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There are four home appraisal types for the mortgage loan process. The four types are the full appraisal, exterior-only appraisal, the rental analysis, and the broker price opinion. A full appraisal is the most common type of appraisal.
EssenTiAl elemenTs of credible ApprAisAl The appraisal report must include the definition of value (e.g., market value), the effective date of value, the subject property's relevant characteristics, and any other special instructions from the lender, Fannie Mae, Freddie Mac, VA, FHA, etc.
An appraisal is an assessment of the fair market value of a property, business, antique, or even a collectible. Appraisals are used to estimate the value of items that are infrequently traded and are often rare or unique.
The Uniform Residential Appraisal Report (URAR) is widely considered to be one of the most common forms used in real estate appraisal.