Appraisals

Question 1

What appraisal form do almost all Appraisers use?

Answer 1

Uniform Residential Appraisal Report (1004)

Question 2

What are the three approaches an appraiser will use to determine the value of a subject property?

Answer 2

1. Sales comparison approach (market approach) - most common with conforming loans
2. The cost approach
3. The income approach

Question 3

Define the Sales Comparison approach:

Answer 3

is an analysis of recent sales that are the most comparable to the subject property. An appraiser must analyze a minimum of three comparable sales that were settled or closed within the last 12 months