Table of Contents
What is a 1073 appraisal?
This report form is designed to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD) based on an interior and exterior inspection of the subject property.
What appraisal forms are UAD compliant?
Which forms are affected by UAD?
- Uniform Residential Appraisal Report (Form 1004/70)
- Individual Condominium Unit Appraisal Report (Form 1073/465)
- Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Form 1075/466)
- Exterior-Only Inspection Residential Appraisal Report (Form 2055/2055)
Why was the Uniform Appraisal Dataset UAD developed?
To improve the quality and consistency of appraisal data for loans delivered to the government-sponsored enterprises (GSEs), Freddie Mac and Fannie Mae.
What is a 1025 with 216 appraisal?
Conventional 1025 Triplex with 216 Operating Income Statement. This counterpart to the 1004 form is used when appraising 2-4 family properties (multi-family).
What does Q2 mean on an appraisal?
high-quality house
Q2: A Q2 dwelling is still a high-quality house. This type of house is typically custom-designed for an owner’s site, but could be found in a high-quality tract development. In some locations where there are no Q1 houses, a Q2 dwelling might represent the best quality house in the area.
Can a manufactured home be appraised on the 2055 form?
According to a regional bank in my area, via info from their AMC, “thousands” of Manufactured Home appraisals have been done on the 2055 form.
What is a 2055 appraisal?
The Exterior Appraisal Form 2055 is a Uniform Standards of Professional Appraisal Practice (USPAP) compliant appraisal report that is based on an exterior-only inspection of a single family detached, attached, planned unit development (PUD) property.
Are hybrid appraisals Uspap compliant?
It is the experience and expertise of the appraiser that brings credibility to the appraisal report regardless of the form type. Another similarity between hybrid and traditional appraisals is that both are completed using a USPAP compliant appraisal process and form.
What is the difference between 1007 and 216?
Fannie Mae Form 1007 is used to provide an estimated market rent for the subject. Fannie Mae Form 216 is used to estimate the operating income associated with income-producing property. Report Includes: Complete 1007 and 216 reports and front-view photos of each comparable property.
What is a 1007 for appraisal?
Description: The Single Family Comparable Rent Schedule Form 1007 is intended to provide an appraiser with a familiar format to estimate the market rent of a property. Adjustments should be made only for those items of significant difference between the comparables and the subject property.
What is Appendix D of the UAD specification?
Fannie Mae requires that the following appraisal report forms are completed utilizing Appendix D of the UAD Specification when reporting the results of an appraisal for a conventional loan: Individual Condominium Unit Appraisal Report ( Form 1073 ).
Get in Touch! The Condominium Appraisal-1073 is designed to report on a unit in a condominium project or a condominium unit in a PUD (planned unit development). Condominium appraisals completed for FHA loans will also be reported on Form 1073.
What is the UAD and forms Redesign Initiative?
The Uniform Appraisal Dataset (UAD) and Forms Redesign initiative will leverage extensive stakeholder input to update the appraisal dataset, align it with the industry-standard MISMO ® Reference Model Version 3.X, and overhaul the uniform appraisal forms to establish a more flexible, dynamic structure for appraisal reporting.
What does the UAD standardize?
The UAD standardizes appraisal data elements for a subset of fields on specific appraisal report forms and includes all data elements required to complete these forms.