Appraisal Product Dictionary | Appraisal 101
  • Form 1004 Single Family URAR (Uniform Residential Appraisal Report)

    This is appraisal report is the most commonly used form in residential single-family appraisals. It can use up to 3 approaches to determine value: Sales Comparison Approach, Cost Approach and/or Income Approach (if applicable). It provides both an interior and exterior inspection of the property, photos and location map at a minimum.

    https://www.fanniemae.com/content/guide_form/1004.pdf

  • Form 1004 Single Family FHA URAR (Uniform Residential Appraisal Report)

    This is appraisal report is the most commonly used form in residential single-family FHA appraisals. Like the conventional 1004 URAR, it uses the three approaches to valuation but adds mandates from the FHA that ask the appraiser to specify and note health and safety/hazard items within the body of the report, or in an addendum on the appraisal.

    Appraisals are made “Subject To” the correction of an obvious health, safety and/or hazard issues. Appraisers are also required to verify working appliances and in addition, view the attic and/or crawlspaces (if applicable) to verify that there are no hazards and/or potential damage. These items carry over to any FHA product listed below. It provides both an interior and exterior inspection of the property, photos and location map at a minimum.

    https://www.fanniemae.com/content/guide_form/1004.pdf

  • Form 1073 Condominium (Standard / FHA)

    The Individual Condominium Unit Appraisal Report is used for appraising individual condominium units that are noted to have condominium ownership. (Note: That style does not dictate ownership.) It can use up to 3 approaches to determine value: Sales Comparison Approach, Cost Approach and/or Income Approach (if applicable). It provides both an interior and exterior inspection of the property.

    Like an FHA 1004, the FHA variant of this form also adds the mandates from the FHA that ask the appraiser to specify and note health and safety/hazard items within the body of the report, or in an addendum on the appraisal.

    Appraisals are made “Subject To” the correction of an obvious health, safety and/or hazard issues. Appraisers are also required to verify working appliances and in addition, view the attic and/or crawlspaces (if applicable) to verify that there are no hazards and/or potential damage. These items carry over to any FHA product listed below. It provides both an interior and exterior inspection of the property, photos and location map at a minimum.

  • Form 1025 Multi-Family (Standard / FHA)

    The Small Residential Appraisal Report is used for the appraising of 2-4 unit residential owner occupied and income properties. The appraiser provides an opinion of value based on the Sales Comparison Approach, Cost Approach, and/or Income Approach (if applicable). For Investment/Income properties, the Form 1025 will be accompanied by Form 216 (Operating Income Statement). The Form 1007 (Comparable Rent Schedule) is not needed as an add on form as the 1025 includes a section for the Comparable Rent Schedule as part of the standard form. The added Form 216 (Operating Income Statement) does carry an extra charge but are typical in many areas when receiving quotes for a Form 1025 appraisal. It provides both an interior and exterior inspection of the property, photos and location map at a minimum.

  • Form 1004C Manufactured Home [Mobile Home] (Standard / FHA)

    This report is of a Manufactured home or Mobile home. Like the 1004 URAR, it can utilize up to 3 approaches to determine value: the Sales Comparison Approach, Cost Approach and/or Income Approach (if applicable). These reports are typically more complex than a standard 1004 URAR as these reports usually include additional research of the subject Data Plates/HUD Labels, etc. Due to the additional research and time required, along with the additional liability, the 1004C are slightly more expensive overall. It provides both an interior and exterior inspection of the property, photos and location map at a minimum.

    The FHA version of the 1004C Manufactured home carries all the same elements of the standard 1004C. The report also includes FHA required items which generally make it a more complex report. It provides both an interior and exterior inspection of the property, photos and location map at a minimum.

  • Form 2090 Cooperative Interest [Co-Op] (Standard / FHA)

    In some market areas, it is becoming more common to see tenancy in common situations where multiple people own interest in the same property, sometimes called a “cooperative interest” situation. This is appraisal report is the most commonly used form in these ownership type properties. It can use up to 3 approaches to determine value: Sales Comparison Approach, Cost Approach and/or Income Approach (if applicable). It provides both an interior and exterior inspection of the property, photos and location map at a minimum.

    Like an FHA 1004, the FHA variant of this form also adds the mandates from the FHA that ask the appraiser to specify and note health and safety/hazard items within the body of the report, or in an addendum on the appraisal.

    Appraisals are made “Subject To” the correction of an obvious health, safety and/or hazard issues. Appraisers are also required to verify working appliances and in addition, view the attic and/or crawlspaces (if applicable) to verify that there are no hazards and/or potential damage. These items carry over to any FHA product listed below. It provides both an interior and exterior inspection of the property, photos and location map at a minimum.

  • Form 2055 Exterior Drive-By Appraisal

    The 2055 Exterior Only Inspection is used for appraising single-family residences. It can use up to 3 approaches to determine value: Sales Comparison Approach, Cost Approach and/or Income Approach (if applicable). The form type requires ONLY an exterior inspection of the property and data re: public records for condition, layout, specs, etc. Any improvements not available within the access of public records cannot be included in the opinion of value. It will include photos and location map at a minimum.

  • Form 1075 Exterior Only Condo Appraisal

    The 1075 Exterior Only is used for appraising condominium single unit residences. It can use up to 3 approaches to determine value: Sales Comparison Approach, Cost Approach and/or Income Approach (if applicable). The form type requires ONLY an exterior inspection of the property and data re: public records for condition, layout, specs, etc. Any improvements not available within the access of public records cannot be included in the opinion of value. It will include photos and location map at a minimum.

  • Form 2095 Exterior Cooperative Interest

    The 2095 Exterior Only Inspection is used for appraising cooperative interest residences. It can use up to 3 approaches to determine value: Sales Comparison Approach, Cost Approach and/or Income Approach (if applicable). The form type requires ONLY an exterior inspection of the property and data re: public records for condition, layout, specs, etc. Any improvements not available within the access of public records cannot be included in the opinion of value. It will include photos and location map at a minimum.

  • Vacant Land Appraisal

    The Vacant Land report form is designed to perform an appraisal of vacant land or property only. Market value is attributed to the land against corresponding comparable properties and exterior photos of the street, subject and comparable properties are provided along with a Statement of Limiting Conditions.

  • 1004D: Final Inspection and/or Recertification of Value

    1004D is a dual-purpose form and is used to complete a Final Inspection and/or a Recertification of Value. The report is considered a new appraisal assignment as a follow up to an originally performed Conventional or FHA appraisal. For a Final Inspection, the appraiser will indicate and verify that the conditions of the original report have been met or cured. The Final Inspection version of the report is used for updating any appraisals that were completed “Subject To” repairs. For a Recertification of Value, the appraiser will identify if any changes have occurred to the subject or its market value since the time of the original report.

    The Final Inspection will include photos of the areas that need to be inspected or updated to confirm work was completed and in a workmanlike manner. The Recertification of Value will include a minimum of an exterior inspection and provide photos as necessary.

    Please note that, when needed, both sections of the form can be completed at the same time.

  • Form 1007 (Comparable Rent Schedule)

    Form 1007 is used to provide an estimated market rent value for the subject. If the loan if for an investment/income property, the rent schedule is usually ordered with the standard appraisal.

  • Form 216 (Operating Income Statement)

    The Operating Income Statement is used to estimate the operating income associated with an income producing property. It can be ordered on both single family and multifamily appraisals.

  • Draw Inspection

    In New Construction Appraisals, appraiser will use lender supplied forms to estimate the amount of work that has been completed on properties under construction. No opinion of value is provided, and the lender will utilize draw inspections to release the next round of funds in a new construction build for the next phase. Depending on the complexity of the construction, some orders can have multiple draw inspections as part of the process and an upfront expectation and fee is usually negotiated with the same appraiser to perform them.

  • Desk Review (Standard/Enhanced)

    This Review report is designed to analyze an appraisal report completed by a different appraiser. In the review, the appraiser analyzes all the information and conclusions from the original report. This Review states only whether the appraiser agrees or disagrees with the original value. It does not provide a new supported value should the review appraiser not agree with the opinion of value noted by the original appraiser.

    The “Enhanced Desk Review” variant of this report adds more in-depth analysis with additional documentation researched and/or added. This additional research and time require a slightly higher fee.

  • Form 2000 Field Review (Standard/Enhanced)

    The From 2000 One Unit Residential Appraisal Field Review report is designed to analyze an appraisal report completed by a different appraiser. In the review, the appraiser analyzes all the information and conclusions from the original report and performs an exterior inspection with photos of the subject and the comparable properties. At statement indicating whether the value on the original report is supported and reasonable is provided.

    The “Enhanced Field Review” variant of this report adds more in-depth analysis with additional documentation researched and/or added. This additional research and time require a slightly higher fee.

  • Form 2000A Multi-Family Field Review (Standard/Enhanced)

    This report is designed to analyze a previously completed appraisal on a 2-4-unit residential property performed by a different appraiser. The review appraiser analyzes all the information and conclusions from the original report and performs an exterior inspection with photos of the subject and the comparable properties. At statement indicating whether the value on the original report is supported and reasonable is provided.

    The “Enhanced Field Review” variant of this report adds more in-depth analysis with additional documentation researched and/or added. This additional research and time require a slightly higher fee.

  • REO - Real Estate Owned Property

    The REO forms are designed to report an appraisal of any type of property from a one-unit, to one unit-with accessory, Two-to-Four Unit, PUD, Manufactured Home, Condo Unit, or Cooperative project based on an exterior and interior inspection of the subject property.

    An REO Addendum may be included with would provide an itemized list of cost of repairs as well as an “as is” or “as repaired” value estimate.

    If the property is FHA eligible, then a list of MPR (Minimum Property Requirements) repair items would be substituted for the REO Addendum if the report is for a HUD/FHA loan. It provides both an interior and exterior inspection of the property, photos and location map at a minimum.

  • PCR - Property Condition Report

    PCR reports are typically used in disaster or long-term vacancy situations. They typically provide no value estimate, and solely provide a stand-alone condition of the property with exterior photographs.

  • AVM - Automated Valuation Model (Various Products Available)

    AVMs provide a point of value estimate for a property using a combination of public records/historical sales data and a mathematical valuation algorithm. There are different AVM providers and models in the industry. AVMs are typically good at providing a value range for areas with a lot of transaction history or sales. AVMs are usually used in home equity lending with small loan amounts, or as a preview of the range of value likely with a given property to determine if there is a basis to go forward with an appraisal on a particular loan.

    Triserv offers AVM models from top providers in the industry including Freddie MAC (Home Value Explorer), Corelogic, BlackKnight Financial, and Veros.

  • Cascading AVM

    A cascading AVM is a series of AVMs chained together and run in a sequential manner. As the order request “cascades” from one AVM to another, it has a higher chance of getting a “hit” and coming up with a value. Triserv's Cascading AVM option is an affordable way to maximize the chances of getting an AVM report on a property.

  • MACR - Market Analysis & Conditions Report

    The MACR report (exterior or interior) is a hybrid evaluation product that combines a Cascading AVM value along with a physical property inspection done by an annually background checked home inspector. The combination gives lenders a value with “eyes on the property” and condition of the subject and the neighborhood. MACR reports meet Federal Register guidelines for loans under $250,000 and are primarily used as faster and cheaper alternative to an appraisal for small home equity loans, HELOCs, and portfolio valuations. For more information on those guidelines please click the link below.

    https://www.federalreserve.gov/supervisionreg/srletters/sr1605a1.pdf

  • BPO - Broker Price Opinion

    Broker Price Opinions are an estimated value of the property as determined by a licensed Realtor. BPOs provide an “as is” estimate of value based on the realtor's opinion and current market listings. Recent regulatory developments deprecated the use of the BPO within home equity lending or portfolio valuation situations.