The Uniform Residential Appraisal Report (URAR) is the most commonly used single-family valuation form and is also known as Form 1004. Note that Form 1004C is used to appraise single-family prefabricated homes, while Form 1073 is used for condominium units. Available evaluation formats evolve as professional evaluation standards and regulatory requirements change. Generally, appraisers do not perform functions in which they are the principal advisors and instruct their clients on the type of valuation report needed, and these instructions should come from the lawyer, accountant, insurance agent or other similar professionals who are suitably qualified to advise on the client's specific legal and financial needs. In any format, an evaluation report must not be misleading, must contain sufficient information for intended users to understand it, and must include all assumptions, limiting conditions and restrictions applicable to the task.
This type of valuation report includes evaluating specific items so that they can be scheduled for detailed coverage with the customer's insurance company. The GP residential appraisal form is for single-family properties and would be used instead of Form 1004. Appraisers who use appraisal forms receive specialized training from both professional groups and real estate schools to maintain the competence required for this appraisal specialty. And, as with oral reports, the appraiser's work file should include everything needed to produce an appraisal report. Insurance valuation reports for insurance coverage usually use the date the items were inspected by the appraiser as the effective date (so that the condition of the items on the day the appraiser saw them is accurately reflected in the appraiser's valuation study).
Both wealth valuation reports for internal purposes and those for equitable family distribution can generally be less complicated than reports that must be submitted to an external authority, and the scope of work is often guided by the needs and desires of family members. Form 1073 is probably the second most commonly used real estate appraisal form for residential properties. Although form reports have standardized designs, they must contain sufficient detail to comply with professional evaluation formats. I have appraised everything from office buildings, religious facilities and commercial buildings on the GP Commercial form.
The record-keeping and scope of work standards, as well as Standard 2 of the Uniform Standards of Professional Evaluation Practice (USPAP), guide authorized appraisers to create and deliver appropriate evaluation reports. Asset valuation reports for filing probate with a state or local municipality are usually less complex than those submitted to the IRS, but it is important to know the specific state or local requirements in which the report must be filed, as they can vary considerably. Appraisal standards and reporting forms change over time, as property types, market forces, and lending practices change. Because Fannie Mae is such an important component of residential investment, she has developed a variety of valuation report forms to standardize and streamline her assets.
