Massachusetts Weighted Appraisal Document
Description
How to fill out Weighted Appraisal Document?
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FAQ
Today we are going to talk about the Uniform Residential Appraisal Report, which is also called Fannie Mae Form 1004 or Freddie Mac form 70. This report is used by the above mentioned governmental organizations only for residential mortgage lending.
There are five basic rules located in the Preamble section of USPAP. These include the Ethics Rule, Record Keeping Rule, Competency Rule, Scope of Work Rule and Jurisdictional Exception Rule. The Ethics Rule is to promote and preserve the public trust.
Fannie Mae Form 1004: Uniform Residential Appraisal for a FHA Loan. For appraising single-family residences when FHA financing is involved. It includes a detailed interior and exterior FHA Appraisal inspection, which the appraiser uses to make an opinion of value.
In the case of mass appraisal for as valorem taxation, stability and accuracy are important to the credibility of value opinions. The report must include a summary of the rationale for each model, the calibration techniques to be used, and performances measures to be used.
Do not limit the oral report to such a degree that it would be misleading. USPAP requires that all reports be set forth in a manner that is not misleading and that they contain sufficient information to enable the client and other intended users to understand the report properly.
The Uniform Standards of Professional Appraisal Practice set forth the requirements for appraisal reports, which may be presented in one of three written formats: self-contained reports, summary reports, and restricted-use reports.
Be aware of, understand, and correctly employ those recognized methods and techniques that are necessary to produce a credible appraisal; Comment: This Standards Rule recognizes that the principle of change continues to affect the manner in which appraisers perform appraisal services.
A URAR form, also known as Fannie Mae Form 1004, contains information needed to complete a full appraisal of a property using three primary approaches to determine value: cost approach, sales comparison approach and income approach.
It is required to properly develop credible opinions and conclusions; 2022 the appraiser has a reasonable basis for the extraordinary assumption; 2022 use of the extraordinary assumption results in a credible analysis; and 2022 the appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
