Appraisal Report
Under USPAP, a written report that summarizes the appraiser's analysis and conclusions in sufficient detail for the intended users to understand the basis of the value opinion. The standard report format for most appraisal assignments.
The appraisal report (as opposed to the restricted appraisal report) must contain sufficient information to enable the intended users to understand the appraisal properly. It must include the identity of the client, intended use, definition of value, effective date, relevant property characteristics, and the appraiser's analysis and conclusions. For residential mortgage lending, the URAR form satisfies the appraisal report requirements.
Related Terms
Restricted Appraisal Report
The most abbreviated report option under USPAP, intended only for the client and containing minimal detail.
Uniform Standards of Professional Appraisal Practice (USPAP)
USPAPThe nationally recognized ethical and performance standards for the appraisal profession, established by The Appraisal Foundation.
Uniform Residential Appraisal Report (URAR)
URARThe standard appraisal report form (Fannie Mae Form 1004 / Freddie Mac Form 70) used for most single-family residential mortgage appraisals.
Intended Use
The use or uses of an appraiser's reported appraisal or appraisal review as identified by the appraiser based on communication with the client at the time of the assignment.
Work File
The documentation an appraiser must maintain to support the analyses, opinions, and conclusions in the appraisal report.
More in Report Types & Forms
View allForm 1004
The Fannie Mae designation for the Uniform Residential Appraisal Report (URAR), used for appraisals of one-unit properties and units in planned unit developments (PUDs).
Form 1004D (Appraisal Update)
1004DA form used to update a previously completed appraisal to reflect current market conditions and confirm that the property condition has not materially changed.
Form 2055 (Exterior-Only Appraisal)
2055An appraisal report form for exterior-only inspections of one-unit properties.
Form 1073 (Condominium Appraisal)
1073The standard appraisal form for individual condominium units, including analysis of the unit, the condominium project, and common elements.