellingsquare foot cost as a check to GLAadjustments in the Sales ComparisonApproach. As a general rule, 40% to75% of the cost per square foot will beaccepted in the market for differences inthe living area of the comparable sales.The amount is derived throughcomparison of sales of similar propertieswith differences in living area. 173. Page 3 Cost and Income Approaches andProject DataTotal Estimate of Cost-NewRepresents the previousitems added together andprovides an estimate of theproperty as a new.DepreciationAppraisal must address all 3 formsof depreciation: Physical,Functional, and Eternal, which arethen deducted from the TotalEstimate of Cost NewImprovements. 174. Page 3 Cost and Income Approaches andProject DataDepreciation (continued)Physical Depreciation: Any loss in value caused bydeterioration in the physical condition of theimprovements (needed repairs, painting, aging furnaces,etc.) for consistency and accuracy, this estimate shouldcorrelated with Effective Age and Condition descriptionsin the Improvements Section and the adjustments madein the Sales Comparison Approach.There are several methods to determine this amount.Most typically, the appraiser estimates the remainingeconomic life of the improvements to determine thepercentage of wear and tear that is accruing annually.The effective age and remaining economic life arecompared to the actual age and total economic life todetermine the loss in value from the estimated cost ofnew improvements. 175. Page 3 Cost and Income Approaches andProject Data NOTEDepreciation (continued)Physical Depreciation: Any loss in value caused bydeterioration in the physical condition of theimprovements (needed repairs, painting, aging furnaces,etc.) for consistency and accuracy, this estimate shouldcorrelated with Effective Age and Condition descriptionsin the Improvements Section and the adjustments madein the Sales Comparison Approach.There are several methods to determine this amount.Most typically, the appraiser estimates the remainingeconomic life of the improvements to determine thepercentage of wear and tear that is accruing annually.The effective age and remaining economic life arecompared to the actual age and total economic life todetermine the loss in value from the estimated cost ofnew improvements.NOTE: Readers canidentify the effectiveannual rate of physicaldepreciation by dividingthe physical depreciationfigure by the totalestimated cost new. Dividethis percentage by theeffective age for thepercentage per year. As aguideline, physicaldepreciation shouldgenerally not exceed 1% to2% per year of effectiveage. 176. Page 3 Cost and Income Approaches andProject DataDepreciation (continued)Functional Depreciation: Oftenreferred to as functional obsolescence,this is typically a loss in value causedby defects in the design of thestructure. It can also reflect an overimprovement, or the differencebetween the construction cost and theactual market value of an improvementor feature. An example is the additionof an in-ground swimming pool. Insome areas the cost to install couldexceed $25,000 while the resale marketmay only recognize a contribution of$12,000 to the property. In this case,functional depreciation for the poolexists in the amount of $13,000. 177. Page 3 Cost and Income Approaches andProject Data NOTEDepreciation (continued)Functional Depreciation:Often referred to as functionalobsolescence, this is typically aloss in value caused by defects inthe design of the structure. It canalso reflect an over improvement,or the difference between theconstruction cost and the actualmarket value of an improvement orfeature.NOTE: The reader shouldcompare the estimate withthe depreciationdescription in theImprovements section onpage 1 for accuracy andlook for this adjustment inthe Sales ComparisonApproach. 178. Page 3 Cost and Income Approaches andProject DataDepreciation (continued)External Depreciation: Sometimesreferred to as external obsolescence,this is a loss in value caused by adverseinfluences outside the subjects site.Like all adjustments to value, theamount of the adjustment is extractedfrom review of market transactions ofsimilar properties with and without theadverse influence. The reviewer shouldcompare this estimate with theComments section on Page 1 as well asthe comments presented in theNeighborhood Section. This adjustmentshould also appear in the Location,Site, or View adjustment field in theSales Comparison Approach. 179. Page 3 Cost and Income Approaches andProject DataDepreciated Cost of Improvements.Reflect the costs of all items aboveminus depreciation. 180. Page 3 Cost and Income Approaches andProject DataDepreciated Cost of Improvements.Reflect the costs of all items aboveminus depreciation.As-Is Value of Site Improvements.This field is often a catch all for anyremaining site specific improvements(septic systems, fences, wells,driveways, etc.). The term As-isassumes that in this field the marketvalue, and not the cost of the feature,will be included. 181. Page 3 Cost and Income Approaches andProject DataSection 10: Income ApproachAssumes that the market value is driven by thepotential stream of rental income a property iscapable of producing. This approach is generallyappropriate in single family neighborhoods with asubstantial number of rental properties. Due to alack of suitable information in many residentialneighborhoods, this approach to value is often notprovided by the appraiser.The income approach is rarely used in single-familyresidential properties and is generallyconsidered optional. It is more typical in areaswhere homes are purchased and sold for income-producingpotential. If it is not completed theappraisal should be marked N/A. 182. Page 3 Cost and Income Approaches andProject DataSection 11 PUD InformationThis last section of Page 3 is only used if thesubject is in a Planned Unit Development (PUD)and has the following characteristics:-Individual property membership in theHomeowners Association must be required anddollar assessments are mandatory and non-severable.-Has common property ownership-Not in a condo development-Property zoning is not the basis for classificationof a project as a PUD. 183. Page 3 Cost and Income Approaches andProject DataSection 11 PUD Information (Continued)From a developers perspective, PUD projectsmay allow for easier, cheaper and fastergovernmental approval processed compared toindividual units within a traditional subdivision.PUDs also provide owners with fee simpleownership of lots and common ownership ofcostly items like roads and possibly recreationfeatures that for most owners may be costprohibited.This section provides descriptive information forthe PUD, which is generally obtained from thedeveloper or HOA. 184. Page 3 Cost and Income Approaches andProject DataSection 11 PUD Information (Continued)An appraisal of an individual unit in a PUD mustcontain at minimum the following:Is the developer / builder in control of theHomeowners Association (HOA)? Yes Noand Unit Type(s) Attached Detached.This provides the reviewer with a market appealgauge, as a newly built project that has rapidlysold out would represent good/strong marketacceptance of the project, and the reverse forolder projects that are still under developercontrol. Additionally check boxes that followindicate whether units are Detached or Attached. 185. Page 3 Cost and Income Approaches andProject DataSection 11 PUD Information (Continued)The next descriptions would only be required ifthe developed/builder is still in control of theHOA. Technically the developer will generally bein control until a certain percentage of units orsites (typically 50% or as indicated in the projectdocuments or HOA) are sold. 186. Page 3 Cost and Income Approaches andProject DataSection 11 PUD Information (Continued)The next descriptions would only be required ifthe developed/builder is still in control of theHOA. Technically the developer will generally bein control until a certain percentage of units orsites (typically 50% or as indicated in the projectdocuments or HOA) are sold.Provide the following information for PUDS ONLYif the developed/builder is in control of the HOAand subject property is an attached dwelling unit:- Legal name of project- # of phases- # of units- # units sold- # units rented- # units for sale- Data source(s) 187. Page 3 Cost and Income Approaches andProject DataSection 11 PUD Information (Continued)The next descriptions would only be required ifthe developed/builder is still in control of theHOA. Technically the developer will generally bein control until a certain percentage of units orsites (typically 50% or as indicated in the projectdocuments or HOA) are sold.Provide the following information for PUDS ONLYif the developed/builder is in control of the HOAand subject property is an attached dwelling unit:- Legal name of project- # of phases- # of units- # units sold- # units rented- # units for sale- Data source(s)These items identify the project andprovide an indication of projectsize, market acceptance, use, anddata sources. Some of the salesnumber may also be helpful inanalyzing comparable selection inand out of the subject PUD project. 188. Page 3 Cost and Income Approaches andProject DataSection 11 PUD Information (Continued)Was the project created by the conversion of anexisting building into a PUD? Yes NoProvides conversion history and if checked yes, dateinformation. 189. Page 3 Cost and Income Approaches andProject DataSection 11 PUD Information (Continued)Was the project created by the conversion of anexisting building into a PUD? Yes NoProvides conversion history and if checked yes, dateinformation.Does the project contain any multi-dwelling units?Yes No Data Source(s)Provides info on any sort of mix of attached anddetached units and data sources. 190. Page 3 Cost and Income Approaches andProject DataSection 11 PUD Information (Continued)Are the common elements leased to or by the HOA?Yes No If yes, describe.More common in larger PUDs, as it may impact thevalue of properties. If a lease is in fact in effect forcommon areas or amenities, it is important that it isanalyzed; especially the term and the potential forlease increases during the term and/or after the leaseexpiration date. The later situation may allow forlarge increases in lease amounts for the unit owners.For these reasons it is important that appraisersresearch this completely.Describe common elements and recreational facilities.May include golf courses, swimming pools, gyms,parks, roads, trails, etc. Any of these items that aresubject to lease should be noted. 191. Pages 4,5,6 URARThese three pages now include a variety ofInstructions and Definitions, Assumptionsand Limiting Conditions, AppraisersCertifications and finally, the URARsignature sections.For most URAR appraisal assignments, thiswill limit additional addendums prevalenton previous URAR forms and provide forsomewhat more standardized reports. Alsoindicated on the URAR are some of thepenalties, including civil and criminal, thatan appraiser may face for intentional ornegligent misrepresentation(s) contained inthe appraisal report. 192. Pages 4,5,6 URARThese three pages include a variety ofInstructions and Definitions, Assumptionsand Limiting Conditions, AppraisersCertifications and finally, the URARsignature sections.For most URAR appraisal assignments, thiswill limit additional addendums prevalenton previous URAR forms and provide forsomewhat more standardized reports. Alsoindicated on the URAR are some of thepenalties, including civil and criminal, thatan appraiser may face for intentional ornegligent misrepresentation(s) contained inthe appraisal report. 193. Pages 4,5,6 URAR NoteNOTE: The inspecting (lead) appraisermust sign on the signature line of Page 6 orthe report is not valid. Electronicallygenerated signatures are acceptable as longas they are signed and contain the sameinformation as a hard copy appraisal.Additionally the lender must represent andwarrant that the appraisal report wascreated by names appraiser and that theappraisal report is authentic, completelyunaltered, and contains the unique signatureof the appraiser. 194. THANK YOU FOR READING!That concludes your appraisal tutorial!We hope we helped you better understandwhat to look for on your appraisal!Have further questions regarding yourappraisal or looking for a second opinion?Please contact us!Email: ClientCare@wcci.bizPhone: 800-998-7680Web: www.WCCI.biz 195. Image AttributionImg Credit: http://www.3d-diva.com/images/Cottage%20Lap%20Siding_cream.jpgImg Credit: http://www.3d-diva.com/images/Cottage%20Lap%20Siding_cream.jpghttp://farm3.static.flickr.com/2032/2573760229_e794afb034.jpghttp://aft243.org/wp-content/uploads/2014/04/Thumbs-up.jpghttp://farm5.static.flickr.com/4058/4445935008_bbcdfec4e0.jpghttp://yochicago.com/name-the-nabe-with-the-suburban-streetscapes/6717/http://pixdaus.com/rural-community/items/tag/rural+community/http://reoprocessingcenter.com/wp-content/uploads/2013/12/New-construction-cc8b96.jpghttp://www.jenningswire.com//wp-content/uploads/2013/02/warning.jpghttp://www.artisticglobe.com/wp-content/uploads/2013/11/Amazing-Tree-House.jpghttp://designreviver.com/updates/collection-amazing-sponge-textures/http://assets.knowledge.allianz.com/img/rtr3d5x6_1_61515.jpghttp://cdn.freshome.com/wp-content/uploads/2014/06/how-to-price-your-home.jpghttp://activerain.trulia.com/image_store/uploads/5/8/2/9/1/ar127698929919285.jpghttp://1.bp.blogspot.com/-cCPofBLKnDU/TbabcVZCVTI/AAAAAAAAHCs/-l5GehOAmWA/s1600/Wierd+House+08.jpghttp://www.profitconfidential.com/wp-content/uploads/2014/02/What-Makes-a-High-Priced-Stock-a-Bargain.jpghttp://nccadp.org/wp-content/uploads/2013/07/photo_6764_20080814.jpghttp://nccadp.org/wp-content/uploads/2013/07/photo_6764_20080814.jpghttp://pixdaus.com/files/items/pics/6/56/36656_f127b3181c64d63006d192cc66980474_large.jpghttps://www.disastersafety.org/wp-content/uploads/money-house.jpghttp://pixdaus.com/files/items/pics/6/56/36656_f127b3181c64d63006d192cc66980474_large.jpghttp://www.thedorsalfin.com/wp-content/uploads/2011/08/headington-shark.jpghttp://services.sothebyshomes.com/photos/1600/0035446-1.jpghttp://gimme-shelter.com/wp-content/uploads/2012/08/Lot-Shape-Examples.pnghttp://cdn.c.photoshelter.com/img-get/I0000WqOquJU8vrk/s/860/688/Mt-Rainier-Tacoma-View.jpghttp://townhall.townofchapelhill.org/agendas/2007/05/07/2a/2a-map2_study_area_on_zoning_map.gifhttp://www.crestviewbulletin.com/polopoly_fs/1.337291.1403642419!/fileImage/httpImage/image.jpg_gen/derivatives/landscape_445/rezoning.jpghttp://blog.italygreentravel.com/app/uploads/sites/3/2014/01/igloo-21.jpghttp://static3.businessinsider.com/image/52de7c25eab8ea8c24905e78/this-ridiculous-photo-of-two-toilets-is-becoming-a-symbol-of-waste-at-the-sochi-olympics.jpghttp://1.bp.blogspot.com/_8tYkq7sG5V8/TL0CObjYSQI/AAAAAAAAFJA/gj3yFMgVYP8/s1600/Alley,+Ann+Arbor.jpghttp://www.xclusivetouch.co.uk/wp-content/uploads/2014/02/flood-canoe-streets.jpghttp://mediad.publicbroadcasting.net/p/wusf/files/201309/flood_sumtercountyfl.jpghttp://mediad.publicbroadcasting.net/p/wusf/files/201309/flood_sumtercountyfl.jpghttp://www.yourpieceofmarin.com/wp-content/uploads/2012/03/tap-sky-lg_A1.jpghttp://www.nextnature.net/wp-content/uploads/2013/01/deer-shaped-power-lines-530x301.jpghttp://4.bp.blogspot.com/-FQH1aTwG7AY/UTAbXk_9KcI/AAAAAAAAAFw/HhF-MaGOPG0/s1600/shoe%2Bhouse.jpghttp://ilovenewton.com/wp-content/uploads/2012/03/20-Hunter-Twilight1.jpghttp://3.bp.blogspot.com/-wRfJ1bE5_nc/UmCh6HsAU7I/AAAAAAAAAR4/AwUoBYrkTt0/s1600/IMG_0011+attic+bedroom+nook.pnghttp://majeshome.com/wp-content/uploads/2014/04/home-design-unique-wooden-house-amid-sea-with-mini-wooden-dock-and-boat-and-natur-stone-best-ideas-for-wood-home-architecture-Summarizes theProperty Dataand AppraisalPurpose.Data ResourcesInclude:Local Tax Assessor,Public RecordsDatabases andMultiple ListingService.stylish-wooden-house-marvelous-exterior-wooden-house-amazing-exterior.jpghttp://feelthehome.com/wp-content/uploads/2012/02/steel-cellar-hatchway-basement-entry-doors.jpghttp://majeshome.com/wp-content/uploads/2014/04/home-design-unique-wooden-house-amid-sea-with-mini-wooden-dock-and-boat-and-natur-stone-best-ideas-for-wood-home-architecture-stylish-wooden-house-marvelous-exterior-wooden-house-amazing-exterior.jpghttp://i2.mirror.co.uk/incoming/article3709245.ece/alternates/s615/cow-on-a-roof.jpghttp://3.bp.blogspot.com/_lembFUhKBWA/TUArzickDdI/AAAAAAAABXo/ExPGQO8P2ks/s640/1268226842-germ--0141.jpghttp://priceypads.com/wp-content/uploads/2011/07/ah3gndgc198dm7aq9s880fkap5i6.jpeg 196. Image Attribution (Page 2)http://1.bp.blogspot.com/-Kc-2l_RHhEE/UYkWM3imGkI/AAAAAAAAAD0/f35HCG5XU5o/s640/Top_10_Different_Bathroom_Designs_on_the_world_of_architecture_02.jpghttp://cdn.home-designing.com/wp-content/uploads/2011/08/car-in-home-yellow-fer-31.jpghttp://1.bp.blogspot.com/-Kc-2l_RHhEE/UYkWM3imGkI/AAAAAAAAAD0/f35HCG5XU5o/s640/Top_10_Different_Bathroom_Designs_on_the_world_of_architecture_02.jpghttp://0.tqn.com/d/homerenovations/1/L/x/P/-/-/GradeLevel.jpghttp://theappraisaliq.com/wp-content/uploads/2010/06/AIQ-Pre-ListingSketch-900x800.jpghttp://bestchicagoappraiser.com/wp-content/uploads/2013/09/Chicago-appraiser10-300x228.jpghttp://www.greenbuildingadvisor.com/blogs/dept/green-building-news/step-toward-fairer-green-home-valuationshttp://farm3.staticflickr.com/2855/13453172933_c2a63d1f2b_o.jpghttp://farm3.staticflickr.com/2855/13453172933_c2a63d1f2b_o.jpghttp://1.bp.blogspot.com/-DLzA8P444DM/TiydoqGRl2I/AAAAAAAACdY/b_mLa-OFBfw/s1600/IMG_4177.JPGhttp://www.hankanderson.org/wp-content/uploads/2012/08/3934833745_71fc73bdb7.jpghttp://www.gwadariqraassociates.com/wp-content/uploads/2014/06/shabi.jpghttp://www.hankanderson.org/wp-content/uploads/2012/08/3934833745_71fc73bdb7.jpghttp://tumlis.com/blog/wp-content/uploads/2014/04/Home-For-Sale-Sold.pnghttp://www.hankanderson.org/wp-content/uploads/2012/08/3934833745_71fc73bdb7.jpghttp://cdn.iocomprocasa.com/wp-content/uploads/2010/09/vendere-casa-agente-immobiliare-mandato1.jpghttp://www.zoloche-club.com/wp-content/uploads/2013/10/wsb_300x198_HouseSaleonCalculator11.jpghttp://www.denverneighborhoodnews.com/wp-content/uploads/2011/11/MarketStats.jpghttp://www.realty101.com/wp-content/uploads/2011/03/Fotolia_26291218_XS.jpghttp://images.wisegeek.com/mortgage-loan-agreement-papers-and-key.jpghttp://www.grtcorp.com/sites/grtcorp.com/files/location_location.jpghttp://www.cgcproperties.co.uk/wp-content/uploads/2012/02/CGCProperties-Full-Leasehold-Package.jpghttp://lasvegasrealtyspecialists.com/wp-content/uploads/2011/05/RedRockCntryClub-1024x409.jpghttp://lasvegasrealtyspecialists.com/wp-content/uploads/2011/05/RedRockCntryClub-1024x409.jpghttps://a2.muscache.com/pictures/2761060/large.jpghttp://www.thecraftsmanblog.com/wp-content/uploads/2012/08/Cross-Gabled-Folk-Victorian1.jpghttp://1.bp.blogspot.com/-bI8bnNuCv3Q/Uq9RiWrSsfI/AAAAAAAAA3E/MzuAjVg334g/s1600/run+down+house+a.jpghttp://www.hendryholdingsgroup.com/wp-content/uploads/2014/06/Lucas-at-hunt-side-C.jpghttp://rasdesignbuild.com/yahoo_site_admin/assets/images/RAS_Web_site_photo_Horoski_Basement_11.343182957.jpghttp://img.hsmagazine.net/2012/06/MoneyHouse.jpghttp://www.brendondesimone.com/wp-content/uploads/2014/07/How-to-buy-a-flipped-house.jpghttp://hillalaw.com/wp-content/uploads/2013/02/transfer-property-before-bankruptcy.jpghttp://hillalaw.com/wp-content/uploads/2013/02/transfer-http://portal.mlslistings.com/media/files/2011/11/Targets-many.jpghttp://wwwdotlovewilliamsburglifedotcom1.files.wordpress.com/2013/07/home-transfer.jpghttp://hillalaw.com/wp-content/uploads/2013/02/transfer-http://portal.mlslistings.com/media/files/2011/11/Targets-many.jpghttp://images.dexknows.com/cms/How_to_Improve_a_Homes_Value_11509056_460.jpghttp://images.dexknows.com/cms/How_to_Improve_a_Homes_Value_11509056_460.jpghttp://images.dexknows.com/cms/How_to_Improve_a_Homes_Value_11509056_460.jpghttp://www.provenbackup.co.uk/images/shutterstock_62977330.jpghttp://howtobuildahouseblog.com/wp-content/uploads/2012/10/Costs-per-Square-Foot.jpghttp://howtobuildahouseblog.com/wp-content/uploads/2012/10/Costs-per-Square-Foot.jpghttp://www.rapidkevin.com/for-rent-sign.jpghttp://www.rapidkevin.com/for-rent-sign.jpghttp://www.rapidkevin.com/for-rent-sign.jpghttp://realtypoint.com/wp-content/uploads/Dreaming-of-a-home.jpeghttp://www.jurassicparliament.com/images/housewarming.jpgSummarizes theProperty Dataand AppraisalPurpose.Data ResourcesInclude:Local Tax Assessor,Public RecordsDatabases andMultiple ListingService. 197. AttributionSummarizes theProperty Dataand AppraisalPurpose.Data ResourcesInclude:Local Tax Assessor,Public RecordsDatabases andMultiple ListingService.The Dictionary of Real Estate Appraisal The Appraisal Institute (5th Edition) 2010The William Craig Company Chief Appraisers & Review StaffPMI Mortgage Insurance Company http://www.pmi-us.comMultiple Listing Services (MLS)FannieMae.comFreddieMac.com