diff --git a/.gitignore b/.gitignore new file mode 100644 index 0000000000000000000000000000000000000000..be643d8ecfce668876e225849a604b6222b941b0 --- /dev/null +++ b/.gitignore @@ -0,0 +1,116 @@ +# following files are in my local repo for testing alternative to test method of extracting information +.env +.venv +.ruff_cache +.ropeproject +.DS_Store +pyrightconfig.json +.ipynb_checkpoints/ +en_PP-OCRv3_det_infer/ + +# Byte-compiled / optimized / DLL files +__pycache__/ +*.py[cod] +*$py.class + +# C extensions +*.so + +# Distribution / packaging +.Python +build/ +develop-eggs/ +dist/ +downloads/ +eggs/ +.eggs/ +lib/ +lib64/ +parts/ +sdist/ +var/ +wheels/ +*.egg-info/ +.installed.cfg +*.egg +MANIFEST + +# PyInstaller +# Usually these files are written by a python script from a template +# before PyInstaller builds the exe, so as to inject date/other infos into it. +*.manifest +*.spec + +# Installer logs +pip-log.txt +pip-delete-this-directory.txt + +# Unit test / coverage reports +htmlcov/ +.tox/ +.coverage +.coverage.* +.cache +nosetests.xml +coverage.xml +*.cover +.hypothesis/ +.pytest_cache/ + +# Translations +*.mo +*.pot + +# Django stuff: +*.log +local_settings.py +db.sqlite3 + +# Flask stuff: +instance/ +.webassets-cache + +# Scrapy stuff: +.scrapy + +# Sphinx documentation +docs/_build/ + +# PyBuilder +target/ + +# Jupyter Notebook +.ipynb_checkpoints + +# pyenv +.python-version + +# celery beat schedule file +celerybeat-schedule + +# SageMath parsed files +*.sage.py + +# Environments +.env +.venv +env/ +venv/ +ENV/ +env.bak/ +venv.bak/ + +# Spyder project settings +.spyderproject +.spyproject + +# Rope project settings +.ropeproject + +# mkdocs documentation +/site + +# mypy +.mypy_cache/ + +.idea/* diff --git a/Dockerfile b/Dockerfile index 163765a450943a6b290fe467e8e3bf8bb7b5ae1a..62f97a192b078597316e54843446c7fa9fe20bad 100644 --- a/Dockerfile +++ b/Dockerfile @@ -1,14 +1,22 @@ - FROM python:3.13-slim -RUN useradd -m -u 1000 user -USER user -ENV PATH="/home/user/.local/bin:$PATH" - WORKDIR /app -COPY --chown=user . /app -RUN echo "This Space will be updated via GitHub Actions sync" +RUN apt-get update && apt-get install -y \ + build-essential \ + curl \ + && rm -rf /var/lib/apt/lists/* + +RUN useradd --create-home --shell /bin/bash app && chown app:app /app + +COPY --from=ghcr.io/astral-sh/uv:latest /uv /bin/uv + +COPY --chown=app:app pyproject.toml uv.lock* ./ +USER app +RUN uv sync --frozen --no-cache + +COPY --chown=app:app . . + +EXPOSE 8000 -EXPOSE 7860 -CMD ["python", "-c", "print('Space will be updated via GitHub Actions')"] +CMD ["uv", "run", "uvicorn", "app.main:app", "--host", "0.0.0.0", "--port", "7860"] diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/combined_document.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/combined_document.md new file mode 100644 index 0000000000000000000000000000000000000000..4067d33980db9449e8f5fdc7778ec9d761152585 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/combined_document.md @@ -0,0 +1,2593 @@ +```````markdown +# UMDP Fannie Mae & Freddie Mac + +## UNIFORM MORTGAGE DATA PROGRAM + +### Uniform Appraisal Dataset (UAD) Specification + +**Issued by Fannie Mae and Freddie Mac** +**Appendix C-1: URAR with Report Field IDs** +**Document Version 1.2** + +**September 17, 2024** + +This document relates to the Uniform Mortgage Data Program®, an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. + +© 2024 Fannie Mae and Freddie Mac. Trademarks of the respective owners. + +```````markdown +# Uniform Residential Appraisal Report — F.001 + +Page [Page] of [Pages] + +## Energy Efficient and Green Features + +### Known Renewable Energy Components + +**6.000** + +#### Renewable Energy Component Ownership Financing Arrangement + +**6.001 | 6.002 | 6.003** + +### Known Building Certifications + +**6.004** + +#### Building Certification Organization Certification Year Version Rating + +**6.005 | 6.006 | 6.007 | 6.008 | 6.009** + +### Known Efficiency Ratings + +**6.010** + +#### Green/Energy Efficiency Rating + +**Organization | Rating | Score** +**6.011 | 6.012 | 6.013** + +--- + +## Energy Efficient and Green Features Impact to Value/Marketability + +### Impact to Value/Marketability + +**6.014** + +### Description + +**6.915** + +--- + +## Energy Efficient and Green Features Commentary + +**6.016** + +--- + +## Energy Efficient and Green Features Exhibits + +**6.017.1 | 6.017.2** + +--- + +## Appraisal Version + +**HF.002** + +**Fannie Mae | Freddie Mac** +**HF.003** +**September 2024** +**HF.004** + +--- + +## Appraiser ReferenceID + +**HF.005** + +## Agency Case FileID + +**HF.006** + +## Client ReferenceID + +**HF.007** + +## AMC ReferenceID + +**HF.008** + +```````markdown +# Master Report Sketch_10_mv08 + +## Uniform Residential Appraisal Report — F.001 + +Page [Page] of [Pages] + +### Sketch + +**Sketch or Floor Plan Not Available** +7.000 + +**Measurement Standard** +7.001 + +**7.002.1 | 7.002.2** + +### Sketch Commentary + +7.003 + +**Appraisal Version #** HF.002 +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 + +**Fannie Mae | Freddie Mac** HF.003 +**Client ReferenceID** HF.007 + +**September 2024** HF.004 +**AMC ReferenceID** HF.008 + +```````markdown +# Uniform Residential Appraisal Report + +**HF.001** + +Page [Page] of [Pages] + +## Dwelling Exterior - [Structure Identifier] + +| Subject Property Units in Structure | 8.001 | 8.000.1 | +| ---------------------------------------------------- | -------- | ------- | +| Structure Design | 8.002 | +| Floors in Building | 8.003 | +| Dwelling Style | 8.004 | +| Front Door Elevation | 8.005 | +| Townhouse End Unit | 8.006 LO | +| Townhouse Back to Back | 8.007 | +| Units Above or Below | 8.008 | +| Townhouse Location | 8.009 | +| Year Built | 8.010 | +| Construction Method | 8.011 | +| Converted Area | 8.012 | +| Converted Area and Similarity to Rest of Living Area | 8.013 | +| Factory Built Certification | 8.014 | +| Structure Volume | 8.015 | +| Window Surface Area | 8.016 | +| Attic | 8.017 | +| Remaining Economic Life | 8.018 | +| Effective Age | 8.019 | +| Commentary on Remaining Economic Life | 8.020 | +| Commentary on Effective Age | 8.021 | + +### Quality and Condition + +| Exterior Quality Rating | 8.022 | Exterior Condition Rating | 3.023 | + +The table below supports the Exterior Quality and Condition ratings and reflects the market value condition of this report 8.024 + +### Exterior Features + +| Feature Detail | Quality | Comment | Condition Status | Condition Comment | +| ----------------------- | ------- | ------- | ---------------- | ----------------- | ----- | +| Exterior Walls and Trim | 8.041 | 8.025 | 8.026 | 8.027 | 8.028 | +| Foundation | 8.041 | 8.029 | 8.030 | 8.031 | 8.032 | +| Roof | 8.041 | 8.033 | 8.034 | 8.035 | 8.036 | +| Windows | 8.041 | 8.037 | 8.038 | 8.039 | 8.040 | +| | 8.041 | 8.042 | 8.043 | 8.044 | 8.045 | + +### Noncontinuous Finished Area + +The table below depicts any finished area that is attached to the dwelling but separate and not directly accessible from any unit 8.046 + +| Finish | Total Area | Room Summary | Finished | +| ------ | ---------- | ------------ | -------- | +| | 8.047 | 8.048 | | + +### Mechanical System Details + +| System Detail | Yes | No | +| ------------- | ----- | ------------------------------- | ---------- | +| Heating | 8.049 | Core Heating System Below Grade | 8.052L] LO | +| Cooling | 8.051 | Other Mechanical Systems | 8.053 | + +### Apparent Defects, Damages, Deficiencies (Dwelling Exterior - [Structure Identifier]) 3.054 + +The items listed below represent the As Is condition as of the effective date of this report 8.055 + +| Affects Soundness or Recommended | Feature Location | Description | Structural Integrity | Action | +| -------------------------------- | ---------------- | ----------- | -------------------- | ------ | +| 8.056 | 8.057 | 8.058 | 8.059 | 8.060 | + +### Dwelling Exterior Commentary + +8.061 + +### Dwelling Exterior Exhibits + +| 8.062.1 | 8.062.2 | +| ------- | ------- | +| 8.000.1 | 8.000.2 | +| 8.047.1 | 8.047.2 | +| 8.056.1 | 8.056.2 | + +--- + +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 +**Client ReferenceID** HF.007 +**AMC Reference ID** HF.008 +**Appraisal Version #** HF.002 +**Fannie Mae | Freddie Mac** HF.003 +**September 2024** HF .004 + +```````markdown +# Uniform Residential Appraisal Report =F .001 + +Page [Page] of [Pages] + +## Manufactured Home + +- **Manufacturer Name**: 9.000 +- **Attached to Permanent**: Yes +- **Year Installed**: 9.001 +- **Foundation**: 9.003 +- **Moved Since Original Installation**: 9.002 +- **Towing Hitch, Wheels, Axles Removed**: 9.004 +- **Manufactured Home Width**: 9.005 +- **Skirting**: 9.006 + +**Yes** | **No** + +Have there been any modifications, attachments, or additions that rely on or have altered the original structure for support? LI + +- **Modification, Attachment, or Addition**: 9.008 +- **Description of Modification, Attachment, or Addition**: 9.009 + + 9.007 + +## HUD Data Plate + +- **HUD Data Plate Attached**: 9.010 +- **HUD Wind Zone**: 9.013 +- **Date of Manufacture**: 9.011 +- **HUD Thermal Zone**: 9.014 +- **Serial Number**: 9.012 +- **HUD Roof Load Zone**: 9.015 + +## HUD Certification Label + +- **Label Present for All Sections**: 9.016 +- **HUD Certification Number**: 9.017 + +## Manufactured Home Certification Program + +- **Certification Identifier**: 9.018 | 9.019 + +## Invoice Information + +- **Purchased from Retailer**: 9.020 +- **Retailer’s Invoice Reviewed**: 9.022 +- **Retailer Name**: 9.021 +- **Manufacturer’s Invoice Reviewed**: 9.023 +- **Invoice(s) Appear Reasonable**: 9.024 + +**Commentary on Why Invoice(s) Not Reasonable**: 9.025 + +## Manufactured Home Commentary + +9.026 + +## Manufactured Home Exhibits + +9.027.1 | 9.027.2 +9.010.1 | 9.010.2 +9.017.1 | 9.017.2 +9.018.1 | 9.018.2 + +## Appraisal Version # HF.002 + +**Appraiser ReferenceID**: HF.005 +**Agency Case FileID**: = HF.006 +**Fannie Mae | Freddie Mac**: HF.003 +**Client ReferenceID**: HF.007 +**September 2024**: HF.004 +**AMCReferenceID**: HF.008 + +```````markdown +# Uniform Residential Appraisal Report + +**F.001** +Page [Page] of [Pages] + +**10.000 10.001 10.002** + +## Unit Interior - [Outbuilding Type] - [Structure Identifier] - [Unit Identifier] + +### Area Breakdown Levels in Unit 10.017 + +- **Finished Above Grade** 10.003 + - Floor Number 10.018 +- **Finished Above Grade (Nonstandard)** 10.004 + - Corner Unit 10.019 +- **Unfinished Above Grade** 10.005 + - Occupancy 10.020 +- **Finished Below Grade** 10.006 + - Utilities Separately Metered 10.021 +- **Finished Below Grade (Nonstandard)** 10.007 + - Utilities Operating 10.022 +- **Unfinished Below Grade** 10.008 + - Total Bedrooms 10.023 + +### Area Data Source 10.009 + +- Total Bathrooms - Full 10.024 +- Total Bathrooms - Half 10.025 + +### Below Grade Finish Compared to Above 10.010 + +- Non-Residential Use in Unit 10.026 + +**Yes** | **No** + +- Live/Work Space 10.027 +- ADU 10.011 +- CL) LO Allowable Work Space 10.028 +- Legally Rentable 10.012 + +### Data Source 10.013 + +- Typical for Market 10.014 +- Ingress/Egress 10.015 +- Separate Postal Address 10.016 + +--- + +## Level and Room Detail + +| Level in Unit | Grade Level Detail | Finish Area | Room Summary | +| ------------- | ------------------ | ----------- | ------------ | +| 10.029 | 10.030 | 10.031 | 10.032 | + +--- + +## Quality and Condition + +- **Interior Quality Rating** 10.034 +- **Interior Condition Rating** 10.035 + +The tables below support the Interior Quality and Condition ratings and reflect the market value condition of this report 10.036 + +--- + +## Kitchen and Bathroom Details + +| Room Update Status | Time Frame | Quality Comment | Condition Status | Condition Comment | +| ------------------ | ---------- | --------------- | ---------------- | ----------------- | +| 10.037 | 10.038 | 10.039 | 10.040 | 10.041 | + +### Overall Update Status for Bathrooms 10.043 + +--- + +## Interior Features + +| Feature Detail | Quality Comment | Condition Status | Condition Comment | +| -------------- | --------------- | ---------------- | ----------------- | +| 10.044 | 10.045 | 10.046 | 10.047 | + +### Overall Update Status for Flooring 19.049 + +--- + +## Accessibility Features for Individuals with Disabilities + +| Feature | Comment | +| ------- | ------- | +| 10.050 | 10.051 | + +--- + +## Apparent Defects, Damages, Deficiencies + +**(Unit Interior - [Outbuilding Type] - [Structure Identifier] - [Unit Identifier])** + +The items listed below represent the As Is condition as of the effective date of this report 10.055 + +| Feature | Location | Description | Structural Integrity | Recommended Action | +| ------- | -------- | ----------- | -------------------- | ------------------ | +| 10.056 | 10.057 | 10.058 | 10.059 | 10.060 | + +--- + +## Unit Interior Commentary + +10.061 + +--- + +## Unit Interior Exhibits + +10.062.1 | 10.062.2 +10.033.1 | 10.033.2 +10.044.1 | 10.044.2 +10.056.1 | 10.056.2 + +--- + +## Appraisal Version # HF.002 + +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 +**Fannie Mae | Freddie Mac** HF.003 +**Client ReferenceID** HF.007 + +**September 2024** HF.004 +**AMC ReferenceID** HF.008 + +```````markdown +# Uniform Residential Appraisal Report HF.001 + +Page [Page] of [Pages] + +## Functional Obsolescence + +**Functionallssues** +11.000 + +### Functional Obsolescence Commentary + +11.001 + +### Functional Obsolescence Exhibits + +11.002.1 | 11.002.2 + +--- + +**Appraisal Version #** +HF.002 + +**Appraiser ReferenceID** +HF.005 + +**Agency Case FileID** +HF.006 + +**Fannie Mae | Freddie Mac** +HF.003 + +**Client ReferenceID** +HF.007 + +**September 2024** +HF.004 + +**AMC ReferenceID** +HF.008 + +```````markdown +# Uniform Residential Appraisal Report — F.001 + +Page [Page] of [Pages] + +## Outbuilding - [Outbuilding Type] + +**Bian** + +**Considered Real Property** +12.002 42.007.1 | 12.007.2 + +**Units in Structure** +12.003 + +**Attached to Permanent Foundation** +12.004 + +**Structure Volume** +12.005 + +**Gross Building Area** +12.006 + +Gross Building Area for the outbuilding includes area for vehicle storage, ADU(s), and any other uses. + +### Detail + +**Yes** | **No** +The table below depicts the area of the outbuilding, excluding vehicle storage and any ADU(s). + +**Heating** +12.008 [ ] | [ ] + +**Cooling** +12.009 + +**Finish** | **Total Area** | **Room Summary** +**Utilities** +12.010 + +**Finished** +12.011 | 12.012 + +**Unfinished** +12.013 + +### Mechanical System Details + +**System Detail** | **Other Mechanical Systems** +42.017 + +**Heating** +12.014 | 12.015 + +**Cooling** +12.016 + +### Apparent Defects, Damages, Deficiencies ([Outbuilding Type]) + +12.018 + +The items listed below represent the _As Is_ condition as of the effective date of this report. +12.019 + +| **Feature** | **Location** | **Description** | **Structural Integrity** | **Recommended Action** | +| ----------- | ------------ | --------------- | ------------------------ | ---------------------- | +| 12.020 | 12.021 | 12.022 | 12.023 | 12.024 | + +### Outbuilding Commentary + +12.025 + +### Outbuilding Exhibits + +12.026.1 | 12.026.2 + +### Appraisal Version + +HF.002 + +**Appraiser ReferenceID** +HF.005 + +**Agency Case FileID** +HF.006 + +**Fannie Mae | Freddie Mac** +HF.003 + +**Client ReferenceID** +HF.007 + +**September 2024** +HF.004 + +**AMC ReferenceID** +HF.008 + +```````markdown +# Uniform Residential Appraisal Report — 11F.001 + +Page [Page] of [Pages] + +## Vehicle Storage + +### 13.000 + +**Storage Number of Parking Spaces Detail** +13.001 | 13.002 | 13.003 + +### Apparent Defects, Damages, Deficiencies (Vehicle Storage) + +#### 13.004 + +The items listed below represent the As Is condition as of the effective date of this report. + +| Feature Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +| ---------------- | ----------- | ----------------------------------------- | ------------------ | +| 13.005 | 13.006 | 13.007 | | +| 13.008 | 13.009 | | | + +### Vehicle Storage Commentary + +#### 13.010 + +### Vehicle Storage Exhibits + +13.011.1 | 13.011.2 +13.001.1 | 13.001.2 +13.005.1 | 13.005.2 + +--- + +**Appraisal Version #** HF.002 + +**Fannie Mae | Freddie Mac** HF.003 +**September 2024** HF.004 + +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** = HF.006 +**Client ReferenceID** HF.007 + +**AMC ReferenceID** HF.008 + +```````markdown +# Uniform Residential Appraisal Report =F .001 + +Page [Page] of [Pages] + +## Subject Property Amenities + +**14.000** +**Amenity Category** | **Subject Property Amenity** | **Material Detail** +14.001 | 14.002 | 14.003 | 14.004 + +## Apparent Defects, Damages, Deficiencies (Subject Property Amenities) + +The items listed below represent the _As Is_ condition as of the effective date of this report **14.005**. + +**Feature** | **Location** | **Description** | **Affects Soundness or Structural Integrity** | **Recommended Action** +14.006 | 14.007 | 14.008 | 14.009 | 14.010 + +## Subject Property Amenities Commentary + +**14.011** + +## Subject Property Amenities Exhibits + +**14.012.1** | **14.012.2** +**14.002.1** | **14.002.2** +**14.006.1** | **14.006.2** + +--- + +**Appraisal Version #** HF.002 | **Appraiser ReferenceID** HF.005 +**Agency Case FileID** = HF.006 +**Fannie Mae | Freddie Mac** HF.003 | **Client ReferenceID** = HF.007 + +**September 2024** HF.004 | **AMC ReferenceID** HF.008 + +```````markdown +# Uniform Residential Appraisal Report F.001 + +Page [Page] of [Pages] + +## Overall Quality and Condition + +| **Quality** | **Condition** | +| -------------------------------------------------------- | ---------------------------------------------------------- | +| Overall Quality: 15.000 | Overall Condition: 15.005 | +| Exterior Quality - [Structure Identifier]: 19-001 15.002 | Exterior Condition - [Structure Identifier]: 15.006 15.007 | +| Interior Quality - [Unit Identifier]: 15.003 15.004 | Interior Condition - [Unit Identifier]: 15.008 15.009 | + +## Reconciliation of Overall Quality and Condition + +15.010 + +--- + +**Appraisal Version #**: HF.002 +**Appraiser Reference ID**: HF.005 + +**Agency Case File ID**: HF.006 +**Fannie Mae | Freddie Mac**: HF.003 +**Client Reference ID**: HF.007 + +**September 2024**: HF.004 +**AMC Reference ID**: HF.008 + +```````markdown +# Revision History + +| Date Version | Report Section Change # | Revision Description | +| ------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------- | --- | +| Footer 2024-028 | Updated date in Footer (HF.004) to September 2024. | 1.2 | +| 2024-024 | Deleted Property Value Trend (17.020). | | +| Income Approach 2024-051 | Corrected Report Field IDs for GRM Comp photos and captions (added 24.009.2). | | +| Revision History 2024-043 | Added the Reconsideration of Value subsection (27.003-27.006). | | +| 2023-061 | Updated date in Footer (HF.004) to December 2023. | | +| 2023-001 | Removed the “Under Review” watermark. | | +| | Deleted Subject Conforms to Surrounding Area (17.000), Reason (17.001), and Description | 12/12/2023 | 1.1 | +| 9/17/2024 | 2023-031 | (17.002). | +| | Changed Report Label to Market Area Boundary (17.003). | | +| | Updated predefined text for Appraiser Certifications 18 (29.038), 24 (29.045), and 25 (29-046), and all Supervisory Appraiser Certifications (29.056-060, 29.071-074). | | +| 2023-003 | Clarified that Contact Name(s) (29.042) display for Appraiser Certification 21. | | +| 3/29/2023 | [10 | TC Mnitial publication | | + +# Certifications and Scope of Work + +## Introduction + +The purpose of this document is to show all possible Report Labels that may display on the URAR, regardless of conditionality. This is not intended to represent a realistic report as an appraisal will never contain all of the available fields in one report. The red superimposed number is the Report Field ID. + +## Definition + +- **Report Label**: The name of the field as shown on the URAR. +- **Report Field ID (FID)**: A red number identifying the specific location of the field on the URAR. Report Field ID (FID) is also referenced in: + - Appendix A-1: UAD URAR Delivery Specification + - Appendix B-1: URAR Implementation Guide + - Appendix F-1: URAR Reference Guide + +```````markdown +# Uniform Residential Appraisal Report 1F.001 + +Page [Page] of [Pages] + +## Highest and Best Use + +**Is the present use of the subject property...** + +- **Legally Permissible**: 16.000 +- **Financially Feasible**: 1°00 +- **Physically Possible**: 16.001 +- **Maximally Productive**: 16.003 + +**Yes** | **No** + +**Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?** LI + +### Highest and Best Use Commentary + +16.005 + +### Highest and Best Use Exhibits + +16.006.1 | 16.006.2 + +16.004 + +--- + +**Appraisal Version #**: HF.002 +**Appraiser Reference ID**: +**Agency Case File ID**: +**Fannie Mae | Freddie Mac**: HF.003 +**Client Reference ID**: + +**September 2024** +**AMC Reference ID**: HF.004 + +HF.005 +HF.006 +HF.007 +HF.008 + +```````markdown +# Uniform Residential Appraisal Report HF.001 + +Page [Page] of [Pages] + +## Market Area Boundary 17.003 + +Search Criteria Description 17.004 + +### Search Result Metrics + +- **Active Listings 17.005** +- **Sales in Past Months 17.012** +- **Median Days on Market 17.006** +- **Lowest Sale Price 17.013** +- **Lowest List Price 17.007** +- **Median Sale Price 17.014** +- **Median List Price 17.008** +- **Highest Sale Price 17.015** +- **Highest List Price 17.009** +- **Distressed Market Competition 17.016** + +- **Pending Sales 17.010** +- **Graph 17.017** + +- **Price Trend Source 17.018** + +- **Price Trend Analysis Commentary 17.019** + +## Housing Trends + +- **Demand/Supply 17.021** +- **Marketing Time 17.022** + +## Market Commentary + +17.023 + +## Market Exhibits + +- **17.024.1 | 17.024.2** +- **17.017.1 | 17.017.2** + +## Appraisal Version # HF.002 + +- **Fannie Mae | Freddie Mac HF.003** +- **September 2024 HF.004** + +- **Appraiser Reference ID HF.005** +- **Agency Case File ID HF.006** +- **Client Reference ID HF.007** + +- **AMC Reference ID HF.008** + +```````markdown +# Uniform Residential Appraisal Report =F .001 Page [Page] of [Pages] + +## 18.000 + +### 18.001 + +### 18.002 + +### 18.003 + +- **Planned Unit Development (PUD)** + [| | Condominium L] Cooperative |] \_Condop L1| + +### 18.004 + +- **Project Name** +- **Project Completeness** + +### 18.005 + +- **Project Information DataSource** + - Yes + - No + +### 18.006 + +- **Total Units** +- **Are units, common areas, and amenities in project complete?** + - 18.016 L] L] + +### 18.007 + +- **Units Sold** + +### 18.008 + +- **Units for Sale** +- **Subject Property Building Complete** + - 18.017L)J + +### 18.009 + +- **Units Rented** +- **Converted in Past 3 Years** + - 18.018L] LJ + +### 18.010 + +- **Reason Units Rented is Estimated** +- **Ground Rent** + - 18.019L] LI + +### 18.011 + +- **Mandatory Fees (HOA, PUD, or Co-op)** + - **Annual Amount** + - 18.020 + - **Monthly Amount** + - 18.011 + - **Expires** + - 18.021 + +### 18.012 + +- **Common Amenities/Description of Ground Rent** + - 18.022 + +### 18.013 + +- **Utilities Included** + - Yes + - No + +### 18.014 + +- **Observed Deficiencies** + - L} LJ + +### 18.015 + +- **Description of Deficiencies** + +--- + +## Cooperative Information + +### 18.023 + +- **Shares Issued and Outstanding** +- **Proprietary Lease Expires** + - 18.025 + +### 18.024 + +- **Shares Attributable to Subject Property** + +--- + +### 18.026 + +- **Project Blanket Financing** + - [] L] + +### 18.027 + +- **Pro Rata Share** + +--- + +## Lien Detail + +### First Lien 18.028 + +- **Unpaid Principal Balance** + - 18.029 +- **Line of Credit** + - 18.030 +- **Balloon Mortgage** + - 18.031 +- **Remaining Term** + - 18.032 +- **Monthly Payment** + - 18.033 +- **Interest Rate** + - 18.034 +- **Amortization Type** + - 18.035 +- **Pro Rata Share of Balance Attributable to Unit** + - 18.036 + +### Second Lien 18.037 + +- **Unpaid Principal Balance** + - 18.038 +- **Line of Credit** + - 18.039 +- **Balloon Mortgage** + - 18.040 +- **Remaining Term** + - 18.041 +- **Monthly Payment** + - 18.042 +- **Interest Rate** + - 18.043 +- **Amortization Type** + - 18.044 +- **Pro Rata Share of Balance Attributable to Unit** + - 18.045 + +### Third Lien 18.046 + +- **Unpaid Principal Balance** + - 18.047 +- **Line of Credit** + - 18.048 +- **Balloon Mortgage** + - 18.049 +- **Remaining Term** + - 18.050 +- **Monthly Payment** + - 18.051 +- **Interest Rate** + - 18.052 +- **Amortization Type** + - 18.053 +- **Pro Rata Share of Balance Attributable to Unit** + - 18.054 + +### Fourth Lien 18.055 + +- **Unpaid Principal Balance** + - 18.056 +- **Line of Credit** + - 18.057 +- **Balloon Mortgage** + - 18.058 +- **Remaining Term** + - 18.059 +- **Monthly Payment** + - 18.060 +- **Interest Rate** + - 18.061 +- **Amortization Type** + - 18.062 +- **Pro Rata Share of Balance Attributable to Unit** + - 18.063 + +--- + +## Project Factors and Impact to Value/Marketability + +### Project Factor Detail + +- **Developer/Sponsor in Control** + + - 18.064 + - 18.074 + - 18.084 + +- **Incomplete Project** + + - 18.065 + - 18.075 + - 18.085 + +- **Converted in Past 3 Years** + + - 18.066 + - 18.076 + - 18.086 + +- **Single Entity Ownership of Multiple Units** + + - 18.067 + - 18.077 + - 18.087 + +- **Single Entity Ownership of Multiple Shares** + + - 18.068 + - 18.078 + - 18.088 + +- **Commercial Space** + + - 18.069 + - 18.079 + - 18.089 + +- **Known Legal Actions** + + - 18.070 + - 18.080 + - 18.090 + +- **Unit Transfer Fees** + + - 18.071 + - 18.081 + - 18.091 + +- **Unit Special Assessments** + + - 18.072 + - 18.082 + - 18.092 + +- **Unit Tax Abatements or Exemptions** + - 18.073 + - 18.083 + - 18.093 + +--- + +### Project Factors Commentary + +- 18.094 + +### Project Information Commentary + +- 18.095 + +--- + +## Project Information Exhibits + +- 18.096.1 | 18.096.2 +- 18.012.1 | 18.012.2 +- 18.014.1 | 18.014.2 + +--- + +## Appraisal Version # HF.002 + +- **Appraiser ReferenceID** + - HF.005 + +## Agency Case FileID = HF.006 + +- **Fannie Mae | Freddie Mac** + - HF.003 +- **Client ReferenceID** + - HF.007 + +## September 2024 HF.004 + +- **AMC ReferenceID** + - HF.008 + +```````markdown +# Uniform Residential Appraisal Report + +**F .001** +Page [Page] of [Pages] + +## Subject Listing Information + +Current and/or relevant listings of the subject property (minimum 1 year look back) + +**Current or Relevant Listings**: 19.000 + +### Data Source: 19.001 + +| Starting Current or Listing Status | Listing Type | Listing ID | Start Date | End Date | DOM | List Price | Final List Price | Total DOM | +| ---------------------------------- | ------------ | ---------- | ---------- | -------- | ------ | ---------- | ---------------- | --------- | +| 19.002 | 19.003 | 19.004 | 19.005 | 19.006 | 19.007 | 19.008 | 19.009 | | + +### Analysis of Subject Property Listing History + +19.011 + +### Subject Listing Information Exhibits + +19.012.1 | 19.012.2 + +--- + +**Appraisal Version #**: HF.002 +**Appraiser Reference ID**: HF.005 +**Agency Case File ID**: HF.006 + +**Fannie Mae | Freddie Mac**: HF.003 +**Client Reference ID**: HF.007 + +**September 2024**: HF.004 +**AMC Reference ID**: HF.008 + +```````markdown +# Uniform Residential Appraisal Report + +**=F .001** +Page [Page] of [Pages] + +## Sales Contract + +- **Yes** + - **No** + - **Contract Price**: 20.004 +- **Is there a sales contract?**: 20.000L] LI + - **Contract Date**: 20.005 +- **Was sales contract information analyzed?**: 20.001L) LJ + - **Transfer Terms**: 20.006 +- **Does this appear to be an arm’s length transaction?**: sore L + - **Personal Property Conveyed**: 20.007 +- **Non-Arm’s Length Commentary**: 20.003 + - Personal property is not included in the appraiser’s final opinion of value +- **Financial Sales Concessions**: Financial assistance paid by or on behalf of the seller as an inducement to purchase the subject property + - **Known Sales Concessions**: 20.008 + - **Total Sales Concessions**: 20.009 + - **Typical for Market**: 20.010 + +## Sales Contract Analysis + +20.011 + +## Sales Contract Exhibits + +20.012.1 | 20.012.2 + +## Appraisal Version + +**# HF.002** + +- **Appraiser ReferenceID**: HF.005 +- **Agency Case FileID**: = HF.006 +- **Client ReferenceID**: HF.007 +- **Fannie Mae | Freddie Mac**: HF.003 +- **AMC ReferenceID**: HF.008 +- **September 2024**: HF.004 + +```````markdown +# 21 + +## Uniform Residential Appraisal Report = 1F.001 + +Page [Page] of [Pages] + +### Prior Sale and Transfer History + +#### Subject Transfer History + +**Prior sales and/or transfers of the subject property (minimum 3 year look back)** +**Prior Sales or Transfers**: 21.000 + +| Data Source | Transfer Terms | Date | Amount | Data Source | +| ----------- | -------------- | ------ | ------ | ----------- | +| 21.001 | 21.002 | 21.003 | 21.004 | 21.005 | + +**Analysis of Prior Sale and Transfer History of Subject Property**: 21.006 + +#### Comparable Transfer History + +**Prior sales and/or transfers of the comparable properties from the ‘Sales Comparison Approach’ section (minimum 1 year look back)** + +| # | Transfer Terms | Date | Amount | Data Source | +| --- | -------------- | ------ | ------ | ----------- | +| 007 | 21,008 | 21.009 | 21.010 | 21.011 | + +**Analysis of Prior Sale and Transfer History of Comparable Sales**: 21.012 + +### Prior Sale and Transfer History Exhibits + +21.013.1 | 21.013.2 + +--- + +**Appraisal Version #**: HF.002 +**Appraiser ReferenceID**: HF.005 +**Agency Case FileID**: = HF.006 +**Fannie Mae | Freddie Mac**: HF.003 +**Client ReferenceID**: HF.007 + +**September 2024**: HF.004 +**AMC ReferenceID**: HF.008 + +```````markdown +# Uniform Residential Appraisal Report HF.001 + +Page [Page] of [Pages] + +## Sales Comparison Approach + +### Subject Property Comparable # 22.01.16 Comparable # Comparable + +#### General Information + +| Property Address | 22.01.01 | 22.01.17 | +| ---------------- | ---------- | ---------- | +| | 22.01.01.1 | 22.01.17.1 | + +| Days on Market | 22.01.07 | 22.01.34 | +| ------------------------ | -------- | -------- | +| Sale to List Price Ratio | 22.01.35 | 22.01.36 | + +| Attached/Detached | 22.01.08 | 22.01.37 | 22.01.38 | +| ------------------------- | -------- | -------- | -------- | +| Property Rights Appraised | 22.01.09 | 22.01.39 | 22.01.40 | + +#### Native American Lands + +- All Rights Included +- Rights Not Included | 22.01.18 | + +| Same Builder as Subject | 2.0147 | +| ----------------------- | -------- | -------- | -------- | +| | 22.01.14 | 22.01.48 | 22.01.49 | + +#### Project Name + +| Same | 22.02.01 | 22.02.06 | +| ------------------ | -------- | -------- | +| Project as Subject | + +| Monthly Fee | 22.02.02 | 22.02.07 | +| ------------------------- | -------- | -------- | +| Common Amenities/Services | 22.02.03 | 22.02.08 | + +| Special Assessments | 22.02.04 | 22.02.09 | + +### Site + +| Neighborhood Name | 22.03.03 | 22.03.22 | 22.03.23 | +| ----------------- | -------- | -------- | -------- | + +| Site Size | po | +| --------- | --- | + +| Topography | po | +| ---------- | --- | + +#### Conditions + +- Water Frontage with Private Access + +| Water Frontage | 22.04.01 | 22.04.06 | +| ---------------------------- | -------- | -------- | +| Permanent Waterfront Feature | 22.04.02 | 22.04.07 | +| Right to Build | 22.04.03 | 22.04.08 | +| Total Linear Measurement | 22.04.04 | 22.04.09 | + +--- + +**Appraisal Version#**: HF.002 +**Appraiser ReferenceID**: HF.005 +**Agency Case FileID**: HF.006 +**Fannie Mae | Freddie Mac**: HF.003 +**Client ReferenceID**: HF.007 + +**September 2024**: HF.004 +**AMC ReferenceID**: HF.008 + +```````markdown +# Uniform Residential Appraisal Report F.001 + +## Property Address + +### Dwelling(s) + +#### Subject Property Comparable + +Page [Page] of [Pages] + +| Comparable # | Comparable # | +| ---------------------------- | ------------ | -------- | -------- | --- | --- | +| Year Built | 22.05.21 | 2205.228 | S | $ | +| Structure Design | 22.05.23 | 22.05.24 | SSS | $ | +| Gross Building Finished Area | 22.05.04 | 22.05.25 | 22.05.26 | $ | $ | +| Noncontinuous | 22.05.27 | 22.05.28 | $ | | +| Finished Area | | | | | + +| Townhouse Back to Back | 22.05.07 | 22.05.31 | 22.05.32 | $ | $ | +| Townhouse Location | 22.05.33 | 22.05.34 | $ | | +| Construction Method | 22.05.35 | 22.05.36 | pf | $ | +| Manufactured Home Width | 22.05.10 | 22.05.37 | 22.05.38 | $ | $ | +| Dwelling Style | 22.05.39 | 22.05.408 | $ | | +| Window Surface Area | 22.05.13 | 22.05.43 | 22.05.44 | $ | > | +| Functional Issues | 22.05.45 | 22.05.46 | $ | | +| Disaster Mitigation | 22.05.15 | 22.05.47 | 22.05.48 | SS | $ | +| Heating | 22.05.16 | 22.05.49 | 22.05.50 | $ | $ | +| Cooling | 22.05.51 | 22.05.52 | $ | | +| 22.05.18 | 22.05.19 | 22.05.53 | 22.05.54 | $ | $ | +| Energy Efficient and Green Features | Po | g | | + +### Renewable Energy Component + +| 22.06.01 | 22.06.05 | +| -------- | -------- | + +### Building Certification Efficiency Rating + +| 22.06.02 | 22.06.06 | +| -------- | -------- | +| 22.06.03 | 22.06.07 | + +### Unit(s) + +| Floor Number | 22.07.03 | 22.07.20 | 22.07.21 | $ | $ | +| Corner Unit | 22.07.22 | 22.07.2838 | $ | | +| Bedrooms | 22.07.06 | 22.07.26 | 22.07.27 | $ | $ | +| Baths - Full | Half | 22.07.28 | 22.07.29 | § | +| Finished Area Above Grade | 22.07.08 | 22.07.30 | 22.07.315 | $ | $ | +| Finished Area Above | 22.07.09 | 22.07.32 | 22.07.33 | § | $ | +| Grade (Nonstandard) | Grade | | | | +| Finished Area Below Grade | 22.07.11 | 22.07.36 | 22.07.37 | a | $ | +| Finished Area Below Grade (Nonstandard) | 22.07.12 | 22.07.38 | 22.07.39 | | +| Below Grade | 22.07.13 | 22.07.40 | 22.07.41 | | +| Features for Individuals | $ | pS | | +| w/Disabilities | 22.07.14 | 22.07.42 | 22.07.43 | | + +| 22.07.15 | 22.07.16 | 22.07.44 | 22.07.45 | $ | $ | + +### Quality and Condition (Ratings: 1-6, 1 is highest) + +#### Exterior Quality and Condition + +| Structure ID | 22.08.01 | ozo | +| Quality | 22.08.02 | 22.08.17 | —EEE | +| Foundation | 2208.04 | fr | zzoatg | fF | +| Windows | 22.08.06 | 22.08.21 | | + +| 22.08.07 | 220.08 | fi | zzonz2 | fF | +| Condition | 22.08.09 | 22.08.23 | —EEE | +| Foundation | pe2o8.t1 | fz | | +| Windows | 22.08.13 | 22.08.27 | | + +| 22.08.14 | 22.08.15 | zzozp | | + +## Appraisal Version # HF.002 + +### Fannie Mae | Freddie Mac + +September 2024 + +| HF.003 | HF.004 | +| ------ | ------ | + +| HF.005 | HF.006 | HF.007 | HF.008 | +| ------ | ------ | ------ | ------ | + +### Appraiser Reference ID + +### Agency Case File ID + +### Client Reference ID + +### AMC Reference ID + +```````markdown +# Uniform Residential Appraisal Report F.001 + +Page [Page] of [Pages] + +| Subject Property | Comparable # | Comparable # | Comparable # | +| ---------------- | ------------ | ------------ | ------------ | +| Property Address | | | | + +## Interior Quality and Condition + +| Structure ID | Unit ID 22.09.02 | 22.09.18 | +| --------------------- | ---------------- | -------- | +| **Overall Bathrooms** | 22.09.05 | 22.09.21 | +| **Quality** | 22.09.03 | 22.09.19 | +| **Kitchen** | 22.09.04 | 22.09.20 | +| **Overall Flooring** | 22.09.06 | 22.09.22 | +| **Walls and Ceiling** | 22.09.07 | 22.09.23 | +| **Condition** | 22.09.10 | 22.09.25 | +| **Kitchen** | 22.09.11 | 22.09.26 | +| **Overall Bathrooms** | 22.09.12 | 22.09.27 | +| 22.09.08 | 22.09.09 | 22.09.24 | +| **Overall Flooring** | 22.09.13 | 22.09.28 | +| **Walls and Ceiling** | 22.09.14 | 22.09.29 | +| 22.09.15 | 22.09.16 | 22.09.30 | + +## ADU Interior Quality and Condition + +| **Location of ADU** | 22.10.01 | 22.10.16 | +| --------------------- | -------- | -------- | +| **Quality** | 22.10.02 | 22.10.17 | +| **Kitchen** | 22.10.03 | 22.10.18 | +| **Overall Bathrooms** | 22.10.04 | 22.10.19 | +| **Overall Flooring** | 22.10.05 | 22.10.20 | +| **Condition** | 22.10.09 | 22.10.23 | +| **Walls and Ceiling** | 22.10.06 | 22.10.21 | +| 22.10.07 | 22.10.08 | 22.10.22 | +| **Kitchen** | 22.10.10 | 22.10.24 | +| **Overall Bathrooms** | 22.10.11 | 22.10.25 | +| **Overall Flooring** | 22.10.12 | 22.10.26 | +| **Walls and Ceiling** | 22.10.13 | 22.10.27 | +| 22.10.14 | 22.10.15 | 22.10.28 | + +## Overall Quality and Condition (Ratings: 1-6, 1 is highest) + +### Quality + +| 22.11.02 | 22.11.05 | 22.11.06 $ | +| -------- | -------- | ---------- | + +### Condition + +## Property Amenities + +### Outdoor Accessories + +### Outdoor Living + +| 22.11.01 gtios —earroas{ | sf | +| ------------------------ | --- | + +| 22.12.01 | 22.1206 jaaazo7s | | Sf | +| -------- | ---------------- | --- | --- | + +| Ur | | +| --- | --- | + +### Water Features + +### Whole Home + +| 22.12.04 | 22.12.12 | 22.12.13 $ | +| -------- | -------- | ---------- | + +| 22.12.05 | 22.12.14 | 22.12.15 $ | +| -------- | -------- | ---------- | + +### Miscellaneous + +| 22.12.03 | 22.12.10 | 22.12.11 | +| -------- | -------- | -------- | + +| 22.13.05 | | +| -------- | --- | + +### Vehicle Storage + +| Type | Spaces | Detail 22.13.01 | +| ---- | ------ | --------------- | + +| 22.13.02 | 22.13.03 | 22.13.06 | +| -------- | -------- | -------- | + +## Outbuilding (ADU and vehicle storage are not included in Finished Area, Unfinished Area, or room counts) + +| Outbuilding Type | 22.14.01 | 22.14.14 | 22.14.15$§ | +| ------------------- | -------- | -------- | ---------- | +| Gross Building Area | 22.14.02 | 22.14.16 | +| Structure Volume | 22.14.05 | 22.14.19 | +| Finished Area | 22.14.03 | 22.14.17 | +| Unfinished Area | 22.14.04 | 22.14.18 | +| Baths - Half | 22.14.07 | 22.14.21 | +| Heating | 22.14.09 | 22.14.23 | +| Utilities | 22.14.11 | 22.14.25 | +| 22.14.12 | 22.14.13 | 22.14.26 | + +## Appraisal Version # HF.002 + +| Appraiser ReferenceID | HF.005 | +| --------------------- | ----------- | ------ | +| Agency Case FileID | HF.006 | +| Fannie Mae | Freddie Mac | HF.003 | +| Client Reference ID | HF.007 | + +| September 2024 | HF.004 | +| --------------- | ------ | +| AMC ReferenceID | HF.008 | + +```````markdown +# Uniform Residential Appraisal Report + +[ADDRESS] 1.000 + +## SUMMARY + +- **Opinion of Market Value**: 1.001 + + - 1.085 (Cooperative Interest) + - **Market Value Condition**: 1.009 + +- **Final Value Condition Statement**: .002 + +- **Effective Date of Appraisal**: 1.003 +- **Property Valuation Method**: 1.010 +- **Assignment Reason**: 1.004 +- **Appraiser Name**: 1.011 +- **Borrower Name**: 1.005 +- **Current Owner of Public Record**: 4 0906 +- **Contract Price**: 1.007 +- **Listing Status**: 1.008 + +## Property Description + +- **Construction Method**: 1.012 +- **Overall Quality**: 1.030 +- **Attachment Type**: 1.013 +- **Overall Condition**: 1.031 +- **Structure Design**: 1.014 + +| **Yes** | **No** | +| ------------------------------------ | ------- | +| Planned Unit Development (PUD) 1.015 | T] L | +| Condominium 1.016 | LJ} C] | +| Cooperative 1.017 | E] C | +| Condop 1.018 | O | +| Observed Project Deficiencies 1.019 | L) | +| Subject Site Owned in Common 1.020 | L] LJ ™ | +| Units Excluding ADUs 1.021 | 1.000 | +| Accessory Dwelling Units 1.022 | +| Property Rights Appraised 1.023 | + +1.024 **Yes** | **No** +Is the highest and best use of the subject property as LJ improved (or as proposed per plans and specifications) the present use? + +- **Property Restriction**: 1.025 +- **Encroachment**: 1.026 +- **Zoning Compliance**: 1.027 +- **HUD Data Plate Attached**: 1.028 +- **HUD Label Present for All Sections**: 1.029 + +## Appraisal Details + +- **Appraisal Version #**: HF.002 +- **Appraiser ReferenceID**: HF.005 +- **Agency Case FileID**: HF.006 +- **Fannie Mae | Freddie Mac**: HF.003 +- **Client ReferenceID**: HF.007 +- **September 2024**: HF.004 +- **AMC ReferenceID**: HF.008 + +```````markdown +# Uniform Residential Appraisal Report = HF.001 + +Page [Page] of [Pages] + +## Sales Comparison Map + +| 22.18.01.1 | + +**Appraisal Version #** HF.002 +**Appraiser Reference ID** HF.005 +**Agency Case FileID** = HF.006 +**Fannie Mae|FreddieMac** = \_HF.003 +**Client ReferenceID** = HF.007 + +**September 2024** HF.004 +**AMCReferenceID** = HF .008 + +```````markdown +# Uniform Residential Appraisal Report HF.001 + +Page [Page] of [Pages] + +## Sales Comparison Approach Exhibits + +### Comparable # 22.01.16 + +Comparable # +22.01.16.1 | 22.01.16.2 + +### Comparable + +- **Appraisal Version #**: HF.002 +- **Appraiser Reference ID**: HF.005 +- **Agency Case File ID**: HF.006 +- **Fannie Mae | Freddie Mac**: HF.003 +- **Client Reference ID**: HF.007 + +**September 2024** HF.004 + +- **AMC Reference ID**: HF.008 + +```````markdown +# Uniform Residential Appraisal Report + +**F.001** +Page [Page] of [Pages] + +## Rental Information + +### Rent Schedule + +#### Subject Property Rental Information + +| Utilities/ | Currently | Monthly | Month-to- | Rent | Rent | Services | +| ---------- | --------- | -------- | --------- | ----------- | -------- | ----------- | -------- | --------- | -------- | -------- | +| Rented | Occupancy | Rent | Month | Lease Start | Control | Concessions | Included | Furnished | +| [Unit 23] | 01.01 | 23.01.02 | 23.01.03 | 23.01.04 | 23.01.05 | 23.01.06 | 23.01.07 | 23.01.08 | 23.01.09 | 23.01.10 | + +**Description of Rent Control and Impact to Value/Marketability:** 23.01.11 + +| Actual Income (Monthly) | Opinion of Market Income (Monthly) | +| ----------------------- | ---------------------------------- | ------------ | ----------------- | -------- | -------- | +| Rent | Rent | +| [Unit Identifier] | 23.01.12 | 23.01.13 | [Unit Identifier] | 23.01.19 | 23.01.20 | +| **Subtotal** | 23.01.14 | **Subtotal** | 93.01.21 | + +| Other Real Property Rental Income | Other Real Property Rental Income | +| --------------------------------- | --------------------------------- | ------------ | -------- | +| 23.01.15 | 23.01.16 | 23.01.22 | 23.01.23 | +| **Subtotal** | 23.01.17 | **Subtotal** | 23.01.24 | +| 23.01.18 | 23.01.25 | + +### Comparable Rental Properties + +| LO" | LO" | LO" | LO" | LO" | LO" | +| ---------- | ---------- | --- | --- | --- | --- | +| 23.02.01.1 | 23.02.03.1 | + +| Subject Property | Comparable # | Comparable # | Comparable # | Comparable # | Comparable # | +| ---------------- | ------------ | ------------ | ------------ | ------------ | ------------ | +| 23.02.02 | 23.02.01 | 23.02.03 | + +| Data Source: | Data Source: | Data Source: | Data Source: | Data Source: | +| ------------ | ------------ | ------------ | ------------ | ------------ | +| 23.02.04 | + +| Lease Start Date: | Lease Start Date: | Lease Start Date: | Lease Start Date: | Lease Start Date: | +| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | +| 23.02.05 | + +| Actual Rent: | Actual Rent: | Actual Rent: | Actual Rent: | Actual Rent: | +| ------------ | ------------ | ------------ | ------------ | ------------ | +| 23.02.06 | + +--- + +**Appraisal Version #:** HF.002 +**Appraiser Reference ID:** HF.005 +**Agency Case File ID:** HF.006 +**Fannie Mae | Freddie Mac:** HF.003 +**Client Reference ID:** F007 + +**September 2024** +**AMC Reference ID:** F.908 + +```````markdown +# Uniform Residential Appraisal Report + +## Comparable Rental Analysis + +### Subject + +- **23.03.01[Unit Identifier]**: #23.03.24 +- **HF.001** + +### Comparables + +- **# #** +- **Page [Page] of [Pages]** +- **Subject Comparables** + - **[Unit Identifier]**: # # # + - **Proximity to Subject** + - **Neighborhood Name** + - **Project Name** + - 23.03.25 + - 23.03.02 23.03.26 + - 23.03.03 23.03.27 + - **Project Common Amenities/Services** + - 23.03.28 + - 23.03.04 + - **Site Influence** + - **View from Unit** + - 23.03.05 23.03.29 + - 23.03.06 23.03.30 + - **Floor Number** + - 23.03.07 23.03.31 + - **Site Size** + - **Grade Level** + - 23.03.08 23.03.32 + - 23.03.09 23.03.33 + - **Interior Condition** + - 23.03.10 23.03.34 + - **Bedrooms** + - **Baths - Full | Half** + - 23.03.11 23.03.35 + - 23.03.12 23.03.36 + - **Finished Area** + - 23.03.13 23.03.37 + - **Furnished** + - **Utilities/Services Included** + - 23.03.14 23.03.38 + - 23.03.15 23.03.39 + - **Rent Control** + - 23.03.16 23.03.40 + - **Rent Concessions** + - **Vehicle Storage | Spaces** + - 23.03.17 23.03.41 + - 23.03.18 23.03.42 + - 23.03.19 + - 23.03.20 23.03.43 + +### Summary + +- **Rent Per Finished Area** + - 23.03.21 23.03.44 +- **Actual Rent** + - 23.03.22 23.03.45 +- **Overall Comparison to Subject** +- **Adjusted Rent** + - 23.03.46 +- **Opinion of Market Rent** + - 230347 | | +- **Comparable Weight** +- **Proximity to Subject** + - 23.03.23 + +### [Unit Identifier] + +#### Subject Comparables + +- **Subject Comparables** + - **[Unit Identifier]** + - **Neighborhood Name** + - **Project Name** + - **Site Influence** + - **View from Unit** + - **Floor Number** + - **Project Common Amenities/Services** + - **Site Size** + - **Grade Level** + - **Interior Condition** + - **Bedrooms** + - **Baths - Full | Half** + - **Finished Area** + - **Furnished** + - **Utilities/Services Included** + - **Rent Control** + - **Rent Concessions** + - **Vehicle Storage | Spaces** + +### Summary + +- **Rent Per Finished Area** +- **Actual Rent** +- **Overall Comparison to Subject** +- **Adjusted Rent** +- **Opinion of Market Rent** +- **Comparable Weight** + +### Appraisal Version # HF.002 + +- **Fannie Mae | Freddie Mac HF.003** +- **September 2024** +- **HF.004** +- **Appraiser ReferenceID HF.005** +- **Agency Case FileID HF.006** +- **Client Reference ID |4F 907** +- **AMC ReferenceID YF 908** + +```````markdown +# Uniform Residential Appraisal Report + +**HF.001** +Page [Page] of [Pages] + +## Rental Analysis Commentary + +**23.04.01** + +### Rental Information Exhibits + +- **Comparable #** + **23.05.03** + **Comparable #** + **23.02.03.1 | 23.02.03.2** + +- **Comparable #** + **Comparable #** + +- **Comparable #** + **23.05.01.1 | 23.05.01.2** + **23.05.02.1 | 23.05.02.2** + +--- + +**Appraisal Version #** HF.002 +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 +**Fannie Mae | Freddie Mac** HF.003 +**Client ReferenceID** F007 + +**September 2024** HF.004 +**AMCReferenceID** |iF 008 + +```````markdown +# Uniform Residential Appraisal Report — F.001 + +Page [Page] of [Pages] + +## Cost Approach + +- **Indicated Value by Cost Approach**: 25.000 +- **Depreciated Cost of Dwellings**: 25.001 +- **Depreciated Cost of Outbuildings**: 25.002 +- **As Is Value of Site Improvements**: 25.003 +- **Opinion of Site Value**: 25.004 + +### Depreciated Cost - Dwelling - [Structure Identifier] + +- **25.005** +- **25.006 25.007 @ 25.008 25.009** +- **Physical Depreciation**: 25.010 25.011 +- **Functional Depreciation**: 25.012 25.013 +- **External Depreciation**: 25.014 25.015 +- **Total Depreciation**: 25.016 +- **Manufactured Home Delivery, Installation, and Set Up**: 25.017 + +### Remaining Economic Life + +- **25.019** +- **Effective Age**: 25.020 + +#### Commentary on Remaining Economic Life + +#### Commentary on Effective Age + +- **25.022** + +### Depreciated Cost - Outbuilding - [Outbuilding Type] + +- **25.023** +- **25.024 25.025 @ 25.026 25.027** +- **Physical Depreciation**: 25.028 25.029 +- **Functional Depreciation**: 25.030 25.031 +- **External Depreciation**: 25.032 25.033 +- **Total Depreciation**: 25.034 +- **Manufactured Home Delivery, Installation, and Set Up**: 25.035 + +### As Is Value of Site Improvements + +| Description | Amount | +| ----------- | ------ | +| 25.037 | 25.038 | + +### Site Value + +- **Primary Site Valuation Method**: 25.040 +- **Opinion of Site Value** + +### Land Comparables + +| Assessor Parcel # | Address | County | Data Source | Number (APN) | Site Size | Sale Date | Price | +| ----------------- | ------- | ------ | ----------- | ------------ | --------- | --------- | ----- | +| 25.042, 25.043 | 25.044 | 25.045 | 25.046 | 25.047 | 25.048 | 25.049 | | + +### Reconciliation of Site Value + +- **25.050** + +### General Description + +- **Cost Type**: 25.051 +- **Cost Method**: 25.055 +- **Cost Data Source**: 25.052 +- **Depreciation Method**: 25.056 +- **Quality Rating**: 25.053 +- **Effective Date**: 25.054 + +### Cost Approach Commentary + +- **25.057** + +### Cost Approach Exhibits + +- **25.058.1 | 25.058.2** +- **25.059.1** + +### Appraisal Details + +- **Appraisal Version#**: HF.002 +- **Appraiser ReferenceID**: HF.005 +- **Agency Case FileID**: HF.006 +- **Fannie Mae | Freddie Mac**: HF.003 +- **Client ReferenceID**: HF.007 +- **September 2024**: HF.004 +- **AMC ReferenceID**: HF.008 + +```````markdown +# Uniform Residential Appraisal Report HF.001 + +Page [Page] of [Pages] + +## Apparent Defects, Damages, Deficiencies Requiring Action + +The items listed below represent the _As Is_ condition as of the effective date of this report **1.032**. + +| Affects Soundness or Structural Integrity | Feature Location | Description | Recommended Action | Estimated Cost to Repair | +| -------------------------------------------------------------- | ---------------- | ----------- | ------------------ | ------------------------ | ----- | +| **Site** | | | | | +| 1.033 | 1.034 | 1.035 | 1.036 | 1.037 | 1.038 | +| **Dwelling Exterior - [Structure Identifier]** | | | | | +| 1.040 | 1.041 | 1.042 | 1.043 | 1.044 | 1.045 | +| **Unit Interior - [Structure Identifier] - [Unit Identifier]** | | | | | +| 1.048 | 1.049 | 1.050 | 1.051 | 1.052 | 1.053 | +| **Outbuilding - [Outbuilding Type]** | | | | | +| 1.055 | 1.056 | 1.057 | 1.058 | 1.059 | 1.060 | +| **Unit Interior - [Outbuilding Type] - [Unit Identifier]** | | | | | +| 1.063 | 1.064 | 1.065 | 1.066 | 1.067 | 1.068 | +| **Vehicle Storage** | | | | | +| 1.069 | 1.070 | 1.071 | 1.072 | 1.073 | 1.074 | +| **Subject Property Amenities** | | | | | +| 1.075 | 1.076 | 1.077 | 1.078 | 1.079 | 1.080 | + +### Total Cost + +**As Is Overall Condition Rating 1.082** +**Total Estimated Cost of Items** + +Existing condition of the property as of the effective date of this appraisal, excluding all required repairs, alterations, or inspections. +**Recommended for Repair 1.083** + +There are no apparent defects, damages, or deficiencies requiring action. For details, reference the ‘Reconciliation’ section. **1.084** + +--- + +**Appraisal Version # HF.002** +**Appraiser Reference ID HF.005** +**Agency Case FileID HF.006** +**Fannie Mae | Freddie Mac HF.003** +**Client ReferenceID HF.007** + +**September 2024 HF.004** +**AMC ReferenceID HF.008** + +```````markdown +# Uniform Residential Appraisal Report 4F.001 + +Page [Page] of [Pages] + +## 29.000 + +### 29.001 + +This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the definition of market value or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to Intended Use, Intended User, and the certifications are also not permitted. However, additional Intended Use, Intended User, and certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in an appraisal organization, are permitted. + +## Scope of Work + +The scope of work for this assignment is based on the applicable assignment elements, including: the client and any other intended users, the intended use, the definition of market value that follows, the effective date, the subject property and its relevant characteristics, and the applicable assignment conditions. The appraiser must, at a minimum: (1) obtain and review adequate and reliable information for the subject property; (2) research, verify, and analyze adequate and reliable data for the subject market area including data for each comparable property reported; and (3) report his or her analyses, opinions, and conclusions in this appraisal report. + +### 29.002 Additional Scope of Work + +Additional Scope of Work cannot be contrary to the original Scope of Work. + +### 29.003 + +## Intended Use + +### 29.004 + +The intended use of the opinions and conclusions contained in this appraisal report is for the intended user to evaluate the property that is the subject of this appraisal for a mortgage finance transaction or related activities. + +### 29.005 + +The intended use of the appraisal is solely to assist FHA in assessing the risk of the Property securing the FHA-insured Mortgage (24 CFR § 200.145(b)). + +### 29.006 Additional Intended Use + +Additional Intended Use cannot be contrary to the original Intended Use. + +### 29.007 + +## Intended User + +### 29.008 + +The intended user of this report is the lender/client. + +### 29.009 + +FHA and the Mortgagee are the intended users of this report. + +The USDA and any other identified lender/client are intended users of this report. + +The VA is also an intended user of this report. + +### 29.010 Additional Intended Users + +Additional Intended Users cannot be contrary to the original Intended User. + +### 29.011 + +## Definition of Market Value + +### 29.012 + +The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale with the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions\* granted by anyone associated with the sale. + +### 29.013 + +\*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for costs that are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable because the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third-party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar-for-dollar cost of the financing or concession, but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. + +## Statement of Assumptions and Limiting Conditions + +### 29.014 + +The appraiser assumes that the title is good and marketable unless he or she becomes aware of information to the contrary. + +### 29.015 + +If the appraiser has included a sketch or floor plan in this appraisal report, it shows the approximate dimensions and is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size. + +--- + +**Appraisal Version #** HF.002 +**Appraiser Reference ID** HF.005 +**Agency Case File ID** HF.006 +**Fannie Mae | Freddie Mac** HF.003 +**Client Reference ID** HF.007 + +**September 2024** HF.004 +**AMC Reference ID** HF.008 + +```````markdown +# Uniform Residential Appraisal Report HF.001 + +Page [Page] of [Pages] + +## 29.016 + +The appraiser has relied on data provided by third parties in this appraisal report. Such data may include, but is not limited to, floor plans, flood maps, multiple listing real estate services, tax assessment records, public land records, satellite imagery, virtual street views, property data services, surveys, engineering reports, and property data aggregations. After examination of the data and data sources, the appraiser has used only the data he or she considers reliable. The appraiser assumes there are no material omissions in the data relied upon and makes no guarantees, express or implied, regarding their accuracy. If the source date is prior to the effective date of the appraisal, the appraiser assumes the property characteristics and supporting information have not changed in the interim. + +## 29.017 + +The appraiser will not be required to give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. + +## 29.018 + +The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) that the appraiser became aware of during the development of this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and assumes that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. + +## 29.019 + +The FHA Appraiser does not guarantee that the Property is free from defects. The appraisal establishes the value of the Property for mortgage insurance purposes only. + +--- + +# Certifications + +## Appraiser Certifications + +### 29.020 + +The Appraiser certifies and agrees that: + +### 29.021 + +1. I have no present or prospective interest in the property that is the subject of this report, or relationship with the present or prospective owners or occupants of the subject property, or other parties involved in this transaction. + +### 29.022 + +2. I performed this assignment without bias with respect to the parties involved in this transaction, the property that is the subject of this report, or the demographics of the area where the property is located. + +### 29.023 + +3. I am aware of and have complied with all applicable laws and regulations including antidiscrimination laws, rules, and requirements that apply to the appraiser and to the assignment. + +### 29.024 + +4. I did not base any part of my appraisal on the actual or perceived race, color, religion, sex (including sexual orientation or gender identity), age (other than as applicable for legally age-restricted communities), marital status, disability, familial status, or national origin of the present or prospective owners or occupants of either the subject property or properties in the area of the subject property or on any other basis prohibited by the Fair Housing Act or the Equal Credit Opportunity Act, or any other basis prohibited by law. + +### 29.025 + +5. I stated in this appraisal report my own personal, unbiased, and professional analyses, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. + +### 29.026 + +6. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. + +### 29.027 + +7. I meet the credential requirements for this assignment as of the date of this appraisal report and have knowledge and experience in appraising this type of property in this market area. + +### 29.028 + +8. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records, and other such data sources for the area in which the property is located. + +### 29.029 + +9. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. + +### 29.030 + +10. I personally performed an onsite inspection of the interior and exterior areas of the subject property. I reported the readily observable condition of the improvements in factual, specific terms. I identified and reported any known physical deficiencies that could affect the soundness or structural integrity of the property. + +11. I personally performed an inspection of the exterior areas of the subject property from at least the street. I reported the readily observable condition of the improvements in factual, specific terms. I reported any known physical deficiencies that could affect the soundness or structural integrity of the property. + +12. I did not personally perform an onsite inspection of the subject property as part of this appraisal assignment. I reported the condition of the improvements in factual, specific terms, relying on subject property information data sources I considered reliable. I reported any known physical deficiencies that could affect the soundness or structural integrity of the property. + +### 29.031 + +11. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was transmitted. + +### 29.032 + +12. Using information available in the normal course of business, I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal. + +--- + +Appraisal Version # HF.002 +Appraiser Reference ID HF.005 +Agency Case File ID HF.006 +Fannie Mae | Freddie Mac HF.003 +Client Reference ID HF.007 + +September 2024 HF.004 +AMC Reference ID HF.008 + +```````markdown +# Uniform Residential Appraisal Report — F.001 + +Page [Page] of [Pages] + +## Assignment Information + +- **Assignment Reason**: 2.000 +- **Property Valuation Method**: 2.004 +- **Borrower Name**: 2.001 + - Yes + - No +- **Seller Name**: 2.002 + - Was a Property Data Report used in lieu of an Inspection? 2.005 LJ +- **Current Owner of Public Record**: 2.003 + +- **Appraiser Fee**: 2.006 +- **AMC Fee**: 2.007 +- **Government Agency**: 2.008 +- **Investor Requested Special Identification**: 2.009 + +## Contact Information + +- **[Role]/[Role]**: 2.010 / 2.011 +- **Company Name**: 2.012 + - **Credentials**: + - ID: 2.014 + - State: 2.015 + - Expires: 2.016 +- **Company Address**: 2.013 + +## Appraiser + +- **Name**: 2.017 + - **Credentials**: + - Designation: 2.018 + - Level: 2.024 + - ID: 2.025 + - State: 2.026 + - Expires: 2.027 +- **Company Name**: 2.019 +- **Company Address**: 2.020 +- **Scope of Inspection by Appraiser**: + - Subject Property Inspection: ASC Identifier 2.028 + - Exterior: 2.021 + - Interior: 2.022 + - Inspection Date: 2.023 + - VA Appraiser ID: 2.029 + - FHA Appraiser ID: 2.030 + - Employment Type: 2.031 + +## Supervisory Appraiser + +- **Name**: 2.032 + - **Credentials**: + - Designation: 2.033 + - Level: 2.039 + - ID: 2.040 + - State: 2.041 + - Expires: 2.042 +- **Company Name**: 2.034 +- **Company Address**: 2.035 +- **Scope of Inspection by Supervisory Appraiser**: + - Subject Property Inspection: ASC Identifier 2.043 + - Exterior: 2.036 + - Interior: 2.037 + - Inspection Date: 2.038 + - VA Appraiser ID: 2.044 + - FHA Appraiser ID: 2.045 + - Employment Type: 2.046 + +## Significant Real Property Appraisal Assistance + +- **Name**: 2.047 + - **Credentials**: + - Level: 2.049 + - ID: 2.050 + - State: 2.051 + - Expires: 2.052 +- **Description**: 2.048 + +## Property Data Report + +- **Name**: 2.053 +- **Occupation**: 2.054 +- **Company Name**: 2.055 +- **Company Address**: 2.056 +- **Reference ID**: 2.057 +- **Subject Property Inspection**: + - Exterior: 2.058 + - Interior: 2.059 + - Inspection Date: 2.060 + +## Assignment Information and Scope of Work Commentary + +- **2.061** +- **Assignment Information Exhibits**: + - 2.062.1 | 2.062.2 + +## Appraisal Version + +- **#**: HF.002 +- **Appraiser Reference ID**: HF.005 +- **Agency Case File ID**: HF.006 +- **Fannie Mae | Freddie Mac**: HF.003 +- **Client Reference ID**: HF.007 +- **September 2024**: HF.004 +- **AMC Reference ID**: HF.008 + +```````markdown +# Uniform Residential Appraisal Report — F.001 + +**Page [Page] of [Pages]** + +## Subject Property + +### Physical Address + +- **3.000** Attachment Type: 3.004 +- **3.001** Alternate Physical Address: Units Excluding ADUs: 3.005 +- **3.002** County: Accessory Dwelling Units: 3.006 +- **3.003** Neighborhood Name: Dwellings Containing Units: 3.007 + +### Special Tax Assessments + +- **3.008** Yes/No: +- **3.010** Description of Special Tax Assessments and Impact to Value/Marketability: 3.009 + +### Property Type + +- **3.011** Planned Unit Development (PUD): +- **3.012** Condominium: +- **3.013** Cooperative: +- **3.014** Condop: +- **3.015** Property on Native American Lands: +- **3.016** Subject Site Owned in Common: +- **3.017** Homeowner Responsible for all Exterior Maintenance of Dwelling(s): +- **3.018** New Construction: +- **3.019** Construction Stage: + +## Ownership Rights + +### Property Rights Appraised + +- **3.020** All Rights Included in Appraisal: 3.027 +- **3.021** Community Land Trust: +- **3.022** Native American Lands: +- **3.023** Mineral Rights Leased: +- **3.024** Ground Rent Annual Amount: +- **3.025** Renewable: +- **3.026** Term: +- **3.027** Expires: +- **3.028** Description of Rights Not Included: 3.030 +- **3.029** Description of Ground Rent and Impact to Value/Marketability: 3.026 + +## Legal Description + +- **3.031** 3.031.1 | 3.031.2 + +## Subject Property Commentary + +- **3.032** + +## Subject Property Exhibits + +- **3.033.1** | **3.033.2** + +## Appraisal Version + +- **# HF.002** + +## Fannie Mae | Freddie Mac + +- **HF.003** September 2024 + +## Appraiser Reference + +- **ID HF.005** + +## Agency Case File + +- **ID HF.006** + +## Client Reference + +- **ID HF.007** + +## AMC Reference + +- **ID HF.008** + +```````markdown +# Uniform Residential Appraisal Report + +## Page [Page] of [Pages] + +### Total Site Size + +- **4.000** Number of Parcels: **4.002** +- **Dimensions**: 4.001 +- **Contiguous**: 4.003 + +### Elements Dividing Parcels + +- **4.004** + +### Assessor Parcel Number (APN) + +| APN | Description | Parcel Size | +| ----- | ----------- | ----------- | +| 4.005 | 4.006 | 4.007 | + +### Zoning Property Access + +- **Compliance**: 4.008 +- **Primary Access**: 4.020 +- **Classification Code**: 4.009 +- **Street Type and Surface**: 4.021 +- **Classification Code Description**: 4.010 +- **Known Maintenance Agreement**: 4.022 +- **Reasons Illegal**: 4.011 +- **Typical for Market**: 4.023 +- **Impact**: 4.012 +- **Description of Property Access**: 4.024 +- **Rebuildable to Current Density/Use**: 4.013 +- **Description of Zoning Compliance**: 4.014 + +### Property Use + +- **Primarily Residential**: 4.015 +- **Residential Use**: 4.016 +- **Non-Residential Use**: 4.017 +- **Non-Residential Modification**: 4.018 +- **Description of Non-Residential Use/Modification**: 4.019 + +### Site Influence + +| Influence | Proximity | Detail | Impact | Comment | +| --------- | --------- | ------ | ------ | ------- | +| 4.025 | 4.026 | 4.027 | 4.028 | 4.029 | + +### Site Influence Commentary + +- **4.030** + +### Water Frontage with Private Access + +- **Total Linear Measurement**: 4.031 +- **Permanent Waterfront Feature**: 4.032 + +### Right to Build + +| Frontage Name | Waterfront Access Rights | Access Depth | +| ------------- | ------------------------ | ------------ | ----- | +| 4.034 | 4.035 | 4.036 | 4.037 | + +### Water Frontage Commentary + +- **4.038** + +### View and Impact to Value/Marketability + +| View | Range of View | Impact | +| ----- | ------------- | ------ | +| 4.039 | 4.040 | 4.041 | + +### View Commentary + +- **4.042** + +### Site Features and Impact to Value/Marketability + +| Feature | Detail | Impact | Comment | +| ---------------------------- | ------ | ------ | ------- | ----- | +| Non-Residential Property Use | 4.043 | 4.044 | 4.045 | 4.046 | +| Hazard Zone | 4.047 | 4.048 | 4.049 | +| Property Restriction | 4.050 | 4.051 | 4.052 | 4.053 | +| Easement | 4.054 | 4.055 | 4.056 | 4.057 | +| Encroachment | 4.058 | 4.059 | 4.060 | 4.061 | +| Site Characteristic | 4.062 | 4.063 | 4.064 | 4.065 | + +### Site Features Commentary + +- **4.066** + +### Utilities and Impact to Value/Marketability + +- **Broadband Internet Available**: 4.967 +- **Dwelling/Improvement within Utility Easement**: 4.968 + +#### Private Utility + +| Public | Private | Detail | Impact | Comment | +| -------------- | ------- | ------ | ------ | ------- | ----- | ----- | +| Electricity | 4.069 | 4.070 | 4.071 | 4.072 | 4.073 | 4.074 | +| Gas | 4.075 | 4.076 | 4.077 | 4.078 | 4.079 | 4.080 | +| Sanitary Sewer | 4.081 | 4.082 | 4.083 | 4.084 | 4.085 | 4.086 | +| Water | 4.087 | 4.088 | 4.089 | 4.090 | 4.091 | 4.092 | +| 4.093 | 4.094 | 4.095 | 4.096 | 4.097 | 4.098 | + +### Appraisal Version + +- **# HF.002** + +### Fannie Mae | Freddie Mac + +- **HF.003** +- **September 2024 HF.004** + +### Appraiser Reference + +- **ID HF.005** +- **Agency Case File ID HF.006** +- **Client Reference ID HF.007** +- **AMC Reference ID HF.008** + +```````markdown +# Uniform Residential Appraisal Report 1F.001 + +Page [Page] of [Pages] + +## Apparent Defects, Damages, Deficiencies (Site) + +The items listed below represent the As Is condition as of the effective date of this report 4.099 + +| Feature Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +| ---------------- | ----------- | ----------------------------------------- | ------------------ | +| 4.100 | 4.101 | 4.102 | 4.103 | +| 4.104 | | | | + +## Site Valuation Methodology + +**Opinion of Site Value = 4.105** +**Primary Site Valuation Method 4.106** + +| Address | County | Data Source | Assessor Parcel Number (APN) | Site Size | Sale Date | Price | +| ------- | ------ | ----------- | ---------------------------- | --------- | --------- | ----- | +| 4.107 | 4.108 | 4.109 | 4.110 | 4.111 | 4.112 | 4.113 | +| 4.114 | | | | | | | + +### Reconciliation of Site Value 4.115 + +### Site Commentary + +4.116 + +### Site Exhibits + +4.117.1 | 4.117.2 +4.118.1 | 4.118.2 +4.119.1 | 4.119.2 +4.017.1 | 4.017.2 +4.020.1 | 4.020.2 +4.025.1 | 4.025.2 +4.032.1 | 4.032.2 +4.034.1 | 4.034.2 +4.039.1 | 4.039.2 +4.059.1 | 4.059.2 +4.063.1 | 4.063.2 +4.100.1 | 4.10.2 + +--- + +**Appraisal Version # HF.002** +**Appraiser ReferenceID = HF.005** +**Agency Case FileID HF.006** +**Fannie Mae | Freddie Mac HF.003** +**Client ReferenceID HF.007** + +**September 2024 HF.004** +**AMC ReferenceID HF.008** + +```markdown +# Uniform Residential Appraisal Report = 4F.001 + +Page [Page] of [Pages] + +## Disaster Mitigation + +### Mitigation Feature + +5.000 + +### Disaster Mitigation Commentary + +5.001 + +### Disaster Mitigation Exhibits + +5.002.1 | 5.002.2 + +--- + +**Appraisal Version #** HF.002 +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 +**Fannie Mae | Freddie Mac** HF.003 +**Client ReferenceID** HF.007 + +**September 2024** HF.004 +**AMC ReferenceID** HF.008 +``` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` +``````` diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_1.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_1.md new file mode 100644 index 0000000000000000000000000000000000000000..636a12e7dce7c529ad2302e4d92fbad21b4cf49d --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_1.md @@ -0,0 +1,17 @@ +```markdown +# UMDP Fannie Mae & Freddie Mac + +## UNIFORM MORTGAGE DATA PROGRAM + +### Uniform Appraisal Dataset (UAD) Specification + +**Issued by Fannie Mae and Freddie Mac** +**Appendix C-1: URAR with Report Field IDs** +**Document Version 1.2** + +**September 17, 2024** + +This document relates to the Uniform Mortgage Data Program®, an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. + +© 2024 Fannie Mae and Freddie Mac. Trademarks of the respective owners. +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_10.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_10.md new file mode 100644 index 0000000000000000000000000000000000000000..982509f46c33e93c486e66dcc3989697278a502a --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_10.md @@ -0,0 +1,69 @@ +```markdown +# Uniform Residential Appraisal Report — F.001 +Page [Page] of [Pages] + +## Energy Efficient and Green Features + +### Known Renewable Energy Components +**6.000** + +#### Renewable Energy Component Ownership Financing Arrangement +**6.001 | 6.002 | 6.003** + +### Known Building Certifications +**6.004** + +#### Building Certification Organization Certification Year Version Rating +**6.005 | 6.006 | 6.007 | 6.008 | 6.009** + +### Known Efficiency Ratings +**6.010** + +#### Green/Energy Efficiency Rating +**Organization | Rating | Score** +**6.011 | 6.012 | 6.013** + +--- + +## Energy Efficient and Green Features Impact to Value/Marketability + +### Impact to Value/Marketability +**6.014** + +### Description +**6.915** + +--- + +## Energy Efficient and Green Features Commentary +**6.016** + +--- + +## Energy Efficient and Green Features Exhibits +**6.017.1 | 6.017.2** + +--- + +## Appraisal Version # +**HF.002** + +**Fannie Mae | Freddie Mac** +**HF.003** +**September 2024** +**HF.004** + +--- + +## Appraiser ReferenceID +**HF.005** + +## Agency Case FileID +**HF.006** + +## Client ReferenceID +**HF.007** + +## AMC ReferenceID +**HF.008** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_11.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_11.md new file mode 100644 index 0000000000000000000000000000000000000000..51da06a7d858cb36f488a7c352d4e004e9ec95ef --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_11.md @@ -0,0 +1,30 @@ +```markdown +# Master Report Sketch_10_mv08 + +## Uniform Residential Appraisal Report — F.001 +Page [Page] of [Pages] + +### Sketch + +**Sketch or Floor Plan Not Available** +7.000 + +**Measurement Standard** +7.001 + +**7.002.1 | 7.002.2** + +### Sketch Commentary + +7.003 + +**Appraisal Version #** HF.002 +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 + +**Fannie Mae | Freddie Mac** HF.003 +**Client ReferenceID** HF.007 + +**September 2024** HF.004 +**AMC ReferenceID** HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_12.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_12.md new file mode 100644 index 0000000000000000000000000000000000000000..aa799570e29f87171792c86c0ae05135547dc518 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_12.md @@ -0,0 +1,92 @@ +```markdown +# Uniform Residential Appraisal Report + +**HF.001** + +Page [Page] of [Pages] + +## Dwelling Exterior - [Structure Identifier] + +| Subject Property Units in Structure | 8.001 | 8.000.1 | +|-------------------------------------|-------|---------| +| Structure Design | 8.002 | +| Floors in Building | 8.003 | +| Dwelling Style | 8.004 | +| Front Door Elevation | 8.005 | +| Townhouse End Unit | 8.006 LO | +| Townhouse Back to Back | 8.007 | +| Units Above or Below | 8.008 | +| Townhouse Location | 8.009 | +| Year Built | 8.010 | +| Construction Method | 8.011 | +| Converted Area | 8.012 | +| Converted Area and Similarity to Rest of Living Area | 8.013 | +| Factory Built Certification | 8.014 | +| Structure Volume | 8.015 | +| Window Surface Area | 8.016 | +| Attic | 8.017 | +| Remaining Economic Life | 8.018 | +| Effective Age | 8.019 | +| Commentary on Remaining Economic Life | 8.020 | +| Commentary on Effective Age | 8.021 | + +### Quality and Condition + +| Exterior Quality Rating | 8.022 | Exterior Condition Rating | 3.023 | + +The table below supports the Exterior Quality and Condition ratings and reflects the market value condition of this report 8.024 + +### Exterior Features + +| Feature Detail | Quality | Comment | Condition Status | Condition Comment | +|-------------------------|---------|---------|------------------|-------------------| +| Exterior Walls and Trim | 8.041 | 8.025 | 8.026 | 8.027 | 8.028 | +| Foundation | 8.041 | 8.029 | 8.030 | 8.031 | 8.032 | +| Roof | 8.041 | 8.033 | 8.034 | 8.035 | 8.036 | +| Windows | 8.041 | 8.037 | 8.038 | 8.039 | 8.040 | +| | 8.041 | 8.042 | 8.043 | 8.044 | 8.045 | + +### Noncontinuous Finished Area + +The table below depicts any finished area that is attached to the dwelling but separate and not directly accessible from any unit 8.046 + +| Finish | Total Area | Room Summary | Finished | +|--------|------------|--------------|----------| +| | 8.047 | 8.048 | | + +### Mechanical System Details + +| System Detail | Yes | No | +|-------------------------|-----|----| +| Heating | 8.049 | Core Heating System Below Grade | 8.052L] LO | +| Cooling | 8.051 | Other Mechanical Systems | 8.053 | + +### Apparent Defects, Damages, Deficiencies (Dwelling Exterior - [Structure Identifier]) 3.054 + +The items listed below represent the As Is condition as of the effective date of this report 8.055 + +| Affects Soundness or Recommended | Feature Location | Description | Structural Integrity | Action | +|----------------------------------|------------------|-------------|-----------------------|--------| +| 8.056 | 8.057 | 8.058 | 8.059 | 8.060 | + +### Dwelling Exterior Commentary +8.061 + +### Dwelling Exterior Exhibits + +| 8.062.1 | 8.062.2 | +|----------|---------| +| 8.000.1 | 8.000.2 | +| 8.047.1 | 8.047.2 | +| 8.056.1 | 8.056.2 | + +--- + +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 +**Client ReferenceID** HF.007 +**AMC Reference ID** HF.008 +**Appraisal Version #** HF.002 +**Fannie Mae | Freddie Mac** HF.003 +**September 2024** HF .004 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_13.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_13.md new file mode 100644 index 0000000000000000000000000000000000000000..fbb83118fd6048c9065e78ebc0d66de681ad8675 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_13.md @@ -0,0 +1,71 @@ +```markdown +# Uniform Residential Appraisal Report =F .001 +Page [Page] of [Pages] + +## Manufactured Home + +- **Manufacturer Name**: 9.000 +- **Attached to Permanent**: Yes +- **Year Installed**: 9.001 +- **Foundation**: 9.003 +- **Moved Since Original Installation**: 9.002 +- **Towing Hitch, Wheels, Axles Removed**: 9.004 +- **Manufactured Home Width**: 9.005 +- **Skirting**: 9.006 + +**Yes** | **No** + +Have there been any modifications, attachments, or additions that rely on or have altered the original structure for support? LI + +- **Modification, Attachment, or Addition**: 9.008 +- **Description of Modification, Attachment, or Addition**: 9.009 + +9.007 + +## HUD Data Plate + +- **HUD Data Plate Attached**: 9.010 +- **HUD Wind Zone**: 9.013 +- **Date of Manufacture**: 9.011 +- **HUD Thermal Zone**: 9.014 +- **Serial Number**: 9.012 +- **HUD Roof Load Zone**: 9.015 + +## HUD Certification Label + +- **Label Present for All Sections**: 9.016 +- **HUD Certification Number**: 9.017 + +## Manufactured Home Certification Program + +- **Certification Identifier**: 9.018 | 9.019 + +## Invoice Information + +- **Purchased from Retailer**: 9.020 +- **Retailer’s Invoice Reviewed**: 9.022 +- **Retailer Name**: 9.021 +- **Manufacturer’s Invoice Reviewed**: 9.023 +- **Invoice(s) Appear Reasonable**: 9.024 + +**Commentary on Why Invoice(s) Not Reasonable**: 9.025 + +## Manufactured Home Commentary + +9.026 + +## Manufactured Home Exhibits + +9.027.1 | 9.027.2 +9.010.1 | 9.010.2 +9.017.1 | 9.017.2 +9.018.1 | 9.018.2 + +## Appraisal Version # HF.002 +**Appraiser ReferenceID**: HF.005 +**Agency Case FileID**: = HF.006 +**Fannie Mae | Freddie Mac**: HF.003 +**Client ReferenceID**: HF.007 +**September 2024**: HF.004 +**AMCReferenceID**: HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_14.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_14.md new file mode 100644 index 0000000000000000000000000000000000000000..2275438916637444ad6980be3078461ef3b7b6c1 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_14.md @@ -0,0 +1,121 @@ +```markdown +# Uniform Residential Appraisal Report +**F.001** +Page [Page] of [Pages] + +**10.000 10.001 10.002** + +## Unit Interior - [Outbuilding Type] - [Structure Identifier] - [Unit Identifier] + +### Area Breakdown Levels in Unit 10.017 +- **Finished Above Grade** 10.003 + - Floor Number 10.018 +- **Finished Above Grade (Nonstandard)** 10.004 + - Corner Unit 10.019 +- **Unfinished Above Grade** 10.005 + - Occupancy 10.020 +- **Finished Below Grade** 10.006 + - Utilities Separately Metered 10.021 +- **Finished Below Grade (Nonstandard)** 10.007 + - Utilities Operating 10.022 +- **Unfinished Below Grade** 10.008 + - Total Bedrooms 10.023 + +### Area Data Source 10.009 +- Total Bathrooms - Full 10.024 +- Total Bathrooms - Half 10.025 + +### Below Grade Finish Compared to Above 10.010 +- Non-Residential Use in Unit 10.026 + +**Yes** | **No** +- Live/Work Space 10.027 +- ADU 10.011 +- CL) LO Allowable Work Space 10.028 +- Legally Rentable 10.012 + +### Data Source 10.013 +- Typical for Market 10.014 +- Ingress/Egress 10.015 +- Separate Postal Address 10.016 + +--- + +## Level and Room Detail + +| Level in Unit | Grade Level Detail | Finish Area | Room Summary | +|---------------|--------------------|-------------|--------------| +| 10.029 | 10.030 | 10.031 | 10.032 | + +--- + +## Quality and Condition + +- **Interior Quality Rating** 10.034 +- **Interior Condition Rating** 10.035 + +The tables below support the Interior Quality and Condition ratings and reflect the market value condition of this report 10.036 + +--- + +## Kitchen and Bathroom Details + +| Room Update Status | Time Frame | Quality Comment | Condition Status | Condition Comment | +|--------------------|------------|-----------------|------------------|-------------------| +| 10.037 | 10.038 | 10.039 | 10.040 | 10.041 | + +### Overall Update Status for Bathrooms 10.043 + +--- + +## Interior Features + +| Feature Detail | Quality Comment | Condition Status | Condition Comment | +|----------------|-----------------|------------------|-------------------| +| 10.044 | 10.045 | 10.046 | 10.047 | + +### Overall Update Status for Flooring 19.049 + +--- + +## Accessibility Features for Individuals with Disabilities + +| Feature | Comment | +|---------|---------| +| 10.050 | 10.051 | + +--- + +## Apparent Defects, Damages, Deficiencies +**(Unit Interior - [Outbuilding Type] - [Structure Identifier] - [Unit Identifier])** + +The items listed below represent the As Is condition as of the effective date of this report 10.055 + +| Feature | Location | Description | Structural Integrity | Recommended Action | +|---------|----------|-------------|----------------------|--------------------| +| 10.056 | 10.057 | 10.058 | 10.059 | 10.060 | + +--- + +## Unit Interior Commentary +10.061 + +--- + +## Unit Interior Exhibits +10.062.1 | 10.062.2 +10.033.1 | 10.033.2 +10.044.1 | 10.044.2 +10.056.1 | 10.056.2 + +--- + +## Appraisal Version # HF.002 +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 +**Fannie Mae | Freddie Mac** HF.003 +**Client ReferenceID** HF.007 + +**September 2024** HF.004 +**AMC ReferenceID** HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_15.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_15.md new file mode 100644 index 0000000000000000000000000000000000000000..49860c23f723ce078c4088b45995fc2ee2df35ca --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_15.md @@ -0,0 +1,41 @@ +```markdown +# Uniform Residential Appraisal Report HF.001 + +Page [Page] of [Pages] + +## Functional Obsolescence + +**Functionallssues** +11.000 + +### Functional Obsolescence Commentary + +11.001 + +### Functional Obsolescence Exhibits + +11.002.1 | 11.002.2 + +--- + +**Appraisal Version #** +HF.002 + +**Appraiser ReferenceID** +HF.005 + +**Agency Case FileID** +HF.006 + +**Fannie Mae | Freddie Mac** +HF.003 + +**Client ReferenceID** +HF.007 + +**September 2024** +HF.004 + +**AMC ReferenceID** +HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_16.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_16.md new file mode 100644 index 0000000000000000000000000000000000000000..c70a760f864e7e2b2946e23cfa8e4512af86c00f --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_16.md @@ -0,0 +1,91 @@ +```markdown +# Uniform Residential Appraisal Report — F.001 +Page [Page] of [Pages] + +## Outbuilding - [Outbuilding Type] +**Bian** + +**Considered Real Property** +12.002 42.007.1 | 12.007.2 + +**Units in Structure** +12.003 + +**Attached to Permanent Foundation** +12.004 + +**Structure Volume** +12.005 + +**Gross Building Area** +12.006 + +Gross Building Area for the outbuilding includes area for vehicle storage, ADU(s), and any other uses. + +### Detail +**Yes** | **No** +The table below depicts the area of the outbuilding, excluding vehicle storage and any ADU(s). + +**Heating** +12.008 [ ] | [ ] + +**Cooling** +12.009 + +**Finish** | **Total Area** | **Room Summary** +**Utilities** +12.010 + +**Finished** +12.011 | 12.012 + +**Unfinished** +12.013 + +### Mechanical System Details +**System Detail** | **Other Mechanical Systems** +42.017 + +**Heating** +12.014 | 12.015 + +**Cooling** +12.016 + +### Apparent Defects, Damages, Deficiencies ([Outbuilding Type]) +12.018 + +The items listed below represent the *As Is* condition as of the effective date of this report. +12.019 + +| **Feature** | **Location** | **Description** | **Structural Integrity** | **Recommended Action** | +|-------------|--------------|-----------------|--------------------------|-------------------------| +| 12.020 | 12.021 | 12.022 | 12.023 | 12.024 | + +### Outbuilding Commentary +12.025 + +### Outbuilding Exhibits +12.026.1 | 12.026.2 + +### Appraisal Version # +HF.002 + +**Appraiser ReferenceID** +HF.005 + +**Agency Case FileID** +HF.006 + +**Fannie Mae | Freddie Mac** +HF.003 + +**Client ReferenceID** +HF.007 + +**September 2024** +HF.004 + +**AMC ReferenceID** +HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_17.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_17.md new file mode 100644 index 0000000000000000000000000000000000000000..167324bfcd7ff0cd17dccce82f2ec26eea116941 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_17.md @@ -0,0 +1,42 @@ +```markdown +# Uniform Residential Appraisal Report — 11F.001 + +Page [Page] of [Pages] + +## Vehicle Storage + +### 13.000 +**Storage Number of Parking Spaces Detail** +13.001 | 13.002 | 13.003 + +### Apparent Defects, Damages, Deficiencies (Vehicle Storage) + +#### 13.004 +The items listed below represent the As Is condition as of the effective date of this report. + +| Feature Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|------------------|-------------|-------------------------------------------|---------------------| +| 13.005 | 13.006 | 13.007 | | +| 13.008 | 13.009 | | | + +### Vehicle Storage Commentary +#### 13.010 + +### Vehicle Storage Exhibits +13.011.1 | 13.011.2 +13.001.1 | 13.001.2 +13.005.1 | 13.005.2 + +--- + +**Appraisal Version #** HF.002 + +**Fannie Mae | Freddie Mac** HF.003 +**September 2024** HF.004 + +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** = HF.006 +**Client ReferenceID** HF.007 + +**AMC ReferenceID** HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_18.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_18.md new file mode 100644 index 0000000000000000000000000000000000000000..c3a4fb2ae5d1ea29245df5201fc0f438c7ffb5a7 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_18.md @@ -0,0 +1,33 @@ +```markdown +# Uniform Residential Appraisal Report =F .001 +Page [Page] of [Pages] + +## Subject Property Amenities + +**14.000** +**Amenity Category** | **Subject Property Amenity** | **Material Detail** +14.001 | 14.002 | 14.003 | 14.004 + +## Apparent Defects, Damages, Deficiencies (Subject Property Amenities) + +The items listed below represent the *As Is* condition as of the effective date of this report **14.005**. + +**Feature** | **Location** | **Description** | **Affects Soundness or Structural Integrity** | **Recommended Action** +14.006 | 14.007 | 14.008 | 14.009 | 14.010 + +## Subject Property Amenities Commentary +**14.011** + +## Subject Property Amenities Exhibits +**14.012.1** | **14.012.2** +**14.002.1** | **14.002.2** +**14.006.1** | **14.006.2** + +--- + +**Appraisal Version #** HF.002 | **Appraiser ReferenceID** HF.005 +**Agency Case FileID** = HF.006 +**Fannie Mae | Freddie Mac** HF.003 | **Client ReferenceID** = HF.007 + +**September 2024** HF.004 | **AMC ReferenceID** HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_19.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_19.md new file mode 100644 index 0000000000000000000000000000000000000000..2dc5c1f584447708b684925df673592fba63193d --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_19.md @@ -0,0 +1,28 @@ +```markdown +# Uniform Residential Appraisal Report F.001 +Page [Page] of [Pages] + +## Overall Quality and Condition + +| **Quality** | **Condition** | +|-------------|---------------| +| Overall Quality: 15.000 | Overall Condition: 15.005 | +| Exterior Quality - [Structure Identifier]: 19-001 15.002 | Exterior Condition - [Structure Identifier]: 15.006 15.007 | +| Interior Quality - [Unit Identifier]: 15.003 15.004 | Interior Condition - [Unit Identifier]: 15.008 15.009 | + +## Reconciliation of Overall Quality and Condition + +15.010 + +--- + +**Appraisal Version #**: HF.002 +**Appraiser Reference ID**: HF.005 + +**Agency Case File ID**: HF.006 +**Fannie Mae | Freddie Mac**: HF.003 +**Client Reference ID**: HF.007 + +**September 2024**: HF.004 +**AMC Reference ID**: HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_2.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_2.md new file mode 100644 index 0000000000000000000000000000000000000000..532639f6aba9b5b5c312e7c31452c6f07186fe4e --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_2.md @@ -0,0 +1,32 @@ +```markdown +# Revision History + +| Date Version | Report Section Change # | Revision Description | +| ------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------- | --- | +| Footer 2024-028 | Updated date in Footer (HF.004) to September 2024. | 1.2 | +| 2024-024 | Deleted Property Value Trend (17.020). | | +| Income Approach 2024-051 | Corrected Report Field IDs for GRM Comp photos and captions (added 24.009.2). | | +| Revision History 2024-043 | Added the Reconsideration of Value subsection (27.003-27.006). | | +| 2023-061 | Updated date in Footer (HF.004) to December 2023. | | +| 2023-001 | Removed the “Under Review” watermark. | | +| | Deleted Subject Conforms to Surrounding Area (17.000), Reason (17.001), and Description | 12/12/2023 | 1.1 | +| 9/17/2024 | 2023-031 | (17.002). | +| | Changed Report Label to Market Area Boundary (17.003). | | +| | Updated predefined text for Appraiser Certifications 18 (29.038), 24 (29.045), and 25 (29-046), and all Supervisory Appraiser Certifications (29.056-060, 29.071-074). | | +| 2023-003 | Clarified that Contact Name(s) (29.042) display for Appraiser Certification 21. | | +| 3/29/2023 | [10 | TC Mnitial publication | | + +# Certifications and Scope of Work + +## Introduction + +The purpose of this document is to show all possible Report Labels that may display on the URAR, regardless of conditionality. This is not intended to represent a realistic report as an appraisal will never contain all of the available fields in one report. The red superimposed number is the Report Field ID. + +## Definition + +- **Report Label**: The name of the field as shown on the URAR. +- **Report Field ID (FID)**: A red number identifying the specific location of the field on the URAR. Report Field ID (FID) is also referenced in: + - Appendix A-1: UAD URAR Delivery Specification + - Appendix B-1: URAR Implementation Guide + - Appendix F-1: URAR Reference Guide +``` diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_20.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_20.md new file mode 100644 index 0000000000000000000000000000000000000000..a3c001cd7909308c964fc55a5f194f88a563f5fa --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_20.md @@ -0,0 +1,41 @@ +```markdown +# Uniform Residential Appraisal Report 1F.001 +Page [Page] of [Pages] + +## Highest and Best Use + +**Is the present use of the subject property...** + +- **Legally Permissible**: 16.000 +- **Financially Feasible**: 1°00 +- **Physically Possible**: 16.001 +- **Maximally Productive**: 16.003 + +**Yes** | **No** + +**Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?** LI + +### Highest and Best Use Commentary +16.005 + +### Highest and Best Use Exhibits +16.006.1 | 16.006.2 + +16.004 + +--- + +**Appraisal Version #**: HF.002 +**Appraiser Reference ID**: +**Agency Case File ID**: +**Fannie Mae | Freddie Mac**: HF.003 +**Client Reference ID**: + +**September 2024** +**AMC Reference ID**: HF.004 + +HF.005 +HF.006 +HF.007 +HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_21.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_21.md new file mode 100644 index 0000000000000000000000000000000000000000..9e060e8ace39041445270fc32a66d803243ebae7 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_21.md @@ -0,0 +1,52 @@ +```markdown +# Uniform Residential Appraisal Report HF.001 + +Page [Page] of [Pages] + +## Market Area Boundary 17.003 +Search Criteria Description 17.004 + +### Search Result Metrics + +- **Active Listings 17.005** +- **Sales in Past Months 17.012** +- **Median Days on Market 17.006** +- **Lowest Sale Price 17.013** +- **Lowest List Price 17.007** +- **Median Sale Price 17.014** +- **Median List Price 17.008** +- **Highest Sale Price 17.015** +- **Highest List Price 17.009** +- **Distressed Market Competition 17.016** + +- **Pending Sales 17.010** +- **Graph 17.017** + +- **Price Trend Source 17.018** + +- **Price Trend Analysis Commentary 17.019** + +## Housing Trends + +- **Demand/Supply 17.021** +- **Marketing Time 17.022** + +## Market Commentary +17.023 + +## Market Exhibits + +- **17.024.1 | 17.024.2** +- **17.017.1 | 17.017.2** + +## Appraisal Version # HF.002 + +- **Fannie Mae | Freddie Mac HF.003** +- **September 2024 HF.004** + +- **Appraiser Reference ID HF.005** +- **Agency Case File ID HF.006** +- **Client Reference ID HF.007** + +- **AMC Reference ID HF.008** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_22.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_22.md new file mode 100644 index 0000000000000000000000000000000000000000..8d65c4a935949f322408385322724ef3337a29ff --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_22.md @@ -0,0 +1,250 @@ +```markdown +# Uniform Residential Appraisal Report =F .001 Page [Page] of [Pages] + +## 18.000 +### 18.001 +### 18.002 +### 18.003 +- **Planned Unit Development (PUD)** + [| | Condominium L] Cooperative |] _Condop L1| + +### 18.004 +- **Project Name** +- **Project Completeness** + +### 18.005 +- **Project Information DataSource** + - Yes + - No + +### 18.006 +- **Total Units** +- **Are units, common areas, and amenities in project complete?** + - 18.016 L] L] + +### 18.007 +- **Units Sold** + +### 18.008 +- **Units for Sale** +- **Subject Property Building Complete** + - 18.017L)J + +### 18.009 +- **Units Rented** +- **Converted in Past 3 Years** + - 18.018L] LJ + +### 18.010 +- **Reason Units Rented is Estimated** +- **Ground Rent** + - 18.019L] LI + +### 18.011 +- **Mandatory Fees (HOA, PUD, or Co-op)** + - **Annual Amount** + - 18.020 + - **Monthly Amount** + - 18.011 + - **Expires** + - 18.021 + +### 18.012 +- **Common Amenities/Description of Ground Rent** + - 18.022 + +### 18.013 +- **Utilities Included** + - Yes + - No + +### 18.014 +- **Observed Deficiencies** + - L} LJ + +### 18.015 +- **Description of Deficiencies** + +--- + +## Cooperative Information + +### 18.023 +- **Shares Issued and Outstanding** +- **Proprietary Lease Expires** + - 18.025 + +### 18.024 +- **Shares Attributable to Subject Property** + +--- + +### 18.026 +- **Project Blanket Financing** + - [] L] + +### 18.027 +- **Pro Rata Share** + +--- + +## Lien Detail + +### First Lien 18.028 +- **Unpaid Principal Balance** + - 18.029 +- **Line of Credit** + - 18.030 +- **Balloon Mortgage** + - 18.031 +- **Remaining Term** + - 18.032 +- **Monthly Payment** + - 18.033 +- **Interest Rate** + - 18.034 +- **Amortization Type** + - 18.035 +- **Pro Rata Share of Balance Attributable to Unit** + - 18.036 + +### Second Lien 18.037 +- **Unpaid Principal Balance** + - 18.038 +- **Line of Credit** + - 18.039 +- **Balloon Mortgage** + - 18.040 +- **Remaining Term** + - 18.041 +- **Monthly Payment** + - 18.042 +- **Interest Rate** + - 18.043 +- **Amortization Type** + - 18.044 +- **Pro Rata Share of Balance Attributable to Unit** + - 18.045 + +### Third Lien 18.046 +- **Unpaid Principal Balance** + - 18.047 +- **Line of Credit** + - 18.048 +- **Balloon Mortgage** + - 18.049 +- **Remaining Term** + - 18.050 +- **Monthly Payment** + - 18.051 +- **Interest Rate** + - 18.052 +- **Amortization Type** + - 18.053 +- **Pro Rata Share of Balance Attributable to Unit** + - 18.054 + +### Fourth Lien 18.055 +- **Unpaid Principal Balance** + - 18.056 +- **Line of Credit** + - 18.057 +- **Balloon Mortgage** + - 18.058 +- **Remaining Term** + - 18.059 +- **Monthly Payment** + - 18.060 +- **Interest Rate** + - 18.061 +- **Amortization Type** + - 18.062 +- **Pro Rata Share of Balance Attributable to Unit** + - 18.063 + +--- + +## Project Factors and Impact to Value/Marketability + +### Project Factor Detail +- **Developer/Sponsor in Control** + - 18.064 + - 18.074 + - 18.084 + +- **Incomplete Project** + - 18.065 + - 18.075 + - 18.085 + +- **Converted in Past 3 Years** + - 18.066 + - 18.076 + - 18.086 + +- **Single Entity Ownership of Multiple Units** + - 18.067 + - 18.077 + - 18.087 + +- **Single Entity Ownership of Multiple Shares** + - 18.068 + - 18.078 + - 18.088 + +- **Commercial Space** + - 18.069 + - 18.079 + - 18.089 + +- **Known Legal Actions** + - 18.070 + - 18.080 + - 18.090 + +- **Unit Transfer Fees** + - 18.071 + - 18.081 + - 18.091 + +- **Unit Special Assessments** + - 18.072 + - 18.082 + - 18.092 + +- **Unit Tax Abatements or Exemptions** + - 18.073 + - 18.083 + - 18.093 + +--- + +### Project Factors Commentary +- 18.094 + +### Project Information Commentary +- 18.095 + +--- + +## Project Information Exhibits +- 18.096.1 | 18.096.2 +- 18.012.1 | 18.012.2 +- 18.014.1 | 18.014.2 + +--- + +## Appraisal Version # HF.002 +- **Appraiser ReferenceID** + - HF.005 + +## Agency Case FileID = HF.006 +- **Fannie Mae | Freddie Mac** + - HF.003 +- **Client ReferenceID** + - HF.007 + +## September 2024 HF.004 +- **AMC ReferenceID** + - HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_23.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_23.md new file mode 100644 index 0000000000000000000000000000000000000000..6510613357fdbdd6421cd38fb454fd1d2ad207d0 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_23.md @@ -0,0 +1,34 @@ +```markdown +# Uniform Residential Appraisal Report +**F .001** +Page [Page] of [Pages] + +## Subject Listing Information +Current and/or relevant listings of the subject property (minimum 1 year look back) + +**Current or Relevant Listings**: 19.000 + +### Data Source: 19.001 + +| Starting Current or Listing Status | Listing Type | Listing ID | Start Date | End Date | DOM | List Price | Final List Price | Total DOM | +|------------------------------------|--------------|------------|------------|----------|-----|------------|------------------|-----------| +| 19.002 | 19.003 | 19.004 | 19.005 | 19.006 | 19.007 | 19.008 | 19.009 | | + +### Analysis of Subject Property Listing History +19.011 + +### Subject Listing Information Exhibits +19.012.1 | 19.012.2 + +--- + +**Appraisal Version #**: HF.002 +**Appraiser Reference ID**: HF.005 +**Agency Case File ID**: HF.006 + +**Fannie Mae | Freddie Mac**: HF.003 +**Client Reference ID**: HF.007 + +**September 2024**: HF.004 +**AMC Reference ID**: HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_24.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_24.md new file mode 100644 index 0000000000000000000000000000000000000000..ec8e1a75be5fbbee2d7df5bbe4480f1c0d13b5cf --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_24.md @@ -0,0 +1,38 @@ +```markdown +# Uniform Residential Appraisal Report +**=F .001** +Page [Page] of [Pages] + +## Sales Contract + +- **Yes** + - **No** + - **Contract Price**: 20.004 +- **Is there a sales contract?**: 20.000L] LI + - **Contract Date**: 20.005 +- **Was sales contract information analyzed?**: 20.001L) LJ + - **Transfer Terms**: 20.006 +- **Does this appear to be an arm’s length transaction?**: sore L + - **Personal Property Conveyed**: 20.007 +- **Non-Arm’s Length Commentary**: 20.003 + - Personal property is not included in the appraiser’s final opinion of value +- **Financial Sales Concessions**: Financial assistance paid by or on behalf of the seller as an inducement to purchase the subject property + - **Known Sales Concessions**: 20.008 + - **Total Sales Concessions**: 20.009 + - **Typical for Market**: 20.010 + +## Sales Contract Analysis +20.011 + +## Sales Contract Exhibits +20.012.1 | 20.012.2 + +## Appraisal Version +**# HF.002** +- **Appraiser ReferenceID**: HF.005 +- **Agency Case FileID**: = HF.006 +- **Client ReferenceID**: HF.007 +- **Fannie Mae | Freddie Mac**: HF.003 +- **AMC ReferenceID**: HF.008 +- **September 2024**: HF.004 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_25.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_25.md new file mode 100644 index 0000000000000000000000000000000000000000..74b32b2a4f9b7ffc17de0defb2b38726a95e01f2 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_25.md @@ -0,0 +1,44 @@ +```markdown +# 21 + +## Uniform Residential Appraisal Report = 1F.001 +Page [Page] of [Pages] + +### Prior Sale and Transfer History + +#### Subject Transfer History + +**Prior sales and/or transfers of the subject property (minimum 3 year look back)** +**Prior Sales or Transfers**: 21.000 + +| Data Source | Transfer Terms | Date | Amount | Data Source | +|-------------|----------------|------|--------|-------------| +| 21.001 | 21.002 | 21.003 | 21.004 | 21.005 | + +**Analysis of Prior Sale and Transfer History of Subject Property**: 21.006 + +#### Comparable Transfer History + +**Prior sales and/or transfers of the comparable properties from the ‘Sales Comparison Approach’ section (minimum 1 year look back)** + +| # | Transfer Terms | Date | Amount | Data Source | +|---|----------------|------|--------|-------------| +| 007 | 21,008 | 21.009 | 21.010 | 21.011 | + +**Analysis of Prior Sale and Transfer History of Comparable Sales**: 21.012 + +### Prior Sale and Transfer History Exhibits + +21.013.1 | 21.013.2 + +--- + +**Appraisal Version #**: HF.002 +**Appraiser ReferenceID**: HF.005 +**Agency Case FileID**: = HF.006 +**Fannie Mae | Freddie Mac**: HF.003 +**Client ReferenceID**: HF.007 + +**September 2024**: HF.004 +**AMC ReferenceID**: HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_26.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_26.md new file mode 100644 index 0000000000000000000000000000000000000000..27f61952c5ea3747b74d0dee8a3827ff57d31035 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_26.md @@ -0,0 +1,72 @@ +```markdown +# Uniform Residential Appraisal Report HF.001 +Page [Page] of [Pages] + +## Sales Comparison Approach + +### Subject Property Comparable # 22.01.16 Comparable # Comparable # + +#### General Information + +| Property Address | 22.01.01 | 22.01.17 | +|-------------------|----------|----------| +| | 22.01.01.1 | 22.01.17.1 | + +| Days on Market | 22.01.07 | 22.01.34 | +|----------------|----------|----------| +| Sale to List Price Ratio | 22.01.35 | 22.01.36 | + +| Attached/Detached | 22.01.08 | 22.01.37 | 22.01.38 | +|-------------------|----------|----------|----------| +| Property Rights Appraised | 22.01.09 | 22.01.39 | 22.01.40 | + +#### Native American Lands +- All Rights Included +- Rights Not Included | 22.01.18 | + +| Same Builder as Subject | 2.0147 | +|-------------------------|--------| +| | 22.01.14 | 22.01.48 | 22.01.49 | + +#### Project Name +| Same | 22.02.01 | 22.02.06 | +|------|----------|----------| +| Project as Subject | + +| Monthly Fee | 22.02.02 | 22.02.07 | +|-------------|----------|----------| +| Common Amenities/Services | 22.02.03 | 22.02.08 | + +| Special Assessments | 22.02.04 | 22.02.09 | + +### Site + +| Neighborhood Name | 22.03.03 | 22.03.22 | 22.03.23 | +|-------------------|----------|----------|----------| + +| Site Size | po | +|-----------|----| + +| Topography | po | +|------------|----| + +#### Conditions +- Water Frontage with Private Access + +| Water Frontage | 22.04.01 | 22.04.06 | +|----------------|----------|----------| +| Permanent Waterfront Feature | 22.04.02 | 22.04.07 | +| Right to Build | 22.04.03 | 22.04.08 | +| Total Linear Measurement | 22.04.04 | 22.04.09 | + +--- + +**Appraisal Version#**: HF.002 +**Appraiser ReferenceID**: HF.005 +**Agency Case FileID**: HF.006 +**Fannie Mae | Freddie Mac**: HF.003 +**Client ReferenceID**: HF.007 + +**September 2024**: HF.004 +**AMC ReferenceID**: HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_27.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_27.md new file mode 100644 index 0000000000000000000000000000000000000000..5ca9bca54c498057250b6cd1fefab974924e026f --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_27.md @@ -0,0 +1,93 @@ +```markdown +# Uniform Residential Appraisal Report F.001 + +## Property Address + +### Dwelling(s) + +#### Subject Property Comparable # + +Page [Page] of [Pages] + +| Comparable # | Comparable # | +|--------------|--------------| +| Year Built | 22.05.21 | 2205.228 | S | $ | +| Structure Design | 22.05.23 | 22.05.24 | SSS | $ | +| Gross Building Finished Area | 22.05.04 | 22.05.25 | 22.05.26 | $ | $ | +| Noncontinuous | 22.05.27 | 22.05.28 | $ | | +| Finished Area | | | | | + +| Townhouse Back to Back | 22.05.07 | 22.05.31 | 22.05.32 | $ | $ | +| Townhouse Location | 22.05.33 | 22.05.34 | $ | | +| Construction Method | 22.05.35 | 22.05.36 | pf | $ | +| Manufactured Home Width | 22.05.10 | 22.05.37 | 22.05.38 | $ | $ | +| Dwelling Style | 22.05.39 | 22.05.408 | $ | | +| Window Surface Area | 22.05.13 | 22.05.43 | 22.05.44 | $ | > | +| Functional Issues | 22.05.45 | 22.05.46 | $ | | +| Disaster Mitigation | 22.05.15 | 22.05.47 | 22.05.48 | SS | $ | +| Heating | 22.05.16 | 22.05.49 | 22.05.50 | $ | $ | +| Cooling | 22.05.51 | 22.05.52 | $ | | +| 22.05.18 | 22.05.19 | 22.05.53 | 22.05.54 | $ | $ | +| Energy Efficient and Green Features | Po | g | | + +### Renewable Energy Component + +| 22.06.01 | 22.06.05 | +|----------|----------| + +### Building Certification Efficiency Rating + +| 22.06.02 | 22.06.06 | +|----------|----------| +| 22.06.03 | 22.06.07 | + +### Unit(s) + +| Floor Number | 22.07.03 | 22.07.20 | 22.07.21 | $ | $ | +| Corner Unit | 22.07.22 | 22.07.2838 | $ | | +| Bedrooms | 22.07.06 | 22.07.26 | 22.07.27 | $ | $ | +| Baths - Full | Half | 22.07.28 | 22.07.29 | § | +| Finished Area Above Grade | 22.07.08 | 22.07.30 | 22.07.315 | $ | $ | +| Finished Area Above | 22.07.09 | 22.07.32 | 22.07.33 | § | $ | +| Grade (Nonstandard) | Grade | | | | +| Finished Area Below Grade | 22.07.11 | 22.07.36 | 22.07.37 | a | $ | +| Finished Area Below Grade (Nonstandard) | 22.07.12 | 22.07.38 | 22.07.39 | | +| Below Grade | 22.07.13 | 22.07.40 | 22.07.41 | | +| Features for Individuals | $ | pS | | +| w/Disabilities | 22.07.14 | 22.07.42 | 22.07.43 | | + +| 22.07.15 | 22.07.16 | 22.07.44 | 22.07.45 | $ | $ | + +### Quality and Condition (Ratings: 1-6, 1 is highest) + +#### Exterior Quality and Condition + +| Structure ID | 22.08.01 | ozo | +| Quality | 22.08.02 | 22.08.17 | —EEE | +| Foundation | 2208.04 | fr | zzoatg | fF | +| Windows | 22.08.06 | 22.08.21 | | + +| 22.08.07 | 220.08 | fi | zzonz2 | fF | +| Condition | 22.08.09 | 22.08.23 | —EEE | +| Foundation | pe2o8.t1 | fz | | +| Windows | 22.08.13 | 22.08.27 | | + +| 22.08.14 | 22.08.15 | zzozp | | + +## Appraisal Version # HF.002 + +### Fannie Mae | Freddie Mac +September 2024 + +| HF.003 | HF.004 | +|--------|--------| + +| HF.005 | HF.006 | HF.007 | HF.008 | +|--------|--------|--------|--------| + +### Appraiser Reference ID +### Agency Case File ID +### Client Reference ID + +### AMC Reference ID +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_28.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_28.md new file mode 100644 index 0000000000000000000000000000000000000000..73977a8d31fa7c132c5ac9e3acd2809ed80c5da3 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_28.md @@ -0,0 +1,118 @@ +```markdown +# Uniform Residential Appraisal Report F.001 + +Page [Page] of [Pages] + +| Subject Property | Comparable # | Comparable # | Comparable # | +|------------------|--------------|--------------|--------------| +| Property Address | | | | + +## Interior Quality and Condition + +| Structure ID | Unit ID 22.09.02 | 22.09.18 | +|--------------|------------------|----------| +| **Overall Bathrooms** | 22.09.05 | 22.09.21 | +| **Quality** | 22.09.03 | 22.09.19 | +| **Kitchen** | 22.09.04 | 22.09.20 | +| **Overall Flooring** | 22.09.06 | 22.09.22 | +| **Walls and Ceiling** | 22.09.07 | 22.09.23 | +| **Condition** | 22.09.10 | 22.09.25 | +| **Kitchen** | 22.09.11 | 22.09.26 | +| **Overall Bathrooms** | 22.09.12 | 22.09.27 | +| 22.09.08 | 22.09.09 | 22.09.24 | +| **Overall Flooring** | 22.09.13 | 22.09.28 | +| **Walls and Ceiling** | 22.09.14 | 22.09.29 | +| 22.09.15 | 22.09.16 | 22.09.30 | + +## ADU Interior Quality and Condition + +| **Location of ADU** | 22.10.01 | 22.10.16 | +|---------------------|----------|----------| +| **Quality** | 22.10.02 | 22.10.17 | +| **Kitchen** | 22.10.03 | 22.10.18 | +| **Overall Bathrooms** | 22.10.04 | 22.10.19 | +| **Overall Flooring** | 22.10.05 | 22.10.20 | +| **Condition** | 22.10.09 | 22.10.23 | +| **Walls and Ceiling** | 22.10.06 | 22.10.21 | +| 22.10.07 | 22.10.08 | 22.10.22 | +| **Kitchen** | 22.10.10 | 22.10.24 | +| **Overall Bathrooms** | 22.10.11 | 22.10.25 | +| **Overall Flooring** | 22.10.12 | 22.10.26 | +| **Walls and Ceiling** | 22.10.13 | 22.10.27 | +| 22.10.14 | 22.10.15 | 22.10.28 | + +## Overall Quality and Condition (Ratings: 1-6, 1 is highest) + +### Quality + +| 22.11.02 | 22.11.05 | 22.11.06 $ | +|----------|----------|------------| + +### Condition + +## Property Amenities + +### Outdoor Accessories + +### Outdoor Living + +| 22.11.01 gtios —earroas{ | sf | +|--------------------------|----| + +| 22.12.01 | 22.1206 jaaazo7s| | Sf | +|----------|-----------------|---|----| + +| Ur | | +|---|--| + +### Water Features + +### Whole Home + +| 22.12.04 | 22.12.12 | 22.12.13 $ | +|----------|----------|------------| + +| 22.12.05 | 22.12.14 | 22.12.15 $ | +|----------|----------|------------| + +### Miscellaneous + +| 22.12.03 | 22.12.10 | 22.12.11 | +|----------|----------|----------| + +| 22.13.05 | | +|----------|--| + +### Vehicle Storage + +| Type | Spaces | Detail 22.13.01 | +|------|--------|-----------------| + +| 22.13.02 | 22.13.03 | 22.13.06 | +|----------|----------|----------| + +## Outbuilding (ADU and vehicle storage are not included in Finished Area, Unfinished Area, or room counts) + +| Outbuilding Type | 22.14.01 | 22.14.14 | 22.14.15$§ | +|------------------|----------|----------|------------| +| Gross Building Area | 22.14.02 | 22.14.16 | +| Structure Volume | 22.14.05 | 22.14.19 | +| Finished Area | 22.14.03 | 22.14.17 | +| Unfinished Area | 22.14.04 | 22.14.18 | +| Baths - Half | 22.14.07 | 22.14.21 | +| Heating | 22.14.09 | 22.14.23 | +| Utilities | 22.14.11 | 22.14.25 | +| 22.14.12 | 22.14.13 | 22.14.26 | + +## Appraisal Version # HF.002 + +| Appraiser ReferenceID | HF.005 | +|-----------------------|--------| +| Agency Case FileID | HF.006 | +| Fannie Mae| Freddie Mac | HF.003 | +| Client Reference ID | HF.007 | + +| September 2024 | HF.004 | +|----------------|--------| +| AMC ReferenceID | HF.008 | +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_3.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_3.md new file mode 100644 index 0000000000000000000000000000000000000000..1c6e5dcbf875ecce015a515196974d1e97ffdfb7 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_3.md @@ -0,0 +1,61 @@ +```markdown +# Uniform Residential Appraisal Report + +[ADDRESS] 1.000 + +## SUMMARY + +- **Opinion of Market Value**: 1.001 + - 1.085 (Cooperative Interest) + - **Market Value Condition**: 1.009 + +- **Final Value Condition Statement**: .002 + +- **Effective Date of Appraisal**: 1.003 +- **Property Valuation Method**: 1.010 +- **Assignment Reason**: 1.004 +- **Appraiser Name**: 1.011 +- **Borrower Name**: 1.005 +- **Current Owner of Public Record**: 4 0906 +- **Contract Price**: 1.007 +- **Listing Status**: 1.008 + +## Property Description + +- **Construction Method**: 1.012 +- **Overall Quality**: 1.030 +- **Attachment Type**: 1.013 +- **Overall Condition**: 1.031 +- **Structure Design**: 1.014 + +**Yes** | **No** +--- | --- +Planned Unit Development (PUD) 1.015 | T] L +Condominium 1.016 | LJ} C] +Cooperative 1.017 | E] C +Condop 1.018 | O +Observed Project Deficiencies 1.019 | L) +Subject Site Owned in Common 1.020 | L] LJ ™ +Units Excluding ADUs 1.021 | 1.000 +Accessory Dwelling Units 1.022 | +Property Rights Appraised 1.023 | + +1.024 **Yes** | **No** +Is the highest and best use of the subject property as LJ improved (or as proposed per plans and specifications) the present use? + +- **Property Restriction**: 1.025 +- **Encroachment**: 1.026 +- **Zoning Compliance**: 1.027 +- **HUD Data Plate Attached**: 1.028 +- **HUD Label Present for All Sections**: 1.029 + +## Appraisal Details + +- **Appraisal Version #**: HF.002 +- **Appraiser ReferenceID**: HF.005 +- **Agency Case FileID**: HF.006 +- **Fannie Mae | Freddie Mac**: HF.003 +- **Client ReferenceID**: HF.007 +- **September 2024**: HF.004 +- **AMC ReferenceID**: HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_30.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_30.md new file mode 100644 index 0000000000000000000000000000000000000000..080e5671fd20dac7ec359f190dfd3ac1dba0a9ef --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_30.md @@ -0,0 +1,17 @@ +```markdown +# Uniform Residential Appraisal Report = HF.001 +Page [Page] of [Pages] + +## Sales Comparison Map + +| 22.18.01.1 | + +**Appraisal Version #** HF.002 +**Appraiser Reference ID** HF.005 +**Agency Case FileID** = HF.006 +**Fannie Mae|FreddieMac** = _HF.003 +**Client ReferenceID** = HF.007 + +**September 2024** HF.004 +**AMCReferenceID** = HF .008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_31.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_31.md new file mode 100644 index 0000000000000000000000000000000000000000..49c2c40e74a0be9e663a484c63d354bd8d882d7d --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_31.md @@ -0,0 +1,21 @@ +```markdown +# Uniform Residential Appraisal Report HF.001 +Page [Page] of [Pages] + +## Sales Comparison Approach Exhibits + +### Comparable # 22.01.16 +Comparable # +22.01.16.1 | 22.01.16.2 + +### Comparable # + +- **Appraisal Version #**: HF.002 +- **Appraiser Reference ID**: HF.005 +- **Agency Case File ID**: HF.006 +- **Fannie Mae | Freddie Mac**: HF.003 +- **Client Reference ID**: HF.007 + +**September 2024** HF.004 +- **AMC Reference ID**: HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_32.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_32.md new file mode 100644 index 0000000000000000000000000000000000000000..412ebfdbae5ae0f471aeda208444bd2395e65d43 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_32.md @@ -0,0 +1,62 @@ +```markdown +# Uniform Residential Appraisal Report +**F.001** +Page [Page] of [Pages] + +## Rental Information + +### Rent Schedule +#### Subject Property Rental Information + +| Utilities/ | Currently | Monthly | Month-to- | Rent | Rent | Services | +|------------|-----------|---------|-----------|------|------|----------| +| Rented | Occupancy | Rent | Month | Lease Start | Control | Concessions | Included | Furnished | +| [Unit 23] | 01.01 | 23.01.02 | 23.01.03 | 23.01.04 | 23.01.05 | 23.01.06 | 23.01.07 | 23.01.08 | 23.01.09 | 23.01.10 | + +**Description of Rent Control and Impact to Value/Marketability:** 23.01.11 + +| Actual Income (Monthly) | Opinion of Market Income (Monthly) | +|-------------------------|-----------------------------------| +| Rent | Rent | +| [Unit Identifier] | 23.01.12 | 23.01.13 | [Unit Identifier] | 23.01.19 | 23.01.20 | +| **Subtotal** | 23.01.14 | **Subtotal** | 93.01.21 | + +| Other Real Property Rental Income | Other Real Property Rental Income | +|-----------------------------------|-----------------------------------| +| 23.01.15 | 23.01.16 | 23.01.22 | 23.01.23 | +| **Subtotal** | 23.01.17 | **Subtotal** | 23.01.24 | +| 23.01.18 | 23.01.25 | + +### Comparable Rental Properties + +| LO" | LO" | LO" | LO" | LO" | LO" | +|-----|-----|-----|-----|-----|-----| +| 23.02.01.1 | 23.02.03.1 | + +| Subject Property | Comparable # | Comparable # | Comparable # | Comparable # | Comparable # | +|------------------|--------------|--------------|--------------|--------------|--------------| +| 23.02.02 | 23.02.01 | 23.02.03 | + +| Data Source: | Data Source: | Data Source: | Data Source: | Data Source: | +|--------------|--------------|--------------|--------------|--------------| +| 23.02.04 | + +| Lease Start Date: | Lease Start Date: | Lease Start Date: | Lease Start Date: | Lease Start Date: | +|-------------------|-------------------|-------------------|-------------------|-------------------| +| 23.02.05 | + +| Actual Rent: | Actual Rent: | Actual Rent: | Actual Rent: | Actual Rent: | +|--------------|--------------|--------------|--------------|--------------| +| 23.02.06 | + +--- + +**Appraisal Version #:** HF.002 +**Appraiser Reference ID:** HF.005 +**Agency Case File ID:** HF.006 +**Fannie Mae | Freddie Mac:** HF.003 +**Client Reference ID:** F007 + +**September 2024** +**AMC Reference ID:** F.908 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_33.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_33.md new file mode 100644 index 0000000000000000000000000000000000000000..b5ea07c404b689f6c2de95c1dcf753044ba8efef --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_33.md @@ -0,0 +1,114 @@ +```markdown +# Uniform Residential Appraisal Report + +## Comparable Rental Analysis + +### Subject + +- **23.03.01[Unit Identifier]**: #23.03.24 +- **HF.001** + +### Comparables + +- **# #** +- **Page [Page] of [Pages]** +- **Subject Comparables** + - **[Unit Identifier]**: # # # + - **Proximity to Subject** + - **Neighborhood Name** + - **Project Name** + - 23.03.25 + - 23.03.02 23.03.26 + - 23.03.03 23.03.27 + - **Project Common Amenities/Services** + - 23.03.28 + - 23.03.04 + - **Site Influence** + - **View from Unit** + - 23.03.05 23.03.29 + - 23.03.06 23.03.30 + - **Floor Number** + - 23.03.07 23.03.31 + - **Site Size** + - **Grade Level** + - 23.03.08 23.03.32 + - 23.03.09 23.03.33 + - **Interior Condition** + - 23.03.10 23.03.34 + - **Bedrooms** + - **Baths - Full | Half** + - 23.03.11 23.03.35 + - 23.03.12 23.03.36 + - **Finished Area** + - 23.03.13 23.03.37 + - **Furnished** + - **Utilities/Services Included** + - 23.03.14 23.03.38 + - 23.03.15 23.03.39 + - **Rent Control** + - 23.03.16 23.03.40 + - **Rent Concessions** + - **Vehicle Storage | Spaces** + - 23.03.17 23.03.41 + - 23.03.18 23.03.42 + - 23.03.19 + - 23.03.20 23.03.43 + +### Summary + +- **Rent Per Finished Area** + - 23.03.21 23.03.44 +- **Actual Rent** + - 23.03.22 23.03.45 +- **Overall Comparison to Subject** +- **Adjusted Rent** + - 23.03.46 +- **Opinion of Market Rent** + - 230347 | | +- **Comparable Weight** +- **Proximity to Subject** + - 23.03.23 + +### [Unit Identifier] + +#### Subject Comparables + +- **Subject Comparables** + - **[Unit Identifier]** + - **Neighborhood Name** + - **Project Name** + - **Site Influence** + - **View from Unit** + - **Floor Number** + - **Project Common Amenities/Services** + - **Site Size** + - **Grade Level** + - **Interior Condition** + - **Bedrooms** + - **Baths - Full | Half** + - **Finished Area** + - **Furnished** + - **Utilities/Services Included** + - **Rent Control** + - **Rent Concessions** + - **Vehicle Storage | Spaces** + +### Summary + +- **Rent Per Finished Area** +- **Actual Rent** +- **Overall Comparison to Subject** +- **Adjusted Rent** +- **Opinion of Market Rent** +- **Comparable Weight** + +### Appraisal Version # HF.002 + +- **Fannie Mae | Freddie Mac HF.003** +- **September 2024** +- **HF.004** +- **Appraiser ReferenceID HF.005** +- **Agency Case FileID HF.006** +- **Client Reference ID |4F 907** +- **AMC ReferenceID YF 908** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_34.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_34.md new file mode 100644 index 0000000000000000000000000000000000000000..72025402275b6a86f19b13d147b0591f11063c29 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_34.md @@ -0,0 +1,33 @@ +```markdown +# Uniform Residential Appraisal Report +**HF.001** +Page [Page] of [Pages] + +## Rental Analysis Commentary +**23.04.01** + +### Rental Information Exhibits + +- **Comparable #** + **23.05.03** + **Comparable #** + **23.02.03.1 | 23.02.03.2** + +- **Comparable #** + **Comparable #** + +- **Comparable #** + **23.05.01.1 | 23.05.01.2** + **23.05.02.1 | 23.05.02.2** + +--- + +**Appraisal Version #** HF.002 +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 +**Fannie Mae | Freddie Mac** HF.003 +**Client ReferenceID** F007 + +**September 2024** HF.004 +**AMCReferenceID** |iF 008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_36.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_36.md new file mode 100644 index 0000000000000000000000000000000000000000..b143f5eabc4dc708893de8c953735c433bbdade7 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_36.md @@ -0,0 +1,93 @@ +```markdown +# Uniform Residential Appraisal Report — F.001 + +Page [Page] of [Pages] + +## Cost Approach + +- **Indicated Value by Cost Approach**: 25.000 +- **Depreciated Cost of Dwellings**: 25.001 +- **Depreciated Cost of Outbuildings**: 25.002 +- **As Is Value of Site Improvements**: 25.003 +- **Opinion of Site Value**: 25.004 + +### Depreciated Cost - Dwelling - [Structure Identifier] + +- **25.005** +- **25.006 25.007 @ 25.008 25.009** +- **Physical Depreciation**: 25.010 25.011 +- **Functional Depreciation**: 25.012 25.013 +- **External Depreciation**: 25.014 25.015 +- **Total Depreciation**: 25.016 +- **Manufactured Home Delivery, Installation, and Set Up**: 25.017 + +### Remaining Economic Life + +- **25.019** +- **Effective Age**: 25.020 + +#### Commentary on Remaining Economic Life + +#### Commentary on Effective Age + +- **25.022** + +### Depreciated Cost - Outbuilding - [Outbuilding Type] + +- **25.023** +- **25.024 25.025 @ 25.026 25.027** +- **Physical Depreciation**: 25.028 25.029 +- **Functional Depreciation**: 25.030 25.031 +- **External Depreciation**: 25.032 25.033 +- **Total Depreciation**: 25.034 +- **Manufactured Home Delivery, Installation, and Set Up**: 25.035 + +### As Is Value of Site Improvements + +| Description | Amount | +|-------------|--------| +| 25.037 | 25.038 | + +### Site Value + +- **Primary Site Valuation Method**: 25.040 +- **Opinion of Site Value** + +### Land Comparables + +| Assessor Parcel # | Address | County | Data Source | Number (APN) | Site Size | Sale Date | Price | +|--------------------|---------|--------|-------------|--------------|-----------|-----------|-------| +| 25.042, 25.043 | 25.044 | 25.045 | 25.046 | 25.047 | 25.048 | 25.049 | | + +### Reconciliation of Site Value + +- **25.050** + +### General Description + +- **Cost Type**: 25.051 +- **Cost Method**: 25.055 +- **Cost Data Source**: 25.052 +- **Depreciation Method**: 25.056 +- **Quality Rating**: 25.053 +- **Effective Date**: 25.054 + +### Cost Approach Commentary + +- **25.057** + +### Cost Approach Exhibits + +- **25.058.1 | 25.058.2** +- **25.059.1** + +### Appraisal Details + +- **Appraisal Version#**: HF.002 +- **Appraiser ReferenceID**: HF.005 +- **Agency Case FileID**: HF.006 +- **Fannie Mae | Freddie Mac**: HF.003 +- **Client ReferenceID**: HF.007 +- **September 2024**: HF.004 +- **AMC ReferenceID**: HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_4.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_4.md new file mode 100644 index 0000000000000000000000000000000000000000..8a325beae37ce84f3bbdbfaac8d8becd7591e856 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_4.md @@ -0,0 +1,45 @@ +```markdown +# Uniform Residential Appraisal Report HF.001 +Page [Page] of [Pages] + +## Apparent Defects, Damages, Deficiencies Requiring Action + +The items listed below represent the *As Is* condition as of the effective date of this report **1.032**. + +| Affects Soundness or Structural Integrity | Feature Location | Description | Recommended Action | Estimated Cost to Repair | +|-------------------------------------------|------------------|-------------|--------------------|-------------------------| +| **Site** | | | | | +| 1.033 | 1.034 | 1.035 | 1.036 | 1.037 | 1.038 | +| **Dwelling Exterior - [Structure Identifier]** | | | | | +| 1.040 | 1.041 | 1.042 | 1.043 | 1.044 | 1.045 | +| **Unit Interior - [Structure Identifier] - [Unit Identifier]** | | | | | +| 1.048 | 1.049 | 1.050 | 1.051 | 1.052 | 1.053 | +| **Outbuilding - [Outbuilding Type]** | | | | | +| 1.055 | 1.056 | 1.057 | 1.058 | 1.059 | 1.060 | +| **Unit Interior - [Outbuilding Type] - [Unit Identifier]** | | | | | +| 1.063 | 1.064 | 1.065 | 1.066 | 1.067 | 1.068 | +| **Vehicle Storage** | | | | | +| 1.069 | 1.070 | 1.071 | 1.072 | 1.073 | 1.074 | +| **Subject Property Amenities** | | | | | +| 1.075 | 1.076 | 1.077 | 1.078 | 1.079 | 1.080 | + +### Total Cost +**As Is Overall Condition Rating 1.082** +**Total Estimated Cost of Items** + +Existing condition of the property as of the effective date of this appraisal, excluding all required repairs, alterations, or inspections. +**Recommended for Repair 1.083** + +There are no apparent defects, damages, or deficiencies requiring action. For details, reference the ‘Reconciliation’ section. **1.084** + +--- + +**Appraisal Version # HF.002** +**Appraiser Reference ID HF.005** +**Agency Case FileID HF.006** +**Fannie Mae | Freddie Mac HF.003** +**Client ReferenceID HF.007** + +**September 2024 HF.004** +**AMC ReferenceID HF.008** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_40.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_40.md new file mode 100644 index 0000000000000000000000000000000000000000..4a3487bfc527b4714e931b2a608b7db9c97802eb --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_40.md @@ -0,0 +1,73 @@ +```markdown +# Uniform Residential Appraisal Report 4F.001 +Page [Page] of [Pages] + +## 29.000 + +### 29.001 +This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the definition of market value or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to Intended Use, Intended User, and the certifications are also not permitted. However, additional Intended Use, Intended User, and certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in an appraisal organization, are permitted. + +## Scope of Work +The scope of work for this assignment is based on the applicable assignment elements, including: the client and any other intended users, the intended use, the definition of market value that follows, the effective date, the subject property and its relevant characteristics, and the applicable assignment conditions. The appraiser must, at a minimum: (1) obtain and review adequate and reliable information for the subject property; (2) research, verify, and analyze adequate and reliable data for the subject market area including data for each comparable property reported; and (3) report his or her analyses, opinions, and conclusions in this appraisal report. + +### 29.002 Additional Scope of Work +Additional Scope of Work cannot be contrary to the original Scope of Work. + +### 29.003 + +## Intended Use + +### 29.004 +The intended use of the opinions and conclusions contained in this appraisal report is for the intended user to evaluate the property that is the subject of this appraisal for a mortgage finance transaction or related activities. + +### 29.005 +The intended use of the appraisal is solely to assist FHA in assessing the risk of the Property securing the FHA-insured Mortgage (24 CFR § 200.145(b)). + +### 29.006 Additional Intended Use +Additional Intended Use cannot be contrary to the original Intended Use. + +### 29.007 + +## Intended User + +### 29.008 +The intended user of this report is the lender/client. + +### 29.009 +FHA and the Mortgagee are the intended users of this report. + +The USDA and any other identified lender/client are intended users of this report. + +The VA is also an intended user of this report. + +### 29.010 Additional Intended Users +Additional Intended Users cannot be contrary to the original Intended User. + +### 29.011 + +## Definition of Market Value + +### 29.012 +The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale with the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. + +### 29.013 +*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for costs that are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable because the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third-party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar-for-dollar cost of the financing or concession, but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. + +## Statement of Assumptions and Limiting Conditions + +### 29.014 +The appraiser assumes that the title is good and marketable unless he or she becomes aware of information to the contrary. + +### 29.015 +If the appraiser has included a sketch or floor plan in this appraisal report, it shows the approximate dimensions and is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size. + +--- +**Appraisal Version #** HF.002 +**Appraiser Reference ID** HF.005 +**Agency Case File ID** HF.006 +**Fannie Mae | Freddie Mac** HF.003 +**Client Reference ID** HF.007 + +**September 2024** HF.004 +**AMC Reference ID** HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_41.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_41.md new file mode 100644 index 0000000000000000000000000000000000000000..6f85b0777cdff27353c4b290a193fe3016a20f71 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_41.md @@ -0,0 +1,76 @@ +```markdown +# Uniform Residential Appraisal Report HF.001 +Page [Page] of [Pages] + +## 29.016 +The appraiser has relied on data provided by third parties in this appraisal report. Such data may include, but is not limited to, floor plans, flood maps, multiple listing real estate services, tax assessment records, public land records, satellite imagery, virtual street views, property data services, surveys, engineering reports, and property data aggregations. After examination of the data and data sources, the appraiser has used only the data he or she considers reliable. The appraiser assumes there are no material omissions in the data relied upon and makes no guarantees, express or implied, regarding their accuracy. If the source date is prior to the effective date of the appraisal, the appraiser assumes the property characteristics and supporting information have not changed in the interim. + +## 29.017 +The appraiser will not be required to give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. + +## 29.018 +The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) that the appraiser became aware of during the development of this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and assumes that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. + +## 29.019 +The FHA Appraiser does not guarantee that the Property is free from defects. The appraisal establishes the value of the Property for mortgage insurance purposes only. + +--- + +# Certifications + +## Appraiser Certifications + +### 29.020 +The Appraiser certifies and agrees that: + +### 29.021 +1. I have no present or prospective interest in the property that is the subject of this report, or relationship with the present or prospective owners or occupants of the subject property, or other parties involved in this transaction. + +### 29.022 +2. I performed this assignment without bias with respect to the parties involved in this transaction, the property that is the subject of this report, or the demographics of the area where the property is located. + +### 29.023 +3. I am aware of and have complied with all applicable laws and regulations including antidiscrimination laws, rules, and requirements that apply to the appraiser and to the assignment. + +### 29.024 +4. I did not base any part of my appraisal on the actual or perceived race, color, religion, sex (including sexual orientation or gender identity), age (other than as applicable for legally age-restricted communities), marital status, disability, familial status, or national origin of the present or prospective owners or occupants of either the subject property or properties in the area of the subject property or on any other basis prohibited by the Fair Housing Act or the Equal Credit Opportunity Act, or any other basis prohibited by law. + +### 29.025 +5. I stated in this appraisal report my own personal, unbiased, and professional analyses, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. + +### 29.026 +6. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. + +### 29.027 +7. I meet the credential requirements for this assignment as of the date of this appraisal report and have knowledge and experience in appraising this type of property in this market area. + +### 29.028 +8. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records, and other such data sources for the area in which the property is located. + +### 29.029 +9. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. + +### 29.030 +10. I personally performed an onsite inspection of the interior and exterior areas of the subject property. I reported the readily observable condition of the improvements in factual, specific terms. I identified and reported any known physical deficiencies that could affect the soundness or structural integrity of the property. + +10. I personally performed an inspection of the exterior areas of the subject property from at least the street. I reported the readily observable condition of the improvements in factual, specific terms. I reported any known physical deficiencies that could affect the soundness or structural integrity of the property. + +10. I did not personally perform an onsite inspection of the subject property as part of this appraisal assignment. I reported the condition of the improvements in factual, specific terms, relying on subject property information data sources I considered reliable. I reported any known physical deficiencies that could affect the soundness or structural integrity of the property. + +### 29.031 +11. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was transmitted. + +### 29.032 +12. Using information available in the normal course of business, I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal. + +--- + +Appraisal Version # HF.002 +Appraiser Reference ID HF.005 +Agency Case File ID HF.006 +Fannie Mae | Freddie Mac HF.003 +Client Reference ID HF.007 + +September 2024 HF.004 +AMC Reference ID HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_5.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_5.md new file mode 100644 index 0000000000000000000000000000000000000000..6220596f9b520d46175f666b212ac10695895761 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_5.md @@ -0,0 +1,108 @@ +```markdown +# Uniform Residential Appraisal Report — F.001 +Page [Page] of [Pages] + +## Assignment Information + +- **Assignment Reason**: 2.000 +- **Property Valuation Method**: 2.004 +- **Borrower Name**: 2.001 + - Yes + - No +- **Seller Name**: 2.002 + - Was a Property Data Report used in lieu of an Inspection? 2.005 LJ +- **Current Owner of Public Record**: 2.003 + +- **Appraiser Fee**: 2.006 +- **AMC Fee**: 2.007 +- **Government Agency**: 2.008 +- **Investor Requested Special Identification**: 2.009 + +## Contact Information + +- **[Role]/[Role]**: 2.010 / 2.011 +- **Company Name**: 2.012 + - **Credentials**: + - ID: 2.014 + - State: 2.015 + - Expires: 2.016 +- **Company Address**: 2.013 + +## Appraiser + +- **Name**: 2.017 + - **Credentials**: + - Designation: 2.018 + - Level: 2.024 + - ID: 2.025 + - State: 2.026 + - Expires: 2.027 +- **Company Name**: 2.019 +- **Company Address**: 2.020 +- **Scope of Inspection by Appraiser**: + - Subject Property Inspection: ASC Identifier 2.028 + - Exterior: 2.021 + - Interior: 2.022 + - Inspection Date: 2.023 + - VA Appraiser ID: 2.029 + - FHA Appraiser ID: 2.030 + - Employment Type: 2.031 + +## Supervisory Appraiser + +- **Name**: 2.032 + - **Credentials**: + - Designation: 2.033 + - Level: 2.039 + - ID: 2.040 + - State: 2.041 + - Expires: 2.042 +- **Company Name**: 2.034 +- **Company Address**: 2.035 +- **Scope of Inspection by Supervisory Appraiser**: + - Subject Property Inspection: ASC Identifier 2.043 + - Exterior: 2.036 + - Interior: 2.037 + - Inspection Date: 2.038 + - VA Appraiser ID: 2.044 + - FHA Appraiser ID: 2.045 + - Employment Type: 2.046 + +## Significant Real Property Appraisal Assistance + +- **Name**: 2.047 + - **Credentials**: + - Level: 2.049 + - ID: 2.050 + - State: 2.051 + - Expires: 2.052 +- **Description**: 2.048 + +## Property Data Report + +- **Name**: 2.053 +- **Occupation**: 2.054 +- **Company Name**: 2.055 +- **Company Address**: 2.056 +- **Reference ID**: 2.057 +- **Subject Property Inspection**: + - Exterior: 2.058 + - Interior: 2.059 + - Inspection Date: 2.060 + +## Assignment Information and Scope of Work Commentary + +- **2.061** +- **Assignment Information Exhibits**: + - 2.062.1 | 2.062.2 + +## Appraisal Version + +- **#**: HF.002 +- **Appraiser Reference ID**: HF.005 +- **Agency Case File ID**: HF.006 +- **Fannie Mae | Freddie Mac**: HF.003 +- **Client Reference ID**: HF.007 +- **September 2024**: HF.004 +- **AMC Reference ID**: HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_6.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_6.md new file mode 100644 index 0000000000000000000000000000000000000000..78029dc47d3ecd8b98ac5202ed6cab19097cc87d --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_6.md @@ -0,0 +1,69 @@ +```markdown +# Uniform Residential Appraisal Report — F.001 + +**Page [Page] of [Pages]** + +## Subject Property + +### Physical Address +- **3.000** Attachment Type: 3.004 +- **3.001** Alternate Physical Address: Units Excluding ADUs: 3.005 +- **3.002** County: Accessory Dwelling Units: 3.006 +- **3.003** Neighborhood Name: Dwellings Containing Units: 3.007 + +### Special Tax Assessments +- **3.008** Yes/No: +- **3.010** Description of Special Tax Assessments and Impact to Value/Marketability: 3.009 + +### Property Type +- **3.011** Planned Unit Development (PUD): +- **3.012** Condominium: +- **3.013** Cooperative: +- **3.014** Condop: +- **3.015** Property on Native American Lands: +- **3.016** Subject Site Owned in Common: +- **3.017** Homeowner Responsible for all Exterior Maintenance of Dwelling(s): +- **3.018** New Construction: +- **3.019** Construction Stage: + +## Ownership Rights + +### Property Rights Appraised +- **3.020** All Rights Included in Appraisal: 3.027 +- **3.021** Community Land Trust: +- **3.022** Native American Lands: +- **3.023** Mineral Rights Leased: +- **3.024** Ground Rent Annual Amount: +- **3.025** Renewable: +- **3.026** Term: +- **3.027** Expires: +- **3.028** Description of Rights Not Included: 3.030 +- **3.029** Description of Ground Rent and Impact to Value/Marketability: 3.026 + +## Legal Description +- **3.031** 3.031.1 | 3.031.2 + +## Subject Property Commentary +- **3.032** + +## Subject Property Exhibits +- **3.033.1** | **3.033.2** + +## Appraisal Version +- **# HF.002** + +## Fannie Mae | Freddie Mac +- **HF.003** September 2024 + +## Appraiser Reference +- **ID HF.005** + +## Agency Case File +- **ID HF.006** + +## Client Reference +- **ID HF.007** + +## AMC Reference +- **ID HF.008** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_7.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_7.md new file mode 100644 index 0000000000000000000000000000000000000000..dcf190ec30b24bfbae6f9e891458c84c32522f96 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_7.md @@ -0,0 +1,106 @@ +```markdown +# Uniform Residential Appraisal Report + +## Page [Page] of [Pages] + +### Total Site Size +- **4.000** Number of Parcels: **4.002** +- **Dimensions**: 4.001 +- **Contiguous**: 4.003 + +### Elements Dividing Parcels +- **4.004** + +### Assessor Parcel Number (APN) +| APN | Description | Parcel Size | +|-----|-------------|-------------| +| 4.005 | 4.006 | 4.007 | + +### Zoning Property Access +- **Compliance**: 4.008 +- **Primary Access**: 4.020 +- **Classification Code**: 4.009 +- **Street Type and Surface**: 4.021 +- **Classification Code Description**: 4.010 +- **Known Maintenance Agreement**: 4.022 +- **Reasons Illegal**: 4.011 +- **Typical for Market**: 4.023 +- **Impact**: 4.012 +- **Description of Property Access**: 4.024 +- **Rebuildable to Current Density/Use**: 4.013 +- **Description of Zoning Compliance**: 4.014 + +### Property Use +- **Primarily Residential**: 4.015 +- **Residential Use**: 4.016 +- **Non-Residential Use**: 4.017 +- **Non-Residential Modification**: 4.018 +- **Description of Non-Residential Use/Modification**: 4.019 + +### Site Influence +| Influence | Proximity | Detail | Impact | Comment | +|-----------|-----------|--------|--------|---------| +| 4.025 | 4.026 | 4.027 | 4.028 | 4.029 | + +### Site Influence Commentary +- **4.030** + +### Water Frontage with Private Access +- **Total Linear Measurement**: 4.031 +- **Permanent Waterfront Feature**: 4.032 + +### Right to Build +| Frontage Name | Waterfront Access Rights | Access Depth | +|---------------|--------------------------|--------------| +| 4.034 | 4.035 | 4.036 | 4.037 | + +### Water Frontage Commentary +- **4.038** + +### View and Impact to Value/Marketability +| View | Range of View | Impact | +|------|---------------|--------| +| 4.039 | 4.040 | 4.041 | + +### View Commentary +- **4.042** + +### Site Features and Impact to Value/Marketability +| Feature | Detail | Impact | Comment | +|---------|--------|--------|---------| +| Non-Residential Property Use | 4.043 | 4.044 | 4.045 | 4.046 | +| Hazard Zone | 4.047 | 4.048 | 4.049 | +| Property Restriction | 4.050 | 4.051 | 4.052 | 4.053 | +| Easement | 4.054 | 4.055 | 4.056 | 4.057 | +| Encroachment | 4.058 | 4.059 | 4.060 | 4.061 | +| Site Characteristic | 4.062 | 4.063 | 4.064 | 4.065 | + +### Site Features Commentary +- **4.066** + +### Utilities and Impact to Value/Marketability +- **Broadband Internet Available**: 4.967 +- **Dwelling/Improvement within Utility Easement**: 4.968 + +#### Private Utility +| Public | Private | Detail | Impact | Comment | +|--------|---------|--------|--------|---------| +| Electricity | 4.069 | 4.070 | 4.071 | 4.072 | 4.073 | 4.074 | +| Gas | 4.075 | 4.076 | 4.077 | 4.078 | 4.079 | 4.080 | +| Sanitary Sewer | 4.081 | 4.082 | 4.083 | 4.084 | 4.085 | 4.086 | +| Water | 4.087 | 4.088 | 4.089 | 4.090 | 4.091 | 4.092 | +| 4.093 | 4.094 | 4.095 | 4.096 | 4.097 | 4.098 | + +### Appraisal Version +- **# HF.002** + +### Fannie Mae | Freddie Mac +- **HF.003** +- **September 2024 HF.004** + +### Appraiser Reference +- **ID HF.005** +- **Agency Case File ID HF.006** +- **Client Reference ID HF.007** +- **AMC Reference ID HF.008** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_8.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_8.md new file mode 100644 index 0000000000000000000000000000000000000000..3f73dc046f3fe4fd3f4bbf533e02b5b2598c5316 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_8.md @@ -0,0 +1,52 @@ +```markdown +# Uniform Residential Appraisal Report 1F.001 +Page [Page] of [Pages] + +## Apparent Defects, Damages, Deficiencies (Site) +The items listed below represent the As Is condition as of the effective date of this report 4.099 + +| Feature Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|------------------|-------------|------------------------------------------|---------------------| +| 4.100 | 4.101 | 4.102 | 4.103 | +| 4.104 | | | | + +## Site Valuation Methodology + +**Opinion of Site Value = 4.105** +**Primary Site Valuation Method 4.106** + +| Address | County | Data Source | Assessor Parcel Number (APN) | Site Size | Sale Date | Price | +|---------|--------|-------------|------------------------------|-----------|-----------|-------| +| 4.107 | 4.108 | 4.109 | 4.110 | 4.111 | 4.112 | 4.113 | +| 4.114 | | | | | | | + +### Reconciliation of Site Value 4.115 + +### Site Commentary +4.116 + +### Site Exhibits +4.117.1 | 4.117.2 +4.118.1 | 4.118.2 +4.119.1 | 4.119.2 +4.017.1 | 4.017.2 +4.020.1 | 4.020.2 +4.025.1 | 4.025.2 +4.032.1 | 4.032.2 +4.034.1 | 4.034.2 +4.039.1 | 4.039.2 +4.059.1 | 4.059.2 +4.063.1 | 4.063.2 +4.100.1 | 4.10.2 + +--- + +**Appraisal Version # HF.002** +**Appraiser ReferenceID = HF.005** +**Agency Case FileID HF.006** +**Fannie Mae | Freddie Mac HF.003** +**Client ReferenceID HF.007** + +**September 2024 HF.004** +**AMC ReferenceID HF.008** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_9.md b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_9.md new file mode 100644 index 0000000000000000000000000000000000000000..19597fd3cf266251afbea95bc8f6e4c05b9476a7 --- /dev/null +++ b/Markdown_files/Appendix C-1 URAR with Report Field IDs v1.2/page_9.md @@ -0,0 +1,26 @@ +```markdown +# Uniform Residential Appraisal Report = 4F.001 +Page [Page] of [Pages] + +## Disaster Mitigation + +### Mitigation Feature +5.000 + +### Disaster Mitigation Commentary +5.001 + +### Disaster Mitigation Exhibits +5.002.1 | 5.002.2 + +--- + +**Appraisal Version #** HF.002 +**Appraiser ReferenceID** HF.005 +**Agency Case FileID** HF.006 +**Fannie Mae | Freddie Mac** HF.003 +**Client ReferenceID** HF.007 + +**September 2024** HF.004 +**AMC ReferenceID** HF.008 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_1.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_1.md new file mode 100644 index 0000000000000000000000000000000000000000..7f0db58c1d6de394fef666a9d61a922a7c6a0c4b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_1.md @@ -0,0 +1,19 @@ +```markdown +# UMDP + +## UNIFORM MORTGAGE DATA PROGRAM + +- Fannie Mae +- Freddie Mac + +### Uniform Appraisal Dataset (UAD) Specification + +Issued by Fannie Mae and Freddie Mac +Appendix F-1: URAR Reference Guide +Document Version 1.2 + +**September 17, 2024** + +This document relates to the Uniform Mortgage Data Program®, an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency. +©2024 Fannie Mae and Freddie Mac. Trademarks of the respective owners. +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_10.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_10.md new file mode 100644 index 0000000000000000000000000000000000000000..15ef889e2ece4a32337a098ffb89cd29f10a3329 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_10.md @@ -0,0 +1,35 @@ +# Uniform Appraisal Dataset Overview + +**Definition / Additional Guidance**: The definition in business terms, including notes and examples, a list of allowable answers, and additional guidance. +- **Note**: Allowable answers with complex definitions are in a separate table. + +The Summary and Reconciliation sections redisplay information from other sections and therefore have additional columns: +- **When Displayed in Summary Section** + - Examples: Always displays, If applicable, When there are property restrictions +- **Origin of Information (Section)**: The section, Field Name, and Report Field ID from which the Summary or Reconciliation information populates + +The grids in Sales Comparison Approach, Rental Information, and Income Approach have additional columns. +- **When Row Displays** + - Examples: Always, If relevant, If applicable, Required if New Construction for the subject property is Yes + - **Note**: When a row displays is not always the same as when subject or comparable information is required. + +- **When to Include for each Comparable**: When the information is required for each comparable. + +- **Origin of Subject Property Information**: The section, Field Name, and Report Field ID for subject property information that populates the grid, or an indication that the information does not populate from other sections and that the appraiser must enter information for the subject property. + +- **Adjustable Row**: Whether or not the row is adjustable. + +## Document Conventions + +The following fonts and colors are used in this document: +- **Section names** (black tabs) and subsections (gray bars, tables, or groupings of related information) are bold. +- **Report Field ID**: A red number identifies the specific location of the field on the URAR. + - The number starts with the section number, as shown in URAR Section Organization. For example, fields displaying in the Subject Property section start with 3. + - **Not on Report** indicates that the information is included in the data but does not display. + - Specific Report Field IDs for photos and images are not indicated in the Reference Guide. Refer to the iGuide or UAD Spec for more information. +- Green rows in tables in the Reference Guide represent information that is applicable only to FHA, VA, or USDA appraisals. +- *Field Names* in the Reference Guide use business terminology and are in italics. + - *Field Names* provide additional clarity to the Report Label, and express conditionality ("When to include") in business terms. + - *Field Names* in the Reference Guide are similar to, but not the same as, the MISMO Data Point Name in the iGuide and UAD Spec. + +Appendix F-1: URAR Reference Guide Page 10 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_100.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_100.md new file mode 100644 index 0000000000000000000000000000000000000000..f39d1e692666da8406a8a16a59bce699524cc33c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_100.md @@ -0,0 +1,47 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Quality and Condition + +The Quality and Condition subsection (gray bar) including the Exterior Features table displays if Homeowner Responsible for all Exterior Maintenance of Dwellings (3.016) is Yes, and the “When to Include” column in this chapter reflects this. + +If Homeowner Responsible for all Exterior Maintenance of Dwellings is No, this subsection does not display. + +> Note: Any observed project deficiencies are reported in the Project Information section (18.014) and not here. + +### Quality and Condition + +- **Exterior Quality Rating**: 8.022 +- **Exterior Condition Rating**: 9 923 + +The table below supports the Exterior Quality and Condition ratings and reflects the market value condition of this report 8.024 + +### Exterior Features + +| Feature | Detail | Quality Comment | Condition Status | Condition Comment | +|-------------------------|--------|-----------------|------------------|-------------------| +| Exterior Walls and Trim | 8.041 | 8.025 | 8.026 | 8.027 | +| Foundation | 8.041 | 8.029 | 8.030 | 8.031 | +| Roof | 8.041 | 8.033 | 8.034 | 8.035 | +| Windows | 8.041 | 8.037 | 8.038 | 8.039 | +| | 8.041 | 8.042 | 8.043 | 8.044 | + +## Exterior Quality and Condition Ratings + +**Dwelling Exterior**: Quality and Condition - Exterior Quality and Condition Ratings + +| ued Report Label | When to Include | Alsmelits Definition / Additional Guidance | +|------------------|-----------------------------------------------|-------------------------------------------------------------------------------------------------------| +| Exterior Quality | Required if Ql to Q6 | Reference Appendix 2: Condition and Quality Rating Definitions for definitions. | +| Rating | Homeowner Responsible for all Exterior | If applicable, Exterior Quality Rating also displays in Overall Quality and Condition (15.002) and Sales Comparison Approach (22.08.02). | +| | Maintenance of Dwellings is Yes | | +| 8.023 Exterior | Required if C1 to C6 | Reference Appendix 2: Condition and Quality Rating Definitions for definitions. | +| Condition Rating | Homeowner Responsible for all Exterior | If applicable, Exterior Condition Rating also displays in Overall Quality and Condition (15.007) and Sales Comparison Approach (22.08.09). | +| | Maintenance of Dwellings is Yes | | + +> Note: Reflects the condition as if any required repairs, inspections, or completions have been satisfactorily completed. + +--- + +Appendix F-1: URAR Reference Guide Page 100 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_101.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_101.md new file mode 100644 index 0000000000000000000000000000000000000000..c2d19c1f5ed1a4491db984a702eb00aeec16797a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_101.md @@ -0,0 +1,59 @@ +```markdown +# Uniform Appraisal Dataset + +## 08 Dwelling Exterior + +### Exterior Features + +The Exterior Features table supports the Exterior Quality and Condition ratings, and includes a row for each of the following: +- Exterior Walls and Trim +- Foundation +- Roof +- Windows +- Other (Describe) (Displays when relevant) + +#### Information for each Exterior Feature + +**Dwelling Exterior: Quality and Condition — Information for each Exterior Feature** + +| Report Field ID | Report Label | Feature | Quality Comment | Condition Comment | When to Include | Allowable Answers / Format | +|-----------------|--------------|-------------------|-----------------|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 8.041 | | | | | Always displays | | +| 8.028 | | | | | Always required | | +| | | | If needed to describe the current quality of the exterior feature | | If needed to describe the current condition of the exterior feature | Choose applicable answers from the Definition / Additional Guidance column | Free-form | +| 8.032 | | | | | | +| 8.036 | | | | | | +| 8.040 | | | | | | +| 8.045 | | | | | | + +##### Definition / Additional Guidance + +The table below supports the Exterior Quality and Condition ratings and reflects the market value condition of this report + +**Exterior Feature** + +- Exterior Walls and Trim +- Foundation +- Roof +- Windows +- Other (Describe) - If applicable (Exterior Feature Other Description) + +##### Brief description of the quality of the exterior feature as of the effective date. + +For further expansion of commentary, use Dwelling Exterior Commentary (8.061). + +**Notes:** + +- For manufactured homes, the appraiser must indicate whether tie downs or anchoring systems exist. +- For CHOICEHome® and MH Advantage®, the appraiser must confirm whether or not the home has a “solid perimeter foundation”. + +A brief description of the current condition of the exterior feature as of the effective date. For further expansion of commentary, use Dwelling Exterior Commentary (8.061). + +When the item will cause the Market Value Condition of the appraisal (26.009) to be subject to repair, the appraiser must also reference the Apparent Defects, Damages, Deficiencies table. + +Appendix F-1: URAR Reference Guide + +Page 101 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_102.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_102.md new file mode 100644 index 0000000000000000000000000000000000000000..91e6a2f8353a7b83f7689d4cdd61907e161d0a81 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_102.md @@ -0,0 +1,69 @@ +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## About Condition Status for Exterior Features + +Condition Status must be provided for each exterior feature. If there are varying condition statuses for the exterior feature, choose the one that best explains the Exterior Condition Rating. + +Individual items that are noted to have defects, damages, or deficiencies must be reported in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. If Recommended Action for the associated defect, damage, or deficiency is Repair, Condition Status must reflect the repaired state: + +- New or Like New, or +- Typical Wear and Tear, or +- Damaged and Functional + +## Dwelling Exterior (continued) + +### Quality and Condition + +- **Exterior Quality Rating**: a4 +- **Exterior Condition Rating**: fey + +The table below supports the Exterior Quality and Condition ratings and reflects the market value condition of this report. + +### Exterior Features + +| Feature Detail | Quality Comment | Condition Status | Condition Comment | +|-------------------------|---------------------|----------------------|----------------------------------------------------------------| +| Exterior Walls and Trim | Vinyl | Typical Wear and Tear | Minor cracks to vinyl typical for age. | +| Foundation | Poured Concrete | Basement | Typical Wear and Tear | | +| Roof | Composition | Typical Wear and Tear | Reported condition is subject to repair; see defects table and commentary below. Estimated Age: 10-20 years | +| Windows | Vinyl Double Hung Double Thermal Pane | Typical Wear and Tear | Windows same age as house. Thermal Pane contributes to Energy Efficiency. | + +## Apparent Defects, Damages, Deficiencies (Dwelling Exterior) + +The items listed below represent the As Is condition as of the effective date of this report. + +| Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|-------------------|----------------------------------------------------------------------|------------------------------------------|--------------------| +| Section of Roof | Damaged roof with missing flashing leaving the roof permeable to water intrusion | Yes | Repair | + +## Dwelling Exterior Commentary + +Condition Status is reflective of noted repair having been completed. + +### Exterior Feature Condition Status (Choose one) + +#### Allowable Answer Definition / Additional Guidance + +- **New or Like New**: The feature is new or like new with no visible signs of use. + *Note: This would be the typical answer when New Construction (3.017) is Yes.* + +- **Typical Wear and Tear**: The feature is fully functional and exhibits minimal wear and tear, with visible signs of use. + +- **Damaged and Functional**: The feature is damaged and exhibits moderate wear and tear but can still function as intended or designed. + Examples: + - Exterior Walls and Trim: Dents to siding or minor crack to masonry. + - Foundation: Minor settlement cracks. + - Roof: Roofing is worn or patched but with no apparent active leaks. + - Windows: Broken seals, painted shut, or broken sash cords. + +- **Damaged and Nonfunctional**: The feature is damaged and exhibits significant wear and tear to the level that it can no longer function as intended or designed. + Examples: + - Exterior Walls and Trim: Damaged or missing siding or trim that allows weather intrusion. + - Foundation: Damaged or failing foundation. + - Roof: Active roof leaks. + - Windows: Broken or missing panes. + *Note: If this answer is selected, individual damages and structural issues must be reported in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection.* + +--- + +*Appendix F-1: URAR Reference Guide Page 102 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_103.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_103.md new file mode 100644 index 0000000000000000000000000000000000000000..a3087025f8e3d863e9ee691f83926588f5f9b82e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_103.md @@ -0,0 +1,62 @@ +```markdown +# Uniform Appraisal Dataset + +## 08 Dwelling Exterior + +### Exterior Walls and Trim + +The Exterior Walls and Trim row always displays in the Exterior Features table. + +#### Dwelling Exterior: Quality and Condition - Exterior Features - Exterior Walls and Trim + +- **Report Field ID**: 8.027 +- **Report Label**: Condition Status + +#### Allowable + +**When to Include Answers / Format** + +- Always required. Choose one or more allowable answers from the Definition / Additional Guidance column. +- Always required. Choose an allowable answer. + +#### Definition / Additional Guidance + +- **Exterior Wall Material**: The type of wall material used for the structure. May be commonly referred to as siding. +- **Exterior Walls and Trim Condition Status**: The condition status of the exterior walls and trim. + +##### Materials + +- Adobe +- Aluminum +- Asbestos +- Brick +- Cement Board +- Concrete Block +- Engineered Wood +- Glass +- Log +- Poured Concrete +- Steel +- Stone +- Stucco +- Synthetic Stone +- Synthetic Stucco +- Vinyl +- Wood +- Other (Describe) + +##### Condition Status + +- New or Like New +- Typical Wear and Tear +- Damaged and Functional +- Damaged and Nonfunctional + +**Notes:** + +- If there are varying condition statuses for the exterior walls and trim, choose the one that best explains the Exterior Condition Rating. +- Condition Status reflects the required repairs, inspections, or completions as if they were completed. The current condition is noted in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. +- Individual damages must be reported in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. + +*Appendix F-1: URAR Reference Guide Page 103 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_104.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_104.md new file mode 100644 index 0000000000000000000000000000000000000000..7ae8354a301849985941e6362f6ed34f8b11cf71 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_104.md @@ -0,0 +1,86 @@ +```markdown +# Uniform Appraisal Dataset + +## 08 Dwelling Exterior + +### Foundation + +The Foundation row always displays in the Exterior Features table. + +#### Dwelling Exterior: Quality and Condition - Exterior Features - Foundation + +#### Report +- **Field ID:** 8.029 +- **Report Label:** Detail +- **When to Include:** Always required + +#### Allowable Answers / Format +Choose one or more allowable answers from the Definition / Additional Guidance column and table. + +#### Definition / Additional Guidance + +**Foundation Material:** The material components of the base that the structure is built upon. +- Brick +- Concrete Block +- Metal +- Poured Concrete +- Stone +- Wood +- Other (Describe) + +**Foundation Type** +- Basement +- Crawl Space +- Post and Pier +- Runner +- Slab +- Other (Describe) + +**Notes:** + +- For manufactured homes, the appraiser must indicate in Quality Comment (8.030) whether tie downs or anchoring systems exist. +- For CHOICEHome® and MH Advantage®, the appraiser must indicate in Quality Comment (8.030) whether or not the home has a "solid perimeter foundation". +- If a manufactured home is not securely anchored, this must be reported in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. + +#### Detail + +##### Condition Status +- **Required for FHA and USDA appraisals when Foundation Type is Crawl Space** +- **Required if Crawl Space Accessible for Observation is Yes** +- **Always required** +- Allowable Answers: Yes | No + +##### Exterior Feature Condition Status + +**Crawl Space Accessible for Observation:** Indicates whether the crawl space is accessible for visual observation. +- Yes +- No (Inaccessible) + +Reference the appropriate government agency appraisal guidelines. + +**Visual Observation of Crawl Space Completed:** Indicates whether a visual observation of the crawl space, as defined by the applicable organization, was completed. +- Yes (Visual Observation Completed) +- No (No Visual Observation Completed) + +Reference the appropriate government agency appraisal guidelines. + +**Foundation Condition Status:** The condition status of the foundation. +- New or Like New +- Typical Wear and Tear +- Damaged and Functional +- Damaged and Nonfunctional + +**Notes:** + +- If there are varying condition statuses for the foundation, choose the one that best explains the Exterior Condition Rating. +- Condition Status reflects the required repairs, inspections, or completions as if they were completed. The current condition is noted in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. +- Individual damages must be reported in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 104 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_105.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_105.md new file mode 100644 index 0000000000000000000000000000000000000000..ac90f4561cfcc5c96430879b9a6683c6c1b09b68 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_105.md @@ -0,0 +1,87 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Foundation Type (Choose all that apply) + +### Allowable Answer Definition / Additional Guidance + +- **Basement** + Fully or partially below grade structural foundation style consisting of walls that bear weight on foundation footings running along the perimeter of the structure. + +- **Crawl Space** + A foundation style consisting of unfinished, typically narrow space between the building and the ground or the improved surface. + +- **Runner** + A foundation style that consists of rows of concrete footings poured into the ground intended to support the structure. + +- **Slab** + A foundation style that consists of a slab of concrete that sits directly on grade supporting the structure. + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +## Roof + +The Roof row always displays in the Exterior Features table. + +**Dwelling Exterior: Quality and Condition - Exterior Features - Roof** + +### Report Allowable + +- **Field** + Always required + +- **Report Label When to Include** + Roof Observable: Indicates whether the majority of the roof is observable from ground level. + + - **Yes** + - **No** + The individual performing the inspection was unable to make an informed determination on the condition status of the roof, such as when the roof is snow-covered. + +**Notes:** + +- If No, “(Unobservable)” displays. When the appraiser is unable to view the roof, explain why the roof is unobservable and report the results based on the assessment of the ceilings in Dwelling Exterior Commentary (8.061). For government agency appraisals, reference the appropriate guidelines. + +### 8.033 Detail + +- **Always required** + Choose one or more allowable answers from the Definition / Additional Guidance column + +**Roof Material** + +- *Asbestos* +- *Asphalt* +- *Ceramic Tile* +- *Clay* +- *Composition* +- *Concrete* +- *Copper* +- *Metal* +- *Rubber* +- *Slate* +- *Solar Shingles* +- *Synthetic* +- *Tar/Gravel* +- *Wood* +- *Other (Describe)* + +### Detail + +- **Always required** + +**Choose an Estimated Age:** + +The appraiser’s estimate of when the roof was last replaced. + +- *Less than 1 year* +- *1-10 years* +- *10-20 years* +- *More than 20 years* + +**Note:** +If there are varying ages for the roof, choose the one that best explains the Exterior Condition Rating. + +--- + +Appendix F-1: URAR Reference Guide Page 105 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_106.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_106.md new file mode 100644 index 0000000000000000000000000000000000000000..4d4bd55a860bcc99ea685d5258e5d9fe24a69732 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_106.md @@ -0,0 +1,49 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Dwelling Exterior: Quality and Condition - Exterior Features - Roof + +### Report Allowable + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| Field ID | 8.035 | +| Answers / Format | Condition Status | Required if Roof Observable is Yes | Choose an Roof Condition Status: The condition status of the roof. | +| | | | e New or Like New | +| | | | Typical Wear and Tear | +| | | | Damaged and Functional | +| | | | Damaged and Nonfunctional | + +**Notes:** + +- If there are varying condition statuses for the roof, choose the one that best explains the Exterior Condition Rating. +- Condition Status reflects the required repairs, inspections, or completions as if they were completed. The current condition is noted in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. +- Individual damages must be reported in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. + +## Windows + +The Windows row always displays in the Exterior Features table. + +## Dwelling Exterior: Quality and Condition - Exterior Features - Windows + +### Report Allowable + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| Field ID | Detail | Always required | Free-form Brief description of the windows. | +| | | Note: For further expansion of commentary, use Dwelling Exterior Commentary (8.061). | +| Field ID | 8.039 | +| Answers / Format | Condition Status | Always required | Choose an Windows Condition Status: The condition status of the windows. | +| | | | e New or Like New | +| | | | Typical Wear and Tear | +| | | | Damaged and Functional | +| | | | Damaged and Nonfunctional | + +**Notes:** + +- If there are varying condition statuses for the windows, choose the one that best explains the Exterior Condition Rating. +- Condition Status reflects the required repairs, inspections, or completions as if they were completed. The current condition is noted in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. +- Individual damages must be reported in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. + +Appendix F-1: URAR Reference Guide Page 106 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_107.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_107.md new file mode 100644 index 0000000000000000000000000000000000000000..f8a4f02389705cd7baefe850e9b4f594b6eab9fb --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_107.md @@ -0,0 +1,65 @@ +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Other Exterior Feature + +Rows can be added to the Exterior Features table for other feature(s) that are significant to the Exterior Quality and Condition Ratings. A row displays in the Exterior Features table for each additional exterior feature that is provided. + +### OTHER EXTERIOR FEATURE EXAMPLE IN DWELLING EXTERIOR AND SALES COMPARISON APPROACH + +In this example, Ornamentation was added as an additional exterior feature in the Exterior Features table. + +#### Exterior Features + +| Feature | Detail | Quality | Comment | Condition | Status | Condition Comment | +|-----------------------|------------------------------------------------------------------------------------------------------|----------------|---------------------------------|----------------------|---------------------------|--------------------------------| +| Exterior Walls and Trim | Brick | | Typical Wear and Tear | | | Minor cracks in mortar joints | +| Foundation | Poured Concrete \| Basement | | Typical Wear and Tear | | | | +| Roof | Composition | | Typical Wear and Tear | | | | +| | | | Estimated Age: 10-20 years | | | | +| Windows | Vinyl Double thermal pane | | Typical Wear and Tear | Windows same age as house | | | +| Ornamentation | Concrete cornices and frieze \| Good quality custom cornices and frieze | | Typical Wear and Tear | | | | + +The additional exterior feature (Ornamentation) was also brought into the Sales Comparison Approach (22.08.07, 22.08.14) to support the Quality and Condition ratings. Comps 1 and 2 did not have ornamentation, so “None” was entered. + +#### Subject Property Comparables + +| | Subject Property | Comparable #1 | Comparable #2 | Comparable #3 | +|--------------------------|-----------------|---------------|---------------|---------------| +| **Exterior Quality and Condition** | | | | | +| Quality | Q3 | Q3 | Q4 | Q3 | +| Exterior Walls and Trim | Brick | Brick | Vinyl | Cement Board | +| Roof | Composition | Composition | Composition | Composition | +| Ornamentation | Custom concrete cornices and frieze | None | None | Cornices and frieze | +| Condition | c3 | c3 | c4 | c3 | +| Exterior Walls and Trim | Typical Wear and Tear | Typical Wear and Tear | Damaged and Functional | Typical Wear and Tear | +| Roof | Typical Wear and Tear | Typical Wear and Tear | Damaged and Functional | Typical Wear and Tear | +| Ornamentation | Typical Wear and Tear | None | None | Typical Wear and Tear | + +#### Dwelling Exterior: Quality and Condition - Exterior Features - Other Feature + +##### Report + +| Field ID | Report Label | +|----------|----------------------| +| Feature | | +| 8.042 | Detail | +| Other | | + +- **When to Include:** + - If applicable (Exterior Feature is Other) + - If Exterior Feature is Allowable + +- **Answers / Format:** + - Free-form + +- **Definition / Additional Guidance:** + - Exterior Feature Other Description: Select Other (Describe) to enter an answer that is not in the Exterior Features list. Example: Ornamentation + - Other Exterior Feature Description: A brief description of the other feature. Example: Concrete cornices and frieze + +Note: For further expansion of commentary, use Dwelling Exterior Commentary + +### Appendix F-1: URAR Reference Guide + +Page 107 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_108.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_108.md new file mode 100644 index 0000000000000000000000000000000000000000..c1529b4671400517b447728e6c6bdcbe88995876 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_108.md @@ -0,0 +1,68 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Dwelling Exterior: Quality and Condition + +### Exterior Features - Other Feature + +#### Report All +- **Report Label**: When to Include +- **Definition / Additional Guidance**: + - **Field ID Answers / Format**: + +| Condition Status | If Exterior Feature is Choose an Other Exterior Feature Condition Status: The condition status of the other | +|------------------|---------------------------------------------------------------------------------------------------------| +| New or Like New | Exterior Feature | +| Typical Wear and Tear | Condition Status) | +| Damaged and Functional | | +| Damaged and Nonfunctional | | + +**Notes:** +- If there are varying condition statuses for the other exterior feature, choose the one that best explains the Exterior Condition Rating. +- Condition Status reflects the required repairs, inspections, or completions as if they were completed. The current condition is noted in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. +- Individual damages must be reported in the Apparent Defects, Damages, and Deficiencies (Dwelling Exterior) subsection. + +## Noncontinuous Finished Area + +Noncontinuous finished areas are defined as finished area(s) in the dwelling that are attached to the dwelling but separate and not directly accessible from any unit. + +Example: Family room or other finished area attached to or above an attached garage that is only accessible through the garage. + +### Noncontinuous Finished Area + +The table below depicts any finished area that is attached to the dwelling but separate and not directly accessible from any unit. + +| Finish Total Area | Room Summary | +|-------------------|--------------------| +| Finished 360 Sq. Ft. | 1- Family Room | + +This subsection does not display for properties with more than one unit, or if there is no noncontinuous finished area. + +### Dwelling Exterior: Noncontinuous Finished Area Exists + +#### Report Allowable +- **Report Label**: When to Include +- **Definition / Additional Guidance**: + - **Field ID Answers / Format**: + +This is an appraiser input that does not display. + +Required if Units Excluding ADUs is 1. + +**Noncontinuous Finished Area Exists**: Indicates whether there is noncontinuous finished area in the dwelling. + +**Notes:** +- If No, the Noncontinuous Finished Area subsection does not display. +- Do not include area from accessory dwelling units or outbuildings. +- If there are multiple noncontinuous areas in the dwelling, combine them into one entry. + +### Noncontinuous Finished Area + +The table below depicts any finished area that is attached to the dwelling but separate and not directly accessible from any unit. + +| Finish Total Area | Room Summary | +|-------------------|--------------| +| Finished 8.046 | 8.047 8.048 | + +**Appendix F-1: URAR Reference Guide Page 108 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_109.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_109.md new file mode 100644 index 0000000000000000000000000000000000000000..9241b9ac05ec903f44b2d9ea2ae7fb11c6853b6d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_109.md @@ -0,0 +1,52 @@ +```markdown +# Uniform Appraisal Dataset + +## 08 Dwelling Exterior + +### Dwelling Exterior: Noncontinuous Finished Area + +#### Report + +| Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|----------|--------------|-----------------|----------------------------|----------------------------------| +| 8.046 | N/A | Displays when Noncontinuous Finished Area Exists is Yes | N/A | The table below depicts any finished area that is attached to the dwelling but separate and not directly accessible from any unit. | +| 8.047 | Finish (Finished) Total Area | Required if Noncontinuous Finished Area Exists is Yes | Number of square feet | Noncontinuous Finished Area: The finished area of the noncontinuous space(s) in the dwelling. If there are multiple noncontinuous areas in the dwelling, report the total finished area. | +| 8.048 | Finish (Finished) Room Summary | Required for each indicated Room Type | Required if Noncontiguous Finished Area Exists is Yes | Number of Rooms: The count of each Room Type that is in the noncontinuous area(s) of the dwelling. If there are multiple noncontinuous areas in the dwelling, report all rooms here. | + +#### Room Type + +The original design of the room(s) that are in the noncontinuous space(s) in the dwelling. + +- Bath — Full +- Bath — Half +- Bedroom +- Breakfast Room +- Den +- Dining Room +- Family Room +- Kitchen +- Laundry Room +- Living Room +- Loft +- Media Room +- Mudroom +- Recreation Room +- Sunroom +- Utility Room +- Walk-In Pantry +- Workshop +- Other (Describe) + +Note: Select the most applicable Room Type that fits the description of the room. Examples: + +- Select Dining Room for dining areas. +- Select Breakfast Room for breakfast areas or breakfast nooks. + +Photo(s) of the noncontinuous finished area may be provided, which display in Dwelling Exterior Exhibits, with the caption "Noncontinuous Area". An additional caption must be provided including the room type, location, and any other descriptive information as appropriate. + +**Appendix F-1: URAR Reference Guide** + +Page 109 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_11.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_11.md new file mode 100644 index 0000000000000000000000000000000000000000..03d812d2b2530a692a4a144c16a50411fe98c8f6 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_11.md @@ -0,0 +1,55 @@ +```markdown +# Uniform Appraisal Dataset Overview + +## Example of Field Names in the Reference Guide + +In this example, the Report Label “Detail” includes these field names, depending on Vehicle Storage Type. + +### For the Driveway: + +- Driveway Surface Material is Asphalt + +### For the Garage: + +- Vehicle Storage Attachment Type is Attached +- Vehicle Storage Area is 626 sq. ft. + +## Vehicle Storage + +### Storage Number of Parking Spaces Detail + +- **Driveway**: 4 Asphalt +- **Garage**: 3 Attached + 626 Sq. Ft. + +### Vehicle Storage — Information for each Vehicle Storage Type + +| Report Allowable Field 1p | Report Label | When to Include | Roser // Geo Definition / Additional Guidance | +|---------------------------|--------------|-----------------|------------------------------------------------| +| Required if Vehicle | Choose an | Vehicle Storage Attachment Type: The way in which the indicated vehicle storage is attached to the dwelling. | +| Storage Type is | allowable | | e Attached | +| Carport or Garage | answer from | | e Built-in (including basement garages) | +| (Vehicle Storage | table | | e Detached | +| Attachment Type) | | | | + +| Required if Vehicle | Number of | Vehicle Storage Area: Note: For detached garages that include other uses (ADUs or additional areas), only report the area that is specific to the vehicle storage. | +| Storage Type is | square feet | | | +| Carport or Garage | | | | + +| Required if Vehicle | Choose an | Driveway Surface Material: The predominant driveway surface material. | +| Storage Type is | allowable | | e Asphalt | +| Driveway or Shared | answer from | | e Brick | +| Driveway | the Definition / Additional Guidance column | e Concrete | +| | | | e Cobblestone | +| | | | e Dirt | +| | | | e Gravel | +| | | | e Other (Describe) | + +## Key Concepts + +### Defining the Property + +Using the new UAD, data - not a form number - drives the property type. The property type is determined using characteristics of the property, which provides flexibility and removes the conflict between atypical properties and a form number. This chapter provides a summary of the key data points that determine property type. Reference the indicated Report Field ID for more information. + +*Appendix F-1: URAR Reference Guide Page 11 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_110.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_110.md new file mode 100644 index 0000000000000000000000000000000000000000..d418f6ef824d63a18c852c114d03bee0711a068d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_110.md @@ -0,0 +1,69 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Mechanical System Details + +The Mechanical System Details subsection always displays. + +### Mechanical System Details + +| System Detail | Field ID | Answers / Format | +|---------------|----------|------------------| +| Heating | 8.049 | See below | +| Core Heating System Below Grade | 8.052 | N/A | +| Cooling | 8.051 | N/A | +| Other Mechanical Systems | 8.053 | N/A | + +#### Heating + +##### Dwelling Exterior: Mechanical System Details - Heating + +- **Report Label**: Heating (System) + - **When to Include**: Always required + - **Answers / Format**: Choose one or more allowable answers from table (Heating System Type). + - **Additional Guidance**: The type(s) of permanent heating systems in the structure. + +###### Heating System Type (Choose one or more) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| Baseboard | A system of perimeter heating located at the base of the wall where the baseboard would be. | +| Fireplace | Note: Only select this answer if the fireplace is used as the primary source of heat. Other fireplaces are reported in the Subject Property Amenities section (14.002). | +| Forced Warm Air | A system that propels air over a heat source that is distributed via ducts and vents throughout a home or a structure. | +| Gravity Air | N/A | +| Mini Split | A ductless system designed to heat certain spaces or rooms within the structure. | +| Passive Solar | N/A | +| Radiant | N/A | +| Radiators | N/A | +| Stove | N/A | +| Other (Describe) | N/A | + +- **Detail**: Heating (Detail) + - **Field ID**: 8.050 + - **Answers / Format**: Required for each identified Heating System Type + +- **Heating System Fuel** + - **Allowable Answer**: + - Coal + - Electric + - Geothermal + - Natural Gas + - Oil + - Propane + - Solar + - Wood + - Other (Describe) + +- **Detail**: Heating (Detail) + - **Field ID**: 8.050 + - **Answers / Format**: Required if Heating System Type is None + +- **Lack of Heating Typical for Market** + - **Allowable Answer**: + - Yes (Typical for Market) + - No (Not Typical for Market) + +--- + +*Appendix F-1: URAR Reference Guide Page 110 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_111.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_111.md new file mode 100644 index 0000000000000000000000000000000000000000..df20a0398fe91926a9987cbd1e2ce53060a7a4be --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_111.md @@ -0,0 +1,78 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Heating System Type (Choose one or more) + +### Allowable Answer Definition / Additional Guidance + +- **Passive Solar** + A system that uses solar energy to heat a fluid, either liquid or air, and then transfer the solar heat directly to an interior area or to a storage system for later use. + + > Note: Solar panels that produce electricity are reported in the Energy Efficient and Green Features section (6.001), and not here. + +- **Radiant** + A system that supplies heat directly to the floor or to panels in the wall or ceiling of a house. + +- **Radiators** + A system that boils water in a central unit and moves steam to a radiator in an individual room or space. + +- **Stove** + > Note: Only select this answer if the stove is used as the primary source of heat. + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +## Cooling + +### Dwelling Exterior: Mechanical System Details - Cooling + +| Report | Allowable Answer | Definition / Additional Guidance | +|--------|-----------------|----------------------------------| +| **Cooling (System)** | Always required | Cooling System Exists: Indicates whether there is permanent cooling in the structure.
° If No, "None" displays. | + +#### Field ID 8.051 + +| Cooling (System) | If Cooling System Exists | Choose one or more allowable answers from table (Cooling System Type) | +|------------------|-------------------------|----------------------------------| +| **Cooling System Type** | - | - Centralized
- Individual
- Other (Describe) | + +### Cooling System Type (Choose one or more) + +#### Allowable Answer Definition / Additional Guidance + +- **Centralized** + A system in which air is cooled at a central location and distributed to and from rooms by one or more fans and ductwork (e.g., forced air, mini-split). + +- **Individual** + A self-contained cooling system, mounted on a wall or in a window, designed to cool an individual room or small area (e.g., window unit). + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +## Core Heating and Other Mechanical Systems + +### Dwelling Exterior: Core Heating and Other Mechanical Systems + +| Report | Allowable Answer | Definition / Additional Guidance | +|--------|-----------------|----------------------------------| +| **Core Heating System Below Grade** | Required if Heating System Type is not None | Select Yes when at least one mechanical unit that produces heat (e.g., furnace) is below grade, including when the heating system is shared with multiple units. This is the main core unit that produces and distributes heat through duct work or other means (e.g., steam or hot water). | + +#### Field ID 8.052 + +| Core Heating | - | +|--------------|---| + +#### Field ID 8.053 + +| Other Mechanical Systems | If applicable | Choose one or more allowable answers from the Additional Guidance column | +|--------------------------|--------------|----------------------------------| +| **Radon Mitigation** | - | - | +| **Sump Pump** | - | - | +| **Water Heater** | - | - | +| **Whole House Water Treatment** | - | - | +| **Other (Describe)** | - | Note: If there are no other mechanical systems in the dwelling, do not select an answer and Other Mechanical Systems does not display. | + +--- + +*Appendix F-1: URAR Reference Guide Page 111 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_112.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_112.md new file mode 100644 index 0000000000000000000000000000000000000000..da22c422890edca499bb8d9b4390db8146d442bc --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_112.md @@ -0,0 +1,47 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Apparent Defects, Damages, Deficiencies (Dwelling Exterior) + +The appraiser must report any significant items pertaining to the dwelling exterior, mechanical systems, or noncontinuous finished area, and must associate any defect, damage, or deficiency with the most appropriate section. These defects, damages, and deficiencies are items that: + +- Rise to the level of recommending repair, replacement, or inspection by an individual with expertise in the industry, or +- Negatively affect the integrity / composition of the site itself, or +- Negatively affect the soundness or structural integrity of the improvements to the site, or +- Measurably impact the marketability or value of the property, or +- Require completion + +### Example: + +#### Apparent Defects, Damages, Deficiencies (Dwelling Exterior) + +The items listed below represent the As Is condition as of the effective date of this report + +| Feature | Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|---------|--------------|----------------------------------------------------------------------|--------------------------------------------|--------------------| +| Roof | Section of Roof | Damaged roof with missing flashing leaving the roof permeable to water intrusion. | Yes | Repair | + +Any other items that do not require repair, replacement, inspection, or completion may also be reported using the Recommended Action of None. + +Reference the appropriate government agency appraisal guidelines for specific requirements. + +### Apparent Defects, Damages, Deficiencies (Dwelling Exterior - [Structure Identifier]) 8.054 + +The items listed below represent the As Is condition as of the effective date of this report 8.055 + +| Feature | Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|---------|----------|-------------|------------------------------------------|--------------------| +| 8.056 | 8.057 | 8.058 | 8.059 | 8.060 | + +### Apparent Defects, Damages, Deficiencies (Dwelling Exterior) + +| Report Field ID | Allowable Answers / Format | Report Label | When to Include | Definition / Additional Guidance | +|----------------|----------------------------|---------------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------| +| 8.054 | N/A | Display only | N/A | If applicable, Structure Identifier redisplays from 8.000. | +| 8.055 | Yes | No | Always required | Dwelling Exterior Defects Exist: Indicates whether there are apparent defects, damages, or deficiencies for the dwelling.
• If No, “None” displays and the Apparent Defects, Damages, Deficiencies (Dwelling Exterior) table does not display. | +| 8.055 | N/A | Displays when | Dwelling Exterior Defects Exist is Yes | The items listed below represent the As Is condition as of the effective date of this report. | + +#### Appendix F-1: URAR Reference Guide + +Page 112 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_113.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_113.md new file mode 100644 index 0000000000000000000000000000000000000000..3c3a37154d5f0590b19a71cd8050585524ef6619 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_113.md @@ -0,0 +1,64 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Information About Each Defect, Damage, or Deficiency + +### Apparent Defects, Damages, Deficiencies (Dwelling Exterior) + +**ued Report Label** +_When to Include Alsmelits_ | **Definition / Additional Guidance** +--- | --- +**Field ID** | **Answers / Format** + +8.056 Feature | Required for each defect, damage, or deficiency from the Definition / Additional Guidance column +Choose an allowable answer: +- Exterior Walls and Trim +- Foundation +- Mechanical System +- Roof +- Windows +- Other (Describe) + +**Note:** Photos or images must be provided for each physical defect, damage, or deficiency. These display in Dwelling Exterior Exhibits as "Apparent Defects, Damages, Deficiencies" with the indicated Feature. An additional caption may be provided. + +8.057 Location | Required for each defect, damage, or deficiency +Other (Describe) +For the Dwelling Exterior section, choose Other and briefly describe the location of the defect, damage, or deficiency. + +Description | Required for each defect, damage, or deficiency +Free-form Description of the defect, damage, or deficiency. + +8.059 Affects Soundness or Structural Integrity | Required for each defect, damage, or deficiency +Yes / No +Indicates whether the defect, damage, or deficiency affects the soundness and/or structural integrity of the improvement. + +**Recommended Action** +Required for each defect, damage, or deficiency from the Definition / Additional Guidance column +Choose an allowable answer: +- Completion +- Inspection +- Repair (includes replacement) +- None (does not require repair, replacement, completion, or inspection) + +**Note:** +- If Completion, Inspection, or Repair is reported for any defect, damage, or deficiency, the report must be made subject to the resolution of the item (Market Value Condition 26.009 cannot be As Is). +- Condition Status for the item must reflect the future “resolved” condition. +- If Repair is selected, the estimated cost to repair may be provided in the Reconciliation section. + +## Dwelling Exterior Commentary + +**Dwelling Exterior Commentary** + +8.061 Dwelling Exterior Commentary +_Report Allowable_ +_When to Include_ | **Definition / Additional Guidance** +--- | --- +**Field ID** | **Answers / Format** + +Dwelling Exterior Commentary | If applicable +Free-form Commentary could include information pertinent to the Dwelling Exterior section that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +--- + +Appendix F-1: URAR Reference Guide Page 113 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_114.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_114.md new file mode 100644 index 0000000000000000000000000000000000000000..b9e2d3f8b0c71253fc7ceb1680a0817e15c06a45 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_114.md @@ -0,0 +1,23 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Dwelling Exterior Exhibits + +All photos or images related to the Dwelling Exterior section are displayed in the Dwelling Exterior Exhibits subsection. If there are no photos or images, this subsection does not display. + +## Dwelling Exterior Exhibits + +| Report Allowable | P Report Label | When to Include | Definition / Additional Guidance | Field ID Answers / Format | +|------------------|----------------|-----------------|-------------------------------------------------------------|---------------------------| +| Dwelling Exterior Exhibits | If required by client or scope of work | Dwelling Rear Photo | When required, provide photo(s) of the rear of the dwelling, which display in Dwelling Exterior Exhibits with the caption “Dwelling Rear”. An additional caption may be provided to further identify the photo. | | + +See Dwelling Exterior Exhibits + +If applicable + +Photo + +Photos relevant to the Dwelling Exterior section may be provided, which display in Dwelling Exterior Exhibits. If the photo is not specifically indicated, an additional caption must be provided to further identify the photo. + +*Appendix F-1: URAR Reference Guide Page 114 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_115.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_115.md new file mode 100644 index 0000000000000000000000000000000000000000..1058200fbefb4f923ee48e531616a20b8278cfa7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_115.md @@ -0,0 +1,50 @@ +```markdown +# Uniform Appraisal Dataset 09 Manufactured Home + +## 09 Manufactured Home + +The Manufactured Home section repeats for each manufactured home on the property that is either a dwelling or an ADU, and provides space for additional commentary and exhibits. If there are no manufactured homes on the property, the section does not display. + +As with other types of properties, additional facts about the manufactured home are captured in the Dwelling Exterior, Outbuilding, and / or Unit Interior sections. + +- The Outbuilding section displays (instead of Manufactured Home) if the manufactured home is an outbuilding that is not an ADU. Example: A manufactured home that has been physically modified and is no longer livable. + +Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +### Manufactured Homes that are Dwellings + +If the manufactured home is a dwelling, the Manufactured Home section displays after the applicable Dwelling Exterior section. Reference Types of Structures for more information to determine whether the manufactured home is considered a dwelling or outbuilding. + +Note: Some manufactured home information displays for both dwellings and outbuildings that are ADUs. The “When to Include” column in this subchapter only references manufactured homes that are dwellings. + +- Structure Type is Dwelling, and Construction Method (8.011) is Manufactured + +## General Information + +### Manufactured Home + +- **Manufacturer Name** (9.000) +- **Year Installed** (9.001) +- **Attached to Permanent Foundation** (9.003) +- **Moved Since Original Installation** (9.002) +- **Towing Hitch, Wheels, Axles Removed** (9.004) +- **Manufactured Home Width** (9.005) +- **Skirting** (9.006) + +**Yes No** + +Have there been any modifications, attachments, or additions that rely on or have altered the original structure for support? + +- Modification, Attachment, or Addition (9.008 9.007) +- Description of Modification, Attachment, or Addition (9.009) + +### Manufactured Home — Dwellings - General Information + +| Report All | Report Label | When to Include | Definition / Additional Guidance | +|------------|--------------|-----------------|----------------------------------| +| Field ID | Answers / Format | +| 9.000 | Manufacturer Name | Always required | Free-form The name of the manufacturer (maker) of the manufactured home. | +| 9.001 | Year Installed | Always required | yyyy Year Installed: The date a Certificate of Occupancy or its equivalent was issued for the development of a lot and placement of a manufactured home on the permanent foundation. | + +Appendix F-1: URAR Reference Guide Page 115 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_116.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_116.md new file mode 100644 index 0000000000000000000000000000000000000000..b72c92ccc6b84116cddca32de51c588a4f51f98d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_116.md @@ -0,0 +1,95 @@ +```markdown +# Uniform Appraisal Dataset + +## 09 Manufactured Home + +### Manufactured Home — Dwellings - General Information + +#### Report + +| Field ID | Report Label | +| -------- | ------------ | +| 9.006 | Year Installed | +| 9.007 | Moved Since Original Installation | + +**When to Include**: Always required + +**Allowable Answers / Format**: + +- **Year Installed Estimated**: Indicates whether Year Installed is an estimate. + + **Notes**: + - If Year Installed is unknown or unavailable to the appraiser in the normal course of business, the appraiser must estimate the year the manufactured home was installed. + - If Yes, Year Installed displays with a tilde (~). + +- **Moved Since Original Installation**: Indicates whether the manufactured home has been moved to a different location than the one on which it was originally installed. + + **Note**: If Yes, provide the source of information and additional details in Manufactured Home Commentary (9.026). + +#### Attached to Permanent Foundation + +**When to Include**: Always required + +Indicates whether the manufactured home is attached to a permanent foundation. + +**Notes**: +- Additional information about the foundation is reported in the Exterior Features table in the Dwelling Exterior section. +- If the foundation area is readily accessible, a photo must be provided, which displays in Manufactured Home Exhibits. A caption must be provided indicating “Foundation” and any other descriptive information as appropriate. + +#### Skirting + +| Field ID | Report Label | +| -------- | ------------ | +| 9.004 | Towing Hitch, Wheels, Axels Removed | +| 9.005 | Manufactured Home Width | + +**When to Include**: + +- **Towing Hitch, Wheels, Axels Removed**: Always required + + Indicates whether the towing hitch, wheels, and axles have been removed from the frame of the manufactured home. + + **Note**: If No, reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +- **Manufactured Home Width**: Always required + + **Single or Multi** + - Single (transported to the site in a single section) + - Multi (manufactured in multiple sections and joined on site) + +- **Have there been any modifications, attachments, or additions that have altered or rely on the original structure for support?**: Always required + + Choose one or more allowable answers from the Definition / Additional Guidance column + +- **Skirting Exists**: Required if Skirting Exists is Yes + + Indicates whether a non-structural enclosure of the foundation crawl space exists. + + **Skirting Material**: + - Asbestos + - Brick + - Cement Board + - Concrete Block + - Engineered Wood + - Fiberglass + - Log + - Metal + - Poured Concrete + - Vinyl + - Wood + - Other (Describe) + + **Note**: If the skirting is readily accessible, a photo must be provided, which displays in Manufactured Home Exhibits. Provide a caption indicating “Skirting” and any other descriptive information as appropriate. + +- **Structural Modifications Exist**: Indicates whether modifications, attachments, or additions have been made that altered or rely upon the original dwelling for support. + + Select No when the additions, such as an attached garage, were originally designed for the structure. + + Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 116 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_117.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_117.md new file mode 100644 index 0000000000000000000000000000000000000000..e2c59ffa2a9949bebdd962808a1f8a417aa209b1 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_117.md @@ -0,0 +1,39 @@ +```markdown +# Uniform Appraisal Dataset + +## 09 Manufactured Home + +### Manufactured Home — Dwellings - General Information + +#### Report + +| Report Label | FieldID | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|---------------------------------------|---------------------|------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------| +| Description of Modification, Addition | 9.009 | Required if Structural Modifications Exist is Yes | Free-form | Detailed description of the modification, attachment, or addition that has altered the manufactured home’s structure or relies on it for support. | +| | | | | - Carport | +| | | | | - Deck | +| | | | | - Garage | +| | | | | - Living Area | +| | | | | - Porch | +| | | | | - Sunroom | +| | | | | - Other (Describe) | + +### Manufactured Home — Dwellings — HUD Data Plate + +#### Report + +| Report Label | FieldID | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------------|---------------------|---------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------| +| HUD Data Plate | 9.010 | Always required | | Indicates whether the manufactured home has a HUD data plate (also referred to as the Manufactured Home Data Plate or Compliance Certificate) is attached within the manufactured home. If not attached but available, select No and explain in Manufactured Home Commentary (9.026). Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. If available, a photo or verification source must be provided, displayed in Manufactured Home Exhibits, with the caption “HUD Data Plate”. Additional caption may identify the photo further. | +| Date of Manufacture | 9.011 | Required if HUD Data Plate Attached is Yes or if available | mm/dd/yyyy | The date the manufactured home was built, as shown on the HUD data plate or other source. Notes: The year must match Year Built in the Dwelling Exterior section (8.010). If the Date of Manufacture exceeds 12 months from the Effective Date of Appraisal (26.011), Overall Condition Rating (15.005) cannot be C1. | +| Serial Number | 9.012 | Required if HUD Data Plate Attached is Yes or if available | Free-form | The serial number per section of the manufactured home, as shown on the HUD data plate or other source. | +| HUD Wind Zone | 9.013 | Required if HUD Data Plate Attached is Yes or if available | Choose an allowable answer from the Definition / Additional Guidance column | The Wind Zone that the manufactured home was designed and constructed to conform to, as shown on the HUD data plate or other source.
- Zone I
- Zone II
- Zone III | + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 117 of 367 + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_118.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_118.md new file mode 100644 index 0000000000000000000000000000000000000000..c4dc518ae077a434677a7fb05d773da2a6d64d96 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_118.md @@ -0,0 +1,90 @@ +# Uniform Appraisal Dataset + +## Manufactured Home + +### Manufactured Home — Dwellings — HUD Data Plate + +#### Report + +- **Field ID:** 9.015 + +#### Report Label + +- **HUD Thermal Zone** +- **HUD Roof Load Zone** + +#### When to Include + +- Required if HUD Data Plate Attached is Yes or if available + +#### Allowable Answers / Format + +- Choose an allowable answer from the Definition / Additional Guidance column + +#### Definition / Additional Guidance + +- **HUD Thermal Zone:** + The Thermal Zone that the manufactured home was designed and constructed to conform to, as shown on the HUD data plate or other source. + - Zone 1 + - Zone 2 + - Zone 3 + +- **HUD Roof Load Zone:** + The Roof Load Zone that the manufactured home was designed and constructed to conform to, as shown on the HUD data plate or other source. + - Middle + - North + - South + +### HUD Certification Label + +> Note: If the HUD Certification Label is not available for all sections, indicate in Manufactured Home Commentary (9.026) the source of the data provided. + +#### HUD Certification Label + +- **Label Present for All Sections** + +#### Report + +- **Field ID:** See iGuide + +#### Report Label + +- **Label Present for all Sections** +- **HUD Certification Number** + +#### When to Include + +- Always required +- Required if Label Present for all Sections is Yes, or if available + +#### Allowable Answers / Format + +- Free-form +- Photo or image + +#### Definition / Additional Guidance + +- **Label Present for All Sections:** + Indicates whether the HUD Certification Label (also referred to as the HUD Certification, Construction Code Label, Certification Label, HUD Label, or Red Tag) is present and attached to all sections of the manufactured home. + - Yes (the HUD Label is attached for all sections). + - No (the HUD Label is missing for at least one of the sections). + + > Note: If the HUD Certification Label is not attached but is available, select No and explain in Manufactured Home Commentary (9.026). + +- **HUD Certification Number:** + The certification number per section of the manufactured home as shown on the HUD Certification Label, HUD data plate, or other source. + +- **HUD Certification Number Photo:** + A photo of all HUD Certification Label(s) (or the verification source if the HUD Certification Label(s) are not present) must be provided. The photos display in Manufactured Home Exhibits, with the caption “HUD Certification Label”. An additional caption may be provided to further identify the photo. + +> If the manufactured home is not eligible for any certification programs (such as Fannie Mae MH Advantage® or Freddie Mac CHOICEHome®, this subsection does not display. + +### Manufactured Home Certification Program + +- **Certification** +- **Identifier** + +#### Appendix F-1: URAR Reference Guide + +- Page 118 of 367 +- Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_119.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_119.md new file mode 100644 index 0000000000000000000000000000000000000000..321883493645f3bae535fbfda742cbe26fd90f67 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_119.md @@ -0,0 +1,65 @@ +# Uniform Appraisal Dataset + +## 09 Manufactured Home + +### Manufactured Home — Dwellings — Manufactured Home Certification Program + +#### Report + +- **Field ID:** 9.019 +- **Report Label:** Certification Identifier + +##### When to Include + +- Required if certifications exist for the manufactured home +- Required for each identified certification + +##### Allowable Answers / Format + +- Choose an allowable answer from the Definition / Additional Guidance column +- Free-form + +##### Definition / Additional Guidance + +The financing program for which the manufactured home is designed to be eligible, as shown on a label in the home that identifies it as being eligible for designated financing options. + +- Fannie Mae MH Advantage +- Freddie Mac CHOICEHome +- Other (Describe) + +**Notes:** + +- If there are no certifications, do not select an answer and this subsection does not display. +- A photo of each certification label must be provided, which displays in Manufactured Home Exhibits with the caption "Manufactured Home Certification". An additional caption may be provided to further identify the photo. +- Identifies the manufactured home's eligibility for the associated financing program (e.g., Freddie Mac CHOICEHome Number, Fannie Mae MH Advantage Identification Number). + +### Invoice Information + +This subsection displays when the property is new construction (New Construction (3.017) is Yes). + +#### Invoice Information + +- **Purchased from Retailer ID:** 9.020 +- **Retailer ID:** 9.021 +- **Commentary on Why Invoice(s) Not Reasonable ID:** 9.025 +- **Retailer’s Invoice Reviewed ID:** 9.022 +- **Manufacturer's Invoice Reviewed ID:** 9.023 +- **Invoice(s) Appear Reasonable ID:** 9.024 + +### Manufactured Home — Dwellings — Invoice Information + +| Report Field ID | Report Label | When to Include | Allowable Answers/Format | Definition / Additional Guidance | +| --------------- | ------------ | --------------- | ------------------------ | -------------------------------- | +| 9.020 | Purchased from Retailer | Required if New Construction is Yes | Yes \| No | Indicates whether the manufactured home was purchased from a retailer. | +| 9.021 | Retailer Name | Required if Purchased from Retailer is Yes | Free-form | | +| 9.022 | Retailer's Invoice Reviewed | Required if Purchased from Retailer is Yes | Yes \| No | Indicates whether the appraiser reviewed and analyzed the retailer’s invoice. Note: A photo or image of the invoice may be provided, which displays in Manufactured Home Exhibits. An additional caption must be provided indicating “Retailer’s Invoice” and any other descriptive information as appropriate. | +| 9.023 | Manufacturer's Invoice Reviewed | Required if New Construction is Yes | Yes \| No | Indicates whether the appraiser reviewed and analyzed the manufacturer’s invoice for the manufactured home. Note: A photo or image of the invoice may be provided, which displays in Manufactured Home Exhibits. An additional caption must be provided indicating “Manufacturer’s Invoice” and any other descriptive information as appropriate. | +| 9.024 | Invoice(s) Appear Reasonable | Required if Purchased from Retailer is Yes or Manufacturer’s Invoice Reviewed is Yes | Yes \| No | Indicates whether, based on the analysis of the manufacturer's invoice and/or retailer's invoice, the content appears to be reasonable. | + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 119 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_12.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_12.md new file mode 100644 index 0000000000000000000000000000000000000000..6053ea4d08b1443506d09e32c2f84c304592e3d7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_12.md @@ -0,0 +1,58 @@ +```markdown +# Uniform Appraisal Dataset + +## Overview + +### Units and ADUs + +#### Defining the Property (Units and ADUs) + +| Report | Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|--------|----------|------------------------------------|-------------------|----------------------------|----------------------------------| +| ADUs | Accessory Dwelling Units | Always required | | | +| Units | Excluding | Always required | | | + +- **Number of separate living units on the subject property, not counting any ADUs.** ADUs are entered in a separate field (3.006) but are considered in the overall unit count. + Examples: + - A single-family property (with or without an ADU) is reported as 1 unit in this field. + - A three-unit property (with or without an ADU) is reported as 3 units in this field. + +- **Number of ADUs on Subject Property** + + *Notes:* + - Enter zero (0) if there are no ADUs on the property. + - ADUs may be in the dwelling, attached to the dwelling, or associated with a separate building (outbuilding). + +- **Unit is an ADU:** Indicates whether the unit is considered an accessory dwelling unit. + + *Notes:* + - If Number of ADUs on Subject Property 3.006 is zero, this question does not display. + - If Number of ADUs on Subject Property is 1 or more, this question displays in each instance of Unit Interior to identify which unit is the ADU. + +#### Defining the Property (PUD, Project, and Site Owned in Common) + +| Report | Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|----------------------|----------|----------------------------|-------------------|----------------------------|----------------------------------| +| Planned Unit | | Property in a PUD | Always required | | Indicates whether the property is in a PUD. A PUD is a subdivision that consists of common property and improvements that are owned and maintained by a homeowners association (HOA) for the benefit and use of the individual PUD unit owners. A unit owner in the PUD has title to a residential property (parcel and dwelling) and an interest in the HOA that owns or manages the common areas and facilities of the PUD. | +| Development (PUD) | 3.011 | Condominium | Always required | Yes \| No | Property in a Project | +| | 3.012 | Cooperative | | Yes (the property is in a condominium, cooperative, or condop) | | +| | 3.013 | Condop | | No (the property is not in a condominium, cooperative, or condop) | | +| | 3.011 | Condominium | Required if Property in a Project is Yes | Condominium, Cooperative, or Condop | | +| | 3.012 | Cooperative | | | | +| | 3.013 | Condop | | | | +| | 3.015 | Subject Site Owned in Common | Always required | Yes \| No | Site Owned in Common: Indicates whether land associated with the property is owned by an association, such as a condominium project, cooperative, or condop. | + + *Notes:* + - Yes (the land supporting the dwelling is commonly owned through an association such as a condo, co-op or condop). + - No (the homeowner owns or leases the land sole and separate from another entity). + + *Note:* For site condos, select No for Site Owned in Common, and Condominium for Project Legal Structure. + +--- + +Appendix F-1: URAR Reference Guide + +Page 12 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_120.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_120.md new file mode 100644 index 0000000000000000000000000000000000000000..96e292d04192aff614fe60301261d96e5bd72f74 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_120.md @@ -0,0 +1,37 @@ +# Uniform Appraisal Dataset 09 Manufactured Home + +## Manufactured Home — Dwellings — Invoice Information + +**Report Allowable** + +| Pi Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|----------------|------------------|--------------------------------|---------|------------------| +| 9.025 Commentary on Why Invoice(s) Appear Not Reasonable | Required if Invoice(s) is not Reasonable | Free-form Explain the results of the analysis and why the invoice(s) were determined to be not reasonable. | No | + +## Manufactured Home Commentary + +**Manufactured Home Commentary** + +**Report Allowable** + +| P Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|----------------|------------------|---------------------------------|---------|------------------| +| 9.026 Manufactured Home Commentary | If applicable | Free-form Commentary could include information pertinent to the Manufactured Home section that is not captured in the discrete data, or additional details to support the discrete data that is provided. | | + +## Manufactured Home Exhibits + +All photos or images related to the Manufactured Home section are displayed in the Manufactured Home Exhibits subsection. If there are no photos or images, this subsection does not display. + +**Manufactured Home — Dwellings - Exhibits** + +**Report Allowable** + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------|-----------------|--------------------------------|---------|------------------| +| See iGuide | Manufactured Home Exhibits | If applicable | Photos or images relevant to the Manufactured Home section may be provided, which display in Manufactured Home Exhibits. If the photo is not specifically indicated, provide a caption to further identify the photo. | + +## Manufactured Homes that are ADUs (Outbuildings) + +If the manufactured home is a standalone ADU, an abbreviated set of information for the Manufactured Home section displays (after the Outbuilding section for the ADU). Reference Types of Structures for more information to determine whether the manufactured home is considered a dwelling or outbuilding. + +Appendix F-1: URAR Reference Guide Page 120 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_121.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_121.md new file mode 100644 index 0000000000000000000000000000000000000000..ed187412c143ea8be5c3cddaea6efe519d9b5e56 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_121.md @@ -0,0 +1,64 @@ +```markdown +# Uniform Appraisal Dataset 09 Manufactured Home + +## Manufactured Home + +- **Attached to Permanent:** + - Towing Hitch, Wheels, Axles + - Foundation: Yes + - Removed: Yes + +- **Modifications, Attachments, Additions:** + - Have there been any modifications, attachments, or additions that rely on or have altered the original structure for support? [L] v1 + +### HUD Data Plate + +- **HUD Data Plate Attached:** Yes +- **Date of Manufacture:** 10/30/2005 + +### HUD Certification Label + +- **Label Present for All Sections:** Yes +- **HUD Certification Number:** XXX123456 + +## Manufactured Home Commentary + +The manufactured home was initially the main residence, and was converted to an ADU when the new home was constructed. + +*Note: Some manufactured home information displays for both dwellings and outbuildings that are ADUs. The "When to Include" column in this subchapter only references manufactured homes that are outbuildings (ADUs).* + +- Structure Type is Outbuilding +- Outbuilding Type (12.001) is Manufactured Home +- Units in Structure (12.003) is 1 or more + +## General Information + +### Manufactured Home + +- **Attached to Permanent:** + - Foundation 9.003 +- **Towing Hitch, Wheels, Axles:** + - Removed 9.004 + +- **Modifications, Attachments, Additions:** + - Have there been any modifications, attachments, or additions that rely on or have altered the original structure for support? Oo + - Modification, Attachment, or Addition 9.008 9.007 + - Description of Modification, Attachment, or Addition 9.009 + +### HUD Data Plate + +- **HUD Data Plate Attached:** 9.010 +- **Serial Number:** 9.012 + +### HUD Certification Label + +- **Label Present for All Sections:** 9.016 +- **HUD Certification Number:** 9.017 + +## Manufactured Home Commentary +9.026 + +## Manufactured Home Exhibits + +- **Appendix F-1:** URAR Reference Guide Page 121 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_122.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_122.md new file mode 100644 index 0000000000000000000000000000000000000000..878728e9fd3ad4c8e7233544fd5bce017f2c835f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_122.md @@ -0,0 +1,62 @@ +# Uniform Appraisal Dataset + +## 09 Manufactured Home + +### Manufactured Home — ADUs - General Information + +#### Report + +| Field ID | Report Label | +|----------|--------------| +| Attached to Permanent Foundation | | +| Towing Hitch, Wheels, Axels Removed | | +| Have there been any modifications, attachments or additions that have altered or rely on the original structure for support? | | +| Modification, Attachment, or Addition | | +| Description of Modification, Attachment, or Addition | | + +#### When to Include + +- Always required +- Always required +- Always required +- Required if Structural Modifications Exist is Yes +- Required if Structural Modifications Exist is Yes + +#### Allowable Answers / Format + +- Choose one or more allowable answers from the Definition / Additional Guidance column +- Free-form + +#### Definition / Additional Guidance + +- Indicates whether the manufactured home is attached to a permanent foundation. + + Note: If the foundation area is readily accessible, a photo must be provided, which displays in Manufactured Home Exhibits. Provide a caption indicating “Foundation” and any other descriptive information as appropriate. + +- Indicates whether the towing hitch, wheels, and axles have been removed from the frame of the manufactured home creating a more permanent structure. + + If No, reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +- Structural Modifications Exist: Indicates whether modifications, attachments, or additions have been made that altered or rely upon the original dwelling for support. + + Select No when the additions, such as an attached garage, were originally designed for the structure. + + Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + + - Carport + - Deck + - Garage + - Living Area + - Porch + - Sunroom + - Other (Describe) + +- Detailed description of the modification, attachment, or addition that has altered the manufactured home’s structure or relies on it for support. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 122 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_123.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_123.md new file mode 100644 index 0000000000000000000000000000000000000000..858f25ce21d8c182d64420156132c8f12efd3e89 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_123.md @@ -0,0 +1,32 @@ +# Uniform Appraisal Dataset + +## 09 Manufactured Home + +### HUD Data Plate + +*Note: If the HUD Data Plate is not available, indicate in Manufactured Home Commentary (9.026) the source of the data provided.* + +#### Manufactured Home — ADUs — HUD Data Plate + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|-----------------|-----------------|----------------------------|----------------------------------| +| 9.012 | HUD Data Plate Attached | Always required | Free-form | Indicates whether the manufactured home has a HUD data plate (also referred to as the Manufactured Home Data Plate or Compliance Certificate) attached within the manufactured home. If the HUD Data Plate is not attached but is available, select No and explain in Manufactured Home Commentary (9.026). Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. If available, a photo or image of the HUD Data Plate or the verification source must be provided. The photos or images display in Manufactured Home Exhibits, with the caption “HUD Data Plate”. An additional caption may be provided to further identify each photo or image. | +| Serial Number | | Required if HUD Data Plate Attached is Yes or if available | | The serial number per section of the manufactured home, as shown on the HUD data plate or other source. | + +### HUD Certification Label + +*Note: If the HUD Certification Label is not available for all sections, indicate in Manufactured Home Commentary (9.026) the source of the data provided.* + +#### Manufactured Home — ADUs — HUD Certification Label + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------------------|-----------------|----------------------------|----------------------------------| +| | Label Present for all Sections | Always required | Free-form | Indicates whether the HUD Certification Label (also referred to as the HUD Certification, Construction Code Label, Certification Label, HUD Label, or Red Tag) is present and attached to all sections of the manufactured home. - Yes (the HUD Label is attached for all sections). - No (the HUD Label is not attached for at least one of the sections). Note: If the HUD Certification Label is not attached but is available, select No and explain in Manufactured Home Commentary (9.026). | +| | HUD Certification Number | Required if Label Present for all Sections is Yes, or if available | Photo or image | The certification number per section of the manufactured home as shown on the HUD Certification Label, HUD data plate, or other source. | +| | HUD Certification Number Photo | Always required | | A photo or image of all HUD Certification Label(s) (or the verification source if the HUD Certification Label(s) are not present) must be provided. The photos or images display in Manufactured Home Exhibits, with the caption “HUD Certification Label”. An additional caption may be provided to further identify each photo or image. | + +## Appendix F-1: URAR Reference Guide + +Page 123 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_124.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_124.md new file mode 100644 index 0000000000000000000000000000000000000000..26cacd20a96dacbf4ab6299b97a614735c5333c5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_124.md @@ -0,0 +1,23 @@ +```markdown +# Uniform Appraisal Dataset 09 Manufactured Home + +## Manufactured Home Commentary + +### Manufactured Home — ADUs - Commentary + +| Report Allowable | Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|------------------|--------------|-----------------|-------------------------------------------------------|----------|------------------------------------------------------------| +| P | Report Label | If applicable | Free-form Commentary could include information pertinent to the Manufactured Home section that is not captured in the discrete data, or additional details to support the discrete data that is provided. | | Free-form | + +## Manufactured Home Exhibits + +All photos or images related to the Manufactured Home section are displayed in the Manufactured Home Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Manufactured Home — ADUs - Exhibits + +| Report Allowable | Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|------------------|--------------|-----------------|-------------------------------------------------------|----------|------------------------------------------------------------| +| P | See Manufactured Home Exhibits | If applicable | Photos or images relevant to the Manufactured Home section may be provided, which display in Manufactured Home Exhibits. If the photo or image is not specifically indicated, provide an additional caption to further identify each photo or image. | 4 | Photos or images | + +Appendix F-1: URAR Reference Guide Page 124 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_125.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_125.md new file mode 100644 index 0000000000000000000000000000000000000000..1a1ab121f0b45826529df3e1181fa8d50f843b5d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_125.md @@ -0,0 +1,46 @@ +# Uniform Appraisal Dataset: 10 Unit Interior + +## 10 Unit Interior + +The Unit Interior section describes the interior of each unit (including an ADU), and provides space for commentary and exhibits to support the description, and to report any defects, damages, or deficiencies. The section repeats for each living unit and for each ADU. + +The “When to Include” column in this chapter references each unit: +- A living unit or ADU in a dwelling, or +- An ADU within or attached to an outbuilding, or +- A standalone ADU that is the outbuilding + +## Information that May Display in Black Tab + +The Unit Interior black tab provides context as to where the unit is located. + +### 10.000 10.001 10.002 + +**Unit Interior - [Outbuilding Type] - [Structure Identifier] - [Unit Identifier]** + +Examples: +- A single-family property with no ADU would display “Unit Interior” +- An ADU in a detached garage might display “Unit Interior — ADU/Garage — ADU”, depending on appraiser inputs + - Outbuilding Type is ADU/Garage + - Unit Identifier is ADU + +**Unit Interior - ADU/Garage - ADU** + +- A unit in a 2- to 4-unit property with one dwelling might display “Unit Interior — Unit 3”, depending on appraiser inputs + - Unit Identifier is Unit 3 + +- A unit in a 2- to 4-unit property with multiple dwellings might display “Unit Interior — Building 2 — Unit 2", depending on appraiser inputs + - Structure Identifier is Building 2 + - Unit Identifier is Unit 2 + +**Unit Interior - Building 2 - Unit 2** + +## Unit Interior: Black Tab + +| Report | Allowable | Field ID | Answers / Format | +|--------|-----------|----------|------------------| +| **Report Label** | When to Include | **Definition / Additional Guidance** | | +| 10.000 | Unit Interior | Displays if applicable | N/A If the unit is an ADU in an outbuilding, Outbuilding Type (12.001) redisplays from the Outbuilding section. | + +--- + +Appendix F-1: URAR Reference Guide Page 125 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_126.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_126.md new file mode 100644 index 0000000000000000000000000000000000000000..6cb21e411b80dc0f751eb35c1b1392d61e9cadc7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_126.md @@ -0,0 +1,44 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Unit Interior: Black Tab + +### Report Allowable + +| Pi Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +| --------------- | --------------- | ------------------------------- | -------- | ---------------- | +| Unit Interior | Displays if applicable | N/A If applicable, Structure Identifier (8.000) redisplays from the Dwelling Exterior (black tab) section. Examples: Building 1, Building 2, Front, Rear | 10.001 | | +| Unit Interior | Required if there is more than one living unit | Free-form Unit Identifier: An identifier assigned by the appraiser that differentiates between multiple units on the property. Examples: Unit 1, Unit 2, Primary Dwelling, ADU Note: If there are multiple units or ADUs, Unit Identifier cannot be repeated. For 2-4 unit properties, units would be identified as Unit 1, Unit 2, etc. | 10.002 | | + +### General Information + +**Area Breakdown and Data Source, Finish of Below Grade Areas** + +Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants regarding area measurement requirements, and Appendix 3: ANSI Example for an example of the application of ANSI. + +**Area Breakdown** + +- Finished Above Grade 10.003 +- Finished Above Grade (Nonstandard) 10.004 +- Unfinished Above Grade 10.005 +- Finished Below Grade 10.006 +- Finished Below Grade (Nonstandard) 10.007 +- Unfinished Below Grade 10.008 + +**Area Data Source 10.009** + +**Below Grade Finish Compared to Above 10.010** + +## Unit Interior: Area Breakdown and Data Source, Finish of Below Grade Areas + +### Report Allowable + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +| ------------ | --------------- | -------------------------------- | -------- | ---------------- | +| Finished Above Grade | Always required | Number of square feet | Above Grade Finished Area: The total above grade finished area of the living unit. | +| Finished Above Grade (Nonstandard) | Always required | Number of square feet | Above Grade Finished Area (Nonstandard): The total above grade finished area of the living unit that does not meet the ceiling height requirement in the ANSI Standard. Notes: ° Indicate the reason the area is nonstandard in Unit Interior Commentary (10.061). ° If 0, Above Grade Finished Area (Nonstandard) does not display. | 10.004 | +| Unfinished Above Grade | Always required | Number of square feet | Above Grade Unfinished Area: The total above grade unfinished area of the living unit. | +| Finished Below Grade | Always required | Number of square feet | Below Grade Finished Area: The total below grade or partially below grade finished area of the living unit. | 10.006 | + +*Appendix F-1: URAR Reference Guide Page 126 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_127.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_127.md new file mode 100644 index 0000000000000000000000000000000000000000..47cb0dd28747e23d017a41e8bf47984de3c38833 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_127.md @@ -0,0 +1,58 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Unit Interior: Area Breakdown and Data Source, Finish of Below Grade Areas + +### Finished Below Grade (Nonstandard) + +- **Report Allowable**: Always required +- **Definition / Additional Guidance**: Number of square feet of the living unit, including any fully or partially below grade areas, that does not meet the ceiling height requirement in the ANSI Standard. + + **Notes**: + - Indicate the reason the area is nonstandard in Unit Interior Commentary (10.061). + - If 0, Below Grade Finished Area (Nonstandard) does not display. + +### Unfinished Below Grade + +- **Report Allowable**: Always required +- **Definition / Additional Guidance**: Number of square feet of the living unit, including any areas that are fully or partially below grade. + +### 10.009 | Area Data Source + +- **Report Allowable**: Always required + + **Choose one or more allowable answers from the Definition / Additional Guidance column**: + - Assessor Record + - Builder or Developer + - Condominium Questionnaire + - Cooperative Board + - Cooperative Questionnaire + - Homeowners Association + - MLS + - Physical Measurement + - Plans and Specifications + - Previous Appraisal File + - Property Data Report + - Property Management Company + - Property Owner + - Property Tenant + - Real Estate Agent + - Three-Dimensional Scan + - Other (Describe) + +### 10.010 | Below Grade Finish Compared to Above + +- **Required**: When there is Below Grade Finished Area or Below Grade Finished Area (Nonstandard) +- **Options**: Superior, Similar, or Inferior +- **Definition / Additional Guidance**: The below grade area’s quality of finish compared to the above grade living area. + +## Accessory Dwelling Units + +An accessory dwelling unit (ADU) is an additional living area that includes a kitchen, full bathroom, and sleeping area. Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance as to whether the unit is considered an ADU. Information about the ADUs is captured in the same way as any other unit. The Unit Interior section repeats for each living unit or ADU that is in a dwelling or outbuilding. + +If there are no ADUs on the subject property (Number of ADUs on Subject Property (3.006) is zero), the ADU subsection does not display. + +For additional commentary about the ADU, such as information not captured in the discrete data or additional details to support the discrete data that is provided, use Unit Interior Commentary (10.061). + +Appendix F-1: URAR Reference Guide Page 127 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_128.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_128.md new file mode 100644 index 0000000000000000000000000000000000000000..f5d82b344d230bacac98cc76d09719e1cc2d700a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_128.md @@ -0,0 +1,77 @@ +# Uniform Appraisal Dataset + +## 10 Unit Interior + +| Yes | No | +| --- | --- | +| ADU 10011 | [ | + +### Legally Rentable 10.012 +- Data Source 10.013 +- Typical for Market 10.014 +- Ingress/Egress 10.015 +- 10.016 + +### Separate Postal Address + +### Unit Interior: ADU Information + +#### Report +- Field ID: 10.016 +- Report Label: Legally Rentable + +#### Data Source +- Typical for Market +- Ingress / Egress +- Separate Postal Address + +### When to Include + +- Always required +- Required if Unit is an ADU is Yes + +### Required if Unit is an ADU is Yes + +### Allowable Answers / Format + +- Choose one or more allowable answers from the Definition / Additional Guidance column +- Choose an allowable answer from table (Ingress Egress: Yes | No) + +### Definition / Additional Guidance + +- **Unit is an ADU:** Indicates whether the unit is considered an accessory dwelling unit. + +**Notes:** +- If Number of ADUs on Subject Property 3.006 is zero, this question does not display. +- If Number of ADUs on Subject Property is 1 or more, this question displays in each instance of Unit Interior to identify which unit is the ADU. + +- Indicates whether the ADU is legally rentable. + +- The data source(s) that the appraiser used to determine whether the ADU is legally rentable. + - Assessor Record + - Property Owner + - Property Tenant + - Real Estate Agent + - Zoning + - Other (Describe) + +- Indicates whether ADUs are typical for the identified market. + +- The entrance(s) and exit(s) to the ADU. + - Interior Access Only + - Interior and Exterior Access + - Exterior Access Only + +- Indicates whether the ADU has a separate address from other unit(s) on the property. + +### Unit Interior: ADU Information - Ingress / Egress (Choose one for the ADU) + +| Allowable Answer | Definition / Additional Guidance | +| --- | --- | +| Interior Access Only | The ADU can only be accessed from the interior of the structure that it is attached to (has continuous access). Note: Do not select this answer for standalone ADUs. | +| Interior and Exterior Access | The ADU can be accessed from the interior of the structure that it is attached to (has continuous access) and has a separate exterior entrance. Note: Do not select this answer for standalone ADUs. | +| Exterior Access Only | The ADU can only be accessed from the exterior of the structure. There is no continuous interior access from another unit. Note: For standalone ADUs, this is the only acceptable answer. | + +--- + +Appendix F-1: URAR Reference Guide Page 128 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_129.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_129.md new file mode 100644 index 0000000000000000000000000000000000000000..aa89affc24fe8d075c8bfe6e83751203cb6d3f9b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_129.md @@ -0,0 +1,73 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Levels in Unit + +Levels are usable areas or living areas. + +- The foyer (or landing) area in a split foyer is not considered a separate level. +- A sunken living room is not considered a separate level. +- An uppermost story is considered a level when there is permanent stair access (not drop stairs or a scuttle), and is not considered an attic. + - The level may include finished or unfinished space. + - When an attic is the uppermost story and requires structural changes to convert to livable space, it is not considered a level. For government agency appraisals, attics are reported in the Dwelling Exterior section (8.017). +- Levels are specific to each unit. + - Example: If the entire below grade area is an ADU, it would be captured in the Unit Interior section for the ADU, and not for the main dwelling unit. +- When ANSI is the applicable standard, partially below grade is considered below grade. Represent the level appropriately. +- Noncontinuous finished area in the dwelling that is not part of any unit is reported in the Dwelling Exterior section (8.046-8.048) and not here. + +Levels in Unit reflects the number of rows in the Level and Room Detail table (10.029-10.033). + +## Area Breakdown + +| Finished Above | 3,002 Sq. Ft | Occupancy Owner | +|----------------|--------------|-----------------| +| Sq.Ft. Total Bedrooms | 5 | +| 1,300 Sq. Ft | Total Bathrooms - Full | 3 | + +| Unfinished Below Grade | 230 Sq. Ft | Total Bathrooms - Half | 1 | + +**Area Data Source**: Physical Measurement + +Below Grade Finish Compared to Above Similar + +The total indicated in Levels in Unit must be represented in the Level and Room Detail. + +## Level and Room Detail + +| Level in Unit | Grade Level Detail | Finish Area | Room Summary | +|---------------|--------------------|-------------|--------------| +| Partially Below Grade | Finished | 1,300 Sq. Ft | 1 Bath - Half | +| | | | 1 - Media Room | +| | | | 1 - Recreation Room | +| | | | 1 - Wet Bar | + +| Above Grade Finished | 1,470 Sq. Ft | 1 - Bath - Full | +| | | | 1 - Bedroom | +| | | | 1 - Dining Room | +| | | | 1 - Family Room | +| | | | 1 - Kitchen | +| | | | 1 - Office | + +| Level 2 | Above Grade Finished | 1,532 Sq. Ft | 2 - Bath - Full | +| | | | 4 - Bedroom | +| | | | 1 - Laundry Room | + +## Levels in Unit 10.017 + +### Unit Interior: Levels in Unit + +**Report Allowable** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| Field ID | Answers / Format | | +| 10.017 | Levels in Unit | Always required Number The number of levels in the living unit. Examples: | +| | - A basement is considered a level, and Level in Unit (10.029) would start with a B. | +| | - For a cape cod with slanted ceilings, the upper story is considered a level. | + +**Note**: This does not represent the number of floors in the building, which is reported in Floors in Building (8.003) in the Dwelling Exterior section. + +--- + +Appendix F-1: URAR Reference Guide Page 129 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_13.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_13.md new file mode 100644 index 0000000000000000000000000000000000000000..c263046421a24a6de7da181e67adad46c1522378 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_13.md @@ -0,0 +1,48 @@ +```markdown +# Uniform Appraisal Dataset Overview + +## Attachment Type, Structure Design, and Construction Method + +### Defining the Property: Attachment Type, Structure Design, and Construction Method + +#### Report Allowable + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|---------------|----------------------------------------------------|--------------------------------------------------------------------------------------------------------|----------|---------------------------| +| Attachment | Always required | Whether the residential dwelling has a common wall or other direct physical connection with another dwelling or structure that has a different legal description. | 8.002 | Attached or Detached | +| Structure Design | Required if Attachment Type is Attached | The type of structural design when properties are connected (e.g. high-rise, townhouse, semi-detached). | 8.011 | Choose an allowable answer from 8.011 | +| Construction Method | Required if Structure Design is not High-rise, Mid-rise, or Low-rise | Examples include manufactured and site-built. | 8.002 | Choose one or more allowable answers from 8.011 | + +## Types of Structures + +A structure is defined as a building with a foundation, walls, and a roof, designed to protect from the weather, which can be a dwelling or an outbuilding. + +The selection of Structure Type drives the display of the Dwelling Exterior and Outbuilding sections. +- If Structure Type is Dwelling, Dwelling Exterior displays. +- If Structure Type is Outbuilding, Outbuilding displays. + +**Note:** Do not include amenities such as gazebos, outdoor kitchens, or other site improvements that are not outbuildings as “structures”. These are reported in the Subject Property Amenities section. + +### Structure Type + +| Field 1p | Report Label | When to Include | Definition / Additional Guidance | +|------------|--------------|-----------------|-----------------------------------------------------------------------| +| Dwelling | Always required for each building on the property | Choose an allowable answer from table (Structure Type) | Dwelling Exterior or Outbuilding | + +#### Structure Type Allowable Answer + +| Type | Definition / Additional Guidance | +|-------------|--------------------------------------------------------------------------------------------------------------------------------------------| +| Dwelling | Any building containing living unit(s) designed to be used as residence(s). A portion of the dwelling may also contain ADU(s). | +| Outbuilding | A building other than the dwelling (e.g., barn, shed, bunkhouse, or standalone ADU). A portion of the outbuilding may contain ADUs or other finished space. An ADU not attached to the residence is considered to be an outbuilding. | + +## Units and ADUs + +All living units and ADUs are considered a “unit”: + +- A living unit or ADU in a dwelling, or +- An ADU within or attached to an outbuilding, or +- A standalone ADU that is the outbuilding + +Reference the Unit Interior section for information about each unit. +``` diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_130.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_130.md new file mode 100644 index 0000000000000000000000000000000000000000..7c0c73ea39e4d1438e73ef4100ec50be35151d36 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_130.md @@ -0,0 +1,43 @@ +# Uniform Appraisal Dataset + +## 10 Unit Interior + +### Floor Number and Corner Unit + +- **Floor Number**: `10.018` +- **Corner Unit**: `10.019` + +#### Unit Interior: Floor Number and Corner Unit + +| Report | Allowable | Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +| ------ | --------- | ------------ | --------------- | -------------------------------- | -------- | ---------------- | +| Floor Number | | | Required if Structure Design is Low-rise, Mid-rise, or High-rise, or when relevant | The building floor number where the entrance to the unit is located. Examples: 1, 2, B1, B2, Penthouse | | Free-form | +| Corner Unit | | | Required if Structure Design is Low-rise, Mid-rise, or High-rise | Indicates whether the property unit is situated at the corner of the building. | | Yes / No | + +- Notes: + - This does not represent the number of levels in the unit, which is reported in Levels in Unit (10.017). + - When Floor Number is included in the sales grid (22.07.03) or rental grid (23.03.07) it also displays here for the subject property. + +--- + +### Occupancy and Utilities + +- **Occupancy**: `10.020` +- **Utilities Separately Metered**: `10.021` +- **Utilities Operating**: `10.022` + +#### Unit Interior: Occupancy and Utilities + +| Report | Report Label | Field ID | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +| ------ | ------------ | -------- | --------------- | -------------------------- | -------------------------------- | +| Occupancy | | 10.020 | Always required | Choose an allowable answer from the Definition / Additional Guidance column | The occupancy status of the unit as of the inspection date. - Owner - Tenant - Vacant | +| Utilities Separately Metered | | 10.021 | Required for properties with more than one unit, and properties with ADU(s) | | Indicates whether any utilities are metered separately from other unit(s) on the property. - Yes (one or more utilities are separately metered) - No (all utilities are shared) | + +- Note: If some utilities are shared, answer Yes and describe in Unit Interior Commentary (10.061). + +--- + +**Appendix F-1**: URAR Reference Guide + +- **Page**: 130 of 367 +- **Version**: 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_131.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_131.md new file mode 100644 index 0000000000000000000000000000000000000000..c219c76911ddf3d43068c9c3990434fa6d2e26f7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_131.md @@ -0,0 +1,112 @@ +```markdown +# Uniform Appraisal Dataset + +## 10 Unit Interior + +### Bedroom and Bathroom Counts + +- **Total Bedrooms** +- **Total Bathrooms - Full** +- **Total Bathrooms - Half** + +#### Field IDs + +- 10.023 +- 10.024 +- 10.025 + +### Unit Interior: Bedroom and Bathroom Counts + +#### Report + +**Field ID** + +- Non-Residential Use and Live/Work Space in U + +**Report Label** + +- Total Bedrooms +- Total Bathrooms + - Full +- Total Bathrooms + - Half + +**When to Include** + +- Always required +- Always required +- Always required + +#### Allowable Answers / Format + +- Number +- Number + +#### Definition / Additional Guidance + +- **Total Bedrooms** + - The total number of bedrooms in the unit, including above and below grade. + - Notes: + - Can be zero for an efficiency or studio. + - Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +- **Total Bathrooms - Full** + - The total number of full bathrooms in the unit, including above and below grade. + - Notes: + - A full bathroom must at least have a sink, a toilet, and a bathtub or shower. + - If the bathroom has greater utility such as additional sinks or toilets, address this in Unit Interior Commentary (10.061), and if market supported, make the appropriate adjustments in the Sales Comparison Approach. + +- **Total Bathrooms - Half** + - The total number of half bathrooms in the unit, including above and below grade. + - Note: A half bathroom consists of only a sink and a toilet. + +This subsection displays when Site Owned in Common (3.015) is Yes. + +- When Site Owned in Common is No, non-residential uses are reported in the Site section (4.015-4.019 and 4.043-4.046). +- Commercial space in condominium, cooperative, or condop project buildings is reported in the Project Information section (18.069). + +## Non-Residential Use and Live/Work Space in Unit + +#### Report Allowable + +**Report Label** + +**Field ID** + +- 10.026 +- 10.027 +- 10.028 + +### Unit Interior: Non-Residential Use and Live/Work Space in Unit + +#### Report + +**Allowable Answers / Format** + +- Yes +- No + +#### Definition / Additional Guidance + +- **Non-Residential Use in Unit** (10.026) + - Required if Site Owned in Common is Yes + - Indicates whether the unit contains space that is currently used for non-residential purposes. + +- **Live/Work Space** (10.027) + - Required if Site Owned in Common is Yes + - Indicates whether there is live/work space available within the residential unit. + +- **Allowable Work Space** + - Required if Live/Work Space is Yes + - Number of square feet + - A live/work unit refers to a condominium or cooperative that allows space within the individual unit to be used jointly for non-residential and residential purposes, as long as the primary design of the unit remains residential. + - The space within the residential unit that is allowed to be used for non-residential purposes. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 131 of 367 + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_132.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_132.md new file mode 100644 index 0000000000000000000000000000000000000000..7083792727d53e8b31ca132a589a57e658b88d39 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_132.md @@ -0,0 +1,91 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Example: Live/Work Space + +### Area Breakdown Levels in Unit 3 + +- **Finished Above Grade:** 1,700 Sq. Ft. +- **Occupancy:** Owner +- **Unfinished Above Grade:** 100 Sq. Ft. +- **Total Bedrooms:** 2 +- **Finished Below Grade:** 0 Sq. Ft. +- **Total Bathrooms - Full:** 2 +- **Unfinished Below Grade:** Sq. Ft +- **Total Bathrooms - Half:** 2 + +### Area Data Source + +- **Physical Measurement** +- **Non-Residential Use in Unit:** Yes + +### Live/Work Space + +- **Yes** +- **Allowable Work Space:** 600 Sq. Ft. + +## Level and Room Detail + +### Level in Unit Grade Level Detail + +- **Finish Area Room Summary** + +#### Level 1 Above Grade + +- **Finished:** 500 Sq. Ft. + - 1- Bath - Half + - 2-Office +- **Unfinished:** 100 Sq. Ft. + +#### Level 2 Above Grade + +- **Finished:** 600 Sq. Ft + - 1-Bath - Half + - 1-Kitchen + - 1-Living Room + +#### Level 3 Above Grade + +- **Finished:** 600 Sq. Ft + - 2-Bath - Full + - 2-Bedroom + +## Unit Interior Commentary + +Level 1 contains 2 professional offices that are allowable live/work space per condo covenants and zoning. + +## Level and Room Detail + +### Level and Room Detail + +- **Level in Unit Grade Level Deta' Finish Area Room Summary** + +#### Field ID Answers / Format + +- **Level in Unit:** Always required for each level in the unit, commonly referred to as the “level number”. + - Notes: + - Levels are located within the unit and do not refer to the Floor Number within the building (10.018). + - Levels are named starting at ground level and going up or down. + - If partially or fully below grade (below grade when ANSI applies), the level number must start with a B. + +- **Grade Level Detail:** Always required for each level in the unit. + - Choose an allowable answer from table (Grade Level Type): + - Above Grade + - Fully Below Grade + - Partially Below Grade + - Choose an allowable answer for Below Grade Access: + - Interior and Exterior Access + - Interior Access Only + - Exterior Access Only + +- **Below Grade Access:** Required for each level in the unit if below grade access is Interior and Exterior Access or Exterior Access Only. + - Choose an allowable answer from table (Below Grade Exterior Access): + - Cellar Door + - Walk Out + - Walk Up + - Other (Describe) + +--- + +Appendix F-1: URAR Reference Guide Page 132 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_133.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_133.md new file mode 100644 index 0000000000000000000000000000000000000000..cc46cddbe8a5b940157aba41a7fbe85720254ab6 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_133.md @@ -0,0 +1,89 @@ +```markdown +# Uniform Appraisal Dataset + +## 10 Unit Interior + +### Unit Interior: Level and Room Detail + +--- + +## Report + +| Report Label | FieldID | Port bane | +|----------------|---------|-----------| + +### When to Include + +| Allowable Answers / Format | Definition / Additional Guidance | +|---------------------------|----------------------------------| + +**10.031 | Finish** +- Required for each above grade level in the unit. + +**Area** + +| Number of square feet | Finished Area of Level: The total finished area of the level, including standard and nonstandard finished area. | + +Notes: +- Nonstandard and standard finished areas are only combined in the Level and Room Detail table. They are reported separately in Area Breakdown (10.003-10.008) and in the Sales Comparison Approach. +- Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +**10.031 | Finish** +- Required for each level in the unit if any part of the level is finished. + +**Area** + +| Number of square feet | Unfinished Area of Level: Area of the level that is not finished area. | + +Notes: +- A photo of the unfinished area may be provided, which displays in Unit Interior Exhibits. An additional caption must be provided indicating “Unfinished Area,” and any other descriptive information as appropriate. +- If Unfinished Area of Level is 0, the “Unfinished” row does not display. + +**10.033 | Room Summary** + +- Always displays for each indicated Room Type. + +| Number | Number of Rooms: The count of each Room Type on the level. | + +**Room Summary** + +- Required for each level. + +| Choose one or more allowable answers from the Definition / Additional Guidance column | Room Type: The original design of the room(s) that are on the indicated level. | + +Allowed Room Types: +- Bath — Half +- Bath — Full +- Bedroom +- Breakfast Room +- Den +- Dining Room +- Family Room +- Kitchen +- Laundry Room +- Living Room +- Loft +- Media Room +- Mudroom +- Recreation Room +- Sunroom +- Utility Room +- Walk-In Pantry +- Workshop +- Other (Describe) + +Notes: +- Select the most applicable Room Type that fits the description of the room. Examples: + - Select Dining Room for dining areas. + - Select Breakfast Room for breakfast areas or breakfast nooks. +- Photo(s) may be provided of the room(s), which would display in Unit Interior Exhibits with the Level and Room Type. An additional caption must be provided, including the location, and any other descriptive information as appropriate. Examples: Bath 2, Hall bathroom, Main bedroom. +- Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific photo requirements. + +--- + +### Appendix F-1: URAR Reference Guide + +Page 133 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_134.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_134.md new file mode 100644 index 0000000000000000000000000000000000000000..bd7d47ecfd5bf0cc62e318e3c5263b775f85fbe6 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_134.md @@ -0,0 +1,51 @@ +# Uniform Appraisal Dataset 10 Unit Interior + +## Grade Level Type (Choose one for each level in the unit) + +| Grade Level Type | Definition / Additional Guidance | +|--------------------------|----------------------------------| +| Above Grade | At or above ground level with the walls having minimal or no earth contact. | +| Fully Below Grade | Below ground level with each wall having earth contact and not having the potential for ingress or egress at ground level without the use of stairs. Note: When ANSI is the applicable standard, fully below grade area is counted in Below Grade Finished Area (10.006) or Below Grade Finished Area (Nonstandard) (10.007) in Area Breakdown. | +| Partially Below Grade | Partially below ground level with wall(s) having earth contact, and at least one wall having existing or potential ingress or egress at ground level (e.g., walk out basement). Note: When ANSI is the applicable standard, partially below grade area is counted in Below Grade Finished Area (10.006) or Below Grade Finished Area (Nonstandard) (10.007) in Area Breakdown. | + +## Below Grade Exterior Access (Choose one for each applicable level in the unit) + +| Below Grade Exterior Access | Definition / Additional Guidance | +|-----------------------------|----------------------------------| +| Walk Out | A means of ingress or egress by walking out at grade level. | +| Walk Up | A means of ingress or egress by walking up to grade level (e.g., stairs). | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +## Examples: Level in Unit, Grade Level Type, and Area Breakdown + +### Example 1: + +``` +2 +Above Grade + +1 +Above Grade +i +Partially Below + +Grade - + +7 2 +Below Grade + +Ground = +``` + +#### Level in Unit, Grade Level Type, and Area Breakdown: Example 1 + +| Level in Unit | Grade Level Type | Possible Answers in Area Breakdown | +|---------------|--------------------------|-------------------------------------------------------------------------------| +| Level B2 | Below Grade | Below Grade Finished Area 10.006
Below Grade Finished Area (Nonstandard) 10.007
Below Grade Unfinished Area 10.008 | +| Level B1 | Partially Below Grade | Below Grade Finished Area 10.006
Below Grade Finished Area (Nonstandard) 10.007
Below Grade Unfinished Area 10.008 | +| Level 1 | Above Grade | Above Grade Finished Area 10.003
Above Grade Finished Area (Nonstandard) 10.004 | +| Level 2 | Above Grade | Above Grade Finished Area 10.003
Above Grade Finished Area (Nonstandard) 10.004 | + +--- + +Appendix F-1: URAR Reference Guide Page 134 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_135.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_135.md new file mode 100644 index 0000000000000000000000000000000000000000..411509f5b8268067f2d8e5803123314b841594df --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_135.md @@ -0,0 +1,59 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Example 2: + +1. **Above Grade** + - 81 + +2. **Partially Below Grade** + - 82 + - Partially Below fk — — — — — — — Grade + +## Ground Level + +### Level in Unit, Grade Level Type, and Area Breakdown: Example 2 + +#### Level in Unit Grade Level Type + +- **10.029 10.030 Possible Answers in Area Breakdown** + - **Level B2 Partially Below Grade** + - Below Grade Finished Area 10.006 + - Below Grade Finished Area (Nonstandard) 10.007 + - Below Grade Unfinished Area 10.008 + + - **Level B1 Partially Below Grade** + - Below Grade Finished Area 10.006 + - Below Grade Finished Area (Nonstandard) 10.007 + - Below Grade Unfinished Area 10.008 + + - **Level 1 Above Grade** + - Above Grade Finished Area 10.003 + - Above Grade Finished Area (Nonstandard) 10.004 + +## Quality and Condition + +Interior Quality and Condition ratings provide support to the Overall Quality and Condition Ratings (15.000, 15.005). + +### Quality and Condition +- **Interior Quality Rating 10.034** +- **Interior Condition Rating 10.035** + +The tables below support the Interior Quality and Condition ratings and reflect the market value condition of this report 10.036 + +### Unit Interior: Quality and Condition + +| Report Field ID | Allowable Answers / Format | Report Label When to Include/Definition / Additional Guidance | +|-----------------|----------------------------|----------------------------------------------------------------| +| Interior Quality Rating | Always required Q1 to Q6 | Reference Appendix 2: Condition and Quality Rating Definitions for definitions. | +| | | Interior Quality Rating also displays in Overall Quality and Condition (15.004) and Sales Comparison Approach (22.09.03 and 22.10.02). | +| Interior Condition Rating | Always required C1 to C6 | Reference Appendix 2: Condition and Quality Rating Definitions for definitions. | +| | | Interior Condition Rating also displays in Overall Quality and Condition (15.009), Sales Comparison Approach (22.09.10 and 22.10.09), and if applicable in Rental Information (23.03.10). | +| | | Note: Reflects the condition as if any required repairs, inspections, or completions have been satisfactorily completed. | + +Always displays: The tables below support the Interior Quality and Condition ratings and reflect the market value condition of this report. + +--- + +**Appendix F-1: URAR Reference Guide Page 135 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_136.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_136.md new file mode 100644 index 0000000000000000000000000000000000000000..feed285ac91dac395ce7ac6a281ba4c7a3f1311f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_136.md @@ -0,0 +1,59 @@ +# Uniform Appraisal Dataset + +## 10 Unit Interior + +### Kitchen and Bathroom Details + +Kitchen and bathroom details provide support to the Interior Quality and Condition ratings, and ultimately to the Overall Quality and Condition Ratings. + +#### Information for each Kitchen and Bathroom in the Unit + +**Kitchen and Bathroom Details** + +| Room Update Status | Time Frame | Quality Comment | Condition Status | Condition Comment | +|--------------------|------------|-----------------|------------------|-------------------| +| 10.037 | 10.038 | 10.039 | 10.040 | 10.041 | + +#### Unit Interior: Kitchen and Bathroom Details + +| ued Report Label | When to Include | Alsmelits Definition / Additional Guidance | Field ID | Answers / Format | +|------------------|-----------------|-------------------------------------------|---------|-----------------| +| Update Status | Required for each kitchen and bathroom in the unit | | Choose an allowable answer from the Definition / Additional Guidance column | Level 1, Level 2, Level 3... | +| Time Frame | Required for each kitchen and bathroom in the unit | | Level B1, Level B2 | Choose an allowable answer from table (Room Update Status’ | +| Quality | Required for each kitchen and bathroom in the unit | | Free-form | Free-form | +| Comment | Required for each kitchen and bathroom in the unit when Room Update Status is Fully Updated or Partially Updated | If needed to describe the current quality of each kitchen and bathroom in the unit | Free-form | Free-form | + +#### Notes: + +- Redisplays from the Level and Room Detail table (10.029). +- Photo(s) of each kitchen and bathroom must be provided, which display in Unit Interior Exhibits with Level and Room Type. If there are multiple kitchens or bathrooms, provide an additional caption to identify the photo. Examples: Bath 1, Upstairs Bath. + +##### Level In Unit: + +The level in the living unit where the room is located. +Note: Redisplays from the Level and Room Detail table (10.029). + +##### Room Update Status: + +The degree to which the room has been updated. + +- Fully Updated +- Partially Updated +- Not Updated + +#### The estimated range of years when the room was updated: + +- Less than 1 year +- 1-5 Years (1 or more years, and less than 5 years) +- 5-10 Years (5 or more years, and less than 10 years) +- 10 or more years + +Note: If there are varying degrees of updating within the room, choose the age of the update that has the most impact to value and marketability. + +A brief description of the quality of the kitchen or bathroom as of the effective date. For further expansion of commentary, use Unit Interior Commentary (10.061). + +#### Appendix F-1: URAR Reference Guide + +Page 136 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_137.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_137.md new file mode 100644 index 0000000000000000000000000000000000000000..b42d6649914c4c923e2441920882127e049b6869 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_137.md @@ -0,0 +1,66 @@ +# Uniform Appraisal Dataset + +## 10 Unit Interior + +### Unit Interior: Kitchen and Bathroom Details + +#### Report + +| Field ID | Report Label | +|----------|---------------------| +| 10.041 | Condition Status | + +**Allowable** +When to Include: Always required for each kitchen and bathroom in the unit. +Choose an allowable answer from table (Room Condition Status): +- New or Like New +- Typical Wear and Tear +- Damaged and Functional +- Damaged and Nonfunctional + +**Notes:** +- If there are varying condition statuses for the individual kitchen or bathroom, choose the one that best explains the interior condition rating. +- Condition status reflects the required repairs, inspections, or completions as if they were completed. The current condition is noted in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. +- Individual damages must be reported in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. + +| Field ID | Report Label | +|----------|-------------------| +| 10.042 | Condition Comment | + +If needed to describe the current condition of each kitchen and bathroom in the unit. +- **Free-form:** A brief description of the current condition of the kitchen or bathroom as of the effective date. For further expansion of commentary, use Unit Interior Commentary (10.061). + +When the item will cause the Market Value Condition of the appraisal (26.009) to be subject to repair, the appraiser must also reference the Apparent Defects, Damages, Deficiencies table. + +#### Room Update Status (Choose one for each kitchen or bathroom) + +**Allowable Answer** +- Fully Updated +- Partially Updated +- Not Updated + +**Definition / Additional Guidance** +- **Fully Updated:** The kitchen or bathroom has been completely modernized, renovated, refinished, or remodeled to a like new condition. + *Note: This includes gut rehabs, new additions, or new construction (3.017).* +- **Partially Updated:** The kitchen or bathroom has a level of modernization with some replaced, refinished, or refurbished components but does not rise to the level of total replacement. +- **Not Updated:** The kitchen or bathroom has had no modernization and has not experienced any renovation, refinishing, or remodeling since the original date of construction or within a timeframe that renders the update’s impact negligible. + +#### Room Condition Status (Choose one for each kitchen or bathroom) + +**Allowable Answer** +- New or Like New +- Typical Wear and Tear +- Damaged and Functional +- Damaged and Nonfunctional + +**Definition / Additional Guidance** +- **New or Like New:** The kitchen or bathroom is new or like new with no visible signs of use. + *Note: This would be the typical answer when New Construction (3.017) is Yes.* +- **Typical Wear and Tear:** The kitchen or bathroom is fully functional and exhibits minimal wear and tear, with visible signs of use. +- **Damaged and Functional:** The kitchen or bathroom is damaged and exhibits moderate wear and tear but can still function as intended or designed. +- **Damaged and Nonfunctional:** The kitchen or bathroom is damaged and exhibits significant wear and tear to the level that it can no longer function as intended or designed. + *Note: If this answer is selected, individual damages and structural issues must be reported in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection.* + +--- + +*Appendix F-1: URAR Reference Guide Page 137 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_138.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_138.md new file mode 100644 index 0000000000000000000000000000000000000000..069e877718e994fb78220185d2c3f6e33b167bb5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_138.md @@ -0,0 +1,42 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Overall Update Status for Bathrooms + +The appraiser must identify the overall update status for all bathrooms in the unit. This information is displayed in the Sales Comparison Approach section if relevant. + +### Overall Update Status for Bathrooms 10.043 + +#### Unit Interior: Overall Update Status for Bathrooms + +| Report All | Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|------------|--------------|------------------|----------------------------------|----------|-----------------| +| 10.043 | Overall Update Status for Bathrooms | Always required | Choose an allowable answer from table (Overall Update Status for Bathrooms). | Fully Updated
Significantly Updated
Moderately Updated
Not Updated | + +**Overall Update Status for Bathrooms (Choose one for the unit)** + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| Fully Updated | The bathroom(s) and all elements are completely modernized, renovated, refinished, or remodeled and in like new condition. Note: This includes gut rehabs, new additions, or new construction. | +| Significantly Updated | The majority of the bathroom(s) or the main elements, (e.g., flooring, cabinetry, fixtures) appear to have been updated. However, not all bathrooms or main elements are fully updated. | +| Moderately Updated | The bathroom(s) contain minor updates and minimum modernization with only some of the main elements appearing to have been updated. Note: If the unit has one or more bathrooms that are all Partially Updated, choose this answer. | +| Not Updated | No modernization and no renovation, refinishing, or remodeling to the bathroom(s); or any updates that have been made were completed in a timeframe that renders their impact negligible. | + +## Interior Features + +The Interior Features table provides specifics about the Interior Quality and Condition ratings, which ultimately support the Overall Quality and Condition ratings. It includes a row for each of the following: + +- Flooring (Always displays for each type of flooring in the unit) +- Walls and Ceiling (Always displays) +- Other (Describe) (Displays if relevant) + +### Interior Features + +| Feature Detail | Quality Comment | Condition Status | Condition Comment | +|----------------|-----------------|------------------|-------------------| +| 10.044 | 10.045 | 10.046 | 10.047 | 10.048 | + +--- + +Appendix F-1: URAR Reference Guide Page 138 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_139.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_139.md new file mode 100644 index 0000000000000000000000000000000000000000..4723272ec9ee7a2911d82931439e857b6f243e87 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_139.md @@ -0,0 +1,65 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Information for each type of Flooring in the Unit + +At least one flooring type will display in the Interior Features table. If there are multiple types of flooring in the unit, each displays separately. + +### Unit Interior - Interior Features: Flooring + +**Report Allowable** + +- **Field 1p** | **Report Label** When to Include Roser // Geo Definition / Additional Guidance + + - **Feature**: Always required + Reference the Interior Feature Definition / Flooring + **Additional Guidance**: + *Note*: Photo(s) of the flooring may be provided, which display in Unit Interior Exhibits, with the caption “Flooring”. An additional caption may be provided to further identify the photo. + +- **10.045 | Detail**: Always required for each type of flooring in the unit + Choose one or more allowable answers from the Definition / Additional Guidance column: + - Carpet + - Ceramic Tile + - Engineered Wood + - Finished Concrete + - Hardwood + - Laminate + - Marble + - Subflooring Only (there are no floor coverings) + - Vinyl + - Other (Describe) + + **Quality Comment**: If needed to describe the current quality of each Flooring Type in the unit + **Free-form**: A brief description of the quality of the flooring type as of the effective date. For further expansion of commentary, use Unit Interior Commentary (10.061). + +- **Condition Status**: Always required for each Flooring Type in the unit + Choose an allowable answer from table Flooring Condition Status + Notes: + \- If there are varying condition statuses for the flooring type, choose the one that best explains the Interior Condition Rating. + \- Condition Status reflects the required repairs, inspections, or completions as if they were completed. The current condition is noted in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. + \- Individual damages must be reported in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. + + **Condition Comment**: If needed to describe the current condition of each Flooring Type in the unit + **Free-form**: A brief description of the current condition of the flooring type as of the effective date. For further expansion of commentary, use Unit Interior Commentary (10.061). + When the item will cause the Market Value Condition of the appraisal (26.009) to be subject to repair, the appraiser must also reference the Apparent Defects, Damages, Deficiencies table. + +### Flooring Condition Status (Choose one for each Flooring Type) + +#### Allowable Answer / Definition / Additional Guidance + +- **New or Like New**: The flooring is new or like new with no visible signs of use. + *Note*: This would be the typical answer when New Construction (3.017) is Yes. + +- **Typical Wear and Tear**: The flooring is fully functional and exhibits minimal wear and tear, with visible signs of use. + +- **Damaged and Functional**: The flooring is damaged and exhibits moderate wear and tear but can still function as intended or designed. + +- **Damaged and Nonfunctional**: The flooring is damaged and exhibits significant wear and tear to the level that it can no longer function as intended or designed. + *Note*: If this answer is selected, individual damages and structural issues must be reported in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. + +--- + +Appendix F-1: URAR Reference Guide +Page 139 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_14.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_14.md new file mode 100644 index 0000000000000000000000000000000000000000..d9f212ef4d2f6e0b3a8ff050a607ccd0f15e4736 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_14.md @@ -0,0 +1,53 @@ +# Uniform Appraisal Dataset Overview + +## Impact (Adverse, Beneficial, or Neutral) + +Impact is reported as discrete data in the sections listed below. + +### Impact + +- **Allowable Answer Definition / Additional Guidance** + - **Adverse**: The market reaction has a negative impact on the property’s value or marketability. + - **Beneficial**: The market reaction has a positive impact on the property’s value or marketability. + - **Neutral**: No measurable market impact on the property’s value or marketability. + - **Note**: Neutral does not mean equal to other properties. For example, if the subject and all comparables have the same view, that does not necessarily mean that Impact is Neutral. + +### Sections + +- **Site** + - Zoning (4.012) + - Site Influence (4.028) + - View and Impact to Value/Marketability (4.041) + - Site Features and Impact to Value/Marketability (4.045, 4.048, 4.052, 4.056, 4.060, 4.064) + - Private Utility Impact in Utilities and Impact to Value/Marketability (4.073, 4.079, 4.085, 4.091, 4.097) + +- **Energy Efficient and Green Features** + - Energy Efficient and Green Features Impact to Value/Marketability (6.014) + +- **Project Information** + - Project Factors and Impact to Value/Marketability (18.074 — 18.083) + +## Defects, Damages, Deficiencies + +The appraiser must report any significant items and associate any defect, damage, or deficiency with the most appropriate section of the URAR. These defects, damages, and deficiencies are items that: + +- Rise to the level of recommending repair, replacement, or inspection by an individual with expertise in the industry, or +- Negatively affect the integrity / composition of the site itself, or +- Negatively affect the soundness or structural integrity of the improvements to the site, or +- Measurably impact the marketability or value of the property, or +- Require completion + +Any other items that do not require repair, replacement, or inspection may also be reported using the Recommended Action of None. + +### Defects, Damages, and Deficiencies Sections + +- **Site (4.099-4.104)** +- **Dwelling Exterior (8.054-8.060)** +- **Unit Interior (10.052-10.060)** +- **Outbuilding (12.018-12.024)** +- **Vehicle Storage (13.004-13.009)** +- **Subject Property Amenities (14.005-14.010)** + +--- + +*Appendix F-1: URAR Reference Guide Page 14 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_140.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_140.md new file mode 100644 index 0000000000000000000000000000000000000000..a5aea51ad9bf158710fab6f2ace565ba7e0d7a7d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_140.md @@ -0,0 +1,63 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Flooring Condition Status (Choose one for each Flooring Type) + +**Allowable Answer** +Definition / Additional Guidance + +- **No Finish** + The flooring is missing its final finish. + + Note: When Flooring Type is Subflooring Only, select this answer and indicate the location of the missing flooring in Condition Comment (10.048). + +## Walls and Ceiling + +The appraiser must provide information about the walls and ceilings in the unit. The Walls and Ceiling row always displays in the Interior Features table. The information in this row applies to all walls and ceilings in the unit. + +### Unit Interior - Interior Features: Walls and Ceiling + +| Report Allowable | P Report Label | When to Include | Definition / Additional Guidance | +|------------------|----------------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| **Field ID** | **Answers / Format** | | | +| **Feature** | Always required | Always | Reference the Interior Feature Definition / Additional Guidance column | +| | | | Note: Photo(s) of the walls and ceiling may be provided, which display in Unit Interior Exhibits, with the caption “Walls and Ceiling”. An additional caption may be provided to further identify the photo. | + +### Ceiling Height(s) + +Always required +Choose one or more allowable answers from the Definition / Additional Guidance column: + +- Less than 7 feet +- 7 Ft. +- 8 Ft. +- 9 Ft. +- 10 or more feet +- 2 or more stories + +### Ceiling Style + +Detail always required +Choose one or more allowable answers from the table (Ceiling Style): + +- Barrel +- Beams +- Cathedral +- Coffered +- Drop +- Flat +- Tray +- Vaulted +- Other (Describe) + +### Quality Comment + +If needed to describe the current quality of the walls and ceilings in the unit: + +- Free-form description +- A brief description of the quality of the walls and ceilings as of the effective date. For further expansion of commentary, use Unit Interior Commentary (10.061). + +--- + +Appendix F-1: URAR Reference Guide Page 140 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_141.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_141.md new file mode 100644 index 0000000000000000000000000000000000000000..e8f0ade28805e2466fe69821d027883ddac7191c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_141.md @@ -0,0 +1,68 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Unit Interior - Interior Features: Walls and Ceiling + +### Report All + +**Field ID** | **Answers / Format** +--- | --- + +**Condition Status** | Always required. Choose an allowable answer from table (Walls and Ceiling Condition Status) + +**Condition Status** reflects the required repairs, inspections, or completions as if they were completed. The current condition is noted in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. Individual damages must be reported in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. + +#### Notes: + +- If there are varying condition statuses for the walls and ceiling, choose the one that best explains the Interior Condition Rating. + +--- + +### Condition Comment + +**Field ID** | **Answers / Format** +--- | --- +**10.048** | If applicable. Free-form + +A brief description of the condition of the walls and ceilings may be provided. +Note: For further expansion of commentary, use Unit Interior Commentary (10.061). + +--- + +## Ceiling Style (Choose one or more) + +**Allowable Answer** | **Definition / Additional Guidance** +--- | --- +**Beams** | A ceiling that features exposed joists and/or beams. +**Cathedral** | A ceiling that features two equally sloping sides that meet in the middle and often conforms to the shape of the roof. +**Coffered** | A ceiling that features a series of rectangular, square, or octagon grids with sunken or recessed panels. +**Drop** | A secondary ceiling hung below the main ceiling or joists. +**Flat** | A ceiling with no pitch or change in height. +**Vaulted** | A ceiling that features higher than typical open areas with sloping sides. +**Other (Describe)** | Select Other to enter an answer that is not in the above list. + +--- + +## Walls and Ceiling Condition Status (Choose one) + +**Allowable Answer** | **Definition / Additional Guidance** +--- | --- +**New or Like New** | The walls or ceilings are new or like new with no visible signs of use. +Note: This would be the typical answer when New Construction (3.017) is Yes. +**Typical Wear and Tear** | The walls or ceilings are fully functional and exhibit minimal wear and tear, with visible signs of use. +**Damaged and Functional** | The walls or ceilings are damaged and exhibit moderate wear and tear but can still function as intended or designed. +Examples: +- Holes in drywall +- Small pieces of drywall missing +- Wall or ceiling covering materials that are stained or discolored that do not need replacement, only paint or refinishing +**Damaged and Nonfunctional** | The walls or ceilings are damaged and exhibit significant wear and tear to the level that it can no longer function as intended or designed. +Note: If this answer is selected, individual damages and structural issues must be reported in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. +Examples: +- A load-bearing wall that no longer provides adequate support +- Sections of walls or ceilings that are damaged or missing to the extent that the overall livability of the unit is impacted (e.g., exposed wiring, pipes, or duct work) +- Wall or ceiling covering materials that are stained or discolored that need replacement, and cannot be repaired by paint or refinishing + +--- + +Appendix F-1: URAR Reference Guide Page 141 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_142.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_142.md new file mode 100644 index 0000000000000000000000000000000000000000..1c9e598898f4af128d2b0703ef7411d70f2344af --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_142.md @@ -0,0 +1,63 @@ +# Uniform Appraisal Dataset 10 Unit Interior + +## Walls and Ceiling Condition Status (Choose one) + +- **Allowable Answer**: + - Definition / Additional Guidance + +### No Finish + +The walls or ceilings are missing final finish. + +## Other Interior Features + +Row(s) can be added to the Interior Features table for other feature(s) that are significant to the Interior Quality and Condition Ratings. A row displays in the Interior Features table for each additional interior feature that is provided. + +### OTHER INTERIOR FEATURE EXAMPLE IN UNIT INTERIOR AND SALES COMPARISON APPROACH + +In this example, “Light Fixtures” was added as an additional interior feature in the Interior Features table. + +### Interior Features + +| Feature | Detail | Quality Comment | Condition Status | Condition Comment | +|----------------|-------------------------------------|-----------------------------------|---------------------|--------------------------| +| Flooring | Carpet | Upgraded carpet in bedrooms | New or Like New | Recently installed | +| | Ceramic Tile | All baths | Typical | Wear and Tear | +| | Hardwood | Kitchen, hallways, and main | Typical | Wear and Tear | +| | | living areas | | | +| Walls and Ceiling | 8 Ft. \| 9 Ft. \| Coffered \| Flat | Coffered ceiling in media room, 9 foot ceiling on first level | Typical | Wear and Tear | +| Light Fixtures | Custom designed including indirect lighting | High grade in primary bedroom, family room and media room | New or Like New | | + +### Overall Update Status for Flooring + +- Moderately Updated + +The additional interior feature (Light Fixtures) was also brought into the Sales Comparison Approach (22.09.08, 22.09.15) to support the Quality and Condition Ratings. (Reference 22.10.07, 22.10.14 for ADUs). + +| Subject Property | Comparable #1 | Comparable #2 | Comparable #3 | +|---------------------|------------------------------------|--------------------------------|------------------------------------| +| **Interior Quality and Condition** | | | | +| Quality | Q3 | Q3 | Q4 | Q3 | +| Overall Flooring | Hardwood and upgraded carpet | Hardwood, carpet, tile | Vinyl and carpet | Hardwood, carpet, tile | +| Light Fixtures | Custom designed high grade | Custom designed high grade | Standard builder-grade | Custom designed high grade | +| Condition | c4 | c4 | c4 | c4 | +| Overall Flooring | Moderately Updated | Moderately Updated | Moderately Updated | Moderately Updated | +| Walls and Ceiling | Typical Wear and Tear | Typical Wear and Tear | Typical Wear and Tear | Typical Wear and Tear | +| Light Fixtures | New or Like New | Typical Wear and Tear | Typical Wear and Tear | New or Like New | + +## Unit Interior — Other Interior Features + +### Report Allowable + +- **Report Field ID**: 10.044 + - **Report Label**: Feature + - **When to Include**: If applicable (Interior Feature is Other) + - **Answers / Format**: Free-form Interior Feature Other Description + +Select Other (Describe) to enter an answer that is not in the Interior Features list. Example: Light Fixtures + +> Note: Photo(s) of the feature may be provided, which display in Unit Interior Exhibits, with the Other Interior Feature Description. An additional caption may be provided to further identify the photo. + +--- + +*Appendix F-1: URAR Reference Guide Page 142 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_143.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_143.md new file mode 100644 index 0000000000000000000000000000000000000000..4179abcb06164f0836b28d418757f451d396f509 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_143.md @@ -0,0 +1,75 @@ +```markdown +# Uniform Appraisal Dataset + +## 10 Unit Interior + +### Unit Interior — Other Interior Features + +#### Quality +- Comment + +#### 10.047 | Condition Status +- Condition +- Comment + +#### Other +- If needed to describe the current quality of the other interior feature +- If Interior Feature is Other +- If needed to describe the current condition of the other interior feature + +#### Report Allowable +- Pi Report Label When to Include wv Definition / Additional Guidance +- Field ID Answers / Format + +### 10.045 | Detail +- If Interior Feature is Other + - Free-form Other Interior Feature Description: A brief description of the other feature. + - Free-form + - Choose an allowable answer from table (Other Interior Feature) + - Free-form + - Example: Custom designed including indirect lighting + - Note: For further expansion of commentary, use Unit Interior Commentary (10.061). + - A brief description of the quality of the other interior feature as of the effective date. For further expansion of commentary, use Unit Interior Commentary (10.061). + +- The condition status of the other interior feature. + - New or Like New + - Typical Wear and Tear + - Damaged and Functional + - Damaged and Nonfunctional + - No Finish + + - Notes: + - If there are varying condition statuses for the other interior feature, choose the one that best explains the Interior Condition Rating. + - Condition Status reflects the required repairs, inspections, or completions as if they were completed. The current condition is noted in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. + - Individual damages must be reported in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. + +- A brief description of the current condition of the other interior feature as of the effective date. For further expansion of commentary, use Unit Interior Commentary (10.061). + +- When the item will cause the Market Value Condition of the appraisal (26.009) to be subject to repair, the appraiser must also reference the Apparent Defects, Damages, Deficiencies (Unit Interior) subsection. + +### Other Interior Feature Condition Status (Choose one for each Other Feature) + +#### Allowable Answer + +- **New or Like New** + - The feature is new or like new with no visible signs of use. + - Note: This would be the typical answer when New Construction (3.017) is Yes. + +- **Typical Wear and Tear** + - The feature is fully functional and exhibits minimal wear and tear, with visible signs of use. + +- **Damaged and Functional** + - The feature is damaged and exhibits moderate wear and tear but can still function as intended or designed. + +- **Damaged and Nonfunctional** + - The feature is damaged and exhibits significant wear and tear to the level that it can no longer function as intended or designed. + - Note: If this answer is selected, individual damages and structural issues must be reported in the Apparent Defects, Damages, and Deficiencies (Unit Interior) subsection. + +#### Definition / Additional Guidance +- The feature is missing its final finish. + +#### Appendix F-1: URAR Reference Guide +- Page 143 of 367 + +### Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_144.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_144.md new file mode 100644 index 0000000000000000000000000000000000000000..0ee6b4a060293a2955bccb0d8c73879216f744e1 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_144.md @@ -0,0 +1,49 @@ +```markdown +# Uniform Appraisal Dataset + +## 10 Unit Interior + +### Overall Update Status for Flooring + +The appraiser must identify the overall update status for all flooring in the unit. This information displays in the Sales Comparison Approach section, if relevant. + +#### Overall Update Status for Flooring 10.049 + +**Unit Interior: Overall Update Status for Flooring** + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|-----------------------------------|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 10.049 | Overall Update Status for Flooring | Always required | Choose an allowable answer from table (Overall Update Status for Flooring). Based on the appraiser’s analysis and determination considering the overall level of updating, the update status of all flooring in aggregate. | + +**Allowable Answer** + +- Fully Updated +- Significantly Updated +- Moderately Updated +- Not Updated + +**Definition / Additional Guidance** + +- **Fully Updated**: Flooring throughout the living unit has been completely modernized, renovated, refinished, or remodeled and is new or in like-new condition. This includes gut rehabs, new additions, or new construction (3.017). +- **Significantly Updated**: A majority, but not all, of the flooring throughout the living unit appears to have been updated. +- **Moderately Updated**: Some flooring in the living unit has minor updates and/or minimal modernization with less than a majority of the flooring appearing to have been updated. + + Note: If the unit has one or more types of flooring that are all Partially Updated, choose this answer. + +- **Not Updated**: No modernization and no renovation, refinishing, or remodeling to the flooring throughout the living unit; or any updates that have been made were completed in a timeframe that renders their impact negligible. + +### Accessibility Features for Individuals with Disabilities + +The appraiser must report on all items in the unit that have been installed or modified that help accommodate individuals with disabilities. If there are no accessibility features in the unit (Accessibility Feature is None), this subsection does not display. + +#### Accessibility Features for Individuals with Disabilities + +- **Feature** 10.050 +- **Comment** 10.051 + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 144 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_145.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_145.md new file mode 100644 index 0000000000000000000000000000000000000000..851c6f711042bb704fc572ee87ad075b5b99e524 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_145.md @@ -0,0 +1,68 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Unit Interior — Accessibility Features + +**Report All** + +- **Report Label:** When to Include +- **Field ID:** Answers / Format + +Feature Always required Choose one or more allowable answers from the Definition / Additional Guidance column. + +### Accessibility Feature +A feature designed to provide accessibility and usability for a person with disabilities. + +- **None** +- **Definition / Additional Guidance:** + - Appliances + - Auditory + - Bathtub + - Cabinets + - Counters + - Doorways + - Electrical Switches + - Grab Bars + - Handrails + - Hardware + - Lighting + - Ramps + - Shower + - Sink + - Toilet + - Other (Describe) + +*Note: Elevators are reported in the Subject Property Amenities section.* + +**10.051 | Comment** + +- **If applicable:** Commentary on the customizations made for each identified Accessibility Feature. + +--- + +## Apparent Defects, Damages, Deficiencies (Unit Interior) + +The appraiser must report any significant items pertaining to the unit interior and must associate any defect, damage, or deficiency with the most appropriate section. These defects, damages, and deficiencies are items that: + +- Rise to the level of recommending repair, replacement, or inspection by an individual with expertise in the industry, or +- Negatively affect the integrity/composition of the site itself, or +- Negatively affect the soundness or structural integrity of the improvements to the site, or +- Measurably impact the marketability or value of the property, or +- Require completion + +**Example:** + +### Apparent Defects, Damages, Deficiencies (Unit Interior) + +The items listed below represent the As Is condition as of the effective date of this report + +| Feature | Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|----------|----------------|--------------------------------------|------------------------------------------|--------------------| +| Flooring | Half Bathroom | Multiple missing tiles under toilet. | Yes | Repair | + +Any other items that do not require repair, replacement, or inspection may also be reported using the Recommended Action of None. + +**Example:** + +Appendix F-1: URAR Reference Guide Page 145 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_146.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_146.md new file mode 100644 index 0000000000000000000000000000000000000000..cfe26b7c40736d5141f999c52ab1d4a74c40448d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_146.md @@ -0,0 +1,103 @@ +# Uniform Appraisal Dataset + +## 10 Unit Interior + +### Apparent Defects, Damages, Deficiencies (Unit Interior) + +The items listed below represent the As Is condition as of the effective date of this report + +**Feature** +Flooring + +**Location** +Dining Room + +**Description** +Carpet is stained in one corner of the Dining Room. + +**Affects Soundness or Structural Integrity** +No + +**Recommended Action** +None + +Reference the appropriate government agency appraisal guidelines for specific requirements. + +--- + +### Apparent Defects, Damages, Deficiencies (Unit Interior - \[Outbuilding Type\] - \[Structure Identifier\] - \[Unit Identifier\]) + +The items listed below represent the As Is condition as of the effective date of this report + +#### Affects Soundness or Recommended + +| Feature | Location | Description | Structural Integrity | Action | +|---------|----------|-------------|----------------------|--------| +| | | | | | + +--- + +### Apparent Defects, Damages, Deficiencies (Unit Interior) + +#### Report Label +- **When to Include**: Alsmelits +- **Definition / Additional Guidance**: Field ID +- **Answers / Format** + +10.053 | N/A +Display only + +Outbuilding Type redisplays from 10.000. +If the unit is an ADU in an outbuild + +If applicable, Structure Identifier redisplays from 10.001. + +10.054 | N/A +Displays when there is more than one living unit +Free-form + +If applicable, Unit Identifier redisplays from 10.002. + +10.055 | N/A +Always required Yes |No +Unit Interior Defects Exist: Indicates whether there are apparent defects, damages, or deficiencies for the indicated unit. +- If No, "None" displays, and the Apparent Defects, Damages, Deficiencies (Unit Interior) table does not display. + +**The items listed below represent the As Is condition as of the effective date of this report** + +--- + +#### Information About Each Defect, Damage, or Deficiency + +**Apparent Defects, Damages, Deficiencies (Unit Interior)** + +| Report Field ID | Report Label | Feature | +|-----------------|-----------------|--------------------------------| +| When to Include | Required for each defect, damage, or deficiency | + +| Allowable Answers / Format | +|--------------------------------------------------------| +| Choose an allowable answer from the Definition / Additional Guidance column | + +| Definition / Additional Guidance | +|----------------------------------------------| +| Flooring | +| Walls and Ceiling | +| Other (Describe) | + +Note: Photos or images must be provided for each physical defect, damage, or deficiency. These display in Unit Interior Exhibits as "Apparent Defects, Damages, Deficiencies" with the indicated Feature. An additional caption may be provided. + +**Full Bathroom** + +**Half Bathroom** + +**Kitchen** + +**Other (Describe)** — Briefly describe the location of the defect, damage, or deficiency. Example: Dining room, living room. + +**Description of the defect, damage, or deficiency.** + +*Appendix F-1: URAR Reference Guide* +Page 146 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_147.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_147.md new file mode 100644 index 0000000000000000000000000000000000000000..a00e12fcf582740b456ae59625ea407b1dbcf595 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_147.md @@ -0,0 +1,71 @@ +```markdown +# Uniform Appraisal Dataset 10 Unit Interior + +## Apparent Defects, Damages, Deficiencies (Unit Interior) + +**Report Allowable** + +| Pi Report Label | When to Include | Definition / Additional Guidance | +|-----------------|-----------------|----------------------------------| +| Field ID | Answers / Format| | + +**10.059 | Affects Soundness or Structural Integrity** + +*Required for each defect, damage, or deficiency* + +- **Yes / No**: Indicates whether the defect, damage, or deficiency affects the soundness and structural integrity of the improvement. + +**Recommended Action** + +*Required for each defect, damage, or deficiency* + +- **Choose an allowable answer**: + - Completion + - Inspection + - Repair (includes replacement) + - None (does not require repair, replacement, completion, or inspection) + +*Note:* + +- If Completion, Inspection, or Repair is reported for any defect, damage, or deficiency + - The report must be made subject to the resolution of the item. + - (Market Value Condition 26.009 cannot be As Is). + - Condition Status for the item must reflect the future "resolved" condition. + - If Repair is selected, the estimated cost to repair may be provided in the Reconci + +## Unit Interior Commentary + +**Unit Interior Commentary** + +10.061 + +**Unit Interior Commentary** + +**Report Allowable** + +| Report Label | When to Include | Definition / Additional Guidance | +|----------------------|-----------------|----------------------------------| +| Field ID | Answers / Format| | + +**10.061 | Unit Interior Commentary** + +- If applicable: Free-form Commentary could include information pertinent to the Unit Interior section that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +## Unit Interior Exhibits + +*All photos or images related to the Unit Interior section are displayed in the Unit Interior Exhibits subsection. If there are no photos or images, this subsection does not display.* + +### Unit Interior Exhibits + +**Report Allowable** + +| Pi Report Label | When to Include | Definition / Additional Guidance | +|-----------------------|-----------------|----------------------------------| +| Field ID | Answers / Format| | + +**See Unit Interior Exhibits** + +- If applicable: Photos or images relevant to the Unit Interior section may be provided, which display in Unit Interior Exhibits. If the photo or image is not specifically indicated above, provide a caption to identify each photo or image. + +**Appendix F-1: URAR Reference Guide Page 147 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_148.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_148.md new file mode 100644 index 0000000000000000000000000000000000000000..dc1f50058dd65e91ef96c921b3732898cff42511 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_148.md @@ -0,0 +1,55 @@ +```markdown +# Uniform Appraisal Dataset 11 Functional Obsolescence + +## 11 Functional Obsolescence + +The Functional Obsolescence section always displays, and provides information about any functional issues for the property, as well as space for additional commentary and exhibits. + +### Example: + +#### Functional Obsolescence + +- **Functional Issues** Floor Plan + +- **Functional Obsolescence Commentary** + + Bedroom 3 can only be accessed through Bedroom 2. + +#### Functional Obsolescence + +- Functional Issues 11.000 + +- Functional Obsolescence Commentary 11.001 + +- Functional Obsolescence Exhibits + +### Functional Obsolescence + +#### Report Allowable + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------|-----------------|----------------------------------|----------|-----------------| +| Functional Issues | Always required | Choose one or more allowable answer from table (Functional Issues) | Functional Issue: An apparent functional issue observed. | None, Ceiling Height, Floor Plan, Nonconformity, Overimprovement, Underimprovement, Other (Describe) | + +**Notes:** + +- If functional issues are identified, describe the issue and the impact to value and marketability in Functional Obsolescence Commentary. Photo(s) may be provided, which display in Functional Obsolescence Exhibits. + +11.001 | Functional Obsolescence Commentary + +If there are functional issues, or if relevant details to support the discrete data that is provided. + +Free-form Commentary could include information pertinent to the Functional Obsolescence section that is not captured in the discrete data, or additional + +### Functional Issues (Choose all that apply) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| None | Select None if there were no functional issues observed by the appraiser. | +| Ceiling Height | The ceiling heights do not meet the typical market standards, and/or impact the livability of the dwelling. | +| Floor Plan | The floor plan does not meet the typical market standards, and/or impacts the livability of the dwelling. | +| Nonconformity | The improvements significantly differ from other properties in the surrounding area (e.g., age, style, size, use). | +| Overimprovement | A component or characteristic that is not fully valued by the market due to exceeding typical expectations in comparison to other properties, so as to create diminishing return on improvements. | + +Appendix F-1: URAR Reference Guide Page 148 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_149.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_149.md new file mode 100644 index 0000000000000000000000000000000000000000..4ce85ced036271b5fecae31564c31a46a195f76e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_149.md @@ -0,0 +1,24 @@ +```markdown +# Uniform Appraisal Dataset + +## 11 Functional Obsolescence + +### Functional Issues (Choose all that apply) + +| Allowable Answer | Definition / Additional Guidance | +|-----------------------|-----------------------------------------------------------------------------------------------------------------------| +| Underimprovement | A component or characteristic that does not rise to the level of typical expectations as compared to other properties, so as to create diminishing return on improvements. | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +### Functional Obsolescence Exhibits + +All photos or images related to the Functional Obsolescence section are displayed in the Functional Obsolescence Exhibits subsection. If there are no photos or images, this subsection does not display. + +#### Report Allowable + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|--------------|------------------|-------------------------------------------------------------------------------------------------------------------------------| +| See | Functional | If applicable | Photos or images relevant to the Functional Obsolescence section may be provided, which display in Functional Obsolescence Exhibits. If the photo or image is not specifically indicated above, provide caption to further identify the photo or image. | + +Appendix F-1: URAR Reference Guide Page 149 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_15.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_15.md new file mode 100644 index 0000000000000000000000000000000000000000..8a74784a8dbf1d00738c87fc4fd0ea157103bf76 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_15.md @@ -0,0 +1,47 @@ +# Uniform Appraisal Dataset Overview + +All Defects, Damages, and Deficiencies are displayed in Reconciliation (26.020-26.070), and those requiring action are displayed in Summary (1.032-1.081). + +## Commentary and Free-form Comments + +Section commentary must be entered in the most appropriate section: + +- Assignment Information and Scope of Work Commentary (2.061) +- Subject Property Commentary (3.032) +- Site Commentary (4.116) +- Disaster Mitigation Commentary (5.001) +- Energy Efficient and Green Features Commentary (6.016) +- Sketch Commentary (7.003) +- Dwelling Exterior Commentary (8.061) +- Manufactured Home Commentary (9.026) +- Unit Interior Commentary (10.061) +- Functional Obsolescence Commentary (11.001) +- Outbuilding Commentary (12.025) +- Vehicle Storage Commentary (13.010) +- Subject Property Amenities Commentary (14.011) +- Reconciliation of Overall Quality and Condition (15.010) +- Highest and Best Use Commentary (16.005) +- Market Commentary (17.023) +- Project Information Commentary (18.095) +- Analysis of Subject Property Listing History (19.011) +- Sales Contract Analysis (20.011) +- Analysis of Prior Sale and Transfer History of Subject Property (21.006) +- Analysis of Prior Sale and Transfer History of Comparable Sales (21.012) +- Reconciliation of Sales Comparison Approach (22.16.01) +- Rental Analysis Commentary (23.04.01) +- Income Approach Commentary (24.025) +- Cost Approach Commentary (25.057) +- Reconciliation of Market Value (26.019) + +In addition, there are tables and subsections that include space for comments or descriptions. Concise comments should be entered instead of typing in “see below”. + +## Photos and Images + +All photos and images display in the appropriate section of the URAR, and with the exception of the following, display in the Exhibits subsection. + +- A large photo displays at the top of these sections: + - Summary + - Dwelling Exterior + - Outbuilding + +Appendix F-1: URAR Reference Guide Page 15 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_150.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_150.md new file mode 100644 index 0000000000000000000000000000000000000000..746acf1e8473c6e6dc2b18ced5779b4a938ae2f7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_150.md @@ -0,0 +1,38 @@ +# Uniform Appraisal Dataset 12 Outbuilding + +## 2 Outbuild + +The Outbuilding section provides information about additional structures on the site, other than the main residence(s). Examples include standalone ADUs, barns, and pool houses. The section repeats for each outbuilding, and outbuilding characteristics determine the amount of information reported. The Outbuilding section provides space for additional commentary, exhibits, and any apparent defects, damages, or deficiencies. + +The display of the Outbuilding section varies depending on whether the outbuilding is real property and whether it contains an ADU. + +When a detached garage has no additional separate area, it is reported in Vehicle Storage, and not reported as an outbuilding. Reference Appendix 4: Detached Garage Examples for additional information and examples. + +### Outbuilding - \[Outbuilding Type\] pant + +- **Considered Real Property 12.002** +- **Units in Structure 12.003** + +#### Outbuilding: General Information + +| Report ID | Report Label | When to Include | Answers / Format | Definition / Additional Guidance | +| --------- | ------------ | --------------- | ---------------- | ------------------------------- | +| Co! lered Real Property | Always required | Outbuilding Considered Real Property | Indicates whether the outbuilding is considered real property (e.g., permanently affixed to the land). | +| 12.003 | Units in Structure | Required if Outbuilding Considered Real Property is Yes | Number | Units in Structure: The number of accessory dwelling units in the outbuilding. If there are no ADUs in the outbuilding, enter 0. If there is an ADU in the outbuilding, provide the number of ADUs (1 or more). Examples include: Note: Additional information about the ADU is captured in the Unit Interior section that displays after the associated Outbuilding section. | + +**Notes:** + +- Some information displays for both dwellings and outbuildings. Conditionality of this section is limited to each structure that is identified as an outbuilding. +- The “When to Include” column in this chapter only references outbuildings. + +### Information That May Display in Black Tab + +#### Outbuilding: Black Tab + +| Report ID | Report Label | When to Include | Answers / Format | Definition / Additional Guidance | +| --------- | ------------ | --------------- | ---------------- | ------------------------------- | +| 12.001 | Outbuilding (black tab) | Always required for each outbuilding | Choose an Outbuilding Type from table | The intended functional design (use) of an outbuilding on the property. Note: The selected answer displays in a black tab or as a Report Label throughout the URAR. | + +--- + +*Appendix F-1: URAR Reference Guide Page 150 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_151.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_151.md new file mode 100644 index 0000000000000000000000000000000000000000..2ce57444bbaebb42a9cb02f3fd93c4f54573502f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_151.md @@ -0,0 +1,97 @@ +# Uniform Appraisal Dataset + +## 12 Outbuilding + +### Outbuilding Type (Choose one for each Outbuilding) + +**Allowable Answer** + +- ADU/Garage +- Barn +- Boathouse +- Bunkhouse +- Enclosed Kennel +- Greenhouse +- Guest House +- Indoor Riding Arena +- Manufactured Home +- Office +- Pool House +- Shed +- Stable +- Silo +- Standalone ADU +- Studio +- Workshop +- Other (Describe) + +#### Definition / Additional Guidance + +**ADU/Garage** +A detached garage with an ADU that is either above the vehicle storage, or attached by a common wall. +*Note: If the building has additional separate area other than vehicle storage and ADU, do not select this answer. See Other (Describe).* + +**Barn** +A farm building designed to store grain, hay, or straw, house livestock, or for other farming purposes. + +**Boathouse** +A building at the edge of or on a body of water in which boats or other watercraft are stored. + +**Bunkhouse** +A structure designed to provide temporary sleeping quarters with no other amenities. + +**Enclosed Kennel** +A permanent structure designed to board pets. + +**Greenhouse** +A structure designed to provide temporary living quarters that does not contain all of the elements to be considered a dwelling unit. + +**Indoor Riding Arena** +A structure designed for indoor horse riding. + +**Manufactured Home** +A factory-built dwelling built in compliance with the Federal Manufactured Home Construction and Safety Standards in effect at the time the home was manufactured as evidenced by the HUD label. +*Notes:* +- Select this answer if any portion of the outbuilding is a manufactured home, regardless of current usage. +- If the manufactured home is an ADU, the Manufactured Home section displays. + +**Office** + +**Pool House** +A structure designed to enhance the poolside experience. + +**Shed** + +**Stable** +A structure designed to house livestock. + +**Silo** +A structure designed to store agricultural materials in bulk. + +**Standalone ADU** +A detached ADU that is not a manufactured home, and has no additional separate area. +*Note: If the ADU is a manufactured home, select Manufactured Home instead of this answer.* + +**Studio** +A structure designed for instruction or practice of the arts (e.g., music, painting, photography). + +**Workshop** + +**Other (Describe)** +Select Other to enter an answer that is not in the above list. For detached garages with separate additional area other than vehicle storage or ADU, select this answer, and describe all the uses. Reference Appendix 4: Detached Garage Examples for additional information and examples. + +*Examples:* + +- Barn/Garage +- Workshop/ADU/Garage +- Storm Shelter + +*Do not select this answer:* + +- If the garage is primarily designed for vehicle storage, which must be identified in Vehicle Storage and not in Outbuilding. +- If the ADU shares a common wall with the garage, and there is no separate additional area. Select ADU/Garage. + +--- + +*Appendix F-1: URAR Reference Guide* +*Page 151 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_152.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_152.md new file mode 100644 index 0000000000000000000000000000000000000000..7bddd019cd70a97f1419b9d9b79b93ebbb40c921 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_152.md @@ -0,0 +1,70 @@ +# Uniform Appraisal Dataset + +## 12 Outbuilding + +### Outbuildings that are Considered Real Property + +If the outbuilding is real property (Outbuilding Considered Real Property (12.002) is Yes), an expanded set of information for the Outbuilding section displays. + +The “When to Include” column in this chapter only references outbuildings that are considered real property. + +### General Information + +- **Considered Real Property** + - **Units in Structure** + - **Attached to Permanent Foundation** 12.004 + - **Structure Volume** + - **Gross Building Area** + +12.002 +12.003 + +12.005 +12.006 + +Gross Building Area for the outbuilding includes area for vehicle storage, ADU(s), and any other uses + +### Outbuilding: General Information + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | +|-----------------|-----------------------------------|-----------------------------------------------------|-------------------------------------------| +| 12.003 | Considered Real Property | Always required | | +| | Units in Structure | Always required | | +| | Attached to Permanent Foundation | Displays here if Outbuilding Type is Manufactured Home and Units in Structure isO | | +| | Structure Volume | Required when requested by client | Number of cubic feet | +| | Gross Building Area | Always required | Number of square feet | + +### Definition / Additional Guidance + +- **Outbuilding Considered Real Property:** Indicates whether the outbuilding is considered real property (e.g., permanently affixed to the land). + +- **Units in Structure:** The number of accessory dwelling units in the outbuilding. + - If there are no ADUs in the Outbuilding, enter 0. + - If there is an ADU in the outbuilding, provide the number of ADUs (1 or more). Examples include: + - ADU/Garage: A detached garage with a living unit above or attached by a common wall + - Standalone ADU + + *Note: Additional information about the ADU including area is captured in the Unit Interior section for the ADU.* + +- Indicates whether the manufactured home is attached to a permanent foundation. + + *Note: If the foundation area is readily accessible, a photo must be provided, which displays in Outbuilding Exhibits. A caption must be provided to identify the photo.* + +- The total volume of the outbuilding, including finished and unfinished areas. + + *Note: When applicable, report the volume provided.* + +- Total area of all floor levels in the outbuilding measured from the exterior of the walls, excluding unenclosed areas, and including the following: + - Above and below grade area, whether finished or unfinished + - Vehicle storage area + - ADU area + +Always required + +A photo of the front of the outbuilding must be provided. + +--- + +**Appendix F-1: URAR Reference Guide** +Page 152 of 367 +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_153.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_153.md new file mode 100644 index 0000000000000000000000000000000000000000..ebe49a6a1c04313bf8676ff7e8c925425ea8bcf0 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_153.md @@ -0,0 +1,57 @@ +# Uniform Appraisal Dataset + +## 12 Outbuilding + +### Detail + +The display of the Detail subsection varies depending on whether or not the outbuilding is an ADU. This sample shows all possible information. + +#### Detail + +| Yes/No | The table below depicts the area of the outbuilding, excluding vehicle storage and any ADU(s) | +| ------ | ------------------------------------------------------------------------------------------ | +| Heating | 12.008 | +| Cooling | 12.009 | +| Finish Total Area Room Summary | +| Utilities | 12.010 Finished 12.011 12.012 | +| Unfinished | 12.013 | + +### Heating and Cooling for Outbuilding Without ADU + +If the outbuilding is not an ADU or does not contain an ADU, the Heating and Cooling checkboxes display instead of the Mechanical System Details subsection (12.014-12.017). + +#### Outbuilding Detail: Heating and Cooling + +| Report Field ID | Allowable Answers / Format | Report Label | When to Include | Definition / Additional Guidance | +| --------------- | -------------------------- | ------------ | --------------- | ------------------------------- | +| 12.008 | Yes | No | Heating | Required if Units in Structure is 0 | Heating System Exists: Indicates whether there is a permanent heating system in the outbuilding. | +| 12.009 | Yes | No | Cooling | Required if Units in Structure is 0 | Cooling System Exists: Indicates whether there is a permanent cooling system in the outbuilding. | + +### Utilities + +#### Outbuilding Detail: Utilities + +| Report Field ID | Allowable Answers / Format | Report Label | When to Include | Definition / Additional Guidance | +| --------------- | -------------------------- | ------------ | --------------- | ------------------------------- | +| Utilities | Choose one or more allowable answers from the Definition / Additional Guidance column | Always required | The utilities that have been extended to the outbuilding. | +| - | None | - | - | - | +| - | Electricity | - | - | - | +| - | Gas | - | - | - | +| - | Sanitary Sewer | - | - | - | +| - | Water | - | - | - | +| - | Other (Describe) | - | - | - | + +### Outbuilding Area + +The Outbuilding Area table includes finished area (including room counts), unfinished area, and always displays. It does not include area devoted to vehicle storage or ADUs. + +#### Outbuilding Detail: Outbuilding Area + +| Report Field ID | Allowable Answers / Format | Report Label | When to Include | Definition / Additional Guidance | +| --------------- | -------------------------- | ------------ | --------------- | ------------------------------- | +| Finished | Number of square feet | Outbuilding Finished Area Excluding Vehicle Storage and ADU | Always required | The finished area of the building, excluding the finished area within any ADU or vehicle storage. Includes above and below grade area. Can be 0. | +| 12.013 | Number of square feet | Outbuilding Unfinished Area Excluding Vehicle Storage and ADU | Always required | The unfinished area of the building, excluding the finished area within any ADU or vehicle storage. Includes above and below grade area. Can be 0. | + +**Version 1.2** + +Appendix F-1: URAR Reference Guide Page 153 of 367 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_154.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_154.md new file mode 100644 index 0000000000000000000000000000000000000000..2727872c30ef1f272a8ec72a2311809e6c64ac52 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_154.md @@ -0,0 +1,54 @@ +# Uniform Appraisal Dataset 12 Outbuilding + +## Rooms in the Outbuilding + +This subsection is for rooms in the outbuilding that are not part of an accessory dwelling unit. Rooms that are part of the ADU are captured in the Unit Interior section. + +### Outbuilding Detail: Outbuilding Area - Rooms + +- **Report Allowable** + + - **Report Label When to Include Definition / Additional Guidance Field ID Answers / Format** + + - **Finish (Finished)** | Required for each Room Summary | Number of Rooms: The count of each Room Type that is not in the ADU portion of the outbuilding. + + - **12.012 | Finish (Finished)** | Required if the outbuilding has more finished area that is not part of an ADU + + - Choose one or more allowable answers from the Definition / Additional Guidance column + - Bath — Full + - Bath — Half + - Bedroom + - Breakfast Room + - Den + - Dining Room + - Family Room + - Kitchen + - Laundry Room + - Living Room + - Loft + - Media Room + - Mudroom + - Recreation Room + - Sunroom + - Utility Room + - Walk-In Pantry + - Workshop + - Other (Describe) + +**Notes:** +- Select the most applicable Room Type that fits the description of the room. Examples: + - Select Dining Room for dining areas. + - Select Breakfast Room for breakfast areas or breakfast nooks. +- Photo(s) of the room(s) may be provided, which display in Outbuilding Exhibits. Provide a caption including the room type, location, and any other descriptive information as appropriate. + +## Mechanical System Details For Outbuilding Containing ADU(s) + +If the outbuilding contains ADU(s), heating and cooling information is displayed in the Mechanical System Details subsection instead of the checkboxes (12.008-12.009). + +### Mechanical System Details + +- **System Detail Other Mechanical Systems 42 017** + - **Heating 12.014 12.015** + - **Cooling 12.016** + +*Appendix F-1: URAR Reference Guide Page 154 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_155.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_155.md new file mode 100644 index 0000000000000000000000000000000000000000..16db1d2456156b118ed758f2ef4c6ae2afe4d35b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_155.md @@ -0,0 +1,72 @@ +```markdown +# Uniform Appraisal Dataset + +## 12 Outbuilding + +### Heating + +**Outbuilding**: Mechanical System Details - Heating + +**Report Allowable** + +| . P Report Label | When to Include | Definition / Additional Guidance | +|------------------|-----------------|----------------------------------| +| Field ID Answers / Format | | | + +#### 12.014 | Heating (System) + +- **Required if the** outbuilding contains more allowable outbuilding. +- **Choose one or more** answers from table (Heating System Type): + - None + - Baseboard + - Fireplace + - Forced Warm Air + - Gravity Air + - Mini Split + - Passive Solar + - Radiant + - Radiators + - Stove + - Other (Describe) + +#### 12.015 | Heating (Detail) + +- **Required for each identified Heating System Type from the Definition / Additional Guidance column**: + - Choose an allowable answer: + - Coal + - Electric + - Geothermal + - Natural Gas + - Oil + - Propane + - Solar + - Wood + - Other (Describe) + +**Lack of Heating Typical for Market**: Indicates whether the lack of heating in the ADU is prevalent in the market. + +- Yes (Typical for Market) +- No (Not Typical for Market) + +**Heating System Type (Choose one or more)** + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| None | Note: Only select this answer if the structure does not have permanent heat. | +| Baseboard | A system of perimeter heating located at the base of the wall where the baseboard would be. | +| Fireplace | Note: Only select this answer if the fireplace is designed to be used as a source of heat. Other fireplaces are reported in the Subject Property Amenities section (14.002). | +| Forced Warm Air | A system that propels air over a heat source that is distributed via ducts and vents throughout a home or a structure. | +| Gravity Air | A system that employs gravity to move warm air throughout the structure. | +| Mini Split | A ductless system designed to heat certain spaces or rooms within the structure. | +| Passive Solar | A system that uses solar energy to heat a fluid, either liquid or air, and then transfer the solar heat directly to an interior area or to a storage system for later use. Note: Solar panels that produce electricity are reported in the Energy Efficient and Green Features section (6.001). | +| Radiant | A system that supplies heat directly to the floor or to panels in the wall or ceiling of a house. | +| Radiators | A system that boils water in a central unit and moves steam to a radiator in an individual room or space. | +| Stove | Note: Only select this answer if the stove is designed to be used as a source of heat. | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 155 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_156.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_156.md new file mode 100644 index 0000000000000000000000000000000000000000..888a1cbf8e8bc432c696b5fffb043e250fc2ffdf --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_156.md @@ -0,0 +1,51 @@ +```markdown +# Uniform Appraisal Dataset + +## 12 Outbuilding + +### Cooling + +#### Outbuilding: Mechanical System Details - Cooling + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------|----------------|---------------------------------|----------|-----------------| +| Cooling System Exists: Indicates whether there is a permanent cooling system in the outbuilding. | Required if the outbuilding contains the structure. | Exists is Yes | 12.016 | Yes / No | + +- If No, "None" displays. + +| Field ID | Report Label | When to Include | Answers / Format | +|----------|--------------|----------------|------------------| +| 12.016 | Cooling (System) | If Cooling System Exists is Yes | Choose one or more allowable answers from table (Cooling System Type) | + +#### Cooling System Type (Choose one or more) + +- **Allowable Answer:** + - **Centralized**: A system in which air is cooled at a central location and distributed to and from rooms by one or more fans and ductwork (e.g., forced air, mini-split). + - **Individual**: A self-contained cooling system, mounted on a wall or in a window, designed to cool an individual room or small area (e.g., window unit). + - **Other (Describe)**: Select Other to enter an answer that is not in the above list. + +### Other Mechanical Systems + +#### Outbuilding: Other Mechanical Systems + +| Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|--------------|----------------|-----------------------------|----------------------------------| +| Other Mechanical Systems | If applicable | Choose one or more allowable answers from the Definition / Additional Guidance column | | + +- **Allowable Answers:** + - Radon Mitigation + - Sump Pump + - Water Heater + - Whole House Water Treatment + - Other (Describe) + +*Note: If there are no other mechanical systems in the outbuilding, do not select an answer and Other Mechanical Systems does not display.* + +--- + +Appendix F-1: URAR Reference Guide + +Page 156 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_157.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_157.md new file mode 100644 index 0000000000000000000000000000000000000000..9125b4b07e8fe8a38513e3f26e77d88181129756 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_157.md @@ -0,0 +1,51 @@ +```markdown +# Uniform Appraisal Dataset 12 Outbuilding + +## Apparent Defects, Damages, Deficiencies (Outbuilding) + +The appraiser must report any significant items pertaining to the outbuilding and must associate any defect, damage, or deficiency with the most appropriate section. These defects, damages, and deficiencies are items that: + +- Rise to the level of recommending repair, replacement, or inspection by an individual with expertise in the industry, or +- Negatively affect the integrity / composition of the site itself, or +- Negatively affect the soundness or structural integrity of the improvements to the site, or +- Measurably impact the marketability or value of the property, or +- Require completion. + +### Example: +**Apparent Defects, Damages, Deficiencies (Shed)** +The items listed below represent the As Is condition as of the effective date of this report + +| Feature | Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|---------|----------|-----------------------|------------------------------------------|--------------------| +| Roof | East side | Hole in underlayment. | Yes | Repair | + +Any other items that do not require repair, replacement, or inspection may also be reported using the Recommended Action of None. + +### Example: +**Apparent Defects, Damages, Deficiencies (Barn)** +The items listed below represent the As Is condition as of the effective date of this report + +| Feature | Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|----------------|----------------|--------------------------------------------------|------------------------------------------|--------------------| +| Exterior Walls and Trim | Entire Exterior | The overall structure is showing deterioration; major issues include holes in the wall of the building. | No | None | + +Reference the appropriate government agency appraisal guidelines for specific requirements. + +**Apparent Defects, Damages, Deficiencies ([Outbuilding Type]) 12.018** +The items listed below represent the As Is condition as of the effective date of this report 12.019 + +| Feature | Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|---------|----------|-------------|------------------------------------------|--------------------| +| 12.020 | 12.021 | 12.022 | 12.023 | 12.024 | + +**Apparent Defects, Damages, Deficiencies (Outbuilding)** + +| Report Label | Definition / Additional Guidance | +|--------------|----------------------------------| +| Field ID | Answers / Format | +| 12.018 | N/A Display only | Outbuilding Type redisplays from 12.001. | +| 12.019 | N/A Required for each outbuilding when Outbuilding Considered Real Property is Yes | Yes/No Outbuilding Defects Exist: Indicates whether there are apparent defects, damages, or deficiencies related to the outbuilding. If No, “None” displays and the Apparent Defects, Damages, Deficiencies (Outbuilding) table does not display. | +| 12.019 | N/A Displays when Outbuilding Defects Exist is Yes | The items listed below represent the As Is condition as of the effective date of this report | + +Appendix F-1: URAR Reference Guide Page 157 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_158.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_158.md new file mode 100644 index 0000000000000000000000000000000000000000..e0847c7908dccdf9ef8a89083f7da6e050bf6c6d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_158.md @@ -0,0 +1,67 @@ +```markdown +# Uniform Appraisal Dataset 12 Outbuilding + +## Information About Each Defect, Damage, or Deficiency + +### Apparent Defects, Damages, Deficiencies (Outbuilding) + +- **Report Allowable** + - P +- **Report Label** + - When to Include +- **Definition / Additional Guidance** +- **Field ID** + +| Feature Required for Each | Defect, Damage, or Deficiency | +| --- | --- | +| Choose an Allowable Answer | Exterior Walls and Trim, Flooring, Foundation, Mechanical System, Roof, Walls and Ceiling, Windows, Other (Describe) | + +**Notes:** + +- If the defect, damage, or deficiency is in the ADU portion of the outbuilding, report this in the Unit Interior section. +- Photos or images must be provided for each physical defect, damage, or deficiency. These display in Outbuilding Exhibits as “Apparent Defects, Damages, Deficiencies” with the indicated Feature. An additional caption may be provided. + +### Location + +- **Required for Each Defect, Damage, or Deficiency** + +| Choose an Allowable Answer | Full Bathroom, Half Bathroom, Kitchen, Other (Describe) | +| --- | --- | + +**Definition / Additional Guidance:** + +- Briefly describe the location of the defect, damage, or deficiency. + +### Description + +- **Required for Each Defect, Damage, or Deficiency** + +**Free-form:** Description of the defect, damage, or deficiency. + +### 12.023 | Affects Soundness or Structural Integrity + +- **Required for Each Defect, Damage, or Deficiency** + +| Answers / Format | Yes / No | +| --- | --- | + +- Indicates whether the defect, damage, or deficiency affects the soundness and structural integrity of the improvement. + +### 12.024 | Recommended Action + +- **Required for Each Defect, Damage, or Deficiency** + +| Choose an Allowable Answer | Completion, Inspection, Repair (includes replacement), None (does not require repair, replacement, completion, or inspection) | +| --- | --- | + +**Note:** + +- If Completion, Inspection, or Repair is reported for any defect, damage, or deficiency: + - The report must be made subject to the resolution of the item (Market Value Condition 26.009 cannot be As Is). + - Condition Status for the item must reflect the future “resolved” condition. + - If Repair is selected, the estimated cost to repair may be provided in the Reconciliation. + +--- + +Appendix F-1: URAR Reference Guide Page 158 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_159.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_159.md new file mode 100644 index 0000000000000000000000000000000000000000..ddf9169a669805c4e9fe5085911650a715adcb1b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_159.md @@ -0,0 +1,42 @@ +```markdown +# Uniform Appraisal Dataset 12 Outbuilding + +## Outbuilding Commentary + +### Outbuilding Commentary + +**12.025 Outbuilding Commentary** + +| Field ID | Answers / Format | +| -------- | ---------------- | +| 12.025 | Outbuilding Commentary, if applicable. Free-form Commentary could include information pertinent to the Outbuilding section that is not captured in the discrete data, or additional details to support the discrete data that is provided. | + +## Outbuilding Exhibits + +All photos or images related to the Outbuilding section are displayed in the Outbuilding Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Outbuilding Exhibits + +| Field ID | Answers / Format | +|------------|------------------| +| See iGuide | Photos or images relevant to the Outbuilding section may be provided, which display in Outbuilding Exhibits. If the photo or image is not specifically indicated, provide a caption to further identify the photo or image. | + +## Outbuildings - Not Real Property + +If the outbuilding is not real property (Outbuilding Considered Real Property is No), an abbreviated set of information for the Outbuilding section displays. Examples include containers or manufactured homes that are not real property. + +### Outbuilding - Manufactured Home + +- **Considered Real Property**: No +- **Attached to Permanent Foundation**: No + +#### Outbuilding Commentary + +The manufactured home is used for storage, and is considered personal property as it is not permanently attached to the site. + +**Note**: Outbuildings that are not real property are not displayed in the Sales Comparison Approach or in the Cost Approach. + +--- + +Appendix F-1: URAR Reference Guide Page 159 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_16.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_16.md new file mode 100644 index 0000000000000000000000000000000000000000..c1d64e889ec7bebe3b330a723044e970895da48e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_16.md @@ -0,0 +1,50 @@ +# Uniform Appraisal Dataset + +## Overview + +The Legal Description image, if applicable, displays in the Legal Description subsection of Subject Property (3.031). + +A thumbnail of the subject property and each comparable (Property Photo) displays: + +- At the top of the sales grid in Sales Comparison Approach (22.01) +- In the Comparable Rental Properties subsection of Rental Information (23.02) +- At the top of the GRM comp grid in Income Approach (24.000) + +## Identifying and Describing Photos and Images + +The appraiser must identify each photo or image from the list in the table below. + +- For most photos or images, there is a predefined caption or gray bar that automatically displays. +- Depending on the photo or image: + - An additional caption must be provided, or + - An additional caption may be provided to further identify the photo or image, or + - There is no additional caption. Example: Sales Comparison Map is a gray bar and does not require an additional caption. + +The table below indicates when photos are required per the URAR Reference Guide. + +- Examples: + - A large photo (“Property Photo”) must be displayed at the top of the Summary section. + - Photos are required for all physical defects, damages, and deficiencies. + +Refer to published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance as to when a photo or image is required. + +### Notes: + +- The same photo can be identified and displayed in more than one section. +- Reference the iGuide and UAD Spec for details about how photos are handled in the UAD dataset. + - Specific Report Field IDs for photos and images are not indicated in the Reference Guide. Refer to the iGuide or UAD Spec for more information. + +| # | Section (Black Tab) | Section Name (Predefined Caption or Gray Bar) | Is the Photo or Image Required? | Is there an Additional Caption (Free-form Text)? | Additional Guidance | +| --- | ---------------------- | -------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------ | ------------------- | +| 1 | Summary | Large photo at the top of the section (identified as Property Photo) | Yes | | | +| 2 | Assignment Information | Assignment Exhibits | Required for each photo or image | | | +| 3 | Subject Property | Legal Description | May be provided to further identify the image | If Legal Description 3.031 is not provided | See 3.031 | +| | | Photos or images related to the Subject Property section that are not specified above. | Required for each photo or image | | | +| 4 | Site | Non-Residential Use on Property | Required, including the type of non-residential use, location, and any other descriptive information as appropriate | If Non-Residential Uses 4.017 is Yes | See 4.017 | +| | | Property Access (Street Scene) | Yes | May be provided to further identify the photo or image | See 4.020 | + +Appendix F-1: URAR Reference Guide + +Page 16 of 367 + +Version 1.2 diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_160.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_160.md new file mode 100644 index 0000000000000000000000000000000000000000..0406806e5705e417c09257a01273f5ea81d54bdb --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_160.md @@ -0,0 +1,55 @@ +``` +# Uniform Appraisal Dataset 12 Outbuilding + +## Outbuilding - [Outbuilding Type] + +BRaeae + +### Considered Real Property 12.002 + +### Attached to Permanent Foundation 12.004 + +## LOT + +### Outbuilding Commentary 12.025 + +### Outbuilding Exhibits + +Outbuilding: Not Real Property + +Report Allowable eT mn A + +### Field ID Report Label When to Include Ansrers// REEL Definition / Additional Guidance + +**Considered Real Property** + +- Always required + +Outbuilding Considered Real Property: Indicates whether the outbuilding is considered real property (e.g., permanently affixed to the land). + +**12.004 | Attached to Permanent Foundation** + +- Displays here if Yes | No + Indicates whether the manufactured home is attached to a permanent foundation. + Note: If the foundation area is readily accessible, provide a photo and a caption to identify the photo, which displays in Outbuilding Exhibits. + +- **Outbuilding Type is Manufactured Home and Outbuilding Considered Real Property is No** + See N/A Required Photo + A photo of the front of the outbuilding must be provided. + +### 12.025 | Outbuilding Commentary + +- If applicable + Free-form Commentary could include information pertinent to the Outbuilding section that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +### Outbuilding Exhibits + +- If applicable + Photos or images relevant to the Outbuilding section may be provided, which display in Outbuilding Exhibits. If the photo or image is not specifically indicated, provide a caption to further identify the photo or image. + +## Appendix F-1: URAR Reference Guide + +Page 160 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_161.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_161.md new file mode 100644 index 0000000000000000000000000000000000000000..4be869d72af92bad5594a4738aede17a376053d4 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_161.md @@ -0,0 +1,60 @@ +```markdown +# Uniform Appraisal Dataset 13 Vehicle Storage + +## Vehicle Storage + +The Vehicle Storage section provides information about all vehicle storage for the property. The section provides space for additional commentary, exhibits, and any apparent defects, damages, or deficiencies. + +Vehicle storage can be: + +- A driveway or shared driveway +- An attached or detached carport +- Part of a dwelling, such as a built-in or attached garage +- A detached garage. Reference Appendix 4: Detached Garage Examples for additional information and examples. +- A shared parking garage, common carport, or open lot in a condominium, cooperative, condop, or PUD (with or without assigned spaces). + +### Vehicle Storage + +#### 13.000 Storage Number of Parking Spaces Detail +- **13.001** +- **13.002** +- **13.003** + +### Vehicle Storage for the Property + +The appraiser must report on each vehicle storage for the property. + +#### Vehicle Storage + +| Report Field ID | Allowable Answers / Format | Report Label | When to Include | Definition / Additional Guidance | +|-----------------|---------------------------------|---------------------|----------------|----------------------------------| +| 13.000 | Choose one or more allowable | Vehicle Storage Type| Always required| Definitions below | +| | answers from table (Vehicle | | for each | | +| | Storage Type) | | vehicle storage| | + +- **Vehicle Storage Type** + - None + - Carport + - Common Carport + - Driveway + - Garage + - Open Lot + - Parking Garage + - Shared Driveway + - Other (Describe) + +> **Notes:** +> +> - Photos or images for each Vehicle Storage Type may be provided, which display in Vehicle Storage Exhibits with the Vehicle Storage Type(s). An additional caption may be provided to further identify the photo. +> - Additional photos such as the interior of the garage would display in Vehicle Storage Exhibits with the Vehicle Storage Type. + +#### Vehicle Storage Type + +| Allowable Answer | Definition / Additional Guidance | +|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| **None** | Select this answer if the property does not have any available vehicle storage. Note: If this answer is selected, "None" displays (13.000), and the Vehicle Storage table (13.001-13.003) does not display. | +| **Carport** | A covered structure that offers limited vehicular protection with two or fewer walls. It may be free standing or attached to a structure and is available for use only by the subject property (e.g., single-family or 2- to 4-unit property). | +| **Common Carport** | A covered structure that offers limited vehicular protection with two or fewer walls. It may be free standing or attached to a structure and is shared and available within the condominium, cooperative, condop, or PUD. | + +*Appendix F-1: URAR Reference Guide Page 161 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_162.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_162.md new file mode 100644 index 0000000000000000000000000000000000000000..1835b95560c523ab6ea784b929061ee834c81c87 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_162.md @@ -0,0 +1,66 @@ +# Uniform Appraisal Dataset + +## 13 Vehicle Storage + +### Vehicle Storage Type + +**Allowable Answer Definition / Additional Guidance** + +- **Driveway** + An improved surface providing vehicular access. + Note: Do not select this answer for shared driveways. + +- **Garage** + An enclosed structure designed for storing vehicles. + +- **Open Lot** + An open and improved surface area that is specifically designed for vehicle storage for use within the condominium, cooperative, condop, or PUD. + +- **Parking Garage** + An enclosed area for storing vehicles that is intended to support multiple units for use within the condominium, cooperative, condop, or PUD. + +- **Shared Driveway** + An improved surface providing vehicular access, jointly owned by the owners of the properties to which it gives access. + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +#### Examples + +- Permitted street parking from the municipality, but not specific to unit. +- Enclosed golf cart or motorcycle parking. + +### Information For Each Vehicle Storage Type + +The Vehicle Storage table displays when there is vehicle storage on the property. + +### Vehicle Storage — Information for Each Vehicle Storage Type + +| Field ID | Report Label | When to Include | Answers / Definition / Additional Guidance | +|----------|--------------|----------------|-------------------------------------------| +| **13.002** | Number of Parking Spaces | Required if Vehicle Storage Type is Driveway or Shared Driveway | Select Yes if the driveway or shared driveway has 10 or more parking spaces. In this case, "10 or More" displays. Select No if the driveway or shared driveway has less than 10 parking spaces, and provide the number of parking spaces. | +| **13.003** | Number of Parking Spaces | Required for all Vehicle Storage Types except driveways or shared driveways with 10 or more spaces | Dedicated Parking Spaces: The number of parking spaces dedicated to the property within the indicated Vehicle Storage Type. A parking space is defined as the area that accommodates a vehicle. For example, Number of Parking Spaces would be 2 if the garage had: - Two tandem (back-to-back) spaces accessed by a single garage door, or - Two side-by-side spaces, whether accessed by a double garage door or two single garage doors. Notes: - Enter a number between 1 and 9 for driveways and shared driveways. - Enter zero (0) for common parking areas in which the property does not have any dedicated spaces. - If the vehicle storage is shared, only include spaces specifically dedicated to the property. - Half spaces are accounted for in the overall size reported as Vehicle Storage Area (13.003), not as a parking space. | + +### Parking Space Assignment Type + +The ownership rights to the parking space(s). + +- Assigned (parking spaces are assigned but not owned and deeded to a specific unit) +- Owned (parking spaces are owned and deeded to a specific unit) +- Unassigned (parking spaces are designated to project occupants on a first-come, first-served basis) + +### Vehicle Storage Attachment Type + +The way in which the indicated vehicle storage is attached to the dwelling. + +- Attached +- Built-in (including basement garages) +- Detached + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 162 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_163.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_163.md new file mode 100644 index 0000000000000000000000000000000000000000..bee08311563055324e3efe9177f8861b02dbdf43 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_163.md @@ -0,0 +1,55 @@ +```markdown +# Uniform Appraisal Dataset 13 Vehicle Storage + +## Vehicle Storage — Information for each Vehicle Storage Type + +### Report Allowable +- Report Label +- Definition / Additional Guidance + +--- + +### Detail Required if Vehicle Storage Type is Carport or Garage + +- **Vehicle Storage Area:** + - Number of square feet + - Notes: + - Half spaces are accounted for here. + - For detached garages that include other uses (ADUs or additional areas), only report area that is specific to the vehicle storage. + +### 13.003 | Detail Required if Vehicle Storage Type is Driveway or Shared Driveway + +- **Driveway Surface Material:** + - The predominant driveway surface material. + - Choose an allowable answer from the Definition / Additional Guidance column: + - Asphalt + - Brick + - Concrete + - Cobblestone + - Dirt + - Gravel + - Other (Describe) + +### Vehicle Storage Attachment Type + +- **Allowable Answer:** + - Definition / Additional Guidance: + - Attached + - Detached + +### Apparent Defects, Damages, Deficiencies (Vehicle Storage) + +The appraiser must report any significant items pertaining to vehicle storage and must associate any defect, damage, or deficiency with the most appropriate section. These defects, damages, and deficiencies are items that: + +- Rise to the level of recommending repair, replacement, or inspection by an individual with expertise in the industry, or +- Negatively affect the integrity / composition of the site itself, or +- Negatively affect the soundness or structural integrity of the improvements to the site, or +- Measurably impact the marketability or value of the property, or +- Require completion + +--- + +Example: + +Appendix F-1: URAR Reference Guide Page 163 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_164.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_164.md new file mode 100644 index 0000000000000000000000000000000000000000..b4cb4b99e996c6fc8ad62928ee7f17d939a45aab --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_164.md @@ -0,0 +1,61 @@ +# Uniform Appraisal Dataset + +## 13 Vehicle Storage + +### Apparent Defects, Damages, Deficiencies (Vehicle Storage) + +The items listed below represent the As Is condition as of the effective date of this report. + +#### Feature + +- **Garage** + +#### Location + +- **Side window** + +#### Description + +- **Completely removed** + +**Affects Soundness or Structural Integrity Action: No Repair** + +Any other items that do not require repair, replacement, inspection, or completion may also be reported using the Recommended Action of None. + +Reference the appropriate government agency appraisal guidelines for specific requirements. + +### 13.004 + +The items listed below represent the As Is condition as of the effective date of this report. + +**Affects Soundness or Recommended** + +- **Feature** +- **Location** +- **Description** +- **Structural Integrity Action** + +### Apparent Defects, Damages, Deficiencies (Vehicle Storage) + +| Report | Allowable | Field ID | Report Label | When to Include | Answers/Format | Definition/Additional Guidance | +|--------|-----------|----------|--------------|-----------------|----------------|--------------------------------| +| 13.004 | N/A | Always required | Yes/No | Vehicle Storage Defects Exist: Indicates whether there are apparent defects, damages, or deficiencies related to the Vehicle Storage section. | +| 13.004 | N/A | Displays when Vehicle Storage Defects Exist is Yes | N/A | The items listed below represent the As Is condition as of the effective date of this report | + +### Information About Each Defect, Damage, or Deficiency + +**Apparent Defects, Damages, Deficiencies (Vehicle Storage)** + +| Report | Allowable | Field ID | Report Label | When to Include | Answers/Format | Definition/Additional Guidance | +|--------|-----------|----------|--------------|-----------------|----------------|--------------------------------| +| 13.005 | Feature | Required for each defect, damage, or deficiency | Choose an allowable answer from table | Indicate the Vehicle Storage Type that has the defect, damage, or deficiency. | +| 13.006 | Location | Required for each defect, damage, or deficiency | Free-form | Note: Photos or images must be provided for each physical defect, damage, or deficiency. These display in Vehicle Storage Exhibits as "Apparent Defects, Damages, Deficiencies" with the indicated Feature. An additional caption may be provided. | +| 13.008 | Description | Required for each defect, damage, or deficiency | Free-form | Description of the defect, damage, or deficiency. | +| 13.008 | Affects Soundness or Structural Integrity | Required for each defect, damage, or deficiency | Yes/No | Indicates whether the defect, damage, or deficiency affects the soundness and/or structural integrity of the improvement. | + +### Appendix + +Appendix F-1: URAR Reference Guide + +- Page 164 of 367 +- Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_165.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_165.md new file mode 100644 index 0000000000000000000000000000000000000000..7b7fce95d64254a3068184e8c67d34fee881438f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_165.md @@ -0,0 +1,46 @@ +```markdown +# Uniform Appraisal Dataset 13 Vehicle Storage + +## Apparent Defects, Damages, Deficiencies (Vehicle Storage) + +### Report All + +* **Report Label** + When to Include - Definition / Additional Guidance + Field ID - Answers / Format + +* **Recommended Action** + Required for each defect, damage, or deficiency + Choose an allowable answer + + - **Completion**: The recommended action for the defect, damage, or deficiency. + - **Repair** (includes replacement) + - **None** (does not require repair, replacement, completion, or inspection) + + **Note**: + - If Completion, Inspection, or Repair is reported for any defect, damage, or deficiency + - The report must be made subject to the resolution of the item (Market Value Condition 26.009 cannot be As Is). + - If Repair is selected, the estimated cost to repair may be provided in the Reconciliation section. + +## Vehicle Storage Commentary + +### Vehicle Storage Commentary + +* **Report Label**: Vehicle Storage Commentary + When to Include - If applicable + Definition / Additional Guidance - Free-form commentary could include information pertinent to the Vehicle Storage section that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +## Vehicle Storage Exhibits + +All photos or images related to the Vehicle Storage section are displayed in the Vehicle Storage Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Vehicle Storage Exhibits + +* **Report Label**: Vehicle Storage Exhibits + When to Include - If applicable + Definition / Additional Guidance - Photos relevant to the Vehicle Storage section may be provided, which display in Vehicle Storage Exhibits. If the photo or image is not specifically indicated, provide a caption to further identify the photo or image. + +--- + +Appendix F-1: URAR Reference Guide Page 165 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_166.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_166.md new file mode 100644 index 0000000000000000000000000000000000000000..9038683052f56e359e340d84d924b8f79429ba68 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_166.md @@ -0,0 +1,48 @@ +# Uniform Appraisal Dataset + +## 14 Subject Property Amenities + +The Subject Property Amenities section provides information about the amenities on the property, whether on the site or inside dwelling(s) or outbuilding(s). The section provides space for additional commentary, exhibits, and any apparent defects, damages, or deficiencies. + +Subject property amenities are solely owned or restricted to use by the property owner, and do not include: + +- Project amenities that are owned and maintained by the HOA and subject to shared use. These are reported in the Project Information section (18.012). +- Waterfront improvements, such as piers, docks, and bulkheads. These are reported in Water Frontage with Private Access in the Site section (4.031). +- Site characteristics and view. These are reported in the Site section (4.062-4.065 and 4.039-4.042). + +### General Information + +Subject property amenities include items such as fireplaces, decks, porches, patios, and pools. Each amenity is associated with one of the specific amenity categories. These amenity categories group similar amenities together for inclusion as individual line entries in the Sales Comparison Approach section. + +**Note:** Amenity Count may be used when there is no Detail (14.004) about the amenity to be reported. + +### Amenity Examples in Subject Property Amenities and Sales Comparison Approach + +In this example, the subject has 2 decks and 2 indoor fireplaces. + +**Subject Property Amenities** + +| Amenity Category | Subject Property Amenity | Material | Detail | +|------------------|--------------------------|-----------|--------------| +| Outdoor Living | Deck | Wood | 400 Sq. Ft. | +| | Deck | Wood | 500 Sq. Ft. | +| Whole Home | Indoor Fireplace | Total Number - 2 | | + +The decks and fireplaces are also brought into the Sales Comparison Approach (22.12.01 - 22.12.05). + +**Property Amenities** + +| Outdoor Living | Amenity | Details | Cost | +|------------------|--------------------------|-----------------------------|--------| +| Deck | Deck | Deck | Deck Deck $2,000 Porch | Deck $0 | + +| Whole Home | Indoor Fireplace - 2 | Indoor | $2,500 | +| | Indoor | Indoor Fireplace - 1 | $5,000 | + +**Subject Property Amenities** + +| Amenity Category | Subject Property Amenity | Material | Detail | +|------------------|--------------------------|----------|--------| +| 14.001 | 14.002 | 14.003 | 14.004 | + +Appendix F-1: URAR Reference Guide Page 166 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_167.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_167.md new file mode 100644 index 0000000000000000000000000000000000000000..af59d08f37fade4dad0172ad6421e6b36477394d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_167.md @@ -0,0 +1,51 @@ +# Uniform Appraisal Dataset + +## 14 Subject Property Amenities + +### Amenity Categories and Types + +#### Subject Property Amenities + +| Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------|-----------------------------------|-----------------------------------------------------|-------------------------------|----------------------------------| +| 14.002 | Subject Property Amenity | category if Property Amenities Exist is Yes | There must be at least one amenity and category if Property Amenities Exist is Yes | +| 14.000 | N/A | Always required | Yes \| No | Property Amenities Exist Indicates whether the property has amenities, excluding those attributable to the project, waterfront improvements, or site characteristics/view. If No, “None” displays. | +| 14.001 | Amenity Category | There must be at least one amenity and more | Choose one or more allowable answers from table (Property Amenities and Categories) | Property Amenity Category: A high-level category in which the identified amenity is grouped. Each amenity is associated with a specific Property Amenity Category.
- Outdoor Accessories
- Outdoor Living
- Water Features
- Whole Home
- Miscellaneous | + +#### Amenity Type + +A service, feature, or facility available to residents and/or guests of a property. +Note: Photos or images may be provided for each Subject Property Amenity, which display in Subject Property Amenity Exhibits with the Amenity Type. An additional caption may be provided. + +### Subject Property Amenities and Categories (Choose all that apply) + +| Allowable Answer | Definition / Additional Guidance | +|-----------------------|-------------------------------------------------------------------------------------------------------------------------------| +| Fence | Property Amenity Category: Outdoor Accessories
A structure or barrier designed to enclose an area of the site. | +| Irrigation System | A water system designed to hydrate the lawn and/or other outdoor plants. | +| Outdoor Fireplace | A self-contained structure located outside that is used to accommodate a fire. | +| Outdoor Kitchen | A permanent outdoor area designed and equipped to be used for the preparation and cooking of food. | +| Sports Court | An area, either open or covered, specifically designed for one or more recreational and athletic activities. | +| Balcony | Property Amenity Category: Outdoor Living
An elevated, often covered, platform surrounded by walls and/or railing systems projecting from the outside of the building with access from the structure. | +| Deck | A platform that is located next to or attached to a structure and is accessible from the structure. | +| Gazebo | A roofed structure that is typically open on all sides. | +| Patio | A solid surface outdoor area located on the site. | +| Porch | A typically covered area surrounded by walls and/or railings projecting from the structure with roof lines attached to or similar to the structure. | +| Portico | A structural element leading to the entrance of a structure with a roof supported by columns or enclosed walls. | + +#### Water Features + +| Allowable Answer | Definition / Additional Guidance | +|-----------------------|-------------------------------------------------------------------------------------------------------------------------------| +| Inground Pool | Property Amenity Category: Water Features
A self-contained and manufactured area built into the ground and designed to be filled with water designated for swimming and other aquatic uses. Does not include an above-ground pool.
Note: If the pool is an indoor pool, select this answer and select Indoor for Amenity Feature. | +| Inground Spa | A structure built into the ground that typically contains hot aerated water and is used for recreational and wellness activities.
Note: If the spa is an indoor spa, select this answer and select Indoor for Amenity Feature. | +| Outdoor Shower | An area open to the elements designed to be used for personal cleaning through the use of flowing water and appropriate drainage. | +| Sauna | A room that is designed to be heated to high temperatures, typically with steam.
Note: If the sauna is an indoor sauna, select this answer and select Indoor for Amenity Feature. | + +#### Whole Home + +Appendix F-1: URAR Reference Guide + +Page 167 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_168.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_168.md new file mode 100644 index 0000000000000000000000000000000000000000..e95bf209a5ac339f2179ebcea71b23d77abc6555 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_168.md @@ -0,0 +1,97 @@ +```markdown +# Uniform Appraisal Dataset + +## Subject Property Amenities + +### Subject Property Amenities and Categories (Choose all that apply) + +| Allowable Answer | Definition / Additional Guidance | +| ------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | +| Elevator | A mechanized platform used for raising and lowering people or things from one level to another. | +| EV Station | A system designed to provide on-demand charging for compatible electric vehicles. | +| Fire Suppression System | A system designed to extinguish fires. | +| Indoor Fireplace | A self-contained unit or framed opening located inside of a structure that is used for containing fi [incomplete text]. | +| Multiple Zone HVAC | A system that allows independent control of the temperature for various areas of the dwelling. | +| Smart Home System | A system that allows remote control of household systems. | +| Whole House Ventilation | A system designed to provide continuous exchange of air within the dwelling (e.g., air exchanger, whole house fan). | +| Wood Stove | A free-standing heating mechanism fueled by wood or wood pellets. Note: Amenity Count must be provided. | +| Airstrip | An individually owned runway with very basic or no aircraft support facilities that is designed for the take-off and landing of smaller personal aircraft. | +| Club Membership | A club membership that conveys with the property (e.g., golf club membership, health club membership). | +| Shared Laundry Facilities | An area of a structure containing washing machines and/or dryers that are designated for the cleaning and care of clothing and linens. Note: This is for multi-unit usage. | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +### Miscellaneous + +- Services (18.012). +- Note: Do not include shared airstrips that serve a project or community. These are reported in Common Amenities. + +## Information About Specific Amenities + +### Amenity Category + +- **14.001** + +### Subject Property Amenity + +- **14.002** + +### Detail + +- **14.004** + +### Material + +- **14.003** + +## Subject Property Amenities — Information About Specific Amenities + +**Report** + +| Field ID | Report Label | When to Include | +| -------- | --------------------- | ---------------------------------------------------------------------------------------------------------------- | +| Material | Required if Subject | Property Amenity is Balcony, Deck, Gazebo, Inground Pool, Patio or Porch, or as needed | +| Detail | Required if Subject | Property Amenity is Indoor Fireplace or Woodstove, or as needed | +| Detail | Required if Subject | Property Amenity is Balcony, Deck, Gazebo, Porch, or Portico, or as needed | + +**Allowable Answers / Format** + +- Choose an allowable answer from the Definition / Additional Guidance column + +### Definition / Additional Guidance + +- The predominant type of material used in construction. + + - Asphalt + - Brick + - Composite + - Concrete + - Fiberglass + - Metal + - Natural Stone + - Pavers + - Vinyl + - Wood + - Other (Describe) + +**Detail** + +- Required if Subject Property Amenity is Indoor Fireplace or Woodstove, or as needed +- **Number** +- Amenity Count: The number of the indicated Subject Property Amenity that are present in the property (e.g., two fireplaces). + + - Note: If reporting other Detail 14.004 about the amenity, enter each amenity separately. Do not use Amenity Count. + +**Detail** + +- Required if Subject Property Amenity is Balcony, Deck, Gazebo, Porch, or Portico, or as needed +- **Number of square feet** +- Amenity Area: The area of the amenity. Do not provide dimensions in this field. + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 168 of 367_ + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_169.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_169.md new file mode 100644 index 0000000000000000000000000000000000000000..8433a0ded2a25c3ef2e5ddf2b8f22d0329c10abc --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_169.md @@ -0,0 +1,60 @@ +```markdown +# Uniform Appraisal Dataset 14 Subject Property Amenities + +## Subject Property Amenities — Information About Specific Amenities + +**Beate Report Label When to Include Altewelils Definition / Additional Guidance** + +| Field ID | Answers / Format | +|-----------|------------------| +| 14.004 | Detail Required if there is a Yes \| No Attached to Manufactured Home | + +- **Manufactured Home** + Indicates whether the amenity is permanently affixed to the manufactured on the property and home. + +### Amenity is Deck, Gazebo, Porch, or Portico + +- **Detail** + If applicable for the Inground Pool, Inground Spa, or Sauna + +- **Amenity Feature** + Choose one or more allowable answers from the following: + - Caged + - Heated + - Indoor + - Other (Describe) + +## Apparent Defects, Damages, Deficiencies (Subject Property Amenities) + +The appraiser must report any significant items pertaining to subject property amenities, and must associate any defect, damage, or deficiency with the most appropriate section. These defects, damages, and deficiencies are items that: + +- Rise to the level of recommending repair, replacement, or inspection by an individual with expertise in the industry, or +- Negatively affect the integrity / composition of the site itself, or +- Negatively affect the soundness or structural integrity of the improvements to the site, or +- Measurably impact the marketability or value of the property, or +- Require completion + +**Example:** + +### Apparent Defects, Damages, Deficiencies (Subject Property Amenities) +The items listed below represent the As Is condition as of the effective date of this report + +| Feature | Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|---------|----------|------------------------------------------|-------------------------------------------|--------------------| +| Fence | Backyard | A portion of the fence is falling down. | No | Repair | + +Any other items that do not require repair, replacement, inspection, or completion may also be reported using the Recommended Action of None. + +Reference the appropriate government agency appraisal guidelines for specific requirements. + +### Apparent Defects, Damages, Deficiencies (Subject Property Amenities) +The items listed below represent the As Is condition as of the effective date of this report 14-005 + +| Feature | Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|---------|----------|-------------|-------------------------------------------|--------------------| +| 14.006 | 14.007 | 14.008 | 14.009 | 14.010 | + +--- + +*Appendix F-1: URAR Reference Guide Page 169 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_17.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_17.md new file mode 100644 index 0000000000000000000000000000000000000000..a4bd161d407f1efe03cde0986b711b31f7398abd --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_17.md @@ -0,0 +1,32 @@ +```markdown +# Uniform Appraisal Dataset + +## Overview + +| Section | Section Name | Is the Photo or Image a: | Additional Guidance | +|---------------------|-------------------------------|--------------------------|-------------------------------------------| +| **(Predefined Caption or Black Tab)** | **Is there an Additional (Free-form Text)?** | **Required?** | **Gray Bar** | +| Site | Site Influence | Required, including the site influence type and any other descriptive information as appropriate | See 4.025 | +| Permanent Waterfront Feature | Waterfront feature type(s) | Required, including the waterfront feature type(s) and any other descriptive information as appropriate | See 4.032 | +| Water Frontage | If there is water frontage with private access. | Required, including the water frontage type(s) and any other descriptive information as appropriate | See 4.034 | +| View | Photos are required of all views that impact value or marketability. | Required, including the view type and any other descriptive information as appropriate | See 4.039 | +| Encroachment | | Required, including the encroachment type and any other descriptive information as appropriate | See 4.059 | +| Site Characteristic | | Required, including the site characteristic type and any other descriptive information as appropriate | See 4.063 | +| Map of Land Comparables | May be provided to further identify the image | | +| Apparent Defects, Damages, Deficiencies — Feature | The photo must be associated with the specific Defect, Damage, or Deficiency. | Required if a physical defect, damage, or deficiency | See 4.100. | +| Property Boundaries | May include a Plat Map. | May be provided to further identify the photo or image | | +| Site Exhibits | Photos or images related to the Site section that are not specified above. May include an image of the Maintenance Agreement | Required for each photo or image | See 4.022. | +| Disaster Mitigation Exhibits | | Required for each photo or image | | +| Energy Efficient and Green Features Exhibits | | Required for each photo or image | | +| Sketch | If a Sketch or Floor Plan is not provided, an explanation is required in Sketch Commentary | An additional caption may be provided | See 7.003. | +| Floor Plan | If a Sketch or Floor Plan is not provided, an explanation is required in Sketch Commentary | An additional caption may be provided | See 7.003. | +| Dwelling Exterior | Large photo at the top of the page (identified as Dwelling Front) | At least one photo of the front of each dwelling is required. | | + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 17 of 367_ + +_Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_170.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_170.md new file mode 100644 index 0000000000000000000000000000000000000000..a4f7d366dfb63714f54eafb8cd09f271f2ff9b6e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_170.md @@ -0,0 +1,57 @@ +# Uniform Appraisal Dataset + +## 14 Subject Property Amenities + +### Apparent Defects, Damages, Deficiencies (Subject Property Amenities) + +- **Report Field ID:** 14.005 +- **Report Label:** N/A +- **When to Include:** Required if Property Amenities Exist is Yes. Displays when Subject Property Amenities Defects Exist is Yes. +- **Allowable Answers / Format:** N/A +- **Definition / Additional Guidance:** + Subject Property Amenities Defects Exist: Indicates whether there are apparent defects, damages, or deficiencies related to any subject property amenity. + - If No, “None” displays, and the Apparent Defects, Damages, Deficiencies (Subject Property Amenities) table does not display. + +The items listed below represent the As Is condition as of the effective date of this report. + +### Information About Each Defect, Damage, or Deficiency + +#### Apparent Defects, Damages, Deficiencies (Subject Property Amenities) + +- **Report Field ID:** 14.007 +- **Report Label:** Feature, Location +- **When to Include:** Required for each defect, damage, or deficiency +- **Allowable Answers / Format:** Choose an allowable answer from table (Property Amenities and Categories, Other (Describe)) +- **Definition / Additional Guidance:** + The Amenity Type that has the defect, damage, or deficiency. + **Note:** Photos or images must be provided for each physical defect, damage, or deficiency. These display in Subject Property Amenity Exhibits as “Apparent Defects, Damages, Deficiencies” with the indicated Feature. An additional caption may be provided. + For the Subject Property Amenities section, choose Other and briefly describe the location of the defect, damage, or deficiency. + +- **Recommended Action** + Required for each defect, damage, or deficiency. + Options: + - Completion + - Inspection + - Repair (includes replacement) + - None (does not require repair, replacement, completion, or inspection) + **Note:** + - If Completion, Inspection, or Repair is reported for any defect, damage, or deficiency + - The report must be made subject to the resolution of the item (Market Value Condition 26.009 cannot be As Is). + - If Repair is selected, the estimated cost to repair may be provided in the Reconciliation section. + +- **Report Field ID:** 14.008 + **Report Label:** Description + **When to Include:** Required for each defect, damage, or deficiency + **Allowable Answers / Format:** Free-form + **Definition / Additional Guidance:** Description of the defect, damage, or deficiency. + +- **Report Field ID:** 14.009 + **Report Label:** Affects Soundness or Structural Integrity + **When to Include:** Required for each defect, damage, or deficiency + **Allowable Answers / Format:** Yes / No + **Definition / Additional Guidance:** Indicates whether the defect, damage, or deficiency affects the soundness and structural integrity of the improvement. + +### Appendix F-1: URAR Reference Guide + +- **Page:** 170 of 367 +- **Version:** 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_171.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_171.md new file mode 100644 index 0000000000000000000000000000000000000000..6fd2cbc2ae70c080880ae5136a63d82d81afbfb8 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_171.md @@ -0,0 +1,29 @@ +```markdown +# Uniform Appraisal Dataset 14 Subject Property Amenities + +## Subject Property Amenities Commentary + +### 14.011 Subject Property Amenities Commentary + +| Report Allowable | P | +|------------------|---| +| **Report Label** | Subject Property Amenities Commentary | +| **When to Include** | If applicable | +| **Definition / Additional Guidance** | Free-form Commentary could include information pertinent to the Subject Property Amenities section that is not captured in the discrete data, or additional details to support the discrete data that is provided. | + +## Subject Property Amenities Exhibits + +All photos or images related to the Subject Property Amenities section are displayed in the Subject Property Amenities Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Subject Property Amenities Exhibits + +| Report Allowable | P | +|------------------|---| +| **Report Label** | Subject Property Amenities Exhibits | +| **When to Include** | If applicable | +| **Definition / Additional Guidance** | Photos or images relevant to the Subject Property Amenities section may be provided, which display in Subject Property Amenities Exhibits. If the photo or image is not specifically indicated, provide a caption to further identify the photo or image. | + +**Appendix F-1: URAR Reference Guide** +Page 171 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_172.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_172.md new file mode 100644 index 0000000000000000000000000000000000000000..a6aacd0f72cc9f047a05dd007e539bd1cced9b13 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_172.md @@ -0,0 +1,44 @@ +# Uniform Appraisal Dataset 15 Overall Quality and Condition + +## 15 Overall Quality and Condition + +The Overall Quality and Condition section provides information about quality and condition for all dwellings and living units. Exterior and Interior Quality and Condition (as applicable) are redisplayed here to provide context to the Reconciliation of Overall Quality and Condition. Reference Appendix 2: Condition and Quality Rating Definitions and published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +### Overall Quality and Condition + +Overall Quality and Condition reflects the "as is" value or any "subject to" items being completed, as reflected in the Market Value Condition of the report (26.009). + +- For an "as is" appraisal, the overall condition reflects the current condition. +- For a "subject to" appraisal, the overall condition rating reflects the condition as if all “subject to” items have been completed. + +For properties with more than one unit, Overall Quality and Condition represents the reconciliation of all dwellings and living units. + +The display of this section varies depending on the number of dwellings and units and whether the homeowner is responsible for exterior maintenance. + +#### Example 1: Single-Family Property + +- 1 unit +- Homeowner is responsible for exterior maintenance (Exterior Quality and Exterior Condition are applicable) + +**Overall Quality and Condition** + +- Overall Quality Q4 +- Overall Condition C4 +- Exterior Quality Q4 +- Exterior Condition C4 +- Interior Quality Q4 +- Interior Condition C4 + +#### Example 2: High-rise Condo + +- 1 unit +- Homeowner is not responsible for exterior maintenance (Exterior Quality and Exterior Condition are not applicable) + +**Overall Quality and Condition** + +- Overall Quality Q4 +- Overall Condition C3 +- Interior Quality Q4 +- Interior Condition C3 + +Appendix F-1: URAR Reference Guide Page 172 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_173.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_173.md new file mode 100644 index 0000000000000000000000000000000000000000..0f9340e8919ca860f5c4a2aa53819e89e2f58a04 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_173.md @@ -0,0 +1,68 @@ +```markdown +# Uniform Appraisal Dataset 15: Overall Quality and Condition + +## Example 3: Multiple Dwellings / Multiple Units + +- **Three units in two separate buildings (dwellings)** + +### Overall Quality and Condition + +- **Overall Quality:** Q3 +- **Overall Condition:** C3 + +#### Building 1 + +- **Exterior Quality:** Q2 +- **Exterior Condition:** G3 +- **Interior Quality - Unit 1:** Q2 +- **Interior Condition - Unit 1:** G + +#### Building 2 + +- **Exterior Quality:** Q3 +- **Exterior Condition:** Fax +- **Interior Quality - Unit 2:** Q3 +- **Interior Condition - Unit 2:** Cc +- **Interior Quality - Unit 3:** Q3 +- **Interior Condition - Unit 3:** A + +- Exterior Quality and Exterior Condition are displayed for each dwelling. +- Interior Quality and Interior Condition are displayed for each unit. + +### Overall Quality and Condition + +- **Overall Quality:** 15.000 +- **Overall Condition:** 15.005 +- **Exterior Quality - [Structure Identifier]:** 15.001 15.002 +- **Exterior Condition - [Structure Identifier]:** 15.006 15.007 +- **Interior Quality - [Unit Identifier]:** 15.003 15.004 +- **Interior Condition - [Unit Identifier]:** 15.008 15.009 + +### Reconciliation of Overall Quality and Condition + +#### Report Allowable + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|--------------|-----------------|----------------------------------| +| 15.000 | Overall Quality | Always required | Q1 to Q6: The overall quality rating of all dwellings on the property. | +| 15.005 | Overall Condition | Always required | C1 to C6: The overall condition rating of all dwellings on the property. | + +*Note: Reflects the condition as if any required repairs, inspections, or completions have been satisfactorily completed.* + +### Exterior Quality and Condition + +If applicable, Exterior Quality and Condition ratings are redisplayed from the Dwelling Exterior section(s) to give context to the Overall Quality and Condition ratings. + +If the field Homeowner Responsible for all Exterior Maintenance of Dwellings (3.016) is No, Exterior Quality and Condition is not applicable and does not display. + +If there are multiple dwellings, Exterior Quality and Condition ratings display for each one. + +#### Exterior Quality and Condition — for each Dwelling + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|--------------|-----------------|----------------------------------| +| 15.001 | N/A | Displays when | If applicable, Structure Identifier (8.000) redisplays from each Dwelling Exterior section. | +| 15.006 | Dwellings Containing Units is more than 1 | Free-form | Examples: Building 1, Building 2 | + +*Appendix F-1: URAR Reference Guide Page 173 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_174.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_174.md new file mode 100644 index 0000000000000000000000000000000000000000..b9c924ae04de4f459e2e63851d7ea10f0cf6ac98 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_174.md @@ -0,0 +1,48 @@ +```markdown +# Uniform Appraisal Dataset + +## 15 Overall Quality and Condition + +### Exterior Quality and Condition — for each Dwelling + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|-------------------|------------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------------------------------------------------------------------------------------| +| 15.002 | Exterior Quality | Displays when Q1 to Q6. If applicable, Exterior Quality Rating (8.022) redisplays from each Dwelling | Homeowner Responsible for all Exterior Maintenance of Dwellings is Yes | Exterior section. | +| 15.007 | Exterior Condition| Displays when Homeowner Responsible for all Exterior Maintenance of Dwellings is Yes | C1 to C6 | If applicable, Exterior Condition Rating (8.023) redisplays from each Dwelling Exterior section. | + +*Note: Reflects the condition as if any required repairs, inspections, or completions have been satisfactorily completed.* + +### Interior Quality and Condition + +Interior Quality and Condition ratings are redisplayed from the Unit Interior section for each unit that is not an ADU to give context to the Overall Quality and Condition ratings. + +If the unit is an ADU (10.011), Interior Quality and Condition does not display here. It displays in the Unit Interior section for the ADU (10.034 and 10.035). + +For properties with more than one unit, Interior Quality and Condition ratings display for each unit. + +#### Interior Quality and Condition — for each Unit that is not an ADU + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------------|---------------------------------|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 15.003 | N/A | Displays if Units Excluding ADUs is more than 1 | Free-form | If applicable, Unit Identifier (10.002) populates from each Unit Interior section. | +| 15.004 | Interior Quality | Always displays | Q1 to Q6 | Interior Quality Rating (10.034) populates from each Unit Interior section if the unit is not an ADU. | +| 15.009 | Interior Condition | Always displays | C1 to C6 | Interior Condition Rating (10.035) populates from each Unit Interior section if the unit is not an ADU. | + +*Note: Reflects the condition as if any required repairs, inspections, or completions have been satisfactorily completed.* + +## Reconciliation of Overall Quality and Condition + +### Reconciliation of Overall Quality and Condition + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|---------------------------------------------|--------------------|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| N/A | Reconciliation of Overall Quality and Condition | Always required | Free-form | Additional commentary specific to the Overall Quality and Condition section. | + +--- + +Appendix F-1: URAR Reference Guide + +Page 174 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_175.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_175.md new file mode 100644 index 0000000000000000000000000000000000000000..ec7e58f36c6e2c75f4a64878068f47bec46b7d82 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_175.md @@ -0,0 +1,61 @@ +```markdown +# Uniform Appraisal Dataset 16 Highest and Best Use + +## 6 Highest and Best Use + +The Highest and Best Use section focuses on answering the four tests of highest and best use and identifying if the present or proposed use is the highest and best use. When the agreed upon scope of work for a given appraisal assignment specifies adherence to published guidelines by the GSEs or other identified secondary market participants, refer to that entity’s policies on identification of highest and best use prior to making a determination to ensure compliance with those guidelines. + +This section always displays and provides space for additional commentary and exhibits. + +Addressing highest and best use as if vacant land or other points of highest and best use may be done utilizing the Highest and Best Use Commentary (16.005). + +### Highest Best Use + +**Is the present use of the subject property...** + +- Legally Permissible 16.000 Financially Feasible! +- Physically Possible 16.001 Maximally Productive 16.003 + +Yes | No + +**Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?** +oo +16.004 + +### Highest and Best Use Commentary + +16.005 + +### Highest and Best Use Exhibits + +**Highest and Best Use** +**Beate Report Label** | **When to Include** | **Alfeuelils Definition / Additional Guidance** | **Field ID** | **Answers / Format** + +- **Legally Permissible** + - Always required + - Indicates whether the current improvements (or the proposed improvements if appraised “subject to”) of the property are legally allowed, with particular attention to zoning. + +- **16.001 | Physically Possible** + - Always required + - Yes | No + - Indicates whether the current improvements (or the proposed improvements if appraised “subject to”) of the property are physically possible. + +- **Financially Feasible** + - Always required + - Indicates whether the current improvements (or the proposed improvements if appraised “subject to”) of the property are financially feasible. + +- **16.003 | Maximally Productive** + - Always required + - Yes | No + - Indicates whether the current improvements (or the proposed improvements if appraised “subject to”) of the property are maximally productive. + +**Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?** + +- Always required +- Highest and Best Use +- After consideration of all four tests, indicates whether the present or proposed use is the highest and best use of the site. + +--- + +*Appendix F-1: URAR Reference Guide Page 175 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_176.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_176.md new file mode 100644 index 0000000000000000000000000000000000000000..c2d0c8ad875575aa81f3fcee3bb9a92e972482c8 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_176.md @@ -0,0 +1,26 @@ +```markdown +# Uniform Appraisal Dataset 16 Highest and Best Use + +## Highest and Best Use Commentary + +### Report Allowable + +- **Field ID**: 16.005 +- **Report Label**: Highest and Best Use Commentary +- **When to Include**: Required if any answer in this section is No. +- **Definition / Additional Guidance**: When an answer is No, describe the evidence and support for the reasons why. Additional commentary may be provided to include details and other information relevant to this section. + +## Highest and Best Use Exhibits + +All photos or images related to the Highest and Best Use section are displayed in the Highest and Best Use Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Report Allowable + +- **Report Label**: Highest and Best Use Exhibits +- **When to Include**: If applicable +- **Definition / Additional Guidance**: Photos or images relevant to the Highest and Best Use section may be provided, which display in Highest and Best Use Exhibits. Provide a caption to identify each photo or image. + +--- + +*Appendix F-1: URAR Reference Guide Page 176 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_177.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_177.md new file mode 100644 index 0000000000000000000000000000000000000000..58bdc54ccb96ad9aa6ce8b76fceaf72301649fee --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_177.md @@ -0,0 +1,46 @@ +# Uniform Appraisal Dataset 17 Market + +## 17 Market + +The Market section always displays and provides information about the current metrics of a market area, determined by the appraiser. This section focuses on defining the market area, the geographic area, the associated sales and listing activities that directly compete with the subject, and the trends determined by that information. The Market section provides space for additional commentary and graphs or other exhibits to support the market analysis. + +Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +### General Information + +- **Market Area Boundary 17.003** +- **Search Criteria Description 17.004** + +#### Market: General Information + +| Beate Report Label | When to Include | Altewzlils Definition / Additional Guidance | +|--------------------|-----------------|----------------------------------------------| +| Field ID | Answers / Format| | + +- **Market Area Boundary** + - Always required + - Free-form + - Market Area Boundary Description: Describe geographic boundaries of the defined market area (e.g., streets, waterways, county or state lines or other natural boundaries). The description may include north, south, east and west. + - Note: A map of the market area boundaries showing Active Listings (17.005), Pending Sales (17.010), and the Sales in Lookback Period (17.012) may be provided, which displays in Market Exhibits. Provide a caption to label the image, such as “Market Area Boundary Map”. + +- **17.004 | Search Criteria** + - Always required + - Free-form + - Search Criteria Description: Describes all of the search criteria used to identify specific properties within the defined market area boundaries. + - Note: An image of the search criteria (such as a screen shot of the MLS search screen) may be provided, which display in Market Exhibits. Provide a caption to label the image, such as “Search Criteria”. + +### Search Result Metrics + +This subsection reflects properties in the defined market area that directly compete with the subject. + +#### Active Listings + +This subsection is for active listings only. Do not include properties that are under contract (pending sales) in these metrics. + +- **Active Listings 17.005** +- **Median Days on Market 17.006** +- **Lowest List Price 17.007** +- **Median List Price 17.008** +- **Highest List Price 17.009** + +*Appendix F-1: URAR Reference Guide Page 177 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_178.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_178.md new file mode 100644 index 0000000000000000000000000000000000000000..8ce74ecacf34fd505329dc1660e5b84dafa5771b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_178.md @@ -0,0 +1,46 @@ +```markdown +## Uniform Appraisal Dataset + +### 17 Market + +#### Market: Search Result Metrics — Active Listings + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|----------------------------------------|----------------------------|----------------------------|---------------------------------------------------------------------------------------------------------------------------| +| 17.006 | Active Listings | Always required | Number | Active Listings: The number of active listings in the defined market area that directly compete with the subject, as of the appraisal effective date. Can be 0. | +| 17.008 | Active Listings Median Days on Market | Required when there are Active Listings | Number | Median Days on Market for active listings in the defined market area that directly compete with the subject, as of the appraisal effective date. | +| 17.008 | Active Listings Lowest List Price | Required when there are Active Listings | Dollar amount | Lowest List Price for Active Listings in the defined market area that directly compete with the subject, as of the appraisal effective date. | +| 17.008 | Active Listings Median List Price | Required when there are Active Listings | Dollar amount | Median List Price for Active Listings in the defined market area that directly compete with the subject, as of the appraisal effective date. | +| 17.008 | Active Listings Highest List Price | Required when there are Active Listings | Dollar amount | Highest List Price for Active Listings in the defined market area that directly compete with the subject, as of the appraisal effective date. | + +#### Pending Sales + +This subsection is for pending sales only, which may include the subject property if applicable. Do not include active listings in these metrics. + +##### Market: Search Result Metrics — Pending Sales + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|-----------------|----------------|----------------------------|---------------------------------------------------------------------------------------------------| +| 17.010 | Pending Sales | Always required | Number | Pending Sales: The number of pending sales in the defined market area that directly compete with the subject, as of the appraisal effective date. Can be 0. | + +#### Sales within Lookback Period + +Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific requirements for the minimum lookback period. + +##### Market: Search Result Metrics — Sales Within Lookback Period + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------------------------|---------------------------------------|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------| +| 17.011 | Sales in Past Months | Always required | Number of months | Lookback Period: The number of months back from the appraisal effective date that the appraiser used to analyze and report on sales. | +| 17.012 | Sales in Past Months | Always required | Number of sales | Sales in Lookback Period: The number of sales of competitive properties in the defined market area during the lookback period. | +| 17.013 | Lowest Sale Price | Required when Sales in Lookback Period is not 0 | Dollar amount | Lowest Sale Price in Lookback Period: The lowest sale price of the competitive properties in the defined market area during the lookback period. | +| 17.014 | Median Sale Price | Required when Sales in Lookback Period is not 0 | Dollar amount | Median Sale Price in Lookback Period: The median sale price of the competitive properties in the defined market area during the lookback period.| + +--- + +### Appendix F-1: URAR Reference Guide + +*Page 178 of 367* + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_179.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_179.md new file mode 100644 index 0000000000000000000000000000000000000000..fa5a7cb8bf084aa8ed74d6f3406838d852f3425b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_179.md @@ -0,0 +1,72 @@ +```markdown +# Uniform Appraisal Dataset 17 Market + +## Market: Search Result Metrics — Sales Within Lookback Period + +### Report All +- **epo Report Label**: When to Include jowaire Definition / Additional Guidance +- **Field ID**: Answers / Format + +**Highest Sale Price in Lookback Period**: Required when Sales Dollar amount is not 0 + +- **Definition / Additional Guidance**: The highest sale of the competitive properties in the defined market area during the lookback period. + +--- + +## Distressed Market Competition + +### Market: Search Result Metrics — Distressed Market Competition + +### Report All +- **epo Report Label**: When to Include jowaire Definition / Additional Guidance +- **Field ID**: Answers / Format + +**Distressed Market Competition**: Always required + +- **Yes**: The presence of distressed sales activity (e.g., REO, foreclosure, short sale) within the defined market area is a factor and impacts the market. +- **No**: There is no distressed sales activity, or there is minimal activity that does not impact the market. + +--- + +## Graphs and Price Trend Information + +The information in this subsection is based on the appraiser’s identified Lookback Period. + +- **Pending Sales**: 17,010 +- **Graph**: 17.017 +- **Price Trend Source**: 17.018 +- **Price Trend Analysis Commentary**: 17.019 + +### Market: Search Result Metrics — Graphs and Price Trend Information + +### Report All +- **epo Report Label**: When to Include jowaire Definition / Additional Guidance +- **Field ID**: Answers / Format + +**Market Graph Type**: Choose all applicable answers if applicable + +- **Definition / Additional Guidance**: A list of graphs that the appraiser has included to support their market analysis. + - Absorption Rate + - Median Days on Market + - Percent of Distressed Sales + - Price Trend + - Year Built of Sales + +**Notes**: +- The actual graphs are displayed in Market Exhibits with the Market Graph Type. +- Other graphs that are not in this list may be included in Market Exhibits, and a caption must be provided to identify the graph. + +--- + +**Price Trend Source**: Always required + +- **Definition / Additional Guidance**: The source(s) that the appraiser used to determine price trends. + +**Price Trend Analysis Commentary**: Required if there is no Price Trend Graph, or if relevant + +- **Definition / Additional Guidance**: Price Trend Analysis Commentary must include how price trends were determined, including reconciliation if multiple sources used. + +--- + +**Appendix F-1**: URAR Reference Guide Page 179 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_18.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_18.md new file mode 100644 index 0000000000000000000000000000000000000000..776f67c3fd73e6fb038b5a5617d625359e25043d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_18.md @@ -0,0 +1,77 @@ +```markdown +# Uniform Appraisal Dataset Overview + +## Section | Section Name + +### A Dwelling Front + +- **Photo or Image Required?** Yes +- **Is the Photo or Image Caption Additional Guidance?** May be provided to further identify the photo or image in the section with no caption. +- **Description:** At least one photo of the front of each dwelling is required. Additional photos display in Dwelling Exterior Exhibits. + +### 8 Exterior Dwelling Front + +- **Photo or Image Required?** Yes +- **Continued Description:** Required, including the room type, location, and any other descriptive information as appropriate. +- **Guidance:** See 8.048 + +#### Apparent Defects, Damages, Deficiencies - Feature + +- **Photo or Image Required?** Yes, if a physical defect, damage, or deficiency. +- **Guidance:** May be provided to further identify the photo or image. The photo must be associated with the specific Defect, Damage, or Deficiency. See 8.056. + +#### Dwelling Exterior Exhibits + +- **Photo or Image Required?** Yes for each photo or image related to the Dwelling Exterior section not specified above. + +## 9 Manufactured Home + +### HUD Data Plate + +- **Photo or Image Required?** If available, a photo of the HUD Data Plate or verification source must be provided. +- **Guidance:** May be provided to further identify the photo or image. See 9.010 + +### HUD Certification Label + +- **Photo or Image Required?** A photo of all HUD Certification Label(s) (or the verification source if the HUD Certification Label(s) are not present) must be provided. +- **Guidance:** May be provided to further identify the photo or image. See 9.017 + +#### Manufactured Home Certification + +- **Photo or Image Required?** If certification(s) exist for the manufactured home, a photo of each certification label must be provided. +- **Guidance:** May be provided to further identify the photo or image. See 9.018 + +#### Manufactured Home Exhibits + +- **Photo or Image Required?** Yes for each photo or image related to the Manufactured Home section not specified above. + +## 10 Unit Interior + +### Level - Room Type + +- **Photo or Image Required?** Yes, including the location, and any other descriptive information as appropriate. +- **Description:** At least one photo of each kitchen and bathroom in the unit is required. When the room is in a living unit or ADU, the photo must be associated with the specific room. The level the room is on displays automatically. +- **Guidance:** See 10.033. + +#### Interior Feature + +- **Photo or Image Caption Additional Guidance?** May be provided to further identify the photo or image. The photo must be associated with the specific interior feature (e.g., flooring, walls, and ceiling). +- **Guidance:** See 10.044. + +#### Apparent Defects, Damages, Deficiencies - Interior Feature + +- **Photo or Image Required?** Yes, if a physical defect, damage, or deficiency. +- **Guidance:** May be provided to further identify the photo or image. The photo must be associated with the specific Defect, Damage, or Deficiency. See 10.056. + +#### Unit Interior Exhibits + +- **Photo or Image Required?** Yes for each photo or image related to the Unit Interior section not specified above. + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 18 of 367_ + +_Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_180.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_180.md new file mode 100644 index 0000000000000000000000000000000000000000..d684e24bd3a76f32699e492a4013129123a2d7d8 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_180.md @@ -0,0 +1,60 @@ +```markdown +# Uniform Appraisal Dataset 17 Market + +## Market Graph Type (Choose all that apply) + +### Allowable Answer Definition / Additional Guidance + +- **Absorption Rate** + A graph representing the rate at which homes are sold in the defined market area using the appraiser’s Lookback Period. This graph may represent Absorption Rate (Number of Settled or Pending Sales divided by Number of Months) and/or the Months of Housing Supply (Number of Listings divided by Absorption Rate). + +- **Median Days on Market** + A graph representing the median number of days properties are listed in the defined market area. A median value is defined as a value lying at the midpoint of a frequency of observed values. + +- **Percent of Distressed Sales** + A graph representing the percentage of distressed sales (e.g., foreclosure, REO, short sale) in the defined market area using the appraiser’s Lookback Period. + +- **Price Trend** + A graph representing the trend of sale and/or listing prices in the defined market area using the appraiser’s Lookback Period. + +- **Year Built of Sales** + A graph representing the sales trend and quantity of homes as it relates to the year the homes were constructed in the defined market area. + +## Housing Trends + +The appraiser must provide housing trend information for competitive properties within the defined market area (e.g., single-family to single-family, condominium to condominium). + +### Housing Trends +- **Demand/Supply** + **ID:** 17.021 + **Report Label:** Demand/Supply + **When to Include:** Always required + **Answers:** + - Oversupply + - In Balance + - Shortage + **Definition / Additional Guidance:** The housing supply for competitive properties in the defined market area. + +- **Marketing Time** + **ID:** 17.022 + **Report Label:** Marketing Time + **When to Include:** Always required + **Answers:** + - Under 3 months + - 3 to 6 months + - Over 6 months + **Definition / Additional Guidance:** The range of time needed to sell competitive properties in the defined market area. + +## Market Commentary + +### Market Commentary +**ID:** 17.023 +**Report Label:** Market Commentary +**When to Include:** If applicable +**Format:** Free-form +**Definition / Additional Guidance:** Commentary could include information pertinent to the Market section that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +--- + +Appendix F-1: URAR Reference Guide Page 180 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_181.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_181.md new file mode 100644 index 0000000000000000000000000000000000000000..683a73a912a8b23921f93914bbed8a9745e05781 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_181.md @@ -0,0 +1,27 @@ +```markdown +# Uniform Appraisal Dataset 17 Market + +## Market Exhibits + +All photos or images related to the Market section are displayed in the Market Exhibits subsection. If there are no photos or images, this subsection does not display. + +## Market Exhibits + +- **Report Allowable:** + + - **P Report Label:** + + - When to Include + - Definition / Additional Guidance + + - **Field ID Answers / Format** + + - **Market Exhibits | If applicable:** + + - Photos or images + - Photos or images relevant to the Market section may be provided, which display in Market Exhibits. If the photo or image is not specifically indicated, provide a caption to further identify each photo or image. + +--- + +Appendix F-1: URAR Reference Guide Page 181 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_182.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_182.md new file mode 100644 index 0000000000000000000000000000000000000000..bf3ca748d573ab55de251471fcaa89b02a72e6a2 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_182.md @@ -0,0 +1,42 @@ +```markdown +# Uniform Appraisal Dataset - Project Information + +## Project Information + +The Project Information section displays if the property is in a project (condominium, cooperative, or condop) or in a PUD. It includes information about mandatory fees, project factors and amenities, their impact to value or marketability, and information specific to cooperatives (if applicable). This section provides space for additional commentary and exhibits. + +The display of this section varies depending on whether the property is in a condominium, cooperative, condop, or PUD. + +## Checkboxes Next to Black Tab + +Checkboxes next to the black tab are populated from the Subject Property section. Only one checkbox can be checked at the top of Project Information. + +``` +18.000 18.001 18.002 18.003 + +Project Information: + +- [ ] Planned Unit Development (PUD) +- [ ] Condominium +- [ ] Cooperative +- [ ] Condop +``` + +## Project Information Details + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +| --------------- | ------------------------- | ------------------------ | --------------------------------------- | -------------------------------- | +| Planned Unit Development (PUD) | Always required | Property in a PUD | | Indicates whether the property is in a PUD. A PUD is a subdivision that consists of common property and improvements that are owned and maintained by a homeowners association (HOA) for the benefit and use of the individual PUD unit owners. A unit owner in the PUD has title to a residential property (parcel and dwelling) and an interest in the HOA that owns or manages the common areas and facilities of the PUD. | +| | | | Notes: | | +| | | | | - Select Yes when all lot or unit owners are required to have an interest in the HOA managing the PUD common areas and facilities. | +| | | | | - Select No if the property is in a condo, co-op, or condop. | +| | | | | - A PUD may be comprised of manufactured homes when meeting the definition. | +| | | | | - A project or subdivision with voluntary HOA membership must not be identified as a PUD. | +| | | | | - Populates from the Subject Property section (3.010). | +| Condominium | Always required | Property in a Project | - Yes (the property is in a condominium, cooperative, or condop)
- No (the property is not in a condominium, cooperative, or condop) | Note: Property In a Project does not display and populates from the Subject Property section (3.011-3.012-3.013). | +| Cooperative | Required if Property in a Project is Yes | Choose an allowable answer from table (Project Legal Structure) | - Condominium
- Cooperative
- Condop | Note: Populates from the Subject Property section (3.011-3.012-3.013). | + +--- + +_Appendix F-1: URAR Reference Guide Page 182 of 367 Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_183.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_183.md new file mode 100644 index 0000000000000000000000000000000000000000..a70e774528bfc5d978e7ec1f9d170120d9270681 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_183.md @@ -0,0 +1,29 @@ +```markdown +# Uniform Appraisal Dataset 18 Project Information + +## Project Legal Structure (Choose one) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| Condominium | A project that has condominium ownership rights.
Note: If this answer is selected, a checkmark displays in the Condominium checkbox (18.001) at the top of the Project Information section. | +| Cooperative | A project that has cooperative ownership rights.
Note: If this answer is selected, a checkmark displays in the Cooperative checkbox (18.002) at the top of the Project Information section. | +| Condop | A project that contains a mixture of units, some with cooperative ownership rights and others with condominium ownership rights.

Example:

- A mixed-use condo building with commercial spaces that are individual condo units, and a residential portion that is a cooperative consisting of individual residential co-op units (all of the residential co-op units together make up one condominium unit).

Note: If this answer is selected, a checkmark displays in the Condop checkbox (18.003) at the top of the Project Information section. | + +## General Information + +### Project Name and Data Sources + +#### Project Name 18.004 +#### Project Information Data Source 18.005 + +### Project Information: Project Name and Data Sources + +| Report | Field ID | When to Include | Answers / Format | Definition / Additional Guidance | +|--------|----------|-----------------|------------------|----------------------------------| +| Project Name | 18.004 | Required if the property is in a condominium, cooperative, or condop | Free-form | Provide the legal name of the project in which the property is located, as it would appear in the preliminary title report.
Notes:
| +| Project Information Data Source | 18.005 | Required if the property is in a condominium, cooperative, condop, or PUD | Choose one or more allowable answers from the Definition / Additional Guidance column | Sources of data for the Project Information section. | + +For reference, see the Statement of Assumptions and Limiting Conditions relevant to data sources and Appraiser Certification 8. + +*Appendix F-1: URAR Reference Guide Page 183 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_184.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_184.md new file mode 100644 index 0000000000000000000000000000000000000000..505271a74bab9d5bd02430521cb0e1380718f201 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_184.md @@ -0,0 +1,53 @@ +# Uniform Appraisal Dataset 18 Project Information + +## Project Unit Counts + +Report on the unit counts for the project in which the subject is located, not the master or umbrella association. + +- **Total Units**: 18.006 +- **Units Sold**: 18.007 +- **Units for Sale**: 18.008 +- **Units Rented**: 18.009 + +**Reason Units Rented is Estimated**: 18.010 + +## Project Information: Project Unit Counts + +### Report All + +*epo Report Label When to Include jowaire Definition / Additional Guidance + +#### Field ID Answers / Format + +- **Total Units**: Required if the property is in a condominium, cooperative, or condop. + Total number of individual dwelling units in the project. Includes: + - Completed units + - Planned or under-construction units if the project is not complete + - Units held by the developer or sponsor + +- **Units Sold**: Required if the property is in a condominium, cooperative, or condop. + Total number of units in the project that have been sold by the developer, i.e., settled sales, conveyed to unit purchasers. + - If all units have been sold by the developer, Units Sold would equal Total Units. + +- **Units for Sale**: Required if the property is in a condominium, cooperative, or condop. + Total number of units in the project that are currently for sale, whether by the developer/sponsor or resales by individual owners. Includes: + - Units listed for sale + - Units currently under contract + +- **Units Rented**: Required if the property is in a condominium, cooperative, or condop. + Total number of units in the project that are currently rented or available for rent. Includes: + - Individually rented units + - Units held by the developer or sponsor for rental purposes + - Investor-held units + - Units rented by a nonprofit + +- **Units Rented Estimated**: Required if the property is in a condominium, cooperative, or condop. + Indicates whether Units Rented is an estimate, such as when offsite mailing addresses are used. + **Notes**: + - If Units Rented is unknown or unavailable to the appraiser in the normal course of business, the appraiser must estimate the number of units that are rented. + - If Yes, Units Rented displays with a tilde (~). + +- **Reason Units Rented is Estimated**: Required if Units Rented Estimated is Yes. + Free-form commentary on the reason why Units Rented is estimated, and how the estimated Units Rented was determined, such as offsite mailing addresses vs. actual known rental units. + +*Appendix F-1: URAR Reference Guide Page 184 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_185.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_185.md new file mode 100644 index 0000000000000000000000000000000000000000..e2a74ba351f0708ba4cc94d350afa4a7c1c31804 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_185.md @@ -0,0 +1,82 @@ +```markdown +# Uniform Appraisal Dataset + +## 18 Project Information + +### Mandatory Monthly Fees (HOA, PUD, or Co-op) + +#### Mandatory Fees (HOA, PUD, or Co-op) + +- **Monthly Amount** +- **Common Amenities/Services Included** +- **Utilities Included** + +**Field ID** | **Report Label** +--- | --- +18.011 | Monthly Amount +18.012 | Common Amenities/Services Included +18.013 | Utilities Included + +### When to Include + +- Required if the property is in a condominium, cooperative, condop, or PUD. +- Required if Common Amenities / Services Included is Boat Slip or Unit Storage. + +### Allowable Answers / Format + +- **Dollar amount** +- Choose one or more allowable answers from the Common Amenities/Services table. +- Choose an allowable answer from the Definition/Additional Guidance column. + +### Definition / Additional Guidance + +**Mandatory Monthly Fees:** +The combined dollar amount of all the mandatory fees, expressed as a monthly amount. Mandatory fees include fees assessed to the subject property for all amenities, including those that are not offered to all owners (e.g., limited boat slips offered on a first-come, first-served basis). + +**Examples:** + +- Association fees +- Board fees +- Monthly maintenance fees + +**Do not include:** + +- Discretionary fees +- Special assessments +- Fees for private utilities + +**Common Amenities / Services:** +Services, features, or facilities available to residents and/or guests of a project, whether leased or owned by the project. + +**Notes:** + +- Include the amenity if its use is specific to project residents and guests. +- If there is more than one of the same amenity, such as multiple pools, select the Common Amenity or Service once, and provide details in Project Information Commentary. +- Do not include individual unit amenities, as they are captured in the Subject Property Amenities section (14.001-14.004). +- Photos or images may be provided for each identified amenity, which display in Project Information Exhibits with the caption “Common Amenity or Service”. An additional caption must be provided including the amenity type, location, and any other descriptive information as appropriate. + +**Identify and include details about any leased amenities**, including the impact on value and marketability, in Project Information Commentary. + +**Project Amenity Ownership:** +The unit’s ownership of the amenity (e.g., whether the amenity is assigned to the unit or unassigned and first-come, first-served). + +- **Assigned (designated to a specific unit)** +- **Owned (deeded to a specific unit)** +- **Unassigned (designated to project occupants on a first-come, first-served basis)** +- **Other (Describe)** + +**Utilities included in the unit’s association fees.** + +- None (No utilities included in the association fees) +- Electricity +- Gas +- Sanitary Sewer +- Water +- Other (Describe) — Do not include Common Amenities/Services here. + +--- + +**Appendix F-1: URAR Reference Guide** +Page 185 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_186.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_186.md new file mode 100644 index 0000000000000000000000000000000000000000..7d47c432e297ee3460aa26380821cea34276e2f8 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_186.md @@ -0,0 +1,107 @@ +# Uniform Appraisal Dataset 18 Project Information + +## Common Amenities / Services Included (Choose all that apply) + +### Allowable Answer Definition / Additional Guidance + +- **None** + Note: Choose this answer if there are no common amenities or services. + +- **Airstrip** + A shared amenity for the take-off and landing of aircraft that serves the project or community. + +- **Beach** + A strip of land separating a body of water from inland areas, typically used for recreation or leisure purposes. + +- **Boat Ramp** + A form of access to launch watercraft into the water. + +- **Boat Slip** + A docking point on water for storage and/or parking of watercraft. + Note: Choose this answer if the boat slip is assigned by the project and included in the mandatory fee. + +- **Building Maintenance** + Upkeep and/or repair for all dwellings and structures (e.g., roof, siding, windows, doors, interior common areas). + +- **Built-in Pool** + A self-contained and manufactured area built into a structure and designed to be filled with water designated for swimming and other aquatic uses (e.g., rooftop pools or other pools that are not inground). + +- **Business Center** + A room or location providing office facilities and services. + +- **Caregiver Services** + Service offered to provide support and assistance to individuals in performing tasks of personal or household care. + +- **Clubhouse** + A building or area used for social or recreational activities by occupants of the project. + +- **Community Pier** + A private pier owned by the project that gives members access to the waterfront. + +- **Concierge Service** + Assistance with organizing a variety of personal services. Coordination. + +- **Cooling** + Note: Select this answer when the air conditioning/cooling expenses for the unit are provided in common and included in the mandatory fees. + +- **Deck** + A platform that is located next to or attached to a structure and is accessible from the structure. + Note: Choose this answer if the deck is a common deck available for use by all owners and guests to the project. If the deck is intended for the exclusive use of the subject unit, reference the Subject Property Amenities section. + +- **Door Attendant** + An individual providing courtesy and/or security services in a residential building. + +- **EV Station** + A system designed to provide on-demand charging for compatible electric vehicles. + Note: Choose this answer if the EV Station is considered common area and available for use by all owners and guests to the project. If the EV Station is intended for the exclusive use of the subject unit, reference the Subject Property Amenities section. + +- **Elevator** + A mechanized platform used for raising and lowering people or things from one level to another. + +- **Fitness Area** + A room, area, or structure specifically designed for exercise or other physical wellness activities. + +- **Gated Community** + A community that controls access either through an automated gate or staffed security point. + +- **Grounds Maintenance** + Upkeep and/or repair of all outdoor areas not associated with a structure or dwelling (e.g., lawn mowing, landscaping, fencing, gates, irrigation systems). + +- **Heating** + Note: Select this answer when the heating expenses for the unit are provided in common and included in the mandatory fees. + +- **Inground Pool** + A self-contained and manufactured area built into the ground and designed to be filled with water designated for swimming and other aquatic uses. Does not include pools built into a structure or above-ground pools. + +- **Inground Spa** + A structure built into the ground that typically contains hot aerated water and is used for recreational and wellness activities. + Note: Water spas that are not inground would be identified using Other (Describe). + +- **Lobby** + A common room near the main entrance of a building. + +- **Ongoing Cleaning Services** + Cleaning services offered for the upkeep of the unit. + Note: Choose this answer if regularly scheduled cleaning services are included in the mandatory fees. + +- **Outdoor Riding Ring** + An area open to the elements, typically surrounded with fencing, that is specifically designed for horse riding. + +- **Outdoor Shower** + An area open to the elements designed to be used for personal cleaning through the use of flowing water and appropriate drainage. + +- **Patio** + A solid surface outdoor area located on the site. + Note: Choose this answer if the patio is a common patio available for use by all owners and guests to the project. If the patio is intended for the exclusive use of the subject unit, reference the Subject Property Amenities section. + +- **Playground** + An outdoor area for children to play in. + +- **Recreation Area** + A room or area designated to be used for recreation and entertainment. + +- **Registration Services** + A service offered to short-term renters to facilitate their entry into the property. + Note: Choose this answer if the registration services are included in the mandatory fees. + +*Appendix F-1: URAR Reference Guide Page 186 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_187.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_187.md new file mode 100644 index 0000000000000000000000000000000000000000..ac6ea130a6d6c4395435652ca69b007360725106 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_187.md @@ -0,0 +1,33 @@ +```markdown +# Uniform Appraisal Dataset 18 Project Information + +## Common Amenities / Services Included (Choose all that apply) + +| Allowable Answer | Definition / Additional Guidance | +|--------------------------|---------------------------------------------------------------------------------------------------------------------------| +| Sauna | A room that is designed to be heated to high temperatures, typically with steam | +| Shared Laundry Facilities| An area of a structure containing washing machines and/or dryers that are designated for the cleaning and care of clothing and linens. | +| Short Term Rental Services| Service offered to owners to market and rent their units on a short term basis.
*Note: Choose this answer if the short term rental services are included in the mandatory fees.* | +| Sports Court | An area, either open or covered, specifically designed for one or more recreational and athletic activities. | +| Trash Removal | A service that removes trash. | +| Unit Storage | A room or area designed to secure personal belongings. | +| Water Access | Access rights for project residents and their guests to waterways or bodies of water.
*Note: Choose this answer if the water access is commonly available for use by all owners and guests to the project.* | +| Water Frontage | The space or land within the project that is adjacent to or facing a body of water.
*Note: Choose this answer if the water frontage is commonly available for use by all owners and guests to the project. If the water frontage is intended for the exclusive use of the subject unit, reference the Site section.* | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +## Observed Deficiencies + +Yes No + +- **Observed Deficiencies** 18.014 +- **Description of Deficiencies** 18.015 + +### Project Information: Observed Deficiencies + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|-------------------------|----------------------------------------------------|------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 18.014 | Observed Deficiencies | Required if the property is in a condominium, cooperative, or condop | Yes \| No | The appraiser must observe the overall project. Indicate Yes if there are deficiencies, deferred maintenance, and/or critical repairs that impact the value and/or marketability of the subject property.
*Note: If a physical deficiency, a photo must be provided, that displays in Project Information Exhibits with the caption “Observed Deficiency”. An additional caption must be provided that includes the specific deficiency, location, and any other descriptive information as appropriate.* | +| 18.015 | Description of Deficiencies | Required if Observed Deficiencies is Yes | Free-form | Provides details and description of observed project deficiencies. | + +*Appendix F-1: URAR Reference Guide Page 187 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_188.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_188.md new file mode 100644 index 0000000000000000000000000000000000000000..5b16e8d7306f284e31fcbbf2a68c5c10691c1d3f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_188.md @@ -0,0 +1,86 @@ +```markdown +# Uniform Appraisal Dataset 18 Project Information + +## Project Completeness + +### Project Completeness + +| Yes | No | +|-----|----| +| Are units, common areas, and amenities in project complete? | +| Subject Property Building Complete | +| Converted in Past 3 Years | + +**Project Information: Project Completeness** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| Field ID | Answers / Format | | + +- **Are units, common areas, and amenities in project complete?** + + **Required if the property is in a** condominium, cooperative, or condop + + **Project Complete:** Indicates whether construction of all phases, units, common areas, and amenities in the project are complete. This is specific to projects that have current ongoing construction. + + **Note:** If No, the Incomplete Project row (18.065) displays in the Project Factors table and additional information must be provided. + +- **Subject Property Building Complete** + + **Required if Project Complete** is No + + Indicates whether the building containing the subject property is complete. + +- **Converted in Past 3 Years** + + **Required if the property is in a** condominium, cooperative, or condop + + Indicates whether the property has been converted into a condominium, cooperative, or condop within 3 years of the effective date of the appraisal report. + + **Note:** If Yes, the Converted in Past 3 Years row (18.066) displays in the Project Factors table and additional information must be provided. + +## Ground Rent + +| Ground Rent | 18.019 | +|-------------|--------| +| Annual Amount | 18.020 | +| Expires | 18.021 | + +**Description of Ground Rent 18.022** + +**Project Information: Ground Rent** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| Field ID | Answers / Format | | + +- **Ground Rent** + + **Required if the property is in a** condominium, cooperative, or condop + + Indicates whether the project is subject to ground rent. + + Do not include individual ground leases applied to the subject property. Individual ground leases are captured in the Subject Property section (3.022) when Property Rights Appraised is Leasehold. + +- **Annual Amount** + + **Required if Ground Rent is Yes** + + Dollar amount Ground Rent Annual Amount + +- **Expires** + + **Required if Ground Rent is Yes** + + Ground Rent Expires the month and year when the project ground rent expires as per the lease. + +- **Description of Ground Rent** + + **If applicable** + + Free-form Commentary could include information pertinent to the ground rent that is not captured in the discrete data above, or additional details to support the discrete data that is provided. + +--- + +Appendix F-1: URAR Reference Guide Page 188 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_189.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_189.md new file mode 100644 index 0000000000000000000000000000000000000000..3b66f1816142ff316455aabd7598febe4c312949 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_189.md @@ -0,0 +1,55 @@ +```markdown +# Uniform Appraisal Dataset 18 Project Information + +## Cooperative Information + +### Share Counts and Proprietary Lease Expiration + +#### Cooperative Information + +- **Shares Issued and Outstanding**: 18.023 +- **Proprietary Lease Expires**: 18.025 +- **Shares Attributable to Subject Property**: 18.024 + +#### Cooperative Information: Share Counts and Proprietary Lease Expiration + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------------------------|------------------------------------------|--------------------------------------------------------------------------------------------------| +| Shares Issued and Outstanding | Required if the property is in a cooperative or condop | The number of shares currently held by all the shareholders. Includes shares held by all project unit owners and by the sponsor and/or developer. | +| Shares Attributable to Subject Property | Required if the property is in a cooperative or condop | The number of cooperative shares associated with the subject property. | +| Proprietary Lease Expires | Required if the property is in a cooperative or condop | The expiration date of the lease agreement that gives a shareholder the right to occupy a dwelling unit. | + +## Cooperative Project Blanket Financing + +Cooperative corporations typically finance the development and upkeep of the project by obtaining one or more "blanket" mortgages or lines of credit. If the property is in a cooperative or a condop, the appraiser must report on project blanket financing. The Project Blanket Financing subsection includes overall information and information about each lien. + +| | Yes | No | +|---------------------------------|-----|----| +| Project Blanket Financing | | | + +- **Pro Rata Share**: 0.3847% + +#### Lien Detail + +- **First Lien** + - **Unpaid Principal Balance**: $10,957,629 + - **Balloon Mortgage**: No + - **Remaining Term**: 21 Months + - **Monthly Payment**: $63,739 + - **Interest Rate**: 4.060% + - **Amortization Type**: Fixed + - **Pro Rata Share of Balance Attributable to Unit**: $42,154 + +- **Second Lien** + - **Line of Credit Maximum**: $1,000,000 + - **Drawn**: $600,000 + - **Balloon Mortgage**: No + - **Remaining Term**: 120 Months + - **Monthly Payment**: $6,364 + - **Interest Rate**: 5.000% + - **Amortization Type**: Fixed + - **Pro Rata Share of Balance Attributable to Unit Maximum**: $3,847 + - **Drawn**: $2,308.20 + +Appendix F-1: URAR Reference Guide Page 189 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_19.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_19.md new file mode 100644 index 0000000000000000000000000000000000000000..3949f42a99753aab1bab812435dc243106372e1f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_19.md @@ -0,0 +1,100 @@ +```markdown +# Uniform Appraisal Dataset + +## Overview + +. Photo or Image +Is there an Additional + +| Section | Section Name | Is the Photo or Image a: | +|---------|--------------|---------------------------| +| (Predefined Caption or Caption | Additional Guidance + +### Functional Obsolescence Exhibits + +- **Large photo at the top of the section:** Identified as Outbuilding Exhibit + +### Outbuilding + +1. **Required:** Yes + _Required for each photo or image_ + +#### Apparent Defects, Damages, Deficiencies + +1. **Required:** If a physical defect, damage, or deficiency is present + _The photo must be associated with the specific Defect, Damage, or Deficiency._ + See 12.020. + +- **Photos of room(s) that are in the Outbuilding Area table:** + - Required, including the room type, location, and any other descriptive information as appropriate. + _See 12.012_ + +- **All photos of the outbuilding (other than defects):** + - Required for each photo or image + _Identified as Outbuilding Exhibits._ + +### Vehicle Storage + +- **Vehicle Storage Type:** Example: Garage + _May be provided to further identify the photo or image_ + +#### Apparent Defects, Damages, Deficiencies + +- **Required:** If a physical defect, damage, or deficiency is present + _The photo must be associated with the specific Defect, Damage, or Deficiency._ + See 13.005. + +- **Photos or images related to the Vehicle Storage section:** + - Required for each photo or image + +### Subject Property Amenities + +- **Amenity Type:** Example: Deck + _May be provided to further identify the photo or image_ + +#### Apparent Defects, Damages, Deficiencies + +- **Required:** If a physical defect, damage, or deficiency is present + _The photo must be associated with the specific Defect, Damage, or Deficiency._ + See 14.006. + +- **Photos or images related to the Subject Property Amenities section:** + - Required for each photo or image + +### Overall Quality and Condition + +- This section does not have any images associated with it. + +### Highest and Best Use Exhibits + +- **Required:** For each photo or image + +### Market Absorption Rate + +- _May be provided to further identify the image_ + Graph. See 17.017 + +### Median Days on Market + +- _May be provided to further identify the image_ + +### Percent of Distressed Sales + +- _May be provided to further identify the image_ + +### Price Trend + +- _May be provided to further identify the image_ + +### Year Built of Sales + +- _May be provided to further identify the image_ + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 19 of 367_ + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_190.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_190.md new file mode 100644 index 0000000000000000000000000000000000000000..5b79ce280deb7005587df499fc608c599dae0d33 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_190.md @@ -0,0 +1,52 @@ +# Uniform Appraisal Dataset + +## 18 Project Information + +### Overall +| | Yes | No | +| --- | --- | --- | +| Project Blanket Financing | 18.026 | 1) O | + +- **Pro Rata Share**: 18.027 + +### Cooperative Information: Project Blanket Financing (Overall) + +| Field ID | Report Label | When to Include | Answers / Format | Definition / Additional Guidance | +| --- | --- | --- | --- | --- | +| Project Blanket Financing | | | Yes / No | Indicates whether the cooperative has mortgage financing that encompasses the entire project.
| +| 18.027 | Pro Rata Share | Required if the property is in a cooperative or condop
Required if Project Blanket Financing is Yes | Percent | Pro Rata Share (Percent): The percentage of blanket mortgage payments that are attributable to the subject unit.
Calculated: Shares Attributable to Subject Property (18.024) / Shares Issued and Outstanding (18.023), rounded to 4 decimals. | + +### Information For Each Lien + +If there is more than one lien on the property, report them in the order of the lien position, starting with the first lien. + +| Lien Detail | First Lien | Second Lien | Third Lien | Fourth Lien | +| --- | --- | --- | --- | --- | +| Unpaid Principal Balance | 18.029 | 18.038 | 18.047 | 18.056 | +| Line of Credit | 18.030 | 18.039 | 18.048 | 18.057 | +| Balloon Mortgage | 18.031 | 18.040 | 18.049 | 18.058 | +| Remaining Term | 18.032 | 18.041 | 18.050 | 18.059 | +| Monthly Payment | 18.033 | 18.042 | 18.051 | 18.060 | +| Interest Rate | 18.034 | 18.043 | 18.052 | 18.061 | +| Amortization Type | 18.035 | 18.044 | 18.053 | 18.062 | +| Pro Rata Share of Balance Attributable to Unit | 18.036 | 18.045 | 18.054 | 18.063 | + +### Cooperative Information: Project Blanket Financing (Repeats for Each Lien) + +| Field ID | Report Label | When to Include | Answers / Format | Definition / Additional Guidance | +| --- | --- | --- | --- | --- | +| First Lien | | Required for each lien if Project Blanket Financing is Yes | First Lien | Lien Priority: The priority of the lien against the property. This is an appraiser input that does not display | +| Second Lien | | | Second Lien | | +| Third Lien | | | Third Lien | | +| Fourth Lien | | | Fourth Lien | | +| Unpaid Principal Balance | | Required for each lien if Project Blanket Financing is Yes | Dollar amount | The current unpaid principal balance on the loan. | +| Line of Credit (Maximum:) | | Required for each lien if Project Blanket Financing is Yes and Line of Credit is No | Dollar amount | Line of Credit Maximum Amount: The maximum amount that can be extended as a line of credit. | +| Line of Credit (Drawn:) | | Required for each lien if Project Blanket Financing is Yes and Line of Credit is Yes | Dollar amount | Line of Credit Drawn Amount: The current amount that has been drawn from a line of credit.
Note: If the line of credit is unused, enter 0. | + +--- + +_Appendix F-1: URAR Reference Guide_ + +_Page 190 of 367_ + +_Version 1.2_ \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_191.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_191.md new file mode 100644 index 0000000000000000000000000000000000000000..279d7891c296f53c146907a8cfecd311491ebebe --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_191.md @@ -0,0 +1,28 @@ +# Uniform Appraisal Dataset + +## 18 Project Information + +### Cooperative Information: Project Blanket Financing (Repeats for Each Lien) + +| Beate Report Label | When to Include | Altewzlils Definition / Additional Guidance | +|--------------------|-----------------|---------------------------------------------| +| **Field ID** | **Answers / Format** | | +| 18.031 | Balloon Required for each lien | Yes / No Indicates whether a final balloon payment is required to fully pay off the loan. | +| 18.040 | Mortgage if Project Blanket | | +| 18.049 Financing is Yes | | +| 18.058 | | +| 18.035 | Remaining Term | Required for each lien if Project Blanket Financing is Yes | Number of months. The number of months remaining until the loan matures. | +| 18.044 | Monthly Payment | Required for each lien if Project Blanket Financing is Yes and Monthly Payment Known is Yes | Dollar amount. Monthly Payment: The total monthly payment amount for the loan. Note: Convert all lien payments to a monthly dollar amount. | +| 18.053 | Interest Rate | Required for each lien if Project Blanket Financing is Yes | Percent. Is Interest Rate Known: Indicates whether the interest rate is available from the blanket financing documents. If No, “Unknown” displays next to Interest Rate. Interest Rate: The current interest rate for the loan. | +| 18.062 | Amortization Type | Required for each lien if Project Blanket Financing is Yes | Choose an allowable answer from the Definition / Additional Guidance column. A classification or description of a loan generally based on the changeability of the rate or payment over time. - Adjustable Rate - Fixed - Other (Describe) | +| 18.036 | Pro Rata Share of Balance Attributable to Unit | Required for each lien if Project Blanket Financing is Yes and Line of Credit is No | Dollar amount. The portion of the project's unpaid blanket mortgage financing attributed to the subject unit. Calculated: Pro Rata Share (Percent) x Unpaid Principal Balance | +| 18.045 | Pro Rata Share of Balance Attributable to Unit (Maximum:) | Required for each lien if Project Blanket Financing is Yes and Line of Credit is Yes | Dollar amount. The portion of the project's maximum line of credit attributed to the subject unit. Calculated: Pro Rata Share (Percent) x Line of Credit Maximum Amount | +| 18.054 | Pro Rata Share of Balance Attributable to Unit (Drawn:) | Required for each lien if Project Blanket Financing is Yes and Line of Credit is Yes | Dollar amount. The portion of the project's drawn line of credit attributed to the subject unit. Calculated: Pro Rata Share (Percent) x Line of Credit Drawn Amount Note: If the line of credit is unused, enter 0. | + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 191 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_192.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_192.md new file mode 100644 index 0000000000000000000000000000000000000000..9228b663762eb604beadae741846b3d853f7cc28 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_192.md @@ -0,0 +1,63 @@ +# Uniform Appraisal Dataset 18 Project Information + +## Project Factors and Impact to Value / Marketability + +The Project Factors table provides information about relevant project factors that may impact the value and marketability of the units within the project, such as control of the project and amenities, ownership, commercial use, special assessments, and legal issues. Each project factor requires a determination of the impact to value and/or marketability. + +The appearance of the Project Factors table varies based on the details of the property being appraised. This sample shows all possible rows that may display. + +### Project Factors and Impact to Value/Marketability + +| Project Factor | Detail | Impact | Comment | +|--------------------------------------------------|--------|--------|---------| +| Developer/Sponsor in Control | 18.064 | 18.074 | 18.084 | +| Incomplete Project | 18.065 | 18.075 | 18.085 | +| Converted in Past 3 Years | 18.066 | 18.076 | 18.086 | +| Single Entity Ownership of Multiple Units | 18.067 | 18.077 | 18.087 | +| Single Entity Ownership of Multiple Shares | 18.068 | 18.078 | 18.088 | +| Commercial Space | 18.069 | 18.079 | 18.089 | +| Known Legal Actions | 18.070 | 18.080 | 18.090 | +| Unit Transfer Fees | 18.071 | 18.081 | 18.091 | +| Unit Special Assessments | 18.072 | 18.082 | 18.092 | +| Unit Tax Abatements or Exemptions | 18.073 | 18.083 | 18.093 | + +### Project Factors Commentary + +18.094 + +#### Developer/Sponsor in Control + +The Developer/Sponsor in Control row always displays in the Project Factors table. + +**Project Factors: Developer/Sponsor in Control** + +| Allowable Answers / Format | Report | +|----------------------------|------------------------------------------------------------------------------------------------------------| +| Definition / Additional Guidance | Field ID | +| Report Label | When to Include | + +- **Required if the property is in a condominium, cooperative, condop, or PUD** + + Indicates whether the developer, builder, or sponsor is in control of the management of the cooperative corporation or the HOA. + + - **Developer / Sponsor in Control (Detail)** + - **Developer / Sponsor in Control (Impact)** + - **Developer / Sponsor in Control (Comment)** + +- **Required if Developer in Control is Yes** + +- **Required if Impact is Adverse or Beneficial, or as needed** + + - **Adverse, Beneficial, or Neutral** + + - **Free-form** + + When Adverse or Beneficial, describe the impact to value and/or marketability. Additional commentary may be provided to include details and other information. + + Note: For further expansion of commentary, use Project Factors Commentary (18.094). + +### Appendix F-1: URAR Reference Guide + +Page 192 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_193.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_193.md new file mode 100644 index 0000000000000000000000000000000000000000..7cf4333bfc76ee116909756631ab3e7872a3a6de --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_193.md @@ -0,0 +1,29 @@ +```markdown +# Uniform Appraisal Dataset 18 Project Information + +## Incomplete Project + +The Incomplete Project row displays in the Project Factors table if Project Complete (18.016) is No. + +### Project Factors: Incomplete Project + +| Report Allowable | Field ID | Report Label | When to Include | Answers / Additional Guidance | +|------------------|----------|--------------|-----------------|-------------------------------| +| Incomplete Project (Detail) | Required if Project Complete is No | Choose one or more allowable answers from the Common Elements | Indicates which project elements are incomplete. Amenities Definition / Units (including buildings and phases) Other Additional Guidance column | +| Incomplete Project (Impact) | Required if Project Complete is No | Adverse, Beneficial, or Neutral | +| Incomplete Project (Comment) | Required if Project Complete is No | Free-form Provide additional commentary to include details and other information about the incomplete elements. Note: For further expansion of commentary, use Project Factors Commentary (18.094). | + +## Converted in Past 3 Years + +The Converted in Past 3 Years row displays in the Project Factors table if Converted in Past 3 Years (18.018) is Yes. + +### Project Factors: Converted in Past 3 Years + +| Report Allowable | Field ID | Report Label | When to Include | Answers / Additional Guidance | +|------------------|----------|--------------|-----------------|-------------------------------| +| 18.066 | Converted in Past 3 Years (Detail) | Required if Converted in Past 3 Years is Yes | Choose an allowable answer from the Definition / Additional Guidance column | Prior Use: The original use before the project was converted to its current form of project ownership legal structure. - Apartment - Commercial Building - Hotel or Motel - House - Industrial Building - Other (Describe) Note: If the building had multiple uses in the past, choose the last use before the conversion. | +| Converted in Past 3 Years (Impact) | Required if Converted in Past 3 Years is Yes | Adverse, Beneficial, or Neutral | +| 18.086 | Converted in Past 3 Years (Comment) | Required if Converted in Past 3 Years is Yes | Free-form Comment on the extent of the conversion detailing new or refurbished items (e.g., mechanicals, flooring, wiring, plumbing, cabinets, and fixtures). Note: For further expansion of commentary, use Project Factors Commentary (18.094). | + +Appendix F-1: URAR Reference Guide Page 193 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_194.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_194.md new file mode 100644 index 0000000000000000000000000000000000000000..c72b1a56843cbaca9d30127bf0ba47aea341a569 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_194.md @@ -0,0 +1,37 @@ +# Uniform Appraisal Dataset 18 Project Information + +## Single Entity Ownership of Multiple Units + +The Single Entity Ownership of Multiple Units row displays in the Project Factors table if the property is in a condominium. + +### Project Factors: Single Entity Ownership of Multiple Units + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------|-----------------|---------------------------------|----------|-----------------| +| Single Entity Ownership of Multiple Units (Detail) | Required if the property is in a condominium | Greatest Number of Units Owned: The greatest number of units owned by a single entity in the condominium project. | 18.077 | | +| Single Entity Ownership of Multiple Units (Impact) | Required if the property is in a condominium | Adverse, Beneficial, or Neutral | | | +| Single Entity Ownership of Multiple Units (Comment) | Required if Impact is Adverse or Beneficial, or as needed | Free-form When Adverse or Beneficial, describe the impact to value and/or marketability. Additional commentary may be provided to include details and other information. If there are multiple individuals or entities that own a significant number of units which impacts marketability within the project, describe here. | | | + +Note: For further expansion of commentary, use Project Factors Commentary (18.094). + +--- + +## Single Entity Ownership of Multiple Shares + +The Single Entity Ownership of Multiple Shares row displays in the Project Factors table if the property is in a cooperative or condop. + +### Project Factors: Single Entity Ownership of Multiple Shares + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------|-----------------|---------------------------------|----------|-----------------| +| Single Entity Ownership of Multiple Shares (Detail) | Required if the property is in a cooperative or condop | Greatest Number of Shares Owned: The greatest number of shares owned by a single entity in the cooperative project. | | | +| Single Entity Ownership of Multiple Shares (Impact) | Required if the property is in a cooperative or condop | Adverse, Beneficial, or Neutral | | | +| Single Entity Ownership of Multiple Shares (Comment) | Required if Impact is Adverse or Beneficial, or as needed | Free-form When Adverse or Beneficial, describe the impact to value and/or marketability. Additional commentary may be provided to include details and other information. If there are multiple individuals or entities that own a significant number of shares which impacts marketability within the project, describe here. | | | + +Note: For further expansion of commentary, use Project Factors Commentary (18.094). + +--- + +Appendix F-1: URAR Reference Guide +Page 194 of 367 +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_195.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_195.md new file mode 100644 index 0000000000000000000000000000000000000000..c75d9f8922a3ea77f7b0ff16f01e58a4bc9325cf --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_195.md @@ -0,0 +1,29 @@ +```markdown +# Uniform Appraisal Dataset 18 Project Information + +## Commercial Space + +The Commercial Space row displays in the Project Factors table if the property is in a condominium, cooperative, or condop, and addresses commercial space in project buildings. + +- When Site Owned in Common (3.015) is Yes, non-residential use such as Live / Work space in the living unit is reported in the Unit Interior section (10.026-10.028). + +- When Site Owned in Common is No, non-residential uses are reported in the Site section (4.015-4.019 and 4.043-4.046). + +### Project Factors: Commercial Space + +| Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|----------|-------------------|----------------------------------------|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 18.069 | Commercial Space (Detail) | Required if the property is in a condominium, cooperative, or condop | Yes \| No | Select Yes if:
• There is commercial space in the project, or
• The project’s building contains commercial space, even when the HOA representing the residential owners is different from those representing the commercial owners (see Example 2 below). | + +**Notes:** + +- If No, "None" displays in the Commercial Space row. + +- Project amenities or commercial parking facilities are not included in the calculation of commercial space. + +- Includes underground space other than parking. + +- Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +*Appendix F-1: URAR Reference Guide Page 195 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_196.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_196.md new file mode 100644 index 0000000000000000000000000000000000000000..037dfc289fa78561e65bd594c487016ec931a870 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_196.md @@ -0,0 +1,75 @@ +```markdown +# Uniform Appraisal Dataset 18 Project Information + +## Project Factors: Commercial Space + +**Report Allowable** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| **Field ID** | **Answers / Format** | | +| **18.069** | **Commercial Space (Detail)** | Required if Percent Commercial Space is Yes | +| Estimated Percentage of Commercial Space: The percentage of commercial space in the project in which the subject unit is located, defined as Commercial Square Footage / Square Footage of the Project Building(s) | + +### Examples + +#### Example 1 +The subject unit is in a 5-story condominium project. + +- The first floor (10,000 square feet) contains a mixture of commercial office and retail units. +- The upper four floors (each 10,000 square feet) are all residential units. +- The commercial, retail, and residential units are all within the subject’s legal project. + +Report Estimated Percentage of Commercial Space as 20%. + +#### Example 2 +The subject unit is in a 10-story building. Each floor is 10,000 square feet. + +- The first 2 floors of the building are retail/commercial. +- The upper 8 floors are residential condominium units. +- The retail commercial project and the residential condominium project are separate and unrelated legal entities, sometimes referred to as a "floating" condo. + +Report Estimated Percentage of Commercial Space as 20%. + +#### Example 3 +The subject unit is located in Building 1 in a condominium project with 4 buildings. Each of the buildings are 50,000 square feet. + +- There is no commercial space in buildings 1 — 3. +- Building 4 is 100% commercial. + +Report Estimated Percentage of Commercial Space as 25%, and the percentage of commercial space in the subject building as 0% in Commercial Space Comment. + +#### Example 4 +Project has 2 buildings; total size of each building is 40,000 square feet. + +- Building 1 (which includes the subject unit) has no commercial space. +- Building 2 has an estimated 10,000 square feet of retail commercial space on the first floor that is a separate legal entity from the project. + +Report Estimated Percentage of Commercial Space as 12.5%, and the percentage of commercial space in the subject building as 0% in Commercial Space Comment. + +#### Example 5 +Project has 2 buildings; total size of each building is 40,000 square feet. + +- Building 1 has no commercial space. +- Building 2 (which includes the subject unit) has an estimated 10,000 square feet of retail commercial space on the first floor that is a separate legal entity from the project. + +Report Estimated Percentage of Commercial Space as 12.5%, and the percentage of commercial space in the subject building as 25% in Commercial Space Comment. + +## Commercial Space Impact + +**Report Allowable** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| **18.089** | **Commercial Space (Impact)** | Required if Commercial Space in Project is Yes | +| **Commercial Space Comment** | Required if Impact is Adverse or Beneficial, or as needed | Free-form | + +- When Adverse or Beneficial, describe the impact to value and/or marketability. +- If there is more than one building in the project, provide the percentage of commercial space in the subject’s building, which is defined as Commercial Square Footage of the subject’s building / Total Square Footage of the subject’s building. +- Additional commentary may be provided to include details and other information. +- For further expansion of commentary, use Project Factors Commentary (18.094). + +--- + +Appendix F-1: URAR Reference Guide Page 196 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_197.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_197.md new file mode 100644 index 0000000000000000000000000000000000000000..19a238383c2ee3d5d0b537adeee77a3cd40e2d74 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_197.md @@ -0,0 +1,57 @@ +# Uniform Appraisal Dataset + +## 18 Project Information + +### Known Legal Actions + +The Known Legal Actions row always displays in the Project Factors table. + +#### Project Factors: Known Legal Actions + +| Report Field ID | Unit | Report Label | When to Include | Allowable Answers / Format | +|-----------------|------|------------------------------------|----------------------------------------------------------|----------------------------| +| | | Known Legal Actions (Detail) | Required if the property is in a condominium, cooperative, condop, or PUD | Adverse, Beneficial, or Neutral | +| | | Known Legal Actions (Impact) | Required if Known Legal Actions is Yes | Free-form | +| | | Known Legal Actions (Comment) | Required if Known Legal Actions is Yes, or as needed | Free-form | + +**Definition / Additional Guidance** + +- **Known Legal Actions**: Indicates whether research on the project revealed pending or current legal actions in which the HOA, sponsor, developer, or other relevant party is named in the litigation or alternative dispute resolution. + + - Note: If No, “None” displays in the Known Legal Actions row. + +- **Commentary**: on the nature of the litigation or alternative dispute resolution, sources of information, a description of the impact to value and/or marketability, and any other details. + + - Note: For further expansion of commentary, use Project Factors Commentary (18.094). + +### Transfer Fees + +The Unit Transfer Fees row displays in the Project Factors table if the property is in a condominium, cooperative, or condop. + +#### Project Factors: Unit Transfer Fees + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | +|-----------------|----------------------------------|-----------------------------------------------------------|-----------------------------| +| 18.071 | Unit Transfer Fees (Detail) | Required if the property is in a condominium, cooperative, or condop | Dollar amount | +| 18.081 | Unit Transfer Fees (Impact) | Required if Transfer Fees is Yes | Adverse, Beneficial, or Neutral | +| 18.091 | Unit Transfer Fees (Comment) | Required if Transfer Fees is Yes, or as needed | Free-form | + +**Definition / Additional Guidance** + +- **Transfer Fees**: Indicates whether transferring ownership incurs a fee that is due to the HOA or cooperative board. May also be referred to as “flip taxes” such as in New York City. + + - Note: If No, “None” displays in the Unit Transfer Fees row. + +- **Transfer Fee Amount**: If the transfer fee is a percentage, convert it to a dollar amount. + +- **Commentary**: on the nature of the transfer fee, sources of information, a description of the impact to value and/or marketability, and any other details. + + - Note: For further expansion of commentary, use Project Factors Commentary (18.094). + +--- + +Appendix F-1: URAR Reference Guide + +Page 197 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_198.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_198.md new file mode 100644 index 0000000000000000000000000000000000000000..8047f447d4e48935a4457334316881dc54c4e584 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_198.md @@ -0,0 +1,78 @@ +# Uniform Appraisal Dataset + +## 18 Project Information + +### Unit Special Assessments + +The Unit Special Assessments row always displays in the Project Factors table. +*Note: Do not include special tax assessments. These are reported in the Subject Property section (3.008-3.009).* + +#### Special Assessment Types and Associated Amounts + +**Project Factors: Unit Special Assessments** + +| Report Label | Field ID | +|--------------|----------| +| Unit Special Assessments (Detail) | 18.072 | + +**When to Include:** + +- Required if the property is in a condominium, cooperative, or condop, or PUD +- Required if Project Special Assessment Timing is Existing, or if Project Special Assessment Amount Type is Proposed and available + +**Allowable Answers / Format:** + +- Choose an allowable answer from table (Special Assessment Amount Type) +- Dollar amount + +**Definition / Additional Guidance:** + +- **Special Assessment Amount Type:** The appraiser must analyze and report on proposed and existing special assessments for the project or PUD. + - None + - Existing + - Proposed + +- **Project Special Assessment Amount:** The total remaining amount that the association has charged or will charge the unit for items above and beyond normally scheduled dues. + +#### Project Factors — Special Assessment Amount Type (Choose all that apply) + +**Allowable Answer and Definition / Additional Guidance:** + +- **None:** Choose this answer if there are no existing or proposed special assessments for the project. Do not choose this answer if there is an existing special assessment, even if it has been fully paid by the unit owner. + +- **Existing:** Choose this answer when a special assessment has been charged to the unit. + - If this answer is selected, provide the Project Special Assessment Amount remaining for the unit. + - If there is an existing special assessment that has been fully paid by the unit owner, choose this answer and enter zero (0) for Project Special Assessment Amount. + +- **Proposed:** Choose this answer when the appraiser has been made aware of a planned special assessment, regardless of whether the amount is known. This includes any special assessment that the board and, if required, owners have approved but the board has not initiated collection. + - If the amount is known to the appraiser, provide the Project Special Assessment Amount to be charged to the unit. + - If the amount is unknown to the appraiser, leave Project Special Assessment Amount blank, and provide commentary in Special Assessments Comment. + +**Project Factors: Unit Special Assessments** + +| Report Label | Field ID | +|--------------|----------| +| Unit Special Assessments (Impact) | 18.092 | +| Unit Special Assessments (Comment) | 18.092 | + +**When to Include:** + +- Required if Project Special Assessment Amount Type is Existing or Proposed +- Required if Project Special Assessment Amount Type is Existing or Proposed, or as needed + +**Allowable Answers / Format:** + +- Adverse, Beneficial, or Neutral +- Free-form + +**Definition / Additional Guidance:** + +- **Special Assessments Comment:** Commentary on the reason for the special assessment(s), sources of information, a description of the impact to value and/or marketability, and any other details. + +*Note: For further expansion of commentary, use Project Factors Commentary (18.094).* + +--- + +Appendix F-1: URAR Reference Guide +Page 198 of 367 +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_199.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_199.md new file mode 100644 index 0000000000000000000000000000000000000000..1318963548fc99134b1439a4254017eda6fa3e5e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_199.md @@ -0,0 +1,65 @@ +# Uniform Appraisal Dataset + +## 18 Project Information + +### Unit + +#### The Un + +**Tax Abatements or Exemptions** + +The Unit Tax Abatements or Exemptions row always displays in the Project Factors table. + +### Project Factors: Unit Tax Abatements or Exemptions + +| Report Field ID | Report Label | When to Include | +|-----------------|-------------------------------------------------------|--------------------------------------------------------------------------------| +| | Unit Tax Abatements or Exemptions (Detail) | Required if the property is in a condominium, cooperative, condop, or PUD | +| | Unit Tax Abatements or Exemptions (Detail) | Required if Tax Abatement or Exemption is Yes, and the amount is known | +| | Unit Tax Abatements or Exemptions (Detail) | Required if Tax Abatement or Exemption is Yes, and the expiration date is known| +| | Unit Tax Abatements or Exemptions (Impact) | Required if Tax Abatement or Exemption is Yes | +| | Unit Tax Abatements or Exemptions (Comment) | Required if Tax Abatement or Exemption is Yes, or as needed | + +### Allowable Answers / Format + +- Dollar Amount +- Adverse, Beneficial, or Neutral +- Free-form + +### Definition / Additional Guidance + +**Tax Abatement or Exemption**: Indicates whether a tax reduction or exemption has been granted. +*Note: If No, “None” displays in the Unit Tax Abatements or Exemptions row.* + +**Tax Abatement or Exemption Amount**: The annual amount granted in tax reductions or exemptions. +*Note: If estimated, provide commentary as to how the estimation was done in Project Factors Commentary (18.094).* + +**Tax Abatement or Exemption Expiration**: Indicates when the tax reduction or exemption expires. + +Commentary on the nature of the tax abatement, sources of information, a description of the impact to value and/or marketability, and any other details. +*Note: For further expansion of commentary, use Project Factors Commentary (18.094).* + +### Project Factors Commentary + +| Report Field ID | Report Label | When to Include | +|-----------------|---------------------------------|-----------------| +| | Project Factors Commentary | If applicable | + +**Allowable Answers / Format** + +- Free-form + +**Definition / Additional Guidance** + +Overall commentary for all project factors. + +- Details captured above that require additional support +- Information pertinent to project factors impacting value and/or marketability that is not captured in the details above + +--- + +Appendix F-1: URAR Reference Guide + +Page 199 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_2.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_2.md new file mode 100644 index 0000000000000000000000000000000000000000..222a3db2600530cab2120b4f49191d4e6425b17b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_2.md @@ -0,0 +1,92 @@ +```markdown +# Uniform Appraisal Dataset Revision History + +## Revision History + +### Reference Guide + +#### Date Version Change # + +- 2024-034 + - Updated allowable answers to clarify that only U.S. customary units (e.g., square feet) can be reported for the following: 8.015, 8.016, 8.047, 10.003, 10.004, 10.005, 10.006, 10.007, 10.008, 10.028, 10.032, 12.005, 12.006, 12.011, 12.013, 13.003, 14.004, 22.05.04, 22.05.25, 22.05.05, 22.05.27, 22.05.12, 22.05.41, 22.05.13, 22.05.43, 22.07.08, 22.07.30, 22.07.09, 22.07.32, 22.07.10, 22.07.34, 22.07.11, 22.07.36, 22.07.12, 22.07.38, 22.07.13, 22.07.40, 22.13.01, 22.13.05, 22.14.02, 22.14.16, 22.14.03, 22.14.17, 22.14.04, 22.14.18, 22.14.05, 22.14.19, 23.03.13, 23.03.37, 24.003, 24.014, 25.007, 25.025 + +- 2024-002 + - Key Concepts - Defining the Property: Corrected Report Field ID for Unit is an ADU (10.011). + - Key Concepts - Impact: Clarified the ‘Definition / Additional Guidance’ column for Neutral impacts. + +- 2024-039 + - Overview: + +- 2024-037 + - Key Concepts - Photos and Images: Corrected photo requirements for vehicle storage. + +- 2024-028 + - Header and Footer: Updated date in footer to September 2024. + +- 2024-021 + - Updated allowable answers for Market Value Condition (1.009), the ‘Definition / Additional Guidance’ and ‘Allowable Answers/Format’ columns for Final Value Condition Statement (1.002), and the ‘When to Include’ and ‘Definition / Additional Guidance’ columns for As Is Overall Summary Condition Rating (1.082). + +- 2024-002 + - Corrected the ‘When Displayed in Summary Section’ column for Subject Site Owned in Common (1.020). + +#### 9/17/2024 | 1.2 + +- Assignment 2024-002 + - Corrected typo in Lender, Client, and AMC: The client is the party who engages an appraiser. + +- Site 2024-029 + - Corrected the ‘When to Include’ column for Access to Property Typical for the Market (4.023). + +- Sketch 2024-047 + - Clarified examples for Measurement Standard (7.001). + +- 2024-008 + - Corrected the ‘When to Include’ column for Above Grade Finished Area (Nonstandard) (10.004) and Below Grade Finished Area (Nonstandard) (10.007). + +- 2024-042 + - Clarified that the “Unfinished” row does not display In Level and Room Detail if Unfinished Area of Level is 0 (10.031). + +#### Unit Interior + +- 2024-013 + - Clarified the ‘When to Include’ column for Number of Rooms (10.033). + +- 2024-032 + - Updated the ‘Definition / Additional Guidance’ column for Accessibility Feature Comment (10.051). + +- 2024-037 + - Corrected photo requirements for Vehicle Storage Type (13.001). + +#### Vehicle Storage + +- 2024-025 + - Updated the ‘Definition / Additional Guidance’ column for Number of Parking Spaces (13.002) and Vehicle Storage Area (13.003). + +#### Subject Property Amenities + +- 2024-045 + - Clarified that more than one Amenity Feature (14.004) may be selected. + +#### Market + +- 2024-024 + - Deleted Property Value Trend (17.020). + +- 2024-048 + - Updated guidance for when there are multiple instances of the same Common Amenity or Service (18.012). + +#### Project + +- Simplified language for when rows display in the Project Factors table. + +- 2024-002 + - Developer/Sponsor in Control (18.064) + +- Unit Special Assessments (18.072) + +- Updated guidance for reporting Single Entity Ownership of Multiple Units (18.087) and Single Entity Ownership of Multiple Shares (18.088). + +#### Appendix F-1 + +- URAR Reference Guide Page 2 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_20.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_20.md new file mode 100644 index 0000000000000000000000000000000000000000..4b5782e25bbc65e0aff452c1d3dcbae2983d10c9 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_20.md @@ -0,0 +1,51 @@ +```markdown +# Uniform Appraisal Dataset + +## Overview + +### Photo or Image + +**Is there an Additional** + +Describe the photo + +| Section | Section Name Is the Photo or Image | (Predefined Caption or Caption | B Additional Guidance | +|-------------------|--------------------------------------|-------------------------------|-----------------------| +| | (Black Tab) Required? | Gray Bar) (Free-form Text)? | | +| Photos or images related to the Market section that are not specified above, including: | | | | +| Market | Required for each photo or image | | | +| | - Market Exhibits | | | +| | - Market Area Boundary | | | +| | - Search Criteria | See 17.004 | | +| | - Other graphs | See 17.017 | | +| Project Common Amenity or Information Service | Required, including the amenity type, location, and any other descriptive information as appropriate | See 18.012 | | +| Observed Deficiency | Required, including the specific deficiency, location, and any other descriptive information as appropriate | Required if a physical deficiency | See 18.014 | +| Project Information | Required for each photo or image | | | +| | Photos or images related to the Project Information section that are not specified above. | | | +| Subject Listing | Required for each photo or image | | | +| Information | | | | +| Sales Contract | Required for each photo or image | | | +| Sales Contract Exhibits | | | | +| Prior Sale and Transfer | Required for each photo or image | | | +| History Exhibits | | | | +| | Thumbnails display at the top of the sales grid. Full-size picture(s) of comps display in | | | +| | Sales Comparison Approach Exhibits. | | | +| Sales Comparison | If additional photos of comps are provided, a caption should be provided to further describe the photo. | If Sales Comparison Approach is in the URAR | | +| Approach | Sales Comparison Map | | If Sales Comparison Approach is in the URAR | +| Photos or images related to | | | | +| Sales Comparison Required for each photo or image | | | +| Approach Exhibits | the Sales Comparison Approach section that are not specified above. | | | +| Rental Property Photo (Subject and Comparables) | If additional photos of comps are provided, a caption should be provided to further describe the photo | If Rental Information is provided in the URAR | | +| Map of Rental Comparables | An additional caption may be provided | | Can display here, or as one map in the Sales Comparison Approach section. | +| Photos or images related to | | | | +| Rental Information Required for each photo or image | | | +| Exhibits | the Rental Information section that are not specified above. | | | +| Income Property Photo (Subject and Comparables) | If additional photos of comps are provided, a caption should be provided to further describe the photo. | If Income Approach is in the URAR | | +| | Thumbnails display at the top of the GRM comp grid. Full-size picture(s) of comps display in Income Approach Exhibits. | | | + +## Appendix F-1: URAR Reference Guide + +Page 20 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_200.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_200.md new file mode 100644 index 0000000000000000000000000000000000000000..b7273f7e4481cf3bebf66591bf320f4026b5f030 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_200.md @@ -0,0 +1,32 @@ +```markdown +# Uniform Appraisal Dataset 18 Project Information + +## Project Information Commentary + +### Project Information Commentary + +**18.095** +**Project Information Commentary** +Report Allowable eT mn A +Field ID | Report Label | When to Include | Ansrers// REEL Definition / Additional Guidance +--- | --- | --- | --- +Project Information | Free-form | If applicable | Commentary could include information pertinent to the Project Information section that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +## Project Information Exhibits + +All photos or images related to the Project Information section are displayed in the Project Information Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Project Information Exhibits + +Report Allowable +. P Report Label | When to Include | Definition / Additional Guidance +--- | --- | --- +Field ID | Answers / Format + +See Project +iGuide | Information Exhibits | If applicable | Photos or images relevant to the Project Information section may be provided, which display in Project Information Exhibits. If the photo or image is not specifically indicated above, provide an additional caption. + +--- + +Appendix F-1: URAR Reference Guide Page 200 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_201.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_201.md new file mode 100644 index 0000000000000000000000000000000000000000..7a413d4cc83ad83439cd849b45cbfb1f48705352 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_201.md @@ -0,0 +1,68 @@ +# Uniform Appraisal Dataset + +## Subject Listing Information + +### Subject Listing Information + +The Subject Listing Information section includes information about current and relevant listings of the subject property, with a minimum 1-year look back. This section provides space for analysis and exhibits, and always displays. + +#### Relevant Listings + +##### Current or Relevant Listings 19.000 + +- **Data Source 19.001** + +###### Subject Listing Information: Relevant Listings + +| Field ID | Report Label | When to Include | +|----------|----------------------|-----------------| +| 19.001 | Data Source | Always required | + +**Allowable Answers / Format** + +- Required if Current or Relevant Listings is No +- Choose one or more allowable answers from the Definition / Additional Guidance column + +###### Definition / Additional Guidance + +Indicates whether there are current or relevant listings for the subject property. + +**Notes:** + +- If Yes, the Information for Each Listing table (19.002-19.009) displays. +- Data Source for No Relevant Listings: Data source(s) used to determine that there are no current or relevant listings for the subject property. + +_For reference, see the Statement of Assumptions and Limiting Conditions relevant to data sources and Appraiser Certification 8._ + +- If No, "None" displays. +- Do not report listings that resulted in a sale. These are reported in the Prior Sale and Transfer History section. + +**Possible Data Sources:** + +- Assessor Record +- Builder or Developer +- Condominium Questionnaire +- Cooperative Board +- Cooperative Questionnaire +- Data Aggregator +- Homeowners Association +- Land Survey +- MLS +- Previous Appraisal File +- Property Management Company +- Property Owner +- Property Tenant +- Real Estate Agent +- Other (Describe) + +##### Information for Each Listing + +A row displays for each relevant listing of the subject property. + +| Starting Current or | Listing Status | Listing Type | Listing ID | Start Date | End Date | DOM | List Price | Final List Price | +|---------------------|----------------|-------------|------------|------------|----------|-----|------------|-----------------| +| 19.002 | 19.003 | 19.004 | 19.005 | 19.006 | 19.007 | 19.008 | 19.009 | + +- Analysis of Subject Property Listing History 19.011 + +_Appendix F-1: URAR Reference Guide Page 201 of 367 Version 1.2_ \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_202.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_202.md new file mode 100644 index 0000000000000000000000000000000000000000..2139e34ec854abddaeb345a2f91af54e94b67a38 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_202.md @@ -0,0 +1,63 @@ +```markdown +# Uniform Appraisal Dataset + +## 19 Subject Listing Information + +### Subject Listing Information: Information for each Listing + +| Report Field ID | Report Label | Listing Status | When to Include | +|-----------------|--------------------|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------| +| 19.003 | Listing Type | Required for each listing if Current or Relevant Listings is Yes | Choose an allowable answer from table (Listing Type) | +| 19.004 | Listing ID | Required when Listing Type is MLS, if applicable | Free-form | +| 19.005 | Start Date | If available for each listing when Current or Relevant Listings is Yes | mm/dd/yyyy | +| 19.007 | End Date | If available for each listing when Current or Relevant Listings is Yes | mm/dd/yyyy | +| | DOM | Required for each listing when Current or Relevant Listings is Yes | Number | +| 19.008 | Starting List | If available for each listing when Current or Relevant Listings is Yes | Dollar amount | +| 19.009 | Current or Final | Required for each listing when Current or Relevant Listings is Yes | Dollar amount | + +#### Listing Status + +- **Active** +- **Off Market** (previously in MLS) +- **Pending** + +*Note: Settled sales are reported in the Prior Sale and Transfer History section and not here.* + +### Definition / Additional Guidance + +#### Listing Type (Choose one) + +- **Auction**: Property offered for public sale through a bidding process. +- **For Sale by Owner (FSBO)**: A property that is being placed for sale by the owner, without licensed real estate professional representation, which may include the use of an online real estate service. +- **MLS**: A database established by cooperating real estate brokers to provide property characteristics and transaction information. + + *Note: Select this answer if the listing is available on an MLS in addition to other third-party sites.* + +- **Other (Describe)**: Select Other to enter an answer that is not in the above list (e.g., Builder). + + *Note: Select this answer when there is licensed real estate professional representation, but the property was not broadly marketed through the MLS, i.e., “pocket listing”.* + +### Additional Notes + +- **Listing ID**: A unique number or identifier assigned to the listing by the Listing Type. If Listing Type is MLS, this is commonly referred to as the MLS number. Note: MLS Listing ID must be provided if it exists. If no MLS Listing ID is available, include any non-MLS identifiers used by third-party services. +- **Listing Start Date**: The date the listing was created. +- **Listing End Date**: The date the listing was no longer offered for sale. +- **Days on Market (DOM)**: The number of days the listing was on the market as of the appraisal effective date or the Listing End Date. + + **Notes:** + + - Enter zero (0) for properties that were not listed on the open market through a publicly available source (e.g., Listing Type is FSBO (For Sale by Owner)). + - Enter 1 for properties that were listed on the market and placed under contract on the same day. + - For all other scenarios, enter the actual days on market that apply to the listing. + - The most recent listing is displayed in the Sales Comparison Approach section. + +- **List Price**: The last known list price for the transaction. + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 202 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_203.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_203.md new file mode 100644 index 0000000000000000000000000000000000000000..98fc72e1a55c197b3e12722721830fc39ee6db93 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_203.md @@ -0,0 +1,51 @@ +## Uniform Appraisal Dataset + +### 19 Subject Listing Information + +#### Total Days on Market + +**Subject Listing Information**: Total Days on Market + +- **Report Allowable**: + - **P Report Label**: When to Include + - **w Definition / Additional Guidance**: + - **Field ID**: Answers / Format + +- **Total DOM** + - Required if Current or Relevant Listings is Yes + - **Number Total Days on Market**: Number of days that the subject was actively available on the market. + +**Notes**: + +- Represents the sum of Days on Market for all listings in the table. +- Does not include breaks within listings or between listing periods. +- Can be 0, such as when the only listing was not listed on the open market through a publicly available source (e.g., Listing Type is FSBO (For Sale by Owner)). + +#### Analysis of Subject Property Listing History + +**Subject Listing Information**: Analysis of Subject Property Listing History + +- **Report Allowable**: + - **P Report Label**: When to Include + - **Definition / Additional Guidance**: + - **Field ID**: Answers / Format + +- **19.011** | Analysis of Subject Property Listing History + - Required if Current or Relevant Listings is Yes + - **Free-form**: The appraiser must analyze information pertinent to the subject listing history that is not captured in the discrete data. This could include an explanation of why there are variations from the typical time on market or multiple times on and off the market. + +### Subject Listing Information Exhibits + +All photos or images related to the Subject Listing Information section are displayed in the Subject Listing Information Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Project Information Exhibits + +- **Report Allowable**: + - Field ID + - **Report Label**: When to Include + - **Rosser / Geo Definition / Additional Guidance** + +- See Subject Listing Information Exhibits + - If applicable, photos or images relevant to the Subject Listing Information section may be provided, which display in Subject Listing Information Exhibits. If the photo or image is not specifically indicated above, provide an additional caption. + +*Appendix F-1: URAR Reference Guide Page 203 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_204.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_204.md new file mode 100644 index 0000000000000000000000000000000000000000..0a86255af7ee9fe7962145a34d75910e5d45a021 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_204.md @@ -0,0 +1,52 @@ +```markdown +# Uniform Appraisal Dataset + +## 20 Sales Contract + +The Sales Contract section includes information from the sales contract for the subject property including price, personal property, and sales concessions. This section provides space for additional analysis and exhibits. + +The Sales Contract section displays if there is an active sales contract associated with the property. + +### General Information + +- Is there a sales contract? +- Was sales contract information analyzed? +- Does this appear to be an arm’s length transaction? + +#### Non-Arm’s Length Commentary 20.003 + +- Yes No +- 20.0001 +- 20.0011 + +### 20.002 + +- Contract Price 20.004 +- Contract Date 20.005 +- Transfer Terms 20.006 + +#### Personal Property Conveyed 20.007 + +Personal property is not included in the appraiser's final opinion of value. + +## Sales Contract: + +### General Information + +**Report Field ID** + +| Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|------------------------------------------|----------------------------|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Is there a sales contract? | Always required | Yes / No | Indicates whether there is an active sales contract associated with the property. If No, the Sales Contract section does not display. | +| 20.001 | Was sales contract information analyzed? | Required if Is Therea Sales Contract is Yes | Yes / No | Indicates whether the appraiser reviewed and analyzed the sales contract for the subject purchase transaction. If No, the appraiser must provide commentary in Sales Contract Analysis as to the reasons why the sales contract was not analyzed. This must include a description of the appraiser’s source of the information about the sales transaction, efforts made to obtain the sales contract, and why the sales contract was not provided. If the appraiser was not provided with the contract and becomes aware of details through other means that they wish to report (such as Contract Price or Contract Date), this can also be addressed in Sales Contract Analysis. | +| 20.002 | Does this appear to be an arm’s length transaction? | Required if Is Therea Sales Contract is Yes | Yes / No | Appears to be Arm’s Length Transaction: Indicates whether this is an arm's length transaction. | +| 20.003 | Non-Arm’s Length Commentary | Required if Appears to be Arm’s Length Transaction is No | Free-form | Describes the relationship between the parties in the transaction. | +| 20.005 | Contract Price | Required if Sales Contract Information Analyzed is Yes | Dollar amount | The dollar amount stated in the sales contract. | +| 20.005 | Contract Date | Required if Sales Contract Information Analyzed is Yes | Date | The date the sales contract was fully executed. | + +## Appendix F-1: URAR Reference Guide + +Page 204 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_205.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_205.md new file mode 100644 index 0000000000000000000000000000000000000000..ec6cc22c82a5c73843ad8d4db1b5ecf60634fe16 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_205.md @@ -0,0 +1,107 @@ +# Uniform Appraisal Dataset + +## 20 Sales Contract + +### Sales Contract: General Information + +**Report Field ID** + +**Report Label When to Include** + +**Transfer Terms** + +- Required if Sales Contract Information Analyzed is Yes +- Required if Sales Contract Information Analyzed is Yes + +**Personal Property Conveyed** + +**Allowable Answers / Format** + +- Choose an allowable answer from the Definition / Additional Guidance column + +**Definition / Additional Guidance** + +- Court Ordered Non-Foreclosure Sale +- Estate Sale +- Foreclosure Sale +- Land Sale +- Pre-Subdivision Sale +- Relocation Sale +- REO Sale +- Sale Between Related Parties +- Short Sale +- Typically Motivated (e.g., Arm’s Length sale) +- Other (Describe) (e.g., Private Sale) + +Note: If more than one Transfer Term applies, select the most applicable one. + +- Indicates whether personal property is included in the sales contract. +- If Yes, provide further details in Sales Contract Analysis (20.011). + +Displays when Personal Property Conveyed is Yes + +**Personal Property Conveyed** + +- Financial Sales Concessions +- Personal property is not included in the appraiser's final opinion of value + +The Financial Sales Concessions subsection displays if the sales contract information was analyzed. + +## Financial Sales Concessions + +### Sales Contract: Financial Sales Concessions + +**Report Field ID When to Include** + +**Report Label** + +- Displays if Sales Contract Information Analyzed is Yes + +**Financial Sales Concessions** + +- 20.008 Required if Sales Contract Information + +Analyzed is Yes + +- **Known Sales Concessions** + +Required if Known Sales Concessions is Yes + +- **Total Sales Concessions** + +**Allowable Answers / Format** + +- Yes | No + +**Definition / Additional Guidance** + +- Financial assistance paid by or on behalf of the seller as an inducement to purchase the subject property +- Indicates whether there is a concession in the sales contract. + +Sales Concession Amount Known: Indicates whether the total amount of sales concessions is known. + +- If No, “Unknown” displays next to Total Sales Concessions. + +### 20.009 | Total Sales Concessions + +- Required if Sales Concessions Amount Known is Yes +- Dollar amount + +**Total Sales Concessions:** + +- The total dollar amount of the value of all sales concessions granted by an interested party, including monetary, furniture, carpeting, decorator allowances, automobiles, vacations, securities, giveaways, or other sales incentives. + +### 20.010 | Typical for Market + +- Required if Sales Concessions Amount Known is Yes +- Yes | No + +Indicates whether sales concessions are typical in the market location. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 205 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_206.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_206.md new file mode 100644 index 0000000000000000000000000000000000000000..6ac883df5d1630df935ab141e40b09a4c8d65d0b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_206.md @@ -0,0 +1,48 @@ +```markdown +# Uniform Appraisal Dataset + +## 20 Sales Contract + +### Sales Contract Analysis + +#### Sales Contract Analysis + +**20.011 { _ ~ n** +**Sales Contract Analysis** +**Report Allowable** + +| P | Report Label | When to Include | +|---|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| | | | +| | **Field ID** | **Answers / Format** | +| | Required if Sales | Contract Information | +| | Analyzed is No, or if | Personal Property Conveyed is Yes, or if relevant | +| | Free-form | Details captured above that require additional support, including: | +| | ° The reasons why the | contract was not analyzed. This must include a description of the appraiser’s source of the information about the sales transaction, efforts made to obtain the contract, and why the contract was not provided. | +| | Information about | personal property included in sale. | + +### Sales Contract Exhibits + +Details and other information relevant to this section. + +All photos or images related to the Sales Contract section are displayed in the Sales Contract Exhibits subsection. If there are no photos or images, this subsection does not display. + +#### Sales Contract Exhibits Report + +| Report Label | When to Include | +|---------------------------|--------------------------------------------| +| Sales Contract Exhibits | If applicable | + +**Allowable** + +| Definition / Additional Guidance | Answers / Format | +|----------------------------------|--------------------------------------------------------------------------------------------------| +| Photos or images | Photos or images relevant to the Sales Contract section may be provided, which display in Sales Contract Exhibits. Provide a caption to identify each photo or image. | + +--- + +#### Appendix F-1: URAR Reference Guide + +Page 206 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_207.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_207.md new file mode 100644 index 0000000000000000000000000000000000000000..5789a48dfd521cad76b0b1e130ef4b86e7825912 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_207.md @@ -0,0 +1,60 @@ +```markdown +# Uniform Appraisal Dataset 21 Prior Sale and Transfer History + +## 21 Prior Sale and Transfer History + +The Prior Sale and Transfer History section always displays and includes information and analysis regarding the recent transfer history of the subject property, and of the comparables appearing in the Sales Comparison Approach section. This section provides space for analysis and exhibits. + +### Subject Property for the Past Three Years / Comparables for Past Year + +The appraiser must report on all prior sales or transfers (not the current sale) for: +- Subject property for three years prior to the effective date of the appraisal, or longer if relevant. +- Each comparable property in the Sales Comparison Approach: + - For the comparables, this section is for reporting sales that occurred within one year prior to the sale or listing reported in the Sales Comparison Approach. Do not repeat the same information that is already reported in the Sales Comparison Approach. + - Settled Sales: All sales or transfers 12 months prior to the comparable sale date as reported in the Sales Comparison Approach. + - All other non-settled comparables (Active, Pending, or Off Market): All sales or transfers 12 months prior to the effective date of the appraisal. + +### Subject Transfer History + +#### Example: Prior Sales for Subject Property + +**Subject Transfer History** + +Prior sales and/or transfers of the subject property (minimum 3 year look back) + +| Transfer Terms | Date | Amount | Data Source | +|---------------------|------------|---------|-----------------| +| Typically Motivated | 07/10/2017 | $700,000 | Assessor Record | +| | | | MLS | + +**Analysis of Prior Sale and Transfer History of Subject Property** +There has been little fluctuation in the market during the past 4 years. + +#### Example: No Prior Sales for Subject Property + +**Subject Transfer History** + +Prior sales and/or transfers of the subject property (minimum 3 year look back) + +- Prior Sales or Transfers: None +- Data Source: MLS + +**Analysis of Prior Sale and Transfer History of Subject Property** +Only prior sale of the subject was when it was a new construction in 2004. + +**Subject Transfer History** + +Prior sales and/or transfers of the subject property (minimum 3 year look back) + +- Prior Sales or Transfers: 21.000 + +| Data Source | Transfer Terms | Date | Amount | Data Source | +|--------------|----------------|-------|--------|-------------| +| 21.001 | 21.002 | 21.003 | 21.004 | 21.005 | + +**Analysis of Prior Sale and Transfer History of Subject Property** +21.006 + +--- +Appendix F-1: URAR Reference Guide Page 207 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_208.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_208.md new file mode 100644 index 0000000000000000000000000000000000000000..dd6c882df757bf5b9cbf7e7c5ef0b2275122fa01 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_208.md @@ -0,0 +1,82 @@ +```markdown +# Uniform Appraisal Dataset 21 Prior Sale and Transfer History + +## Prior Sale and Transfer History: Subject Transfer History + +- **Report All** + + - **Report Label** + When to Include + - **Definition / Additional Guidance** + Field ID Answers / Format + +- **Prior Sales or Transfers** + Always required + + - **Yes** + (there are relevant sales or transfers, either within or beyond the reporting period) + + - **No** + (there are no relevant sales or transfers. "None" displays, and the Transfer Terms table does not display). + +### Field ID 21.001 | Data Source + +Required if Prior Sales or Transfers is No more allowable. + +- Choose one or more allowable answers from the + + - Assessor Record + - Builder or Developer + - Cooperative Board + - Data Aggregator + - Deed + - Homeowners Association + - MLS + - Previous Appraisal File + - Property Management Company + - Property Owner + - Property Tenant + - Other (Describe) + +For reference, see the Statement of Assumptions and Limiting Conditions relevant to data sources and Appraiser Certification 8. + +## Comparable Transfer History + +The Comparable Transfer History subsection shows information about each comparable in the Sales Comparison Approach section. + +### Comparable Transfer History + +Prior sales and/or transfers of the comparable properties from the 'Sales Comparison Approach' section (minimum 1 year look back) + +| # | Transfer Terms | Date | Amount | Data Source | +|-----|----------------------|------------|----------|----------------| +| #1 | None | | | Assessor Record | +| | | | | MLS | +| #2 | Typically Motivated | 10/01/2018 | $779,000 | Assessor Record | +| | | | | MLS | +| #3 | Typically Motivated | 12/31/2018 | $750,000 | Assessor Record | +| | | | | MLS | +| | Typically Motivated | 09/15/2018 | $725,000 | Assessor Record | +| | | | | MLS | +| #4 | None | | | MLS | + +### Analysis of Prior Sale and Transfer History of Comparable Sales + +There was no information regarding material changes to Comparable #2 made known to the appraiser. Concerning Comparable #3, a kitchen remodel occurred prior to the most recent transfer, supporting an increase in price. + +### Comparable Transfer History + +Prior sales and/or transfers of the comparable properties from the 'Sales Comparison Approach' section (minimum 1 year look back) + +| # | Transfer Terms | Date | Amount | Data Source | +|-----|----------------------|------------|----------|----------------| +| 21.007, 21.008 | 21.009 | 21.010 | 21.011 | | + +### Analysis of Prior Sale and Transfer History of Comparable Sales + +21.012 + +--- + +Appendix F-1: URAR Reference Guide Page 208 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_209.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_209.md new file mode 100644 index 0000000000000000000000000000000000000000..f169dd535477727c882adaa1f6d0217c603f68b6 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_209.md @@ -0,0 +1,58 @@ +# Uniform Appraisal Dataset + +## 21 Prior Sale and Transfer History + +### Comparable Transfer History + +- **Report All bl** + +**epo** + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------|-----------------|---------------------------------|---------|-----------------| +| **Required for each comparable in the Sales Comparison Approach section** | The numerical order assigned by the appraiser to each comparable in the Sales Comparison Approach section (22.01.06), commonly referred to as the “comp number.” | + +#### Transfer Terms + +- **Required for each comparable in the Sales Comparison Approach section** + + - Yes (there are relevant sales or transfers, either within or beyond the reporting period). + - No (there are no relevant sales or transfers. “None” displays, and the appraiser must also report their Data Source(s). + +#### Data Source + +- **Required if Prior Sales or Transfers is No for the Comparable** + + Choose one or more allowable answers from the Definition / Additional Guidance column: + + - Assessor Record + - Builder or Developer + - Cooperative Board + - Data Aggregator + - Deed + - Homeowners Association + - MLS + - Previous Appraisal File + - Property Management Company + - Property Owner + - Property Tenant + - Other (Describe) + +For reference, see the Statement of Assumptions and Limiting Conditions relevant to data sources and Appraiser Certification 8. + +### Information for each Sale or Transfer + +If more than one prior sale or transfer of the subject property or any of the comparable sales occurred within the applicable time period, the appraiser must provide all the applicable details for each. + +#### Prior Sale and Transfer History Details (for Subject and Each Comparable) + +- **Report All bl** + +**epo** + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------|-----------------|---------------------------------|---------|-----------------| +| **21.002 Transfer Terms** | Required for each sale or transfer | Choose an Ownership Transfer Type: The type of ownership transfer of real property as recognized in the jurisdiction in which it is located. | | | +| **Ownership Transfer Type’** | | | - Deed Transfer Only - Sale | + +_Appendix F-1: URAR Reference Guide Page 209 of 367 Version 1.2_ \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_21.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_21.md new file mode 100644 index 0000000000000000000000000000000000000000..c3bc03856135a52615fe811ebc5df18d719e8f81 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_21.md @@ -0,0 +1,60 @@ +```markdown +# Uniform Appraisal Dataset Overview + +## Income Approach + +**Photo or Image Required?** +A map showing the subject property and the Gross Rent Multiplier (GRM) Comparables + +**Section Name** +Map of GRM Comparables + +**Additional Guidance** +An additional caption may be provided. The URAR can display this map in the Sales Comparison Approach section. + +**Image Exhibits Required** +Photos or images related to the Income Approach section that are not specified above. + +## Cost Approach + +**Photo or Image Required?** +Map of Land Comparables + +**Image Exhibits Required** +Photos or images related to the Cost Approach section that are not specified above, including an image of the worksheet showing support of Cost Approach calculations. + +## Reconciliation + +**Image Exhibits Required** +Required for each photo or image. + +## Revision History + +This section does not have any images associated with it. + +## Supplemental Information + +**Image Exhibits Required** +Required for each photo or image. Photos and images must only be displayed in Supplemental Information when they are not relevant to any other section. + +## Certifications and Scope of Work + +This section does not have any images associated with it. + +### Additional Guidance: Maps + +- The appraiser must check to be sure the vendor software has correctly placed all addresses on any maps. For situations where the software does not correctly auto-populate, and if vendor software allows, the appraiser must “move the pin” to the location of the dwelling on the property. + +#### Examples: + +- For larger parcels or new construction, move to the location of the dwelling. +- For land comparables, where geocoding may not be aware of the address. + +### Best Practices + +- When there are multiple allowable answers, select the answer that is most applicable. Don’t select Other (Describe) and type in abbreviations or words with similar meaning to the allowable answer. +- The URAR includes many options that allow for the appropriate scope of work. Not all options are required. + **Example:** The cost approach is optional in the data, and not all clients require it for all property types. + +**Appendix F-1: URAR Reference Guide Page 21 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_210.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_210.md new file mode 100644 index 0000000000000000000000000000000000000000..1c4c3ebaae98eca6869dcfc19dd31779c74983cc --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_210.md @@ -0,0 +1,79 @@ +```markdown +# Uniform Appraisal Dataset 21 Prior Sale and Transfer History + +## Prior Sale and Transfer History Details (for Subject and Each Comparable) + +### Beate Report Label When to Include Alfeuelils Definition / Additional Guidance + +| Field ID | Answers / Format | +|----------|------------------| +| 21.002 | Transfer Terms | +| | Required for each sale or transfer if allowable answer | +| | Choose a Prior Sale Type: The terms of the prior sale or transfer. | + +- **Transfer Terms:** Choose an allowable answer from the table + - Court Ordered Non-Foreclosure Sale + - Ownership Transfer from Estate + - Foreclosure Sale + +| 21.004 | Amount | +| 21.005 | Data Source | + +| Field ID | Answers / Format | +|----------|------------------| +| 21.008 | Date | +| | Required for each sale or transfer | +| | mm/dd/yyyy | +| 21.010 | Prior Sale or Transfer Amount | +| | Dollar amount | +| 21.011 | Reason Price Not Available | +| | Choose an allowable answer from the table | + +- **Ownership Transfer Amount Not Available Reason:** Choose one or more allowable answers + - Land Sale + - Pre-Subdivision Sale + - Sale Between Related Parties + - Relocation Sale + - REO Post Foreclosure Sale + - Short Sale + - Typically Motivated + - Other (Describe) + +**Note:** If more than one Transfer Term applies, select the most applicable one and provide details in: +- Analysis of Prior Sale or Transfer History of Subject Property (21.006). +- Analysis of Prior Sale or Transfer History of Comparable Sales (21.012). + +#### Definitions + +- **Date:** The date of the prior sale or transfer. + +- **Prior Sale or Transfer Amount:** The dollar amount of the prior sale or transfer. + - Provide the dollar amount of the prior sale or transfer, if known, in whole dollars. Fractional amounts must be rounded to the nearest dollar. For transfers with no monetary consideration such as gifts etc., report $0. + +- **Ownership Transfer Amount Not Available Reason:** The reason why the prior transfer price is not available for the transaction. In some jurisdictions, the price of prior sale(s) or transfer(s) is not disclosed in the public records or not otherwise available to the appraiser in the normal course of business. + - Not Disclosed + - Not Recorded + - Other (Describe) + +- **Data Source(s):** Used to research the prior sale or transfer history. + - Assessor Record + - Builder or Developer + - Cooperative Board + - Data Aggregator + - Deed + - Homeowners Association + - MLS + - Previous Appraisal File + - Property Management Company + - Property Owner + - Property Tenant + - Other (Describe) + +For reference, see the Statement of Assumptions and Limiting Conditions relevant to data sources and Appraiser Certification 8. + +### Appendix F-1: URAR Reference Guide + +Page 210 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_211.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_211.md new file mode 100644 index 0000000000000000000000000000000000000000..dc38cb7bcc93b9582c23f4cd77e6c433d9b20dd5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_211.md @@ -0,0 +1,54 @@ +```markdown +# Uniform Appraisal Dataset + +## 21 Prior Sale and Transfer History + +### Prior Sale or Transfer Types + +Indicate the Prior Sale Type from the list of allowable answers. If more than one sale type can apply to a prior sale or transfer, select the most applicable one, and comment on any additional sale types that applied for the transfer in Analysis of Prior Sales and Transfer History of Subject Property (21.006) or Analysis of Prior Sales and Transfer History of Comparables (21.012), as applicable. + +#### Ownership Transfer Type (Choose one for each Sale or Transfer) + +| Allowable Answer | Definition / Additional Guidance | +|------------------------|----------------------------------------------------------------------------| +| Deed Transfer Only | A non-sale deed transfer or recordation (e.g., quitclaim deed). | +| Sale | Asale transaction. | + +#### Prior Sale Type (Choose one for each Sale) + +| Allowable Answer | Definition / Additional Guidance | +|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| +| Court Ordered Non-Foreclosure Sale | Asale in which a judge has ordered the sale of the property for purposes other than foreclosure or estate resolution. | +| Estate Sale | Asale as a result of disposition of assets from an estate. | +| Land Sale | The sale of undeveloped or minimally developed land. | +| Foreclosure Sale | A forced sale of the property as a result of default. | +| Pre-Subdivision Sale | The sale of a parcel prior to subdivision resulting in the splitting of the property into multiple parcels. | +| | Example: 30,000 square foot lot with previous sale of $100,000, subsequently subdivided into three lots, with the subject | +| | (or comparable) selling for less than $100,000. | +| Sale Between Related Parties | The sale of a property in which the buyer and seller have a relationship independent of the transaction (e.g., business partners, | +| | family members, employer/employee, landlord/tenant). | +| Relocation Sale | A property being sold as part of a relocation program. | +| REO Post Foreclosure Sale | The sale of a property from inventory that has been acquired through foreclosure, deed-in-lieu of foreclosure, or similar legal | +| | processes by the lien holder (e.g., a bank selling property to individual(s) or to another entity). | +| Typically Motivated | Asale that occurs under open and competitive market conditions where both parties are well informed, acting in their own best | +| | interest. Note: Most arm’s length sales are typically motivated. | +| Other (Describe) | Select Other to enter an answer that is not in the above list, e.g., Private Sale. | +| Short Sale | A sale of property in which the lien holder accepts less than the debt or obligation against the property. | + +### Reason Price Not Available (If applicable, choose one for each Sale or Transfer) + +| Allowable Answer | Definition / Additional Guidance | +|----------------------|-------------------------------------------------------------------------------------------------------------------------------| +| Not Disclosed | Sale or transfer price is not available to the general public or to the appraiser in the normal course of business. | +| | Example: Non-disclosure states | +| Not Recorded | Information not on file in the local jurisdictional authority. | +| | Example: Delays in recording | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | +| | Example: Confidentiality requested by client | + +--- + +Appendix F-1: URAR Reference Guide + +Page 211 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_212.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_212.md new file mode 100644 index 0000000000000000000000000000000000000000..c7e147a2f29b111dc83e4b0a73f590d76e461070 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_212.md @@ -0,0 +1,26 @@ +```markdown +# Uniform Appraisal Dataset 21 Prior Sale and Transfer History + +## Analysis of Prior Sales and Transfers + +### Report Allowable + +| . P | Report Label | When to Include | Definition / Additional Guidance | +|-----|----------------------------------------------|-----------------|---------------------------------| +| | Analysis of Prior Sale or Transfer History of Subject Property | Always required | Free-form. The appraiser must explain the results of their analysis including research performed, details of the transactions, and any differences between the sales or transfers. | +| 21.012 | Analysis of Prior Sale or Transfer History of Comparable Sales | Always required | Free-form. The appraiser must explain the results of their analysis including research performed, details of the transactions, and any differences between them. | + +## Prior Sale and Transfer History Exhibits + +All photos or images related to the Prior Sale and Transfer History section are displayed in the Prior Sale and Transfer History Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Report Allowable + +| . P | Report Label | When to Include | Definition / Additional Guidance | +|-----|-----------------------|-----------------|---------------------------------| +| | See Prior Sale and Transfer History Exhibits | If applicable | Photos or images relevant to the Prior Sale and Transfer History section may be provided, which display in Prior Sale and Transfer History Exhibits. If the photo or image is not specifically indicated above, provide a caption to further identify the photo. | + +--- + +Appendix F-1: URAR Reference Guide Page 212 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_213.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_213.md new file mode 100644 index 0000000000000000000000000000000000000000..f955b30878621f9c98e01cab58e5e78b9d0fc966 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_213.md @@ -0,0 +1,41 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## 22 Sales Comparison Approach + +The Sales Comparison Approach section captures a market analysis of the subject property via a grid of comparable transactions (comps) and their characteristics. The "sales grid" (or "sales comparison grid") displays a summary of the evidence in support of the appraiser's opinion of value in the form of market-driven adjustments for differences in characteristics. The section provides space for commentary and exhibits. + +Due to the expandable nature of the sales comparison grid: +- Do not represent the same information more than once in the sales grid. +- Do not duplicate line items and/or their adjustments. + +The Sales Comparison Approach displays when the field Sales Comparison Approach Developed by Appraiser is Yes, and the "When to Include" column in this chapter reflects this. + +### Sales Comparison Approach Developed by Appraiser + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|---------------------------------------------------| +| Field ID | Answers / Format| This is an appraiser input that does not display. | + +- Yes (The Sales Comparison Approach section is included) +- No (The Sales Comparison Approach section is not included) + +Note: Sales Comparison Approach Developed by Appraiser does not display. + +The Sales Comparison Approach section may include some or all of the following subsections ("gray bars"): +- General Information (always displays) +- Project Information (if applicable, or if relevant) +- Site (always displays) +- Water Frontage with Private Access (if applicable) +- Dwelling(s) (always displays) +- Energy Efficient and Green Features (if relevant) +- Unit(s) (always displays) +- Quality and Condition (always displays) +- Property Amenities (if relevant) +- Vehicle Storage (always displays) +- Outbuilding (if applicable) +- Summary (always displays) +- Reconciliation of Sales Comparison Approach (always displays) + +Appendix F-1: URAR Reference Guide Page 213 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_214.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_214.md new file mode 100644 index 0000000000000000000000000000000000000000..9c3d1931fe453f3342dc825b52c4b9a166cad044 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_214.md @@ -0,0 +1,37 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +- Sales Comparison Map (always displays) +- Additional Properties Analyzed Not Used (if relevant) +- Sales Comparison Approach Exhibits (always displays) + +## Key Concepts + +### Subject and Comparable Information + +#### Subject Property Information in the Sales Comparison Grid + +Information previously entered for the subject property populates from the applicable section to the sales comparison grid and does not have to be re-entered. + +- The “Origin of Subject Property Information” column in this chapter shows the original location of the information. +- Reference the original section for detailed definitions of the allowable answers. + +There is other information that the appraiser must input directly into the sales comparison grid. + +#### Fields that are Not Applicable in the Sales Comparison Grid + +If a specific field in the sales grid is not applicable for the subject or a given comparable, the cell is either grayed out or displays a dash (—). + +##### Grayed Out Cells + +Information that is never applicable for the subject property or comparables is grayed out in the sales comparison grid. + +Examples: + +- Proximity to Subject, Same Builder as Subject, and Sale Date are not applicable for the subject property and are always grayed out. +- Same Builder as Subject is not adjustable, so the adjustment cell is always grayed out. + +--- + +*Appendix F-1: URAR Reference Guide Page 214 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_215.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_215.md new file mode 100644 index 0000000000000000000000000000000000000000..6af9642bf2d9f41c3b91dbfe0e592106fc378986 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_215.md @@ -0,0 +1,62 @@ +``` +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +| Subject Property | Comparable #1 | Comparable #2 | Comparable #3 | +| ---------------- | ------------- | ------------- | ------------- | +| **Property Address** | | | | +| 123 Anywhere St
Some City, VA 20141 | 345 Somewhere Ave
Some City, VA 20141 | 222 Canal Blvd
Anywhere City, VA 20141 | 98761 State Rd 3
Anywhere City, VA 20141 | +| **Photo Location** | **Photo Location** | **Photo Location** | **Photo Location** | +| This is where the Subject Property photo would display. | This is where the Comparable 1 photo would display. | This is where the Comparable 2 photo would display. | This is where the Comparable 3 photo would display. | + +## Data Source + +| Comparable #1 | Comparable #2 | Comparable #3 | +| ------------- | ------------- | ------------- | +| MLS | 675498237 | MLS | 87598763 | MLS | 65478326 | + +## Proximity to Subject + +| Comparable #1 | Comparable #2 | Comparable #3 | +| ------------- | ------------- | ------------- | +| 3.71 Miles SE | 6.32 Miles NE | 9.09 Miles SE | + +## Same Builder as Subject + +| Comparable #1 | Comparable #2 | Comparable #3 | +| ------------- | ------------- | ------------- | +| No | No | No | + +## Cells Displaying a Dash + +Information that is not applicable for the appraisal displays a dash (—) in the sales comparison grid. + +### Examples + +| Attribute | Subject Property | Comparable #1 | Comparable #2 | Comparable #3 | +| ---------------------- | ---------------- | ------------- | ------------- | ------------- | +| List Price | — | $340,000 | $229,999 | $265,000 | +| Listing Status | — | Settled Sale | Settled Sale | Settled Sale | +| Contract Price | — | $325,000 | — | $247,000 | +| Sale Price | — | $325,000 | $219,950 | $247,000 | +| Sales Concessions | No | No | No | No | +| Contract Date | — | 09/15/2021 | 12/05/2021 | 11/15/2021 | +| Additional Costs | $0 | $0 | $0 | $0 | + +If there is no sales contract, or Sales Contract Analyzed is No, the following cells display a dash for the subject property to show that the information is not applicable: + +- Contract Price (if the row is included in the sales comparison grid) +- Sales Concessions +- Contract Date + +If the subject is in a project and the comparable is not, the cell(s) display a dash to show that project information is not applicable for the comparable. + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 215 of 367_ + +_Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_216.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_216.md new file mode 100644 index 0000000000000000000000000000000000000000..159c3cd3707055155ab435104032ae6a9ef0504d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_216.md @@ -0,0 +1,42 @@ +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## How Rows Display in the Sales Comparison Grid + +There are three ways that rows display in the sales comparison grid depending on characteristics of the subject and/or comparables. + +- **Rows that always display** (e.g., Property Address, Year Built, and Attached/Detached) +- **Rows that conditionally display if applicable** based on property characteristics (e.g., Project Information, Water Frontage, and ADU) +- **Rows that may display if relevant** to support adjustments, analysis, and conclusions + +**Examples:** + +| Row Displays if Applicable | Row Displays if Relevant | +|-----------------------------------------------|-----------------------------------------------------------| +| Report Label | Row Always Displays | +| SP | ¥ | +| PP! | PI | +| Year Built | v | +| Quality (Interior) | v | +| Condition (Interior) | v | +| Hazard Zone | When the subject or any comparable is in a Hazard Zone | +| Project Name | Same Project as Subject When the subject or any comparable is in a condo, co-op, or condop | +| Townhouse End Unit | v | +| Cooling | | + +For a full list, including whether the row is adjustable, see Appendix F-1: URAR Reference Guide Supplement - Summary of Rows in Comparable Grids. + +## General Guidance on Rows that May Display + +Some rows display on the sales comparison grid if relevant: + +- To make an adjustment on a specific characteristic, or +- In support of an overall or rollup adjustment, or +- To report meaningful attributes, or +- To support conclusions, scope of work, or policy. + +**Notes:** + +- These rows must be brought into the sales comparison grid when there is relevant and meaningful information for the subject and all comparables, and adding the row leads to credible results. Not reporting a meaningful attribute can be misleading by omission. +- These rows are indicated in this chapter with the Report Label in blue italics, and “If relevant” in the “When Row Displays” column. + +*Appendix F-1: URAR Reference Guide Page 216 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_217.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_217.md new file mode 100644 index 0000000000000000000000000000000000000000..288f393ca2ec61731babe3815458e5d095b8107e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_217.md @@ -0,0 +1,42 @@ +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Additional Rows + +One or more additional rows may be added to the following relevant subsections to provide context and impactful details. These rows must only be used when atypical characteristics are observed. Do not add rows for information that is already available as a predefined row. Choose the applicable subsection for the characteristic. + +- General Information +- Site +- Dwelling(s) +- Unit(s) +- Vehicle Storage +- Outbuilding + +## Adjustments + +Adjustments in the sales comparison grid fall into one of two categories: + +- **An overall or rollup adjustment** that is supported by non-adjustable rows. Example: + + | Type | Spaces | Detail | + |----------|--------|-----------------| + | Driveway | 4 | Pavers | + | Driveway | 2 | Asphalt | + | Driveway | 2 | Asphalt | + | Driveway | 4 | Asphalt | + | Garage | 2 | Attached | + | Garage | 2 | Attached | + | | | 400 Sq. Ft. | + | | | 400 Sq. Ft. | + +- **A line-item adjustment.** Example: + + | Site Influence (Location) | | | + |---------------------------|--------|-----------| + | Park | | Residential| + | Pond | $0 | Residential| + | | $5,000 | | + | Busy Roadway | $20,000| | + +For a full list of rows in the sales grid and whether each is adjustable, see Appendix F-1: URAR Reference Guide Supplement - Summary of Rows in Comparable Grids. + +Appendix F-1: URAR Reference Guide Page 217 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_218.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_218.md new file mode 100644 index 0000000000000000000000000000000000000000..5f5be482b68f85ac19ca30be4c47e0aaa285327e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_218.md @@ -0,0 +1,19 @@ +``` +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +If a feature or characteristic of the subject property differs from a feature or characteristic of a comparable property and there is no market support for an adjustment, enter a SO in the adjustment line. The zero indicates that the appraiser has considered the difference and determined that there is no measurable impact. This includes information that is not applicable (“grayed out”) for the subject, such as Financing Type and Sale Date. + +| Financing Type | VA $0 | Conventional $0 | Conventional | +|-----------------|-------|------------------|--------------| +| Sales Concessions | No | No | No | No | + +| Contract Date | 08/25/2019 | 02/22/2019 $0 | 10/01/2018 $0 | 03/20/2019 $0 | +|---------------|------------|---------------|--------------|--------------| +| Sale Date | L_ 04/30/2019 $0 | 12/03/2018 $0 | 05/30/2019 $0 | + +When the features for the subject and comparable sale(s) are the same and no adjustment is warranted, leave the field blank - do not enter or default to zero. + +| Structure Design | Mid-rise | Mid-rise | Mid-rise | Mid-rise | + +**Appendix F-1: URAR Reference Guide Page 218 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_219.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_219.md new file mode 100644 index 0000000000000000000000000000000000000000..949b541135a5ac7fd93b17cdbb4b44858b7c09d3 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_219.md @@ -0,0 +1,47 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## General Information + +The General Information subsection always displays on the sales comparison grid. + +- **Sub; Pro Com le #**: 22.01.16 +- **Property Address**: 22.01.01, 22.01.17 + - 22.01.01.1 + - 22.01.17.1 +- **Data Source**: 22.01.18 +- **Proximity to Subject**: 22.01.19 +- **List Price**: 22.01.02, 22.01.20 +- **Listing Status**: 22.01.03, 22.01.21 +- **Contract Price**: 22.01.04, 22.01.22 +- **Sale Price**: 22.01.23 +- **Transfer Terms**: 22.01.24, 22.01.25$ +- **Financing Type**: 22.01.26, 22.01.27 § +- **Sales Concessions**: 22.01.05, 22.01.28, 22.01.29§ +- **Contract Date**: 22.01.06, 22.01.30, 22.01.31§ +- **Sale Date**: 22.01.32, 22.01.33§ +- **Days on Market**: 22.01.07, 22.01.34 +- **Sale to List Price Ratio**: 22.01.35, 22.01.36 $ +- **Attached/Detached**: 22.01.08, 22.01.37, 22.01.38$ +- **Property Rights Appraised**: 22.01.09, 22.01.39, 22.01.40 § +- **Annual Ground Rent**: 22.01.10, 22.01.41 +- **Native American Lands**: 22.01.11, 22.01.42, 22.01.43$ +- **All Rights Included**: 22.01.12, 22.01.44, 22.01.45$ +- **Rights Not Included**: 22.01.13, 22.01.46 +- **Same Builder as Subject**: 22.01.47 + - 22.01.14, 22.01.15, 22.01.48, 22.01.49$ + +### Sales Comparison Approach: General Information + +- **Report Label**: Displays each Comparable + - **When to Include for Allowable Origin of Subject**: Always required + - **Definition / Additional Guidance**: + - **Field ID**: 22.01.16 + - **Answers / Format**: Comparable # + - **Property Information Row**: Sales Comparable # + - Only applicable to comparables + +--- + +_Appendix F-1: URAR Reference Guide Page 219 of 367 Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_22.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_22.md new file mode 100644 index 0000000000000000000000000000000000000000..f4a42ecf42f65918e1991321b083786acf9c528d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_22.md @@ -0,0 +1,33 @@ +```markdown +# Uniform Appraisal Dataset + +## Header and Footer + +The header and footer display on each page. They provide navigation and reference notations including report title, page numbers, and, if applicable, Reference IDs used by various parties to the appraisal. The footer contains information that is input by the appraiser; those fields are addressed in this chapter. + +### Footer + +- **Appraisal Version #**: HF.002 +- **Appraiser ReferenceID**: HF.005 +- **Agency Case FileID**: HF.006 +- **Fannie Mae / Freddie Mac**: HF.003 +- **Client ReferenceID**: HF.007 +- **September 2024**: HF.004 +- **AMCReferenceID**: HF.008 + +### Beate Report Label + +| Field ID | When to Include | Altewzlils Definition / Additional Guidance | Answers / Format | +|-----------------------|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------| +| **Appraisal Version #**| Always required | The version number is updated each time the appraiser transmits the appraisal report to the client. A sequential number should be provided for each version of the appraisal report transmitted to the client.

Example: After the initial submission, when changes are made, the next version would be identified as Appraisal Version #2. | | +| **Appraiser Reference ID**| Always required | An identifier or number created by the appraiser to identify their report, generally referred to as the appraiser’s file number. | Free-form | +| **Agency Case File ID** | Required for FHA and VA appraisals | A unique number assigned to the loan by the government agency. Reference the appropriate government agency appraisal guidelines for more information.
Note: If not applicable, Agency Case File ID does not display. | Free-form | +| **Client Reference ID** | If applicable | A unique number or identifier assigned to the appraisal by the client.
Note: If not applicable, Client Reference ID does not display. | Free-form | +| **AMC Reference ID** | If applicable when there is an AMC | A unique number or identifier assigned to the appraisal by the appraisal management company (AMC).
Note: If not applicable, AMC Reference ID does not display. | Free-form | + +## Appendix F-1: URAR Reference Guide + +Page 22 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_220.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_220.md new file mode 100644 index 0000000000000000000000000000000000000000..74564f3835341dd84d9831a05a695e2f1d1f72d5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_220.md @@ -0,0 +1,43 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Sales Comparison Approach: General Information + +### Report + +| Field ID | When to Include | Allowable Answers / Format | Origin of Subject Property Information | +|-----------|------------------------|------------------------------------------------|----------------------------------------| +| 22.01.01 | Always required | Free-form, in format that conforms to address standards in USPS Publication 28, Postal Addressing Standards | No | +| 22.01.17 | Always required | Property Address Photo of the property, typically the front. Note: Sales comparable photos are required and redisplay in Sales Comparison Approach Exhibits with the Comparable #. | | + +### Subject Property + +- **Field ID**: Displays each Comparable Row +- **Number of ADUs on Property**: This is an appraiser input that does not display in the sales grid + - Notes: + - Enter zero (0) if there are no ADUs on the property. + - ADUs may be in the dwelling, attached to the dwelling, or associated with a separate building (outbuilding). + +### Sales Comparable Data Source + +- **Data Source**: Always required + - Choose one or more allowable answers from the Definition / Additional Guidance column: + - Assessor Record + - Builder or Developer + - Condominium Questionnaire + - Cooperative Board + - Cooperative Questionnaire + - Data Aggregator + - Exterior Inspection + - Homeowners Association + - Interior Inspection + - Land Survey + - MLS + - Previous Appraisal File + - Property Management Company + - Property Owner + - Real Estate Agent + - Other (Describe) + +Appendix F-1: URAR Reference Guide Page 220 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_221.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_221.md new file mode 100644 index 0000000000000000000000000000000000000000..11f90d0ec6563a197c3b933c872d2067524fcd6e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_221.md @@ -0,0 +1,49 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: General Information + +| Report Label | Definition / Additional Guidance | When to Include | Allowable Answers / Format | +|--------------|----------------------------------|----------------|----------------------------| +| **Field ID** | Displays each Comparable Property Information Row | | | +| **22.01.18** | Data Source Identifier: A unique number or identifier assigned to the comparable by the Data Source. Examples: If Data Source is MLS, provide the MLS number. If Data Source is Assessor Record, provide the recording or document number. | Always Required when Sales Comparable Data Source is MLS or if applicable | Free-form Data Source Identifier | +| **22.01.19** | Proximity to Subject | Required if Proximity to Subject is not 0 | Number of miles or kilometers | +| **List Price** | | Always required if available | Dollar amount | + +#### Proximity to Subject +Note: Can be 0, such as when the comparable is in the same building as the subject property or an adjacent property. + +#### Direction from Subject to Comparable +- E +- N +- NE +- NW +- S +- SE +- SW +- W + +| **Subject Listing Information** | | +|---------------------------------|---------------------------------| +| **List Price 19.009** | The last known list price for the transaction. | + +| **22.01.03** | Listing Status | If relevant | Required when Listing Status is Pending, and the row is included in the sales comparison grid | +| **22.01.04** | Contract Price Unknown is only applicable to comparables | Required if Contract Price Unknown is No | Dollar amount | + +#### Listing Status +19.002 for most recent listing +- Active +- Off Market (previously in MLS) +- Pending +- Settled Sale (applicable to comparables only) + +#### Contract Price Unknown +- Yes (the comparable has been included in the sales grid, but the contract price is unknown. In this case, "Unknown" displays) +- No (Contract Price is known and must be provided) + +### Appendix F-1: URAR Reference Guide + +Page 221 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_222.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_222.md new file mode 100644 index 0000000000000000000000000000000000000000..79531dd84765865e1a4a241ca88c054eae8def1a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_222.md @@ -0,0 +1,119 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: General Information + +#### Report + +| Field ID | Report Label | +|----------|-----------------------------------| +| | Sale Price | + +**When Row Displays** + +- Required if Listing Status is Settled Sale + +**When to Include for each Comparable** + +- Sale Price is only applicable to comparables + +**Allowable Answers / Format** + +- Dollar amount + +**Definition / Additional Guidance** + +--- + +| 22.01.24 | Transfer Terms | +|----------|-------------------------------------------------------| +| | Financing Type | + +**22.01.26 | Financing Type** + +--- + +| 22.01.05 | Sales Concessions | +|----------|-------------------------------------------------------| +| 22.01.28 | Sales Concessions | + +- If relevant +- Always + +**Required when the row is included in the sales comparison grid** + +**Required when Transaction Executed Without Financing is No** + +**Required if Known Sales Concessions is Yes** + +--- + +| 22.01.25 | Choose an allowable answer from the Definition / Additional Guidance column | +|----------|--------------------------------------------------------------------------| +| | Transfer Terms is only applicable to comparables | + +- Transaction Executed Without Financing is only applicable to comparables + +--- + +| 22.01.27 | Primary Financing Type is only applicable to comparables | +|----------|--------------------------------------------------------------------------| +| | Choose an allowable answer from Definition / Additional Guidance column | + +--- + +**Sales Contract** + +- Known Sales Concessions 22.01.29 + +- Sales Concession Amount Known 20.009 + +**Transaction Executed Without Financing** + +- If Yes, “Cash” displays for Financing Type + +**Primary Financing Type** + +- Conventional (includes Jumbo and portfolio lending) +- FHA +- Private +- USDA +- VA +- Other (Describe) + +**Known Sales Concessions:** Indicates whether there are sales concessions. + +- Yes (indicate whether the amount is known) +- No (the appraiser is not aware of any sales concessions, and “No” displays) + +**Sales Concession Amount Known:** Indicates whether the appraiser is aware of the specific sales concession amount. + +- Yes (provide the amount) +- No (“Unknown” displays) + +#### Transaction Types + +- Court Ordered Non-Foreclosure Sale +- Estate Sale +- Foreclosure Sale +- Land Sale +- Pre-Subdivision Sale +- Relocation Sale +- REO Sale +- Sale Between Related Parties +- Short Sale +- Typically Motivated (e.g., Arm’s Length sale) +- Other (Describe) + +**Note:** If more than one Transfer Term applies, select the most applicable one and provide details in Reconciliation of Sales Comparison Approach (22.16.01). + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 222 of 367 + +Version 1.2 +``` diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_223.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_223.md new file mode 100644 index 0000000000000000000000000000000000000000..3a60e4ab3e3ad186f634e29fe3b282dbd8e26c79 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_223.md @@ -0,0 +1,78 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: General Information + +#### Report + +| Field ID | Report Label | +|--------------------|--------------| +| Sales Concessions | | +| 22.01.30 | Contract Date| +| 22.01.32 | Sale Date | +| 22.01.35 | Sale to List Price Ratio | + +#### Attached/Detached + +| When Row Displays | If relevant | +|-------------------|-------------| +| When to Include for each Comparable | Required if Sales Concessions Amount Known is Yes | +| | Required if Listing Status is Pending or Settled Sale | +| | Required if Contract Date Unknown is No | +| | Required if Listing Status is Settled Sale | +| | Always required | +| | Required if Listing Status is not Settled Sale, and the row is included in the sales comparison grid | +| | Always required | +| Allowable Answers / Format | Dollar amount, mm/dd/yyyy, Percent, Attached or Detached | + +#### Origin of Subject Property Information + +| Origin | Information | +|------------------------------------|----------------------------------| +| Sales Contract | Total Sales Concessions 20.009 | +| | Contract Date Unknown is only applicable to comparables | +| Sales Contract | Contract Date 20.005 | +| Subject Listing Information | Days on Market 19.007 for the most recent listing | +| Subject Property | Attachment Type 3.004 | + +#### Adjustable Row + +| Adjustable Row ID | Yes / No | +|-------------------|----------| +| 22.01.29 | Yes | +| 22.01.31 | Yes | +| 22.01.31 | Yes | +| 22.01.33 | Yes | +| 22.01.36 | Yes | +| 22.01.38 | Yes | + +### Definition / Additional Guidance + +- **Total Sales Concessions:** The sales concession amount known to the appraiser. +- **Contract Date Unknown:** + - **Yes** (the comp has been included in the sales grid, but the contract date is unknown. In this case, "Unknown" displays) + - **No** (Contract Date must be provided) +- **Contract Date:** The date that a fully executed contract was signed by all parties. + - **Note:** If Contract Date is known, use this row to make time adjustments based on changes in the market. + - **Note:** If Contract Date is unknown, use this row to make time adjustments based on changes in the market. +- **Days on Market for the most recent listing:** + - Enter zero (0) for properties that were not listed on the open market through a publicly available source (e.g., Listing Type is FSBO (For Sale by Owner)). + - Enter 1 for properties that were listed on the market and placed under contract on the same day. + - For all other scenarios, enter the actual days on market that apply to the listing. + +### Sale to List Price Ratio + +A ratio applied to a comparable listing that represents the difference between the list price and an anticipated sale price for the comparable. + +- **Examples:** + - $100,000 List Price with a sale price of $102,000 results in a Sale to List Price Ratio of 102%. + - $100,000 List Price with a sale price of $98,000 results in a Sale to List Price Ratio of 98%. + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 223 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_224.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_224.md new file mode 100644 index 0000000000000000000000000000000000000000..adaa5c965742f8aa0563720c783062b2fd5c362f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_224.md @@ -0,0 +1,66 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: General Information + +#### Report When Row When to Include for Allowable Origin of Subject Adjustable 7 + +| Field ID | Report Label | Definition / Additional Guidance | Subject Property | Answers / Format | +|----------|--------------|---------------------------------------------------------------------|------------------|---------------------------------| +| 22.01.09 | Property | If relevant | Yes | Required if the comparable is not in the sales comparison grid | +| 22.01.39 | Rights | Required if the row is included in the sales comparison grid | Yes | Choose an allowable answer from the Definition / Additional Guidance column | +| | | Adjustments, if any, for differences between Fee Simple and Leasehold | | | +| | | Appraised cooperative, the row is included in the sales comparison grid| | | + +**Annual Ground Rent** + +- **Field ID**: 22.01.11, 22.01.42 +- **Definition/Additional Guidance**: Required if Property Rights Appraised is Leasehold, Site Owned in Common is No, and the row is included in the sales comparison grid +- **Answers/Format**: Dollar amount + +**Native American Lands** + +- **Field ID**: 22.01.12, 22.01.44 +- **Definition/Additional Guidance**: Required when the row is included in the sales comparison grid +- **Answers/Format**: Choose an allowable answer from the Definition / Additional Guidance column + +| Subject Property | Ground Rent Annual Amount | Native American Lands | Native American Lands Type | +|------------------|---------------------------|-----------------------|----------------------------| +| Yes | 3.022 | 3.014 | 3.021 | + +- **Adjustments**: If any, for differences in Ground Rent Annual Amount are done in this row. +This row is included only to report the ground rents for the subject and comparables. Any adjustment for Ground Rent Annual Amount is done in the Property Rights Appraised row (22.01.40). + +**Property on Native American Lands** + +- **Options**: + - Alaska Native Corporation Land + - Hawaiian Home Lands + - Tribal Trust Land + - Other (Describe) + +**All Rights Included and Rights Not Included** + +- **Field ID**: 22.01.13, 22.01.46 +- **Definition/Additional Guidance**: Required if All Rights Included in Appraisal is No, and the row is included in the sales comparison grid +- **Options**: + - Yes + - No +- **Rights**: + - Air Rights + - Mineral Rights + - Timber Rights + - Water Rights + - Other (Describe) + +This row displays on the sales comparison grid when an adjustment is made for the bundle of rights or to support conclusions. +This row is included only to report the rights that are not included as part of the bundle of rights for the subject and comparables. Any adjustment for Rights Not Included is done in the All Rights Included row (22.01.45). + +--- + +### Appendix F-1: URAR Reference Guide +- **Page 224 of 367** +- **Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_225.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_225.md new file mode 100644 index 0000000000000000000000000000000000000000..0d07aba72b4c56b4b1271f0c74d93df5574c8d57 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_225.md @@ -0,0 +1,40 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: General Information + +| Report Label | Field ID | When to Include | Allowable Answers / Format | Origin of Data | Subject Property Information | +|--------------|----------|-----------------|----------------------------|----------------|--------------------------------| +| Same Builder as Subject | 22.01.47 | When New Construction for the subject property is Yes | Required if New Construction Yes / No | Same Builder as Subject is only applicable to Additional data element displays as the Report Label | If relevant subject property is Yes | + +- Row does not populate from other sections; the appraiser must enter information for the subject property. +- Additional Row displays on the sales comparison grid when an additional data element relevant to the General Information subsection is needed that is not predefined. + - Note: Only put one data element in each row and add additional rows as needed for other data elements. + +### Project Information + +The Project Information subsection displays on the sales comparison grid when the subject property or any comparable is in a condominium, cooperative, or condop. The subsection should also display if relevant for PUDs, such as when there are differences in monthly fees, common amenities and services, and/or special assessments. + +| Project Name | Monthly Fee | Common Amenities/Services | Special Assessments | +|--------------|-------------|--------------------------|---------------------| +| 22.02.01 | 22.02.02 | 22.02.03 | 22.02.04 | +| Same as Subject | 22.02.06 | 22.02.07 | 122.02.08 | 22.02.09 | + +### Sales Comparison Approach: Project Information + +| Report Label | Field ID | When to Include | Allowable Answers / Format | Origin of Data | Subject Property Information | +|--------------|----------|-----------------|----------------------------|----------------|--------------------------------| +| Project Information (subsection heading) | 22.02.05 | When subject or any comparable is in a condo, co-op, or condop, or if relevant | Yes | 22.02.05 | + +- Any adjustment for the Project Information subsection is made in this row. + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 225 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_226.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_226.md new file mode 100644 index 0000000000000000000000000000000000000000..d0819696e63533a65b0d55329a74facd2b2483f3 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_226.md @@ -0,0 +1,78 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Project Information + +- **Report Label:** Not on Report + **Definition / Additional Guidance:** This is an N/A + **When to Include:** Always required + **Allowable Answers / Format:** Yes | No + **Origin of Data:** Subject Property + **Adjustable:** No + **Additional Information:** Property in a PUD: Indicates whether the property is in a PUD. + +- **Field ID:** Displays each Comparable Property + +#### Details + +- **Property in a PUD**: Indicates whether the property is in a PUD. + This is an appraiser input that does not display in the sales grid. + +- **Project Name**: + **Field ID:** 22.02.06 + **Same Project as Subject** + + - **When to Include:** + - When the subject or any comparable is in a condo, co-op, or condop + - Always required + - Required if the comparable is in a condo, co-op, or condop + - Required if the subject and comparable are in a condo, co-op, or condop + + - **Allowable Answers / Format:** + Choose an allowable answer from the Definition / Additional Guidance column + Free-form + +- **Subject Property** + - **Project Information** + - **Project Name**: Field ID 18.004 + - **Same Project as Subject** is only applicable to comparables + - **Property in a Project** + - **Yes** (the property is in a condominium, cooperative, or condop) + - **No** (the property is not in a condominium, cooperative, or condop) + - **Project Legal Structure** + - Condominium + - Cooperative + - Condop + - **Project Name**: Provides support for the Project Information adjustment (22.02.05). + - **Same Project as Subject**: Provides support for the Project Information adjustment (22.02.05). + +- **Monthly Fee** + - **Field ID:** 22.02.03 + **Common** + - **Field ID:** 22.02.08 + **Amenities/Services** + + - **When to Include:** + - If relevant + - Required if the comparable is in a condo, co-op, condop, or PUD, and the row is included in the sales comparison grid + + - **Allowable Answers / Format:** + Dollar amount + Choose one or more allowable answers from 18.012 + +- **Project Information** + - **Mandatory Monthly Fees**: Field ID 18.011 + - **Common Amenities / Services**: Field ID 18.012 + + - **Additional Guidance:** + No + Mandatory Monthly Fees: The combined dollar amount of all the mandatory fees, expressed as a monthly amount. + When included, provides support for the Project Information adjustment (22.02.05). + + +**Appendix F-1: URAR Reference Guide** + +Page 226 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_227.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_227.md new file mode 100644 index 0000000000000000000000000000000000000000..9806c51ff1426abdf2e63af750d78fb375cc692c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_227.md @@ -0,0 +1,47 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Sales Comparison Approach: Project Information + +**Report When Row When to Include for Allowable Origin of Subject Adjustable Report Label** + +Definition / Additional Guidance + +**Field ID Displays each Comparable Answers / Format | Property Information Row** + +- **Special Assessments** + - **When Special Assessment Amount Type for the subject property is Existing or Proposed, or if relevant for any comparable are known to the appraiser** + - When Required: When the comparable is in a condo, co-op, condop, or PUD and: + - None, Existing, or Proposed + - Notes: + - The appraiser must analyze and report project special assessments for the subject and comparables. + - If the subject unit’s special assessment has been paid in full, this must be addressed in Reconciliation of Sales Comparison Approach (22.16.01). + - The row is included in the sales comparison grid + - Provides support for the Project Information adjustment (22.02.05). + +## Site + +The Site subsection always displays on the sales comparison grid. + +| Field Name | ID | ID | ID | Symbol | +|-----------------------------------|----------|----------|----------|--------| +| Site Owned in Common | 22.03.01 | 22.03.18 | 22.03.19 | § | +| Site Size | 22.03.02 | 22.03.20 | 22.03.21 | $ | +| Neighborhood Name | 22.03.03 | 22.03.22 | 22.03.23 | § | +| Zoning Compliance | 22.03.04 | 22.03.24 | 22.03.25 | § | +| Hazard Zone | 22.03.05 | 22.03.26 | 22.03.27 | § | +| Primary Access | 22.03.06 | 22.03.28 | 22.03.29 | 5 | +| Street Type \| Surface | 22.03.07 | 22.03.30 | 22.03.31 | § | +| Property Restriction | 22.03.08 | 22.03.32 | 22.03.33 | $ | +| Easement | 22.03.09 | 22.03.34 | 22.03.35 | § | +| Topography | 22.03.10 | 22.03.36 | 22.03.37 | § | +| Drainage | 22.03.11 | 22.03.38 | 22.03.39 | § | +| Site Characteristics | 22.03.12 | 22.03.40 | 22.03.41 | § | +| Site Influence (Location) | 22.03.13 | 22.03.42 | 22.03.43 | $ | +| Apparent Environmental Conditions | 22.03.14 | 22.03.44 | 22.03.45 | § | +| View \| Range | 22.03.15 | 22.03.46 | 22.03.47 | § | +| | 22.03.16 | 22.03.17 | | | +| | 22.03.48 | 22.03.49 | | $ | + +Appendix F-1: URAR Reference Guide Page 227 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_228.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_228.md new file mode 100644 index 0000000000000000000000000000000000000000..2837e8a86031dcf5736008b1f1f356013fb85051 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_228.md @@ -0,0 +1,130 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Site + +#### Report + +| Field ID | Report Label | +|----------|------------------------| +| 22.03.02 | Site Owned in Common | +| 22.03.20 | Site Size | + +**When Row Displays** + +- If relevant +- When Site Owned in Common is No for the subject or any comparable, or if relevant. + +**When to Include for each Comparable** + +- Always required +- Required if Site Owned in Common is No + +**Allowable Answers / Format** + +- Number of acres, square feet, hectares, or square meters + +**Origin of Subject Property Information** + +- Subject Property + - Site Owned in Common: 3.015 + - Total Site Size: 4.000 + +**Adjustable Row** + +- Yes +- 22.03.19: Yes +- 22.03.21: Yes + +**Definition / Additional Guidance** + +- This row must be included when Site Owned in Common is No for the subject or any comparable. +- This row may be included when making land adjustments between a mix of properties where Site Owned in Common is not consistent among the subject and the comparables. + +### Hazard Zone + +**When to Include** + +- When the subject or any comparable is in a Hazard Zone +- Always required + +**Guidance Column** + +- Choose an allowable answer from the Definition / Additional Guidance column + +- Hazard Zone: 4.047 + +### Neighborhood + +| Field ID | Report Label | +|----------|--------------| +| 22.03.03 | Neighborhood | +| 22.03.22 | Name | + +- If relevant +- Required when the neighborhood row is included in the sales comparison grid. +- Subject Property: Yes + +**Note:** Neighborhood name may not apply in some areas, such as rural areas. In this case, enter None when the row is included in the sales comparison grid. + +### Zoning + +| Field ID | Report Label | +|----------|--------------------| +| 22.03.04 | Zoning Compliance | +| 22.03.24 | | + +- If relevant +- Required when the row is included in the sales comparison grid +- Choose an allowable answer from the Definition / Additional Guidance column +- Site: Yes +- Zoning Compliance: 4.008 + - Illegal + - Legal + - Legal Nonconforming + - No Zoning + +**Note:** If the subject is Legal Nonconforming, including this row can demonstrate marketability. + +### Hazard Zone + +| Field ID | Report Label | +|----------|----------------------| +| 22.03.05 | Hazard Zone | +| 22.03.26 | USGS Lava Flow Zone | + +- When the subject or any comparable is in a Hazard Zone +- If relevant +- Required if Hazard Zone is USGS Lava Flow Zone +- Required if Site Owned in Common is No, and the row is included in the sales comparison grid +- USGS Lava Flow Zone 1-9 +- Choose an allowable answer from the Definition / Additional Guidance column + +- Lava Flow Zone: 4.047 + +### Primary Access + +| Field ID | Report Label | +|----------|---------------------| +| 22.03.27 | Primary Access | +| 22.03.29 | | + +- Primary Access to Property: 4.020 + +- Pedestrian Only Access +- Private Airstrip +- Private Street +- Public Street +- Waterway +- Other (Describe) + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 228 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_229.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_229.md new file mode 100644 index 0000000000000000000000000000000000000000..c1cbc370bc92eeac55895c865ba94b23be116a23 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_229.md @@ -0,0 +1,103 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Site + +| Report Label | Field ID | Definition / Additional Guidance | When to Include | Allowable Answers | Origin of Subject Adjustable | Property Information Row | +|--------------|------------|-----------------------------------------------------------|---------------------|---------------------------------------------|------------------------------|--------------------------| +| Street Type | 22.03.07 | If relevant | Required when the | Choose one or more allowable answers from | Site Yes e Alley | Street Type | +| | | | row is included in | the Definition / Additional Guidance column | | | +| | | | the sales comparison| | | | +| | | | grid | | | | +| Surface | 22.03.30 | If relevant | Required for each | Choose an allowable answer from the | Site Yes e Alley | Surface | +| | | | street when the row | Definition / Additional Guidance column | | | +| | | | is included in the | | | | +| | | | sales comparison | | | | +| | | | grid | | | | +| Street | | - Arterial Street | 22.03.31 | Access Property 4.021 | | | +| | | - Collector Street | | Street Surface Material 4.021 | | | +| | | - Cul-de-sac | | | | | +| | | - Dead End | | | | | +| | | - Local Road | | | | | +| | | - Rural Road | | | | | +| | | - Other (Describe) | | | | | +| | | | | | | | +| Surface | | - Asphalt | | | | | +| Material | | - Brick | | | | | +| | | - Concrete | | | | | +| | | - Cobblestone | | | | | +| | | - Dirt | | | | | +| | | - Gravel | | | | | +| | | - Other (Describe) | | | | | +| Property | 22.03.08 | If relevant | If applicable when | Choose one or more allowable answers from | Property Restriction 4.051 | | +| Restriction | 22.03.32 | | the row is included | the Definition / Additional Guidance column | | | +| | | | in the sales | | | | +| | | | comparison grid | | | | +| Easement | 22.03.10 | If relevant | If applicable when | Choose one or more allowable answers from | Easement 4.055 | | +| | 22.03.36 | | the row is included | the Definition / Additional Guidance column | | | +| | | | in the sales | | | | +| | | | comparison grid | | | | +| Topography | 22.03.37 | If relevant | Required when Site | Choose one or more allowable answers from | Site | | +| | | | Characteristic is | the Definition / Additional Guidance column | | | +| | | | Topography, and the | | | | +| | | | row is included in | | | | +| | | | the sales | | | | +| | | | comparison grid | | | | + +#### Allowable Answers + +- **Street Type** + - Arterial Street + - Collector Street + - Cul-de-sac + - Dead End + - Local Road + - Rural Road + - Other (Describe) + +- **Surface Material** + - Asphalt + - Brick + - Concrete + - Cobblestone + - Dirt + - Gravel + - Other (Describe) + +- **Property Restriction** + - Age + - Historic Preservation + - Income + - Land Use + - Rental + - Sale Price + - Other (Describe) + +- **Easement** + - Conservation + - Drainage + - Ingress/Egress + - Utility (other than typical property utility easements) + - Other (Describe) + + *Note: Do not report easements that are typical or common to the market.* + +- **Topography** + - Flat + - Rocky + - Rolling + - Sloping + - Other (Describe) + + *Note: If this row is included in the sales comparison grid, and the comparables have a topography impact, Topography Type (e.g., Flat) must also be populated for the subject (4.063).* + +--- + +*Appendix F-1: URAR Reference Guide* + +*Page 229 of 367* + +*Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_23.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_23.md new file mode 100644 index 0000000000000000000000000000000000000000..2ca5c82f25692f5c6c57388231ea0496b5c2dabc --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_23.md @@ -0,0 +1,48 @@ +# Uniform Appraisal Dataset + +## 01 Summary + +### 01 Summary + +The Summary section provides a synopsis of key information from the URAR as a quick reference, including actions to be taken into consideration by the reviewer. This section is not a substitute for reading the entire appraisal. For greater detail and understanding, refer to the applicable section, which is indicated in the Origin of Information (Section)” column in this chapter. + +**Note:** The information in this section redisplays from other sections, and the “Origin of Information (Section)” column in this chapter shows the original location. + +### Uniform Residential Appraisal Report + +**[ADDRESS] 1.00** + +#### SUMMARY + +- **Opinion of Market Value** 1.004 1.085 (Cooperative Interest) Market Value Condition 1.009 + Final Value Condition Statement? .002 + +- **Effective Date of Appraisal** 1.003 + Property Valuation Method 1.010 + +- **Assignment Reason** 1.004 + Appraiser Name 1.011 + +- **Borrower Name** 4.005 + +- **Current Owner of Public Record** 4 995 + +- **Contract Price** 1.007 + +- **Listing Status** L008 + +### Summary Report + +| Field ID | Report Label | Definition / Additional Guidance | When Displayed in Summary Section | Allowable Answers / Format | Origin of Information (Section) | +|----------|--------------|----------------------------------|----------------------------------|----------------------------|--------------------------------| +| 1.009 | Opinion of Market Value (Cooperative Interest) | Market value as defined in the report. | Always displays | Dollar amount | Reconciliation ° Opinion of Market Value 26.007 | +| | Market Value Condition | - As Is - Subject to Completion Per Plans - Subject to Inspection - Subject to Repair | Displays next to Opinion of Market Value when the property is in a cooperative or condop | Displays one or more allowable answers from the Definition / Additional Guidance column | Reconciliation . (Cooperative Interest) 26.074 | +| | | | Always displays | | Reconciliation . Market Value Condition 26.009 | + +**Property Address:** Physical address of the property being appraised. + +Appendix F-1: URAR Reference Guide + +Page 23 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_230.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_230.md new file mode 100644 index 0000000000000000000000000000000000000000..fbecae8d1ae5d41faeb80316e1d0d979db4b38b9 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_230.md @@ -0,0 +1,43 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Sales Comparison Approach: Site + +### Report When Row When to Include for Allowable Origin of Subject Adjustable + +#### Report Label - Definition / Additional Guidance Field ID Displays each Comparable Answers / Format | Property Information Row + +**Drainage** +If relevant. Required when Site Characteristic is more allowable Site Characteristic 22.03.39 +Improper Grading Drainage, and the row is included in the sales comparison grid. +Choose one or more allowable answers from the Definition / Site Drainage Additional Guidance column. +- Yes +- Evidence of Erosion +- Site Drainage Other (Describe) + +**Reson** 4.063 + +**Site** +If relevant. Required when the row is included in the sales comparison grid. +Choose one or more allowable answers from the Definition / Additional Guidance column. +- Yes +- None +- Site Characteristic 22.03.40 +- Coastal Barrier Resources System 22.03.41 +- Excess Land +- Landlocked +- Landscaping +- Road Frontage +- Shape +- Soil Suitability +- Surplus Land +- Wetlands +- Zero Lot Line +- Other (Describe) + +Any adjustments for Site Characteristics (other than Drainage or Topography) are made in this row. Additional context specific to the adjustment may be provided in Reconciliation of Sales Comparison Approach (22.16.01). + +Appendix F-1: URAR Reference Guide +Page 230 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_231.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_231.md new file mode 100644 index 0000000000000000000000000000000000000000..296a12cf4b6b3e405934eb192184414cea55338a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_231.md @@ -0,0 +1,94 @@ +```markdown +# Uniform Appraisal Dataset + +## Sales Comparison Approach + +### Sales Comparison Approach: Site + +#### Report + +| Field ID | Report Label | +|-----------|------------------------| +| 22.03.13 | Site Influence (Location) | +| 22.03.42 | Site Influence (Location) | + +**When Row Displays** +- If relevant +- If relevant + +**When to Include for each Comparable** +- Required when the row is included in the sales comparison grid +- Required when Site Influence is Body of Water, and the row is included in the sales comparison grid + +**Allowable Answers / Format** +- Choose one or more allowable answers from the Definition / Additional Guidance column +- Choose one or more allowable answers from the Definition / Additional Guidance column + +### Origin of Subject + +#### Property Information + +##### Site + +- **Site Influence** + - 4.025 + +- **Site Influence: Body of Water Type** + - 4.027 + +**Adjustable Row** +- Yes +- 22.03.43 + +- Yes +- 22.03.43 + +### Definition / Additional Guidance + +- Agricultural +- Airport +- Body of Water (Body of Water Type displays) +- Busy Roadway +- Commercial Area +- Golf Course +- Green Space +- High Density Residential +- High Pressure Gas Line +- Historic District +- Industrial Area +- Local Distribution Line +- Oil or Gas Well +- Overhead Electric Power Transmission Line +- Park +- Public Transportation Hub +- Rail Line +- Residential +- School +- Stormwater Retention +- Other (Describe) + +Additional context specific to the adjustment may be provided in Reconciliation of Sales Comparison Approach (22.16.01). + +Examples of Bodies of Water (Select applicable): +- Bay +- Canal +- Cove +- Creek +- Gulf +- Lake +- Marsh +- Ocean +- Pond +- Reservoir +- River +- Sound +- Other (Describe) + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 231 of 367_ + +_Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_232.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_232.md new file mode 100644 index 0000000000000000000000000000000000000000..16546bba14b091c531e249cb004fde17c59963a4 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_232.md @@ -0,0 +1,51 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Site + +#### When Row Displays + +**Report** + +**Report Label** +FieldID | “©POrt bane + +- **Apparent Environmental Conditions** + - When to Include for each Comparable: Required when the row is included in the sales comparison grid + - Allowable Answers / Format: Choose one or more allowable answers from the Definition / Additional Guidance column + +#### Origin of Subject + +**Property Information** + +- **Site** + ° Apparent Environmental Condition 4.027 + + Adjustable Row: Yes + ID: 22.03.45 + +#### Definition / Additional Guidance + +- None + +- Hazardous Above Ground Storage Tank +- Hazardous Substances +- Landfill +- Radon +- Slush Pit +- Soil Contamination +- Superfund Site +- Underground Storage Tank +- Water Contamination +- Other (Describe) + +Additional context specific to the adjustment may be provided in Reconciliation of Sales Comparison Approach (22.16.01). + +#### Appendix F-1: URAR Reference Guide + +Page 232 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_233.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_233.md new file mode 100644 index 0000000000000000000000000000000000000000..f2f5ddf49021285f6a092081daf7358173f50e8d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_233.md @@ -0,0 +1,73 @@ +```markdown +# Uniform Appraisal Dataset + +## Sales Comparison Approach + +### Sales Comparison Approach: Site + +**22.03.15** +**22.03.46** + +#### View | Range + +- **Always** + + If available and applicable for each View, answers from the Definition / Additional Guidance column should be used. + +- Choose an allowable answer from the Definition / Additional Guidance column. + +#### Site +- _Range of View_ + **4.040** + +| Field ID | Report Label | Definition / Additional Guidance | Allowable Answers / Format | +|----------|--------------|---------------------------------|---------------------------| +| 22.03.15 | View | Range | Always required. Choose one or more allowable answers. | +| 22.03.46 | Site | Yes | + +- **View Options**: + - Bay + - Canal + - City Street + - Commercial + - Cove + - Creek + - Golf Course + - Gulf + - High Density Residential + - Highway + - Industrial + - Lake + - Marsh + - Mountain + - Ocean + - Park + - Parking Lot + - Pastoral + - Pond + - Reservoir + - Residential + - River + - School + - Skyline + - Sound + - Traffic Wall Barriers + - Valley + - Woods + - Other (Describe) + +- Any adjustments for View and/or Range of View are made in this row. Additional context specific to the adjustment may be provided in Reconciliation of Sales Comparison Approach (22.16.01). + +- **Full** +- **Partial** +- **Seasonal** +- **Other (Describe)** + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 233 of 367_ + +_Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_234.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_234.md new file mode 100644 index 0000000000000000000000000000000000000000..7291b8a6f786944d0315464a1d2ce7c53a0c0f61 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_234.md @@ -0,0 +1,44 @@ +```markdown +## Uniform Appraisal Dataset + +### 22 Sales Comparison Approach + +#### Sales Comparison Approach: Site + +| Report Label | Field ID | Definition / Additional Guidance | +|--------------|----------|----------------------------------| +| **When to Include for Subject Property** | Answers / Format | +| 22.03.17 | Additional Row | Displays each Comparable Property Information Row | +| 22.03.48 | If relevant | Required when the data element row is included in the sales comparison grid and does not populate from other sections; the appraiser must enter information for the subject property. Yes Additional Row. | + +**Note:** Only put one data element in each row and add additional rows as needed for other data elements. + +#### Water Frontage with Private Access + +The Water Frontage with Private Access subsection displays when the subject or any comparable has private access rights to at least one body of water. Private access is intended to mean that the access is either owned by the property or exclusively granted to the property through easement or right. + +If this subsection is included, the appraiser must indicate whether each comparable has private access to each Body of Water Type that was indicated in the Site Influences row for the comparable. + +| Water Frontage with Private Access | | +|-------------------------------------| | +| Water Frontage | 22.04.01 - 22.04.06 | +| Permanent Waterfront Feature | 22.04.02 - 22.04.07 | +| Right to Build | 22.04.03 - 22.04.08 | +| Total Linear Measurement | 22.04.04 - 22.04.09 | + +#### Sales Comparison Approach: Water Frontage with Private Access + +| Report Label | Field ID | Definition / Additional Guidance | +|--------------|----------|----------------------------------| +| Property Has Private Access Rights to the Body of Water: | N/A | Indicates whether the property has private access to the associated body of water. Required if the comparable has private access to one or more bodies of water. | + +**Note:** This represents private access from the property only, either through a community buffer or exclusive to the property. Do not select Yes to report on public, community, or project waterfront access and amenities. + +--- + +### Appendix F-1: URAR Reference Guide + +**Page 234 of 367** + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_235.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_235.md new file mode 100644 index 0000000000000000000000000000000000000000..88e13199e274307d9032a64a0299f55489adb17c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_235.md @@ -0,0 +1,53 @@ +```markdown +# Uniform Appraisal Dataset: Sales Comparison Approach + +## Sales Comparison Approach: Water Frontage with Private Access + +- **Report Label:** Water Frontage with Private Access +- **Field ID:** 22.04.05 +- **When to Include:** When the subject or any comparable has private access to one or more bodies of water. +- **Allowable Answers / Format:** Yes +- **Origin of Subject Property Information Row:** Any adjustment for the Water Frontage with Private Access subsection 22.04.05 is made in this row. +- **Definition / Additional Guidance:** Displays each Comparable + +### For Each Body of Water with Private Access + +The appraiser must indicate which bodies of water have private access from the property and may also provide additional information about each one. + +## Sales Comparison Approach: Water Frontage (For Each Body of Water With Private Access) + +- **Report Label:** Water Frontage +- **Field ID:** + - 22.04.01 + - 22.04.06 +- **When to Include:** When the subject or any comparable has private access to one or more bodies of water. +- **Required for Each Body of Water with Private Access:** Yes +- **Allowable Answers / Format:** Choose an allowable answer from the Site Definition / Additional Guidance column. +- **Origin of Subject Property Information Row:** No + +### Site Definition / Additional Guidance: + +- Bay +- Body of Water +- Canal +- Cove +- Creek +- Gulf +- Lake +- Marsh +- Ocean +- Pond +- Reservoir +- River +- Sound +- Other (Describe) + +### Notes: + +- If the property has water frontage on multiple bodies of water, they display in the same cell separated by “|”. +- When included, provides support for the Water Frontage with Private Access adjustment (22.04.05). + +--- + +*Appendix F-1: URAR Reference Guide Page 235 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_236.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_236.md new file mode 100644 index 0000000000000000000000000000000000000000..3a566db97d9c8eaa2e0a173ffaf8b527156fc580 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_236.md @@ -0,0 +1,20 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Water Frontage (For Each Body of Water With Private Access) + +| Report Field ID | Report Label | Definition / Additional Guidance | When to Include for Subject Property | Allowable Answers / Format | Origin of Information | Adjustable | +|-----------------|------------------|--------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------------|-----------------------|------------| +| 22.04.01 | Water Frontage | Displays each body of water with private access. Required for each body of water with private access. | When subject or any comparable has private access to one or more bodies of water. | Free-form | Site | No | +| 22.04.06 | Body of Water | Name site access depth, e.g., Deep Water, Non-Navigable, Shallow Water, Other (Describe). | If relevant for each row, when subject or any comparable has private access to one or more bodies of water. | Choose an allowable answer from the Definition / Additional Guidance column | Site | Yes | + +--- + +### Appendix F-1: URAR Reference Guide + +Page 236 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_237.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_237.md new file mode 100644 index 0000000000000000000000000000000000000000..e4e7d7b97c2522c0960da8a807481cca87b173f4 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_237.md @@ -0,0 +1,58 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### For All Private Water Frontage on the Property + +These rows represent features for all water frontage on the property. + +### Sales Comparison Approach: Water Frontage + +| Report Field ID | Report Label | When Row Displays | When to Include for each Comparable | Allowable Answers / Format | +|-----------------|---------------------------|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------| +| 22.04.03 | Permanent Waterfront Feature | If relevant | Required if the property has private access to one or more bodies of water, and the row is included in the sales comparison grid | Choose one or more allowable answers from the Definition / Additional Guidance column | +| 22.04.08 | Right to Build | If relevant | Required if Permanent Waterfront Features is None, and the row is included in the sales comparison grid | | +| | Total Linear Measurement | If relevant | Required if the property has private access to one or more bodies of water, and the row is included in the sales comparison grid | Number of feet or meters | + +### Origin of Subject + +**Property Information** + +- Site + - Permanent Waterfront Feature 4.032 + - Right to Build Waterfront Features 4.033 + - Water Frontage Total Length 4.031 + +### Adjustable Row + +#### Definition / Additional Guidance + +- A natural or man-made feature in or alongside a body of water. + - None + - Beach + - Boat Lift + - Boat Ramp + - Boat Slip + - Dock + - Pier + - Riprap + - Seawall or Bulkhead + - Other (Describe) + +When included, provides support for the Water Frontage with Private Access adjustment (22.04.05). + +**Note:** If there are multiple permanent waterfront features and bodies of water for the comparable(s), further details must be provided in Reconciliation of Sales Comparison Approach (22.16.01). + +**Right to Build Waterfront Features** + +When there are no waterfront features on the property (Permanent Waterfront Feature is None), indicates whether the property has the right to improve the shoreline or build waterfront features. + +When included, provides support for the Water Frontage with Private Access adjustment (22.04.05). + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 237 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_238.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_238.md new file mode 100644 index 0000000000000000000000000000000000000000..9ca42a6f0b901219666767e3bc81c501ef3af0a3 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_238.md @@ -0,0 +1,49 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Dwelling(s) + +The Dwelling(s) subsection always displays on the sales comparison grid. + +This subsection is limited to structure(s) that are identified as a dwelling. Outbuilding information is captured in the Outbuilding subsection (22.14.01-22.14.26). If there are multiple dwellings, information is either: + +- **Listed separately for each dwelling in one row.** Example: If there are two dwellings, the Year Built and Dwelling Style rows reflect the answers for all dwellings. + + Year Built | 1985 | 1985 | 2005 | 1992 $(5,000) | 1946 | 1940 $10,000 | 1992 so + +- **Combined for all dwellings in one row.** Example: The Gross Building Finished Area row reflects the total area across all dwellings as a single number. + +| Dwelling(s) | +| ----------- | +| Year Built | 22.05.02 | 22.05.21 | 22.05.22 $ | +| Structure Design | 22.05.03 | 22.05.23 | 22.05.24 $ | +| Gross Building Finished Area | 22.05.04 | 22.05.25 | 22.05.26 $ | +| Noncontinuous Finished Area | 22.05.05 | 22.05.27 | 22.05.28 $ | +| Townhouse End Unit | 22.05.06 | 22.05.29 | 22.05.30 $ | +| Townhouse Back to Back | 22.05.07 | 22.05.31 | 22.05.32 $ | +| Townhouse Location | 22.05.08 | 22.05.33 | 22.05.34 $ | +| Construction Method | 22.05.09 | 22.05.35 | 22.05.36 $ | +| Manufactured Home Width | 22.05.10 | 22.05.37 | 22.05.38 $ | +| Dwelling Style | 22.05.11 | 22.05.39 | 22.05.40 $ | +| Total Dwelling Volume | 22.05.12 | 22.05.41 | 22.05.42 | +| Window Surface Area | 22.05.13 | 22.05.43 | 22.05.44 $ | +| Functional Issues | 22.05.14 | 22.05.45 | 22.05.46 $ | +| Disaster Mitigation | 22.05.15 | 22.05.47 | 22.05.48 $ | +| Heating | 22.05.16 | 22.05.49 | 22.05.50 $ | +| Cooling | 22.05.17 | 22.05.51 | 22.05.52 $ | +| 22.05.18 | 22.05.19 | 22.05.53 | 22.05.54 $ | + +## Sales Comparison Approach: Dwelling(s) + +- **Report Renderer:** Ciinem +- **Row:** When to Include for Allowable Origin of Subject; Adjustable Definition / Additional Guidance +- **Field ID:** Displays each Comparable Answers / Format | Property Information Row + +- **Notes:** + - Not on Report: This is an appraiser input that does not display in the sales grid. + - Always required number Dwelling Exterior. No Units in Structure: The number of separate living units in or attached to the dwelling that are attributable to the property, including any accessory dwelling units. + - Note: This applies for the subject or comparable property only. + - If in a low-rise, mid-rise, or high-rise, this does not represent the total number of units in the building. + +*Appendix F-1: URAR Reference Guide Page 238 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_239.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_239.md new file mode 100644 index 0000000000000000000000000000000000000000..d182d5d83e03e5c2ba0428776f8f1f109a62427a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_239.md @@ -0,0 +1,85 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Dwelling(s) + +| Report When | Rot | When to Include for Allowable | Origin of Subject Adjustable | +|---------------|-----|------------------------------|------------------------------| +| . P Report Label | . w ul wv ‘a up . uu | Definition / Additional Guidance | + +#### Field ID + +Displays each Comparable Answers / Format | Property Information Row + +- **22.05.02 | Year Built Always Always required yyvy** + - Dwelling Exterior, for Yes + - Note: If there are multiple dwellings, Year Built is displayed for each of +- **22.05.21 each dwelling 22.05.22 them in the same row.** + + - **Year Built 8.010** + +- **22.05.02 | Year Built Always Always required Yes | No** + - Dwelling Exterior, for Yes + - Note: If Yes, Year Built displays with a tilde (~). +- **22.05.21 each dwelling 22.05.22** + +- **22.05.03 | Structure Design | Gross Building Finished Area** + + - When Attachment Type is Attached for the subject or any comparable + + - When Units Excluding ADUs for the subject is more than 1 + + - Required if Attachment Type is Attached + + - Required when Units Excluding ADUs for the subject is more than 1 + + - Choose an allowable answer from the Definition / Additional guidance column + + - Number of square feet + +- **Year Built Estimated 8.010** + + - Dwelling Exterior, for each dwelling + + - **Structure Design 8.002** + + - The appraiser must enter the information for the subject property. + - Note: Displays in Income Approach, if applicable + + - **Gross Building Finished Area 24.003** + + - Yes The type of structural design when properties are connected. + - High-rise + - Mid-rise + - Low-rise + - Rowhouse / Townhouse + - Semi-Detached + - Other (Describe) + + - Note: If there are multiple dwellings in an attached property, Structure Design is displayed for each of them in the same row. + + - Yes + +- **22.05.26** + + - Total Gross Building Finished Area for Property + + - Gross Building Finished Area (GBFA) for all dwellings regardless of grade level and whether the finished area is standard or nonstandard; includes common finished areas, ADUs, and finished area in a basement that is not associated with a specific unit. + +- **22.05.05 | Noncontinuous Finished Area** + + - If relevant Required if Units Number of square feet + + - Dwelling Exterior Yes + + - Notes: + - Noncontinuous Finished Area + - For the subject property, If Noncontinuous Finished Area Exists is No, 0 displays. If there is no noncontinuous finished area for the comparable, report 0. + - All Noncontinuous Finished Area is considered nonstandard finished area. + - For properties with more than 1 unit (Units Excluding ADUs is more than 1), report this area as part of GBFA (22.05.04 22.05.25) and not here. + - If the exact area is not known for the comparable, indicate that it is estimated in Reconciliation of Sales Comparison Approach (22.16.01). + +Appendix F-1: URAR Reference Guide Page 239 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_24.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_24.md new file mode 100644 index 0000000000000000000000000000000000000000..5bfaccd85e76362f0fad08bbca1492f6da3b9222 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_24.md @@ -0,0 +1,25 @@ +```markdown +# Uniform Appraisal Dataset + +## 01 Summary + +### Summary + +| Report Field ID | When Displayed in Report | Label | Allowable Answers / Format | Origin of Information (Section) | Definition / Additional Guidance | +|-----------------|--------------------------|-------|----------------------------|-------------------------------|---------------------------------| +| Final Value | Displays when Market Value Condition is not As Is | — | — | Reconciliation | Variations of this sentence display based on the value condition(s) provided in Market Value Condition. | +| Effective Date of Appraisal | Always displays | — | mm/dd/yyyy | Reconciliation | The date to which the appraiser’s analyses, opinions, and conclusions apply; also referred to as date of value. Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. | +| Assignment Reason | Always displays | — | Displays an allowable answer from the Definition / Additional Guidance column | Assignment Information | Construction, Deed in Lieu, Home Equity, Loan Modification, Portfolio Evaluation, Preforeclosure, Purchase, Refinance, REO, Short Sale, Other (Describe) | +| Borrower Name | If applicable | — | Free-form Repeatable | Assignment Information | The borrower can be a person or a legal entity. For VA appraisals, reference the appropriate government agency appraisal guidelines. | +| Current Owner of Public Record | Always displays | — | Free-form Repeatable | Assignment Information | The current owner can be a person or a legal entity. | +| Contract Price | When Sales Contract Information Analyzed is Yes | — | Dollar amount | Sales Contract | The dollar amount stated in the sales contract. | +| Listing Status | Always displays | — | Displays an allowable answer from the Definition / Additional Guidance column | Subject Listing Information | None (Current or Relevant Listings is No), Active, Off Market (previously in MLS), Pending | +| Property Valuation Method | Always displays | — | Displays an allowable answer from the Definition / Additional Guidance column | Assignment Information | Traditional Appraisal, Hybrid Appraisal, Desktop Appraisal, Exterior Appraisal | +| Appraiser Name | Always displays | — | Free-form | Assignment Information - Appraiser | The full name of the appraiser, as it appears on the Appraisal Subcommittee (ASC) National Registry. | + +Appendix F-1: URAR Reference Guide + +Page 24 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_240.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_240.md new file mode 100644 index 0000000000000000000000000000000000000000..65437b095a70b43d5f680e3194b9443a0f7a0b4c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_240.md @@ -0,0 +1,66 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Dwelling(s) + +| Report Field ID | Report Label | When Row Displays | When to Include for each Comparable | Allowable Answers / Format | +|-----------------|----------------------------------|-------------------|--------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------| +| 22.05.07 | Townhouse End Unit | If relevant | Required if Structure Design is Rowhouse / Townhouse, and the row is included in the sales comparison grid | Choose an allowable answer from the Definition / Additional guidance column | +| 22.05.31 | Townhouse Back to Back | If relevant | Required if Structure Design is Rowhouse / Townhouse, and the row is included in the sales comparison grid | Choose an allowable answer from the Definition / Additional guidance column | +| 22.05.08 | Townhouse Location | If relevant | Required if Structure Design is Rowhouse / Townhouse, and the row is included in the sales comparison grid | Choose an allowable answer from the Definition / Additional guidance column | +| 22.05.33 | Townhouse Location | If relevant | Required when Units Above or Below is Yes, and the row is included in the sales comparison grid | Choose an allowable answer from the Definition / Additional guidance column | +| 22.05.10 | Construction Method | If relevant | Required when the row is included in the sales comparison grid | Choose one or more allowable answers from the Definition / Additional guidance column | +| 22.05.37 | Manufactured Home Width | If relevant | Required if the comparable is a manufactured home, and the row is included in the sales comparison grid | Single Wide or Multi Wide | + +### Origin of Subject Property Information + +- **Dwelling Exterior, for each dwelling** + - Townhouse End Unit 8.006 + - Townhouse Back to Back 8.007 + - Units Above or Below 8.008 + - Townhouse Location 8.009 + +### Adjustable Row + +- Yes + - 22.05.30 + - 22.05.32 + - 22.05. 34 (appears twice) + +### Definition / Additional Guidance + +- Indicates whether the rowhouse / townhouse is located at the end of a row of attached properties. +- Indicates whether the rowhouse / townhouse shares a rear wall with a rear wall of another property. +- Indicates whether there are other properties above and/or below the rowhouse / townhouse. + - Yes (e.g., piggyback or stacked) + - No (“No Units Above/Below” displays for Townhouse Location) +- The location of the rowhouse / townhouse when there are other properties above or below. + - Top Unit + - Middle Unit + - Bottom Unit + +### Construction Method Options + +- Container +- Manufactured +- Modular +- On-Frame Modular +- Site Built +- 3D Technology +- Other (Describe) + +*Note: If the subject or any comparables are manufactured homes, this row must be included in the sales comparison grid.* + +*If there are multiple dwellings, or multiple Construction Methods for a dwelling, all display in the same row.* + +*If there are multiple dwellings that are manufactured homes, Manufactured Home Width displays for each of them in the same row.* + +--- + +#### Appendix F-1: URAR Reference Guide + +- Page 240 of 367 +- Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_241.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_241.md new file mode 100644 index 0000000000000000000000000000000000000000..529e20b573bfc4ec6e0c3135acd922c5e956fe93 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_241.md @@ -0,0 +1,73 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Dwelling(s) + +#### Report + +| Field ID | Report Label | When Row Displays | When to Include for each Comparable | Allowable Answers / Format | +|----------|--------------|-------------------|-----------------------------------|-----------------------------| +| 22.05.12 | Dwelling Style | If relevant | Required for detached properties when the row is included in the sales comparison grid | Choose an allowable answer from the Definition / Additional guidance column | +| 22.05.41 | Total Dwelling Volume | If relevant | Required when the row is included in the sales comparison grid | Number of cubic feet | + +#### Origin of Subject Property Information + +- Dwelling Exterior, for each dwelling + - Dwelling Style 8.004 +- Dwelling Exterior, for each dwelling + - Structure Volume 8.015 + +| Adjustable Row | Field ID | +|----------------|----------| +| Yes | 22.05.40 | +| Yes | 22.05.42 | + +#### Definition / Additional Guidance + +- A-Frame +- Barn +- Bi-Level +- Bungalow +- Cape Cod +- Chalet +- Colonial +- Contemporary +- Cottage +- Craftsman +- Earth / Berm +- Farmhouse +- Geodesic Dome +- Georgian +- Log +- Mediterranean +- Modern +- Neo-Eclectic +- Raised Ranch +- Rambler +- Ranch +- Southwest +- Spanish +- Split Foyer or Entry +- Split Level +- Stilt +- Traditional +- Tudor +- Victorian +- Other (Describe) + +- If there are multiple dwellings, Dwelling Style displays for each of them in the same row. + +- **Dwelling Volume for All Dwellings** + - For the subject property, calculated: The sum of the Structure Volume for all dwellings. + - For the comparables, report the total volume for all dwellings as a single number. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 241 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_242.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_242.md new file mode 100644 index 0000000000000000000000000000000000000000..476e17fd2603ae5c7f5221a9201c8c23c4f52e80 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_242.md @@ -0,0 +1,83 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Dwelling(s) + +| Report Field ID | Report Label | When Row Displays | When to Include for each Comparable | Allowable Answers / Format | +|-----------------|-----------------------|-------------------|---------------------------------------------------------------|--------------------------------------------------------------------------------| +| 22.05.14 | Window Surface Area | If relevant | Required when the row is included in the sales comparison grid | Number of square feet | +| 22.05.45 | Functional Issues | If relevant | Required when the row is included in the sales comparison grid | Choose one or more allowable answers from the Definition / Additional guidance column | +| 22.05.16 | Disaster Mitigation | If relevant | Required when the row is included in the sales comparison grid | Choose one or more allowable answers from the Definition / Additional guidance column | +| 22.05.49 | Heating | Always | Always required | Choose one or more allowable answers from the Definition / Additional guidance column | + +### Origin of Subject Property Information + +- **Dwelling Exterior, for each dwelling** + - Window Surface Area 8.016 + - Heating System Type 8.049 + +- **Functional Obsolescence** + - Functional Issue 11.000 + +- **Disaster Mitigation** + - Mitigation Feature 5.000 + +### Adjustable Row + +| Report Field ID | Adjustable Row | +|-----------------|----------------| +| 22.05.44 | Yes | +| 22.05.46 | Yes | +| 22.05.48 | Yes | +| 22.05.50 | Yes | + +### Definition / Additional Guidance + +- **Window Surface Area for all Dwellings** + - For the subject property, calculated: The sum of the Window Surface Area for all dwellings. + - For the comparables, report the total window surface area for all dwellings as a single number. + +- **Functional Issues** + - Ceiling Height + - Floor Plan + - Nonconformity + - Overimprovement + - Underimprovement + - Other (Describe) + +- **Disaster Mitigation** + - Enclosed Soffits + - Fire Resistant Decking + - Fire Resistant Exterior Walls + - Flood Vents + - Fortified Roof + - Framing Anchoring or Bracing + - Impact Resistant Glass + - Impact Resistant Shingles + - Noncombustible Perimeter + - Storm Shelter + - Storm Shutters + - Water Heater Strapping + - Other (Describe) + +- **Heating** + - None + - Baseboard + - Fireplace + - Forced Warm Air + - Gravity Air + - Mini Split + - Passive Solar + - Radiant + - Radiators + - Stove + - Other (Describe) + +>If there are multiple dwellings, Heating System Type (and Heating System Fuel if known) displays for each of them in the same row. + +--- + +**Appendix F-1: URAR Reference Guide** +Page 242 of 367 +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_243.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_243.md new file mode 100644 index 0000000000000000000000000000000000000000..5715d6296bd25178ba1ade16e8c4ad94853059d2 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_243.md @@ -0,0 +1,91 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Dwelling(s) + +#### Report + +| Field ID | Report Label | +|-----------|---------------------| +| Heating | 22.05.17 22.05.51 | +| Cooling | 22.05.19 | +| | Additional | +| | 22.05.53 | + +#### When Row Displays + +- If relevant +- If relevant +- If relevant + +#### When to Include for Each Comparable + +- If available for each identified Heating System Type +- Required when the row is included in the sales comparison grid +- Required when Cooling System Exists is Yes, and the row is included in the sales comparison grid +- Required when the row is included in the sales comparison grid + +#### Allowable Answers / Format + +- Choose an allowable answer from the Definition / Additional Guidance column +- Choose one or more allowable answers from the Definition / Additional Guidance column +- Free-form + +#### Origin of Subject Property Information + +- Dwelling Exterior, for each dwelling + - Heating System Fuel 8.050 +- Dwelling Exterior, for each dwelling + - Cooling System Exists 8.051 +- Dwelling Exterior, for each dwelling + - Cooling System Type 8.051 + +Additional Row does not populate from other sections; the appraiser must enter information for the subject property. + +#### Definition / Additional Guidance + +**Row** + +- Yes + - Coal + - 22.05.50 Electric + - Geothermal + - Natural Gas + - Oil + - Propane + - Solar + - Wood + - Other (Describe) + +If there are multiple dwellings, Heating System Type (and Heating System Fuel if known) displays for each of them in the same row. + +- Yes + - 22.05.52 + +Cooling System Exists: Indicates whether there is permanent cooling in the structure. +- If No, "None" displays. + +- Yes + - Centralized + - 22.05.52 Individual + - Other (Describe) + +If there are multiple dwellings, Cooling System Type displays for each of them in the same row. + +**Additional Row** + +This row displays on the sales comparison grid when an additional data element relevant to the Dwelling(s) subsection is needed that is not predefined. + +- Yes + - 22.05.54 + +Note: Only put one data element in each row and add additional rows as needed for other data elements. + +**Appendix F-1:** URAR Reference Guide + +Page 243 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_244.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_244.md new file mode 100644 index 0000000000000000000000000000000000000000..7e4a6d29d138e8ae59c41617bf75540785b78ad4 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_244.md @@ -0,0 +1,86 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Energy Efficient and Green Features + +The Energy Efficient and Green Features subsection displays on the sales comparison grid if relevant to analysis and conclusions. + +#### Energy Efficient and Green Features + +- **Renewable Energy Component** + - 22.06.01 + - 22.06.05 + +- **Building Certification** + - 22.06.02 + - 22.06.06 + +- **Efficiency Rating** + - 22.06.03 + - 22.06.07 + +### Sales Comparison Approach: Energy Efficient and Green Features + +| Field ID | Displays each Comparable Answers / Format | Property Information Row | +| -------- | ----------------------------------------- | ------------------------ | +| Energy Efficient and Green Features (subsection heading) | If relevant | | + +#### 22.06.01 22.06.05 Renewable Energy Component + +Required when the row is included in the sales comparison grid + +- **Energy Efficient and Green Features** + - Known Renewable Energy Components + +> Indicates whether the property has renewable energy components that are known to the appraiser. + +Any adjustment for the Energy Efficient and Green Features subsection is made in this row. + +This subsection displays on the sales comparison grid when an adjustment has been made on Energy Efficient and Green Features, or to support conclusions based on market support. + +- Known Renewable Energy Components + +> When included, provides support for the Energy Efficient and Green Features adjustment (22.06.04). + +#### Renewable Energy Component + +- 22.06.02 +- 22.06.06 + +#### Building Certification + +- If relevant + +- **Building Certification** + +> Required when Known Building Certifications is Yes, and the row is included in the sales comparison grid + +Choose one or more allowable answers from the Definition / Additional guidance column + +- **Renewable Energy Component Type** + - 6.001 + +- **Energy Efficient and Green Features** + - Known Building Certifications + - Building Certification Name + +- 6.004 +- 6.006 + +### Geothermal Solar + +- Wind Turbine +- Other (Describe) + +When included, provides support for the Energy Efficient and Green Features adjustment (22.06.04). + +- Known Building Certifications + +> Indicates whether the property has obtained green, health, or wellness certifications that are known to the appraiser. + +Appendix F-1: URAR Reference Guide + +Page 244 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_245.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_245.md new file mode 100644 index 0000000000000000000000000000000000000000..c979b40b1f9d3fe0e5c5d22a3686c83c618c2b66 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_245.md @@ -0,0 +1,36 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Energy Efficient and Green Features + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------------|------------------|---------------------------------------------| +| **Field ID** | Displays each Comparable| Answers / Format | +| 22.06.02 | Building Certification | If relevant | +| | Known Building Certifications is Yes, and the row is included in the sales comparison grid | If applicable when Energy Efficient and Green Features adjustment (22.06.04).| +| 22.06.06 | Certification Rating | Free-form | +| | If relevant | Energy Efficient and Green Features | + +--- + +| Efficiency Rating | Required when the row is included in the sales comparison grid | Free-form | +|--------------------|----------------------------------------------------------------|--------------------------------------| +| 22.06.03 | Efficiency Rating | Energy Efficient and Green Features | +| 22.06.07 | Efficiency Rating | ° Known Efficiency Ratings 6.010 | +| | Required when Known Efficiency Ratings is Yes, and the row is included in the sales comparison grid | | + +--- + +| Energy Efficient and Green Features | | | +|--------------------------------------------|----------------------------|------------------------------------------| +| When included, provides support for the Energy Efficient and Green Features adjustment (22.06.04). | Known Efficiency RatingsIndicates whether the property has obtained an efficiency rating that is known to the appraiser. | | + +| When included, provides support for the Energy Efficient and Green Features adjustment (22.06.04). | Efficiency Rating Name 6.012 | | +| When included, provides support for the Energy Efficient and Green Features adjustment (22.06.04). | Efficiency Rating Score 6.013 | | + +## Appendix F-1: URAR Reference Guide + +Page 245 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_246.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_246.md new file mode 100644 index 0000000000000000000000000000000000000000..bdfa3569e627099b6351855379fd3beb4263554a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_246.md @@ -0,0 +1,68 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Unit(s) + +The Unit(s) subsection always displays on the sales comparison grid. For properties with more than one unit, or for properties with ADU(s), the subsection repeats for each unit and for each ADU. + +#### Unit(s) + +| Structure ID | Unit ID | +|--------------------------------------|---------| +| 22.07.01 | 22.07.17 | +| **Location of ADU** | | +| 22.07.02 | 22.07.18 | +| 22.07.19 | | +| **Floor Number** | | +| 22.07.03 | 22.07.20 | +| 22.07.21§ | | +| **Corner Unit** | | +| 22.07.04 | 22.07.22 | +| 22.07.23§ | | +| **Levels in Unit** | | +| 22.07.05 | 22.07.24 | +| 22.07.25§ | | +| **Bedrooms** | | +| 22.07.06 | 22.07.26 | +| 22.07.27$ | | +| **Baths - Full / Half** | | +| 22.07.07 | 22.07.28 | +| 22.07.29§ | | +| **Finished Area Above Grade** | | +| 22.07.08 | 22.07.30 | +| 22.07.31§ | | +| **Finished Area Above Grade (Nonstandard)** | | +| 22.07.09 | 22.07.32 | +| 22.07.33§ | | +| **Unfinished Area Above Grade** | | +| 22.07.10 | 22.07.34 | +| 22.07.35$ | | +| **Finished Area Below Grade** | | +| 22.07.11 | 22.07.36 | +| 22.07.37$ | | +| **Finished Area Below Grade (Nonstandard)** | | +| 22.07.12 | 22.07.38 | +| 22.07.39 | | +| **pafnished Area** | | +| 22.07.13 | 22.07.40 | +| 22.07.41 | | +| **Features for Individuals w/Disabilities** | | +| 22.07.14 | 22.07.42 | +| 22.07.43 | | +| 22.07.15 | 22.07.16 | +| 22.07.44 | 22.07.45$ | + +### Sales Comparison Approach: Unit(s) + +| Report Field ID | Report Label | When Row Displays | When to Include for Subject Property | Allowable Answers / Format | Adjustable | Definition / Additional Guidance | Origin of Information | +|-----------------|--------------|-------------------|--------------------------------------|----------------------------|------------|--------------------------------|----------------------| +| N/A | Not on Report| Always required | Number for Units Excluding ADUs | Appraiser input that does not display in the sales grid | No | Number of separate living units on the property, not counting any ADUs. Examples: A single-family property (with or without an ADU) is reported as 1 unit in this field. A three-unit property (with or without an ADU) is reported as 3 units in this field. Notes: 2- to 4-unit properties are identified using Units Excluding ADUs between 2 and 4. | Subject Property | + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 246 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_247.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_247.md new file mode 100644 index 0000000000000000000000000000000000000000..686c31f9596d5c60de926dcad15ae1b0289a883e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_247.md @@ -0,0 +1,85 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Unit(s) + +| Report | When Row | When to Include for | Allowable | Origin of | Subject Adjustable | +|--------|----------|---------------------|-----------|-----------|--------------------| +| Field ID | Displays each Comparable | Answers / Format | Property Information Row | +| 22.07.01 | Structure ID | | For properties | For properties with Free-form Unit Interior | No For the subject property, Structure Identifier 10.001 redisplays from each | +| 22.07.17 | Unit ID | | With more more than one unit, e | Structure Identifier Unit Interior section if applicable. | + +**Structure ID** +**Unit ID** + +This is an appraiser input that does not display in the sales grid. +Location of ADU + +- When the unit is not an ADU for the subject or any comparable +- For properties with more than one unit + +If Unit is an ADU is Yes for the subject or any comparable, when the unit is not an ADU: + +- When there are multiple units on the property: + - Units Excluding ADUs is more than 1, or Number of ADUs on Property is 1 or more (Does not display in sales grid) + - Always required for each unit in the comparable + - Required if Unit is an ADU is Yes + +Free-form + +- Dwelling or Outbuilding + +``` +Unit Interior +- Unit Identifier 10.002 +- Unit is an ADU 10.011 + +Structure Type Not on Report + +Yes +22.07.19 +``` + +Examples: Building 1, Building 2 + +Unit Identifier: An identifier assigned by the appraiser that differentiates between multiple units on the property. + +Examples: Unit 1, Unit 2, Primary Dwelling, ADU + +Notes: + +- If there are multiple units or ADUs, Unit Identifier cannot be repeated. For 2-4 unit properties, units would be identified as Unit 1, Unit 2, etc. +- Unit Identifier is required but does not display in the sales grid for comparables with ADUs. + +Unit is an ADU: Indicates whether the unit is considered an accessory dwelling unit. + +Structure Type: The type of structure that contains the ADU. +- If the ADU is in a dwelling, “Dwelling” displays. + +``` +22.07.02 | Location of If Unit is an Required if Unit is an Choose an Unit Interior Yes Outbuilding Type: +22.07.18 | ADU ADU is Yes for | ADU is Yes, and the allowable answer |e Outbuilding Type +22.07.19 |e If the ADU is in an outbuilding, Outbuilding Type displays. +``` + +``` +The subject or | ADU is in an from 10.000 10.000 +any outbuilding +comparable +``` + +``` +22.07.03 | Floor Number | If relevant Required when the Free-form Unit Interior Yes The building floor number where the entrance to the unit is located. +22.07.20 row is included in the e Floor Number 22.07.21 Examples: 1, 2, B1, B2, Penthouse + +10.018 +``` + +**Appendix F-1: URAR Reference Guide** + +Page 247 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_248.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_248.md new file mode 100644 index 0000000000000000000000000000000000000000..e93bbd86c9e0b44ba7cfe86dde2465136111c2b3 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_248.md @@ -0,0 +1,39 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Unit(s) + +| Report Label | Definition / Additional Guidance | Field ID | Displays each Comparable Property Information Row | +|--------------|----------------------------------|----------|----------------------------------------| +| **Corner Unit** | If relevant | 22.07.04 | Required when Structure Design is a Corner Unit | +| Yes | No | Unit Interior | Yes | +| 22.07.22 | 10.019 | 22.07.23 | + +| | | | +|--|--|--| +| **Levels in Unit** | If relevant, Low-rise, Mid-rise, or High-rise, and the row is included in the sales comparison grid | 22.07.06 | Required when the row is included in the sales comparison grid | +| **Bedrooms** | Always required | 22.07.07 | Number | + +| | | | +|--|--|--| +| **Baths — Full** | Always required | 22.07.09 | Number | +| **Half Baths — Full** | Always required | 22.07.11 | Number | +| **Finished Area Above Grade** | If relevant, Required when the row is included in the sales comparison grid | 22.07.26 | Number of square feet | +| **Finished Area Above Grade (Nonstandard)** | Always required | 22.07.28 | Number of square feet | +| **Unfinished Area Above Grade** | Required when the row is included in the sales comparison grid | 22.07.32 | Number of square feet | +| **Finished Area Below Grade** | Required when the row is included in the sales comparison grid | 22.07.36 | Number of square feet | + +#### Notes + +- Can be 0. +- If the exact area is not known for the comparable, indicate that it is estimated in Reconciliation of Sales Comparison Approach (22.16.01). + +--- + +### URAR Reference Details + +**Appendix F-1: URAR Reference Guide** + +- Page 248 of 367 +- Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_249.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_249.md new file mode 100644 index 0000000000000000000000000000000000000000..da643d4fd7ddea4a8cc7d37c58d36b0cf3bffedd --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_249.md @@ -0,0 +1,118 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Unit(s) + +#### Report + +| Field ID | Report Label | +|----------|-------------------------------------| +| | Finished Area | +| | Below Grade (Nonstandard) | +| 22.07.13 | | +| | 22.07.40 | +| | Unfinished Area Below Grade | + +##### When Row Displays + +- If relevant + +##### When to Include for each Comparable + +- Required when the row is included in the sales comparison grid + +##### Allowable Answers / Format + +- Number of square feet + +##### Origin of Subject Property Information + +- Unit Interior +- Below Grade Finished Area (Nonstandard) 10.007 + +- Unit Interior +- Below Grade Unfinished Area 10.008 + +##### Adjustable Row + +- Yes 22.07.39 +- Yes 22.07.41 + +##### Definition / Additional Guidance + +- Notes: + - Can be 0. + - If the exact area is not known for the comparable, indicate that it is estimated in Reconciliation of Sales Comparison Approach (22.16.01). + +- Notes: + - Can be 0. + - If the exact area is not known for the comparable, indicate that it is estimated in Reconciliation of Sales Comparison Approach (22.16.01). + +#### Features for Individuals w/ Disabilities + +| Field ID | | +|----------|-------------------------------| +| 22.07.16 | Additional | +| 22.07.44 | Data element displays as the | +| | Report Label | +| 22.07.15 | | + +##### When Row Displays + +- If relevant + +##### When to Include for each Comparable + +- Required when the row is included in the sales comparison grid + +##### Allowable Answers / Format + +- Choose one or more allowable answers from the Definition / Additional Guidance column + +- Unit Interior + - Accessibility Feature 10.050 + +- Additional Row does not populate from other sections; the appraiser must enter information for the subject property + +##### Adjustable Row + +- Yes 22.07.43 +- Yes 22.07.45 + +##### Definition / Additional Guidance + +- Accessibility Feature: A feature designed to provide accessibility and usability for a person with disabilities. + - None + - Appliances + - Auditory + - Bathtub + - Cabinets + - Counters + - Doorways + - Electrical Switches + - Grab Bars + - Handrails + - Hardware + - Lighting + - Ramps + - Shower + - Sink + - Toilet + - Other (Describe) + +- Additional Row + + This row displays on the sales comparison grid when an additional data element relevant to the unit is needed that is not predefined. + + Note: Only put one data element in each row and add additional rows as needed for other data elements. + +--- + +## Appendix F-1: URAR Reference Guide + +Page 249 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_25.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_25.md new file mode 100644 index 0000000000000000000000000000000000000000..a4c4a9a98c0a977aad543e222fe1c27ac56bc8db --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_25.md @@ -0,0 +1,106 @@ +```markdown +# Uniform Appraisal Dataset + +## 01 Summary + +### Property Description + +**Property Description** +Construction Method 1.012 +Overall Quality 1.030 +Attachment Type 1.013 +Overall Condition 1.031 +Structure Design 1.014 + +**Yes No** + +- Planned Unit Development (PUD) 500 +- Condominium 106 OO +- Cooperative 10700 +- Condop 1080 O +- Observed Project Deficiencies 1090 O +- Subject Site Owned in Common 10200 O +- Units Excluding ADUs 1.021 1.000.1 + +**Accessory Dwelling Units** 1.022 +**Property Rights Appraised** 1.023 + +**Yes No** + +- Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? + +**Property Restriction** 1.025 +**Encroachment** 1.026 +**Zoning Compliance** 1.027 +**HUD Data Plate Attached** 1.028 +**HUD Label Present for All Sections** 1.029 + +### Summary: + +**Property Description** + +**Report** +Field ID + +**When Displayed in** + +**Report Label** +P Summary Section + +When Structure Design is not High-rise, Mid-rise, or Low-rise + +- **Construction Method** +- **Attachment Type** +- **Structure Design** + +1.015 Planned Unit Development (PUD) + +Always displays when Attachment Type is Attached. + +Checkbox always displays. + +**Allowable Answers / Format** + +Displays one or more allowable answers from the Definition / Additional Guidance column. + +Attached or Detached + +Displays an allowable answer from the Definition / Additional Guidance column. + +**Yes | No** + +**Origin of Information (Section)** + +- Dwelling Exterior, for each dwelling: + - Construction Method 8.011 + - Attachment Type 3.004 + - Structure Design 8.002 + - Subject Property in a PUD 3.010 + +**Definition / Additional Guidance** + +- Container +- Manufactured +- Modular +- On-Frame Modular +- Site Built +- 3D Technology +- Other (Describe) + +If there are multiple dwellings, or multiple Construction Methods for a dwelling, all display here. + +Type of attachment to a neighboring property. + +- High-rise +- Mid-rise +- Low-rise +- Rowhouse / Townhouse +- Semi-Detached +- Other (Describe) + +**Appendix F-1: URAR Reference Guide** + +Page 25 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_250.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_250.md new file mode 100644 index 0000000000000000000000000000000000000000..a544a3e90d915d5df17060d8ebcfabb1c029e3e9 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_250.md @@ -0,0 +1,45 @@ +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Quality and Condition + +The Quality and Condition subsection always displays on the sales comparison grid, and includes: + +- **Exterior Quality and Condition** — repeats for each structure, if the homeowner is responsible for exterior maintenance +- **Interior Quality and Condition** — repeats for each unit that is not an ADU +- **ADU Interior Quality and Condition** — repeats for each ADU +- **Overall Quality and Condition** — always displays + +### Exterior Quality and Condition + +Exterior Quality and Condition displays in the sales comparison grid if Homeowner Responsible for all Exterior Maintenance of Dwellings (3.016) is Yes for the subject, and the "When Row Displays" column in this chapter reflects this. + +**Notes:** + +- When exterior features are included in the Exterior Quality and Condition subsection, it provides context for: + - Exterior Quality Rating for the dwelling, and for the Overall Quality Rating. + - Exterior Condition Rating for the dwelling, and for the Overall Condition Rating. +- Any adjustments are made in the Overall Quality Rating (22.11.04) or Overall Condition Rating row (22.11.06), and not here. +- For properties with multiple dwellings, Exterior Quality and Condition repeats for each dwelling, based on the field Dwellings Containing Units. + +### Exterior Quality and Condition + +| Structure ID | 22.08.01 | 22.08.16 | +|-----------------------------|----------|----------| +| Quality | 22.08.02 | 22.08.17 | +| Exterior Walls and Trim | 22.08.03 | 22.08.18 | +| Foundation | 22.08.04 | 22.08.19 | +| Roof | 22.08.05 | 22.08.20 | +| Windows | 22.08.06 | 22.08.21 | +| | 22.08.07 | 22.08.22 | +| | 22.08.08 | | +| Condition | 22.08.09 | 22.08.23 | +| Exterior Walls and Trim | 22.08.10 | 22.08.24 | +| Foundation | 22.08.11 | 22.08.25 | +| Roof | 22.08.12 | 22.08.26 | +| Windows | 22.08.13 | 22.08.27 | +| | 22.08.14 | 22.08.28 | +| | 22.08.15 | | + +--- + +Appendix F-1: URAR Reference Guide Page 250 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_251.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_251.md new file mode 100644 index 0000000000000000000000000000000000000000..d3ebb63f7495d58cc3842e07433bc7cb678cdf8d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_251.md @@ -0,0 +1,67 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Exterior Quality and Condition + +#### Report + +| Field ID | Report Label | +|----------|--------------| +| This is an appraiser input that does not display in the sales grid | This is an appraiser input that does not display in the sales grid | +| Not on Report | 22.08.01
22.08.16 | +| Structure ID | 22.08.02
22.08.17 | +| Quality | When Row Displays | +| N/A | When Units Excluding ADUs is more than 1 for the subject or any comparable | +| | When Homeowner Responsible for Exterior Maintenance of all Dwellings is Yes for the subject | + +#### When to Include for each Comparable + +- Always required +- Always required +- When Units Excluding ADUs is more than 1 +- Required when Homeowner Responsible for Exterior Maintenance of all Dwellings is Yes + +#### Allowable Answers / Format + +- Number +- Free-form +- Q1 to Q6 + +#### Origin of Subject Property Information + +- Subject Property + - Homeowner Responsible for all Exterior Maintenance of Dwellings 3.016 +- Subject Property + - Dwellings Containing Units 3.007 +- Dwelling Exterior, if applicable for each dwelling + - Structure Identifier 8.000 +- Dwelling Exterior + - Exterior Quality Rating 8.022 + +#### Adjustable Row + +- No +- No + +#### Definition / Additional Guidance + +- Indicates whether the homeowner is responsible for all exterior maintenance of the dwelling(s) on the property. + +- Number of dwellings on the property. A dwelling is a structure designed to be used as a residence that contains one or more living units. + - Examples: + - Enter 1 for a 2-unit property where both units are in the same building. + - Enter 1 for a 3-unit property where all units are in the same building. + - Enter 2 for a 2-unit property where each unit is in a separate building. + +- Examples: Building 1, Building 2 + +- The Exterior Quality Rating for the dwelling provides support for the Overall Quality Rating. Adjustments are made in the Overall Quality Rating row. + +- Reference Appendix 2: Condition and Quality Rating Definitions for definitions. + +#### Appendix F-1: URAR Reference Guide + +Page 251 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_252.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_252.md new file mode 100644 index 0000000000000000000000000000000000000000..30319965ed38fd8527b06331f3c8991bf8955381 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_252.md @@ -0,0 +1,75 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Exterior Quality and Condition + +#### Report + +| Field ID | Report Label | When Row Displays | When to Include for each Comparable | Allowable Answers / Format | Origin of Subject Property Information | +|-----------|------------------------|-------------------|-----------------------------------------------------------------------|----------------------------------------------------------------------------------------------|-----------------------------------------| +| 22.08.04 | Exterior Walls and Trim| If relevant | Required when the row is included in the sales comparison grid | Choose one or more allowable answers from the Definition / Additional Guidance column | Dwelling Exterior . Exterior Wall Material 8.025 | +| 22.08.19 | Foundation | If relevant | Required when the row is included in the sales comparison grid | Choose one or more allowable answers from the Definition / Additional Guidance column | Dwelling Exterior ° Foundation Type 8.029 | +| \- | | If relevant | Required when the row is included in the sales comparison grid | Choose one or more allowable answers from the Definition / Additional Guidance column | Dwelling Exterior ° Roof Material 8.033 | + +#### Adjustable Row + +##### Definition / Additional Guidance + +**Exterior Walls and Trim** + +- Adobe +- Aluminum +- Asbestos +- Brick +- Cement Board +- Concrete Block +- Engineered Wood +- Glass +- Log +- Poured Concrete +- Steel +- Stone +- Stucco +- Synthetic Stone +- Synthetic Stucco +- Vinyl +- Wood +- Other (Describe) + +**Foundation** + +- Basement +- Crawl Space +- Post and Pier +- Runner +- Slab +- Other (Describe) + +**Roof Material** + +- Asbestos +- Asphalt +- Ceramic Tile +- Clay +- Composition +- Concrete +- Copper +- Metal +- Rubber +- Slate +- Solar Shingles +- Synthetic +- Tar/Gravel +- Wood +- Other (Describe) + +--- + +Appendix F-1: URAR Reference Guide + +Page 252 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_253.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_253.md new file mode 100644 index 0000000000000000000000000000000000000000..3771a39370941d7ad0b1f40597a845f90833cd40 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_253.md @@ -0,0 +1,67 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Exterior Quality and Condition + +**Report When Row** | **When to Include for Allowable Origin of Subject Adjustable** +--- | --- +**Report Label** | **Definition / Additional Guidance Field ID** | **Displays each Comparable Answers / Format Property Information Row** + +**22.08.06 | Windows** + +- Required when the Windows Quality Summary does not populate from Dwelling Exterior. +- Windows Quality Summary: A short description summarizing the quality of the windows in the dwelling. + +**22.08.07 Exterior Feature Other Description 8.041** + +- If relevant, for each additional feature + +Required when Homeowner Responsible for Exterior Maintenance of all Dwellings is Yes for the subject. + +**22.08.09 Condition** + +- If relevant + +**22.08.23 | Free-form** + +- Required when the row is included in the sales comparison grid. + +**22.08.10 Exterior Walls and Trim** + +- Required when Homeowner Responsible for Exterior Maintenance of all Dwellings is Yes. + +**22.08.24| C1 to C6** + +- Choose an allowable answer from the Definition / Additional Guidance column. + +**Other Exterior Feature Quality Summary 22.08.08** + +- Does not populate from Dwelling Exterior; the appraiser must enter information for the subject property. + +Additional rows may be included for any features not predefined that were added to the Exterior Features table in the Dwelling Exterior section (8.041-8.045). + +**Example:** Other Exterior Feature Example in Dwelling Exterior and Sales Comparison Approach + +- Other Exterior Feature Quality Summary: A short description summarizing the quality of the other exterior feature. +- Example: Custom concrete cornices and frieze + +**Notes:** + +- If the feature does not exist for the comparable, enter “None”. +- If the comparable has an exterior feature that the subject does not have, report as an Additional Row in the Dwelling(s) subsection (22.05.18) and not here. + +The Exterior Condition Rating for the dwelling provides support for the Overall Condition Rating. Adjustments are made in the Overall Condition Rating row. + +Reference Appendix 2: Condition and Quality Rating Definitions for definitions. + +- New or Like New +- Typical Wear and Tear +- Damaged and Functional +- Damaged and Nonfunctional + +**Appendix F-1: URAR Reference Guide** + +Page 253 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_254.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_254.md new file mode 100644 index 0000000000000000000000000000000000000000..f9f590b5d3618d078ef47365fff584130bdd3f3e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_254.md @@ -0,0 +1,51 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Exterior Quality and Condition + +| Report Label | Field ID | When to Include | Answers / Format | +|-------------------------------------------|----------|-----------------------------------------------|-------------------------------------------------| +| Foundation | 22.08.11 | Required when the row is included in the sales comparison grid | Allowable Origin of Subject | +| | | | Dwelling Exterior | +| | | | New or Like New | +| | | | Typical Wear and Tear | +| | | | Damaged and Functional | +| | | | Damaged and Nonfunctional | +| Roof Observable | 8.033 | Required when the row is included in the sales comparison grid | Yes | +| | | | No (the person performing the inspection was unable to make an informed determination on the condition status of the roof, and "(Unobservable)" displays) | +| Roof Condition Status | 8.035 | Required when Roof Observable is Yes, the row is included in the sales comparison grid | New or Like New | +| | | | Typical Wear and Tear | +| | | | Damaged and Functional | +| | | | Damaged and Nonfunctional | +| Windows Condition Status | 8.039 | Required when the row is included in the sales comparison grid | New or Like New | +| | | | Typical Wear and Tear | +| | | | Damaged and Functional | +| | | | Damaged and Nonfunctional | +| Exterior Feature Other Description | 8.041 | If relevant, for each additional feature | Free-form | +| Other Exterior Feature Condition Status | 8.044 | Required when the row is included in the sales comparison grid | New or Like New | +| | | | Typical Wear and Tear | +| | | | Damaged and Functional | +| | | | Damaged and Nonfunctional | + +*If needed to support the condition rating, additional rows may be included for any features not predefined that were added to the Exterior Features table in the Dwelling Exterior section.* + +**Example:** Other Exterior Feature Example in Dwelling Exterior and Sales Comparison Approach + +- Other Exterior Feature Condition Status + - New or Like New + - Typical Wear and Tear + - Damaged and Functional + - Damaged and Nonfunctional + +**Notes:** +- If the feature does not exist for the comparable, enter "None". +- If the comparable has an exterior feature that the subject does not have, report as an Additional Row in the Dwelling(s) subsection (22.05.18) and not here. + +**Appendix F-1: URAR Reference Guide** + +*Page 254 of 367* + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_255.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_255.md new file mode 100644 index 0000000000000000000000000000000000000000..394519c649fbfd1365485b122a548e0a1b328e39 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_255.md @@ -0,0 +1,46 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Interior Quality and Condition + +Interior Quality and Condition repeats in the sales comparison grid for each unit that is not an ADU. + +**Notes:** + +- When interior features are included in the Interior Quality and Condition subsection, it provides context for: + - Interior Quality Rating for the unit, and for the Overall Quality Rating. + - Interior Condition Rating for the unit, and for the Overall Condition Rating. +- Any adjustments are made in the Overall Quality Rating (22.11.04) or Overall Condition Rating (22.11.06) row, and not here. +- For a single-family property, only one unit displays in the sales grid, with no Structure Identifier or Unit Identifier. +- For properties with more than one unit: + - Structure Identifier and Unit Identifier are always required. + - The interior quality and condition information repeats for each unit. +- Accessory dwelling units are addressed separately in the ADU Interior Quality and Condition subsection (22.10). + +### Interior Quality and Condition + +| Structure ID | Unit ID | 22.09.02 | 22.09.18 | +|--------------|-----------|----------|----------| +| Quality | 22.09.03 | 22.09.19 | +| Kitchen | 22.09.04 | 22.09.20 | +| Overall Bathrooms | 22.09.05 | 22.09.21 | +| Overall Flooring | 22.09.06 | 22.09.22 | +| Walls and Ceiling | 22.09.07 | 22.09.23 | +| Condition | 22.09.10 | 22.09.25 | +| Kitchen | 22.09.11 | 22.09.26 | +| Overall Bathrooms | 22.09.12 | 22.09.27 | +| Overall Flooring | 22.09.13 | 22.09.28 | +| Walls and Ceiling | 22.09.14 | 22.09.29 | + +### Sales Comparison Approach: Interior Quality and Condition + +**Report When**: Displays each Comparable + +**Row**: Required when Units Excluding ADUs is more than 1 for the subject or any comparable. + +**Report Label**: Examples: Building 1, Building 2 + +**Definition / Additional Guidance**: Free-form Unit Interior Structure Identifier + +**Appendix F-1: URAR Reference Guide Page 255 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_256.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_256.md new file mode 100644 index 0000000000000000000000000000000000000000..5a1132e468ffeded966085d91ea6325c0966691e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_256.md @@ -0,0 +1,38 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Interior Quality and Condition + +| Field ID | Report Label | Definition / Additional Guidance | +|-----------|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 22.09.02 | Structure ID | Displays each Comparable Property Information Row | +| 22.09.18 | Unit ID | Free-form Unit Identifier Examples: Unit 1, Unit 2, Primary Dwelling, ADU Excluding ADUs if applicable. | +| 22.09.04 | Quality | Unit Interior Quality Rating | +| 22.09.20 | Kitchen | Kitchen Quality Summary does not populate from Unit Interior; the appraiser must enter information for the subject property | +| 22.09.06 | Overall Bathrooms | Overall Bathrooms Quality Summary does not populate from Unit Interior; the appraiser must enter information for the subject property | +| 22.09.22 | Flooring | Overall Flooring Quality Summary does not populate from Unit Interior; the appraiser must enter information for the subject property | +| | Walls and Ceiling | Walls and Ceiling Quality Summary does not populate from Unit Interior; the appraiser must enter information for the subject property | + +#### Quality + +* The Interior Quality Rating for the unit provides support for the Overall Quality Rating. Adjustments are made in the Overall Quality Rating row. Reference Appendix 2: Condition and Quality Rating Definitions for definitions. + +* **Kitchen Quality Summary:** A short description summarizing the quality of the kitchen. \ + **Note:** If there are multiple kitchens in the unit for the subject or any comparable, explain the details in Reconciliation of Sales Comparison Approach (22.16.01). + +* **Overall Bathrooms Quality Summary:** A short description summarizing the overall quality of all bathrooms in the unit. + +* **Overall Flooring Quality Summary:** A short description summarizing the overall quality of all flooring in the unit. + +* **Walls and Ceiling Quality Summary:** A short description summarizing the overall quality of the walls and ceilings in the unit. + +--- + +### Appendix F-1: URAR Reference Guide + +Page 256 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_257.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_257.md new file mode 100644 index 0000000000000000000000000000000000000000..ce5ded9d2e22456b7d6447f01ac2e66d9a7d6d5d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_257.md @@ -0,0 +1,71 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Interior Quality and Condition + +| Report When Row | When to Include for Allowable Origin of Subject Adjustable — eas | +|-----------------|------------------------------------------------------------------| +| Report Label | Definition / Additional Guidance | + +| Field ID | Displays each Comparable Answers / Format | +|-----------------|------------------------------------------------------------------| +| Property Information Row | +| 22.09.09 | [Other Interior | If relevant, for | Required when the Free-form | +| | Unit Interior No | +| Interior Feature]| If needed to support the quality rating, additional rows may be included | +| 22.09.24 | Feature] each row is included in the e Interior Feature for any features not predefined that were added to the Interior Features | +| 22.09.08 | additional sales comparison grid Other Description table in the Unit Interior section. | + +**Example:** Other Interior Feature Example in Unit Interior and Sales Comparison Approach + +- 10.044 Other Interior Feature populates Quality Summary Other Interior Feature Quality Summary: A short description summarizing the quality of the additional feature. Example: Custom designed high grade + +### Condition + +| 22.09.11 | Report Label | If relevant, for | Always required | Required when the row is included in the sales comparison grid | +|-----------------|-----------------|-----------------|-----------------|---------------------------------------------------------------| +| C1 to C6 | Choose an allowable answer from the Definition / Additional Guidance column | + +- Interior; the appraiser must enter information for the subject property + +| Unit Interior | Interior Condition Rating 10.035 | +|---------------|-----------------------------------------------------------------------| +| Unit Interior | Room Update Status 10.038 (for kitchen) | + +**Notes:** +- If the feature does not exist for the comparable, enter “None”. +- If the comparable has an interior feature that the subject does not have, report as an Additional Row in the Unit(s) subsection (22.07.15) and not here. + +- The Interior Condition Rating for the unit provides support for the Overall Condition Rating. Adjustments are made in the Overall Condition Rating row. + +**Reference Appendix 2:** Condition and Quality Rating Definitions for definitions. + +**Note:** For the subject property, reflects the condition as if any required repairs, inspections, or completions have been satisfactorily completed. + +- Fully Updated +- Partially Updated +- Not Updated + +**Note:** If there are multiple kitchens in the unit for the subject or any comparable, the appraiser must explain the details in Reconciliation of Sales Comparison Approach (22.16.01). + +### Overall Bathrooms + +| If relevant | Required when the row is included in the sales comparison grid | +|-------------|---------------------------------------------------------------| +| Choose an allowable answer from the Definition / Additional Guidance column | + +| Unit Interior | Overall Update Status for Bathrooms 10.043 | +|---------------|-----------------------------------------------------------| +| - Fully Updated | +| - Significantly Updated | +| - Moderately Updated | +| - Not Updated | + +**Appendix F-1: URAR Reference Guide** + +_Page 257 of 367_ + +_Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_258.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_258.md new file mode 100644 index 0000000000000000000000000000000000000000..51ea3d95185f3262ad775f54fdd71565c3e8f3a7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_258.md @@ -0,0 +1,54 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Interior Quality and Condition + +| Report Label | Definition / Additional Guidance | Field ID | +|------------------------------|----------------------------------------------------------------------------------|----------| +| Overall Interior | If relevant, required when the row is included in the sales comparison grid. | 22.09.13 | +| Flooring | Choose an allowable answer from the Status for Flooring. | 22.09.28 | + +| Answers / Format | Property Information Row | +|------------------|---------------------------| +| Fully Updated | | +| Significantly Updated| | +| Moderately Updated | | +| Not Updated | | + +### Definition / Additional Guidance + +- **Walls and Ceiling** + - **Field ID**: 22.09.16 + - Description: Walls and Ceiling Condition Summary does not populate from Unit Interior; the appraiser must enter information for the subject property. + +- **Other Interior Feature** + - **Field ID**: 22.09.30 + - If relevant, for each additional feature + - Free-form + +- **Walls and Ceiling Condition Summary** + - A short description summarizing the overall condition of the walls and ceilings in the unit. + +- **Other Interior Feature** + - **Field ID**: 22.09.15 + - Description populates from Unit Interior + - Free-form + +- **Other Interior Feature Condition Summary** + - **Field ID**: 10.044 + - Description: A short description summarizing the condition of the additional feature. + +### Notes: +- If the feature does not exist for the comparable, enter “None”. +- If the comparable has an interior feature that the subject does not have, report as an Additional Row in the Unit(s) subsection (22.07.15) and not here. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 258 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_259.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_259.md new file mode 100644 index 0000000000000000000000000000000000000000..403830ab7335d4f46011bd84cfd91172bef79034 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_259.md @@ -0,0 +1,55 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### ADU Interior Quality and Condition + +The ADU Interior Quality and Condition subsection displays on the sales comparison grid if the subject or any comparables have ADU(s). + +- When interior features are included in the ADU Interior Quality and Condition subsection, it provides context for: + - Interior Quality Rating for the ADU, and for the Overall Quality Rating. + - Interior Condition Rating for the ADU, and for the Overall Condition Rating. +- Any adjustments are made in the Overall Quality Rating (22.11.04) or Overall Condition Rating (22.11.06) row, and not here. + +### ADU Interior Quality and Condition + +| | Location of ADU | Quality | Kitchen | Overall Bathrooms | Overall Flooring | Walls and Ceiling | | +|--------------------------------|-------------------|-----------------|---------------|-------------------|------------------|-------------------|--------------------| +| **Quality** | 22.10.01 | 22.10.02 | 22.10.03 | 22.10.04 | 22.10.05 | 22.10.06 | 22.10.08 | +| **Condition** | 22.10.07 | 22.10.09 | 22.10.10 | 22.10.11 | 22.10.12 | 22.10.13 | 22.10.15 | +| | 22.10.16 | 22.10.17 | 22.10.18 | 22.10.19 | 22.10.20 | 22.10.21 | 22.10.22 | +| | 22.10.23 | 22.10.24 | 22.10.25 | 22.10.26 | 22.10.27 | 22.10.28 | | + +## Sales Comparison Approach: ADU Interior Quality and Condition + +| Report Label | Wins | Row | When to Include for Allowable Origin of Subject | Adjustable Definition / Additional Guidance | +|--------------|------|-----|-------------------------------------------------|----------------------------------------------------------| +| Field ID | Displays each | Comparable Answers / Format | Property Information Row | +| **Location of ADU** | +| When | Unit is an ADU is Yes for the subject or any comparable | Required if Unit is an ADU is Yes | +| Dwelling or | Outbuilding | Structure Type Not on Report | | +| 22.10.01 | 22.10.16 | +| **Location of ADU** | 22.10.02 | 22.10.17 | +| **Quality** | When | Unit is an ADU is Yes for the subject or any comparable | +| When | Unit is an ADU is Yes for the subject or any comparable | Required if Unit is an ADU is Yes, and the ADU is in an outbuilding | +| Always required | Choose an allowable answer from 10.000 | +| Q1 to Q6 | Unit Interior | Outbuilding Type 10.000 | +| Unit Interior| **Interior Quality Rating** 10.034 | + +**Structure Type**: The type of structure that contains the ADU. +If the ADU is in a dwelling, “Dwelling” displays. +Note: Location of ADU redisplays from 22.07.02 and 22.07.18. + +If the ADU is in an outbuilding, Outbuilding Type displays. +Note: Location of ADU redisplays from 22.07.02 and 22.07.18. + +The **Interior Quality Rating** for the ADU provides support for the **Overall Quality Rating**. Adjustments are made in the Overall Quality Rating row. +Reference Appendix 2: **Condition and Quality Rating Definitions** for definitions. + +### Appendix F-1: URAR Reference Guide + +Page 259 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_26.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_26.md new file mode 100644 index 0000000000000000000000000000000000000000..8d3e2deb40d4ead5d648eccf0c2ce07caa2cbd19 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_26.md @@ -0,0 +1,28 @@ +```markdown +# Uniform Appraisal Dataset + +## 01 Summary + +### Summary: Property Description + +**Report** + +| Field ID | Report Label | When Displayed in Summary Section | Allowable Answers / Format | Origin of Information (Section) | +|----------|--------------|------------------------------------|----------------------------|---------------------------------| +| 3.011 | Property in a Project | Checkboxes always display | Displays an allowable answer from the Definition / Additional Guidance column | Subject Property | +| 3.012 | Project Legal Structure | Checkboxes always display | Displays an allowable answer from the Definition / Additional Guidance column | Subject Property | +| 3.013 | Observed Project Deficiencies | Checkbox displays when the property is in a condominium, cooperative, or condop | The appraiser must observe the overall project. If checked Yes, there are deficiencies, deferred maintenance, and / or critical repairs that impact the value and / or marketability of the subject property. | Project Information | +| 18.014 | Subject Site Owned in Common | Checkbox always displays | Indicates whether land associated with the property is owned by an association. Yes (the land supporting the dwelling is commonly owned through an association such as a condo, co-op or condop). No (the homeowner owns or leases the land sole and separate from another entity). Note: For site condos, select No for Site Owned in Common, and Condominium for Project Legal Structure. | Subject Property | +| 3.005 | Units Excluding ADUs | Always displays | Number of separate living units on the subject property, not counting any ADUs. ADUs are entered in a separate field (3.006) but are considered in the overall unit count. Examples: A single-family property (with or without an ADU) is reported as 1 unit in this field. A three-unit property (with or without an ADU) is reported as 3 units in this field. | Subject Property | +| 3.006 | Number of ADUs on Subject Property | Always displays | ADUs may be in the dwelling, attached to the dwelling, or associated with a separate building (outbuilding). If 0, there are no ADUs on the property. | Subject Property | +| 3.019 | Property Rights Appraised | When the property is not in a cooperative | Fee Simple Leasehold Other (Describe) | Subject Property | +| 16.004 | Highest and Best Use | Checkbox always displays | After consideration of all four tests, indicates whether the present or proposed use is the highest and best use of the site. | Highest and Best Use | + +--- + +Appendix F-1: URAR Reference Guide + +Page 26 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_260.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_260.md new file mode 100644 index 0000000000000000000000000000000000000000..d0fced15efbe4aba01a52fc72ff2936167ecad38 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_260.md @@ -0,0 +1,24 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: ADU Interior Quality and Condition + +| Report Label | Field ID | When to Include for Comparable | Answers / Format | Definition / Additional Guidance | +|--------------|----------|--------------------------------|-----------------|----------------------------------| +| Kitchen Quality Summary | 22.10.03 | If relevant. Required when the 22.10.18 row is included in the sales comparison grid | Free-form | A short description summarizing the quality of the kitchen in the ADU. | +| Overall Bathrooms Quality Summary | 22.10.05 | If relevant | Free-form | A short description summarizing the overall quality of all bathrooms in the ADU. | +| Overall Flooring Quality Summary | 22.10.08 | If relevant | Free-form | A short description summarizing the overall quality of all flooring in the ADU. | +| Walls and Ceiling Quality Summary | 22.10.22 | If relevant | Free-form | A short description summarizing the overall quality of the walls and ceilings in the ADU. | +| Other Interior Feature Quality Summary | 22.10.07 | If relevant, for each additional feature | Free-form | If needed to support the quality rating, additional rows may be included for any features not predefined. Example: Custom designed high grade. | + +**Notes:** + +- If the feature does not exist for the comparable ADU, enter “None”. +- If the comparable ADU has an interior feature that the subject does not have, report this as an Additional Row in the Unit(s) subsection for the ADU (22.07.15) and not here. + +## Appendix F-1: URAR Reference Guide + +Page 260 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_261.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_261.md new file mode 100644 index 0000000000000000000000000000000000000000..585b0821b7d21fc506a674124d43240fdf44b832 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_261.md @@ -0,0 +1,108 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: ADU Interior Quality and Condition + +#### Report + +- **Field ID** +- **Report Label** +- **Condition** + +#### When Row Displays + +- When Unit is an ADU is Yes for the subject or any comparable + +#### When to Include for each Comparable + +- Always required + +#### Allowable Answers / Format + +- C1 to C6 + +#### Origin of Subject Property Information + +- **Unit Interior** + - Interior Condition Rating 10.035 + +#### Adjustable Row + +**Definition / Additional Guidance** + +The Interior Condition Rating for the ADU provides support for the Overall Condition Rating. Adjustments are made in the Overall Condition Rating row. + +Reference Appendix 2: Condition and Quality Rating Definitions for definitions. + +*Note:* For the subject property, reflects the condition as if any required repairs, inspections, or completions have been satisfactorily completed. + +### 22.10.10 - 22.10.24 + +#### Kitchen + +- **If relevant** +- **Required when the row is included in the sales comparison grid** + + Choose an allowable answer from the Definition / Additional Guidance column + +- **Unit Interior** + - Room Update Status 10.038 (for kitchen) + +### 22.10.12 - 22.10.26 + +#### Overall Bathrooms + +- **If relevant** +- **Required when the row is included in the sales comparison grid** + + Choose an allowable answer from the Definition / Additional Guidance column + +- **Unit Interior** + - Overall Update Status for Bathrooms 10.043 + +#### Overall Flooring + +- **If relevant** +- **Required when the row is included in the sales comparison grid** + + Choose an allowable answer from the Definition / Additional Guidance column + +- **Unit Interior** + - Overall Update Status for Flooring 10.049 + +#### Walls and Ceiling + +- **If relevant** +- **Required when the row is included in the sales comparison grid** + + Free-form + +**Walls and Ceiling Condition Summary** does not populate from Unit Interior; the appraiser must enter information for the subject property. + +- Fully Updated +- Partially Updated +- Not Updated + +Based on the appraiser’s analysis and determination considering the overall level of updating, the update status of all bathroom(s) in the ADU in aggregate. + +- Fully Updated +- Significantly Updated +- Moderately Updated +- Not Updated + +Based on the appraiser’s analysis and determination considering the overall level of updating, the update status of all flooring in the ADU in aggregate. + +- Fully Updated +- Significantly Updated +- Moderately Updated +- Not Updated + +**Walls and Ceiling Condition Summary:** A short description summarizing the overall condition of the walls and ceilings in the ADU. + +#### Appendix F-1: URAR Reference Guide + +- Page 261 of 367 +- Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_262.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_262.md new file mode 100644 index 0000000000000000000000000000000000000000..9c49e9ec4a624e5f1373ca2536abddbed7045758 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_262.md @@ -0,0 +1,40 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Sales Comparison Approach: ADU Interior Quality and Condition + +| Report Label | Field ID | Displays each Comparable | Answers / Format | Definition / Additional Guidance | +|----------------------------|----------|--------------------------------|-----------------------------------------------------|--------------------------------------------------------------------------| +| Other Interior Feature | 22.10.15 | If relevant, for each row | Required when the Free-form Unit Interior No | If needed to support the condition rating, additional rows may be | +| | | is included in the additional | | included for any features not predefined that were added to the Interior | +| | | sales comparison grid | | Features table in the Unit Interior section for the ADU. | +| Other Interior Feature | 22.10.28 | [Other Interior Feature] | | | +| Description | | | | Example: Other Interior Feature Example in Unit Interior and Sales | +| | | | | Comparison Approach | +| Other Interior Feature | 10.044 | (Report Example) | Condition Summary: A short description summarizing | | +| Condition Summary | | | the condition of the additional feature. | | +| Notes: | | | | | +| - If the feature does not | | | exist for the comparable ADU, enter "None". | | +| - If the comparable ADU | | | has an interior feature that the subject does not | | +| | | | have, report as an Additional Row in the Unit(s) | | +| | | | subsection for the ADU (22.07.15) and not here. | | + +## Overall Quality and Condition + +This subsection represents the reconciliation of all the interior and exterior quality and condition information included in the sales comparison grid. Any adjustment is an aggregated conclusion. Reference Appendix 2: Condition and Quality Rating Definitions for definitions. + +**Overall Quality and Condition (Ratings: 1-6, 1 is highest)** + +| Quality | 22.11.01 | 22.11.03 | 22.11.04 $ | +|---------------------|----------|----------|------------| +| Condition | 22.11.02 | 22.11.05 | 22.11.06 $ | + +## Sales Comparison Approach: Overall Quality and Condition + +| Report Label | When Row | When to Include for | Allowable Origin of | Subject Adjustable | +|-----------------------------|---------------|-----------------------|----------------------|-------------------------------------------------------------------------------------------| +| Overall Quality and | Always | Always required | Ql to Q6 | Overall Quality Rating: The overall quality rating of all dwellings on the property. | +| Condition 22.11.04 15.000 | | | | Any Quality adjustments made in this row include interior and exterior quality. | + +*Definition / Additional Guidance: Appendix F-1: URAR Reference Guide Page 262 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_263.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_263.md new file mode 100644 index 0000000000000000000000000000000000000000..a1c7a5ecf5c2bdcc87e07d494b7472562fa1e2b4 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_263.md @@ -0,0 +1,43 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Sales Comparison Approach: Overall Quality and Condition + +### Report When Row When to Include for Allowable Origin of Subject Adjustable — eas q + +- **Report Label:** + - **Field ID:** Displays each Comparable Answers / Format | Property Information Row + - **22.11.02 | Condition:** Always required C1 to C6 Overall Quality and Yes Overall Condition Rating: The overall condition rating of all dwellings on + - **22.11.05 Condition 22.11.06:** The property. + - **Overall Condition Rating 15.005:** Any Condition adjustments made in this row include interior and exterior condition. + +## Property Amenities + +The Property Amenities subsection displays on the sales comparison grid when relevant to analysis and conclusions. + +Property amenities are solely owned or restricted to use by the property owner, and do not include: + +- Project amenities that are owned and maintained by the HOA and subject to shared use + - In the sales grid, these are reported in the Project Information subsection (22.02). +- Site characteristics and view + - In the sales grid, these are reported in the Site subsection (22.03). +- Waterfront improvements, such as piers, docks, and bulkheads + - In the sales grid, these are reported in the Water Frontage with Private Access subsection (22.04). + +### Amenity Category + +Groups similar amenities together for inclusion as individual line entries (rows) in the sales comparison grid. + +- Outdoor Accessories +- Outdoor Living +- Water Features +- Whole Home +- Miscellaneous + +#### Notes: + +- For the subject property, when an Amenity Category (row) is included in the sales comparison grid, all amenities in that category populate from the Subject Property Amenities section. +- Amenity Count may be used when there are no additional details about the amenity to be reported. Example: Amenity Examples in Subject Property Amenities and Sales Comparison Approach + +*Appendix F-1: URAR Reference Guide Page 263 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_264.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_264.md new file mode 100644 index 0000000000000000000000000000000000000000..a09215ee0f6caa11ecadf0ce014809268dc7ca0c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_264.md @@ -0,0 +1,116 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Property Amenities + +#### Outdoor Accessories +- 22.12.01 +- 22.12.06 +- 22.12.07$ + +#### Outdoor Living +- 22.12.02 +- 22.12.08 +- 22.12.09$ + +#### Water Features +- 22.12.03 +- 22.12.10 +- 22.12.11 + +#### Whole Home +- 22.12.04 +- 22.12.12 +- 22.12.13$ + +#### Miscellaneous +- 22.12.05 +- 22.12.14 +- 22.12.15$ + +### Sales Comparison Approach: Property Amenities + +#### Report When +- Row: When to Include for Allowable Origin of Subject Adjustable + +#### Always required + +##### Subject Property Amenities + +- **Property Amenities Exist 14.000**: + - Indicates whether the property has amenities, excluding those attributable to the project, waterfront improvements, or site characteristics/view. + - 22.12.01 + - 22.12.06 + +- **Outdoor Accessories** + - **Amenities**: + - Appraiser input does not display in the sales grid + - If relevant + - If applicable when the row is included in the sales comparison grid + +- **Outdoor Living** + - 22.12.02 + - 22.12.08 + +- **Water Features** + - If relevant (repeated twice) + +#### Choose an allowable answer from the Definition / Additional Guidance column + +#### Subject Property + +- **Amenities** + - Amenity Category 14.001 is Outdoor Accessories + - Amenity Type 14.002 + +- **Subject Property** + - Amenity Count 14.004 + +- **Subject Property** + + - Amenity Category 14.001 is Outdoor Living + - Amenity Type 14.002 + +- **Subject Property** + + - Amenity Category 14.001 is Water Features + - Amenity Type 14.002 + +- Yes + - 22.12.07, 22.12.07, 22.12.09, 22.12.11 + +##### For Amenity Category Outdoor Accessories, Amenity Type +- Fence +- Irrigation System + +##### Outdoor Living +- Outdoor Fireplace +- Outdoor Kitchen +- Outdoor Riding Ring +- Sports Court + +##### Amenity Count (for the indicated outdoor accessory amenity) + +##### For Amenity Category Outdoor Living, Amenity Type +- Balcony +- Deck +- Gazebo +- Patio +- Porch +- Portico + +##### For Amenity Category Water Features, Amenity Type +- Inground Pool +- Inground Spa +- Outdoor Shower +- Sauna + +**Note:** If the pool, spa, or sauna is indoor, select Indoor as Amenity Feature. + +--- + +**Appendix F-1**: URAR Reference Guide + +- Page 264 of 367 +- Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_265.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_265.md new file mode 100644 index 0000000000000000000000000000000000000000..020ef5b37d65a656bacab59dcff37ad0092e74a5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_265.md @@ -0,0 +1,57 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Property Amenities + +| Report Label | Definition / Additional Guidance | Field ID | Displays each Comparable Answers / Format | Property Information Row | +|--------------|---------------------------------|----------|-------------------------------------------|---------------------------| +| Water Amenity Feature | If relevant | 22.12.03 | If applicable for the Subject Property | Yes | +| Features | Choose one or more allowable answers from the Guidance column | 22.12.04 | If relevant | - Inground Pool, Inground Spa, or Caged Heated Sauna | + +#### Water Features + +- **Miscellaneous**: If relevant + - **Field ID**: 22.12.05 / 22.12.14 + - **Additional Guidance**: If applicable for the indicated amenity + +- **Whole Home**: If relevant + - **Field ID**: 22.12.12 / 22.12.14 + - **Additional Guidance**: If applicable when the row is included in the sales comparison grid + +#### Subject Property Amenities + +- **Amenity Count**: 14.004 +- **Amenity Category**: 14.001 is Whole Home +- **Amenity Type**: 14.002 + +- **Amenity Count**: 14.004 +- **Amenity Category**: 14.001 is Miscellaneous +- **Amenity Type**: 14.002 + +- **Other (Describe)**: Yes + +### Outdoor Shower + +- **Amenity Count**: Yes + +### Whole Home Amenities + +- **Amenity Category**: Whole Home +- **Amenity Type**: 22.12.13 + - **Examples**: EV Station, Elevator, Fire Suppression System, Indoor Fireplace, Multiple Zone HVAC, Smart Home System, Whole House Ventilation, Wood Stove + +### Miscellaneous Amenities + +- **Amenity Count**: Yes +- **Amenity Category**: Miscellaneous +- **Amenity Type**: 22.12.15 + - **Examples**: Airstrip, Club Membership, Shared Laundry Facilities, Other (Describe) + +## Appendix F-1: URAR Reference Guide + +Page 265 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_266.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_266.md new file mode 100644 index 0000000000000000000000000000000000000000..4122ffdddcb7a538b01453ec62da15c13587f4c3 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_266.md @@ -0,0 +1,32 @@ +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Vehicle Storage + +The Vehicle Storage subsection always displays on the sales comparison grid. Information about the subject property’s garage area populates from the Vehicle Storage section. If the subject or comparable(s) have additional features that impact value and/or marketability, Additional Rows are utilized to support adjustments and conclusions, such as heat, cooling, or additional area. Reference Appendix 4: Detached Garage Examples for additional information and examples. + +### Examples: + +- Detached garage with an ADU above or sharing a common wall with the garage: + - ADU(s) if any, are reported in the Units(s) subsection (22.07). + - The portion of the garage dedicated to vehicle storage is reported in the Vehicle Storage subsection. + +- Detached garage with a finished workshop and a bathroom: + - The portion of the garage dedicated to vehicle storage is reported in the Vehicle Storage subsection. + - The workshop and bathroom are reported in the Outbuilding subsection (22.14) with Outbuilding Type selected as Other, and described as Workshop/Garage. + +| Vehicle Storage | | +|-----------------|-----------| +| Type | Spaces | +| Detail | 22.13.01 | +| 22.13.02 | 22.13.03 | +| 22.13.06 | | + +### Sales Comparison Approach: Vehicle Storage + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Origin of Information | Adjustable | Definition / Additional Guidance | +|-----------------|--------------|-----------------|---------------------------|----------------------|------------|----------------------------------| +| 22.13.04 | Vehicle Storage (subsection heading) | Always | Yes | Any adjustment for Vehicle Storage must be made in this row. | | + +| 22.13.01 | Type | Spaces | Always | Always required | Choose one or more allowable answers from the Definition / Additional Guidance column | Vehicle Storage | No | Vehicle Storage Type - None, Carport, Common Carport, Driveway, Garage, Open Lot, Parking Garage, Shared Driveway, Other (Describe) | + +*Appendix F-1: URAR Reference Guide Page 266 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_267.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_267.md new file mode 100644 index 0000000000000000000000000000000000000000..4956a75e80549f61f29ca3af2279e775460d56f1 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_267.md @@ -0,0 +1,88 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Vehicle Storage + +**Report Label FieldID** | **Type** | **Spaces** | **Detail** +--- | --- | --- | --- +22.13.01 | Type | Spaces | Detail +22.13.05 | Type | Spaces | Detail + +**When Row Displays** +When to Include for each Comparable + +Required if Vehicle Storage Type is Driveway or Shared Driveway + +Required for all Vehicle Storage Types except driveways or shared driveways with 10 or more spaces + +**Allowable Answers / Format** + +Whole number + +**Origin of Subject Property Information** + +**Vehicle Storage** + +- 10 or More Parking Spaces 13.002 +- Dedicated Parking Spaces 13.002 + +**Adjustable Row** + +**Definition / Additional Guidance** + +10 or More Parking Spaces + +- Select Yes if the driveway or shared driveway has 10 or more parking spaces. In this case, “10 or More” displays. +- Select No if the driveway or shared driveway has less than 10 parking spaces, and provide the number of parking spaces. + +Dedicated Parking Spaces: The number of parking spaces dedicated to the property within the indicated Vehicle Storage Type. A parking space is defined as the area that accommodates a vehicle. + +Note: Half spaces are accounted for in the overall size reported as Vehicle Storage Area (22.13.01, 22.13.05), not as a parking space. + +**Type | Spaces** | **Required when Vehicle Storage Type is** | **Choose an allowable answer from the Definition / Additional Guidance column** +--- | --- | --- +Detail | Common Carport, Open Lot or Garage | Vehicle Storage Parking Space Assignment Type: The ownership rights to the parking space(s). +  |   | - Assigned +  |   | - Owned +  |   | - Unassigned + +22.13.01 | Type | Spaces | Required when Vehicle Storage Type is +22.13.05 | | Detail | Carport or Garage + +- Vehicle Storage Attachment Type: The way that the indicated vehicle storage is attached to the dwelling. + - Attached + - Built-in + - Detached + +22.13.01 | Type | Spaces | Always Required when Vehicle Storage Type is +22.13.05 | | Detail | Driveway or Shared Driveway + +- Driveway Surface Material: The predominant driveway surface material. + - Asphalt + - Brick + - Concrete + - Cobblestone + - Dirt + - Gravel + - Other (Describe) + +22.13.01 | Type | Spaces | Always If relevant when Vehicle Storage Type is +22.13.05 | | Detail | Carport or Garage + +Number of square feet e Vehicle Storage Area 13.003 when Vehicle Storage Type is Carport or Garage + +Provides support for the Vehicle Storage adjustment. For the comparables, Vehicle Storage Area may be included if relevant or to provide additional context. + +Notes: + +- Half spaces are accounted for here. +- For detached garages that include other uses (ADUs or additional areas), only report area that is specific to the vehicle storage. + +Appendix F-1: URAR Reference Guide + +Page 267 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_268.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_268.md new file mode 100644 index 0000000000000000000000000000000000000000..a9c0805cfb1d78b47014fa54245b717b129ccf1f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_268.md @@ -0,0 +1,46 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Vehicle Storage + +#### Report + +| Report Label | FieldID | +|----------------|---------------| +| Additional | “©POrt bane | +| data element | displays as | +| displays as the| 22.13.02 | +| Report Label | | + +**When Row Displays:** +If relevant + +**When to Include for each Comparable:** +Required when the row is included in the sales comparison grid + +**Allowable Answers / Format:** +Free-form + +**Origin of Subject Property Information:** +Additional Row does not prepopulate from Vehicle Storage. The appraiser must enter information for the subject property. + +#### Adjustable Row + +**Definition / Additional Guidance:** + +Additional Row + +This row displays on the sales comparison grid when an additional data element relevant to the Vehicle Storage subsection is needed that is not predefined. + +Example: Attached garages with additional features such as heat, cooling, or bathroom. + +*Note: Only put one data element in each row and add additional rows as needed for other data elements.* + +--- + +Appendix F-1: URAR Reference Guide +Page 268 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_269.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_269.md new file mode 100644 index 0000000000000000000000000000000000000000..7a980c7c61f53419403f3395875291cbd8677b33 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_269.md @@ -0,0 +1,41 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Outbuilding + +The Outbuilding subsection displays on the sales comparison grid when the subject or any comparable has outbuilding(s) that are real property, other than standalone ADUs or ADU/Garages which are reported in the Unit(s) and/or Vehicle Storage subsection. The "When Row Displays" and "When to Include for each Comparable" columns in this subchapter reflect this. + +### Outbuilding (ADU and vehicle storage are not included in Finished Area, Unfinished Area, or room counts) + +| Outbuilding Type | Barn | Barn | Shed | $15,000 | Workshop | $(5,000) | +|--------------------------|------------|----------------|--------|---------|----------|----------| +| Unfinished Area | 900 Sq. Ft.| 500 Sq. Ft. | 500 Sq. Ft.| 500 Sq. Ft.| | | +| Outbuilding Type | Workshop | Workshop | $(10,000) | $0 | $0 | | +| Finished Area | 400 Sq. Ft.| 500 Sq. Ft. | | | | | +| Baths - Half | 0 | 1 | | | | | +| Heating | None | Yes | | | | | +| Utilities | Electricity| Electricity | Sanitary| | | | +| | | Sewer | Water | | | | + +ADU and vehicle storage are not included in Finished Area, Unfinished Area, or room counts. Reference Appendix 4: Detached Garage Examples for more information and examples of outbuildings that include garage areas. + +Outbuilding information repeats if the subject or any comparable has multiple outbuildings. When there are multiple outbuildings, align like-to-like Outbuilding Types when possible. + +### Outbuilding (ADU and vehicle storage are not included in Finished Area, Unfinished Area, or room counts) + +| Outbuilding Type | 22.14.01 | 22.14.14 | 22.14.15$ | +|--------------------------|----------|----------|-----------| +| Gross Building Area | 22.14.02 | 22.14.16 | | +| Finished Area | 22.14.03 | 22.14.17 | | +| Unfinished Area | 22.14.04 | 22.14.18 | | +| Structure Volume | 22.14.05 | 22.14.19 | | +| Baths - Full | 22.14.06 | 22.14.20 | | +| Baths - Half | 22.14.07 | 22.14.21 | | +| Kitchens | 22.14.08 | 22.14.22 | | +| Heating | 22.14.09 | 22.14.23 | | +| Cooling | 22.14.10 | 22.14.24 | | +| Utilities | 22.14.11 | 22.14.25 | | +| | 22.14.12 | 22.14.13 | 22.14.26 | + +Appendix F-1: URAR Reference Guide Page 269 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_27.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_27.md new file mode 100644 index 0000000000000000000000000000000000000000..8f63a951978d8a939c551c047a114cc2de9ad159 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_27.md @@ -0,0 +1,83 @@ +# Uniform Appraisal Dataset + +## 01 Summary + +### Summary: Property Description + +| Report When Displayed in | Allowable Answers Origin of Information | +|------------------------------|-----------------------------------------| +| Pi Report Label pray | Definition / Additional Guidance | +| Field ID Summary Section | Format (Section) | + +- **1.025 Property Restriction** + - When there are property restrictions. + - Displays an allowable answer from the Definition / Additional Guidance column. + - Allowable Answers: Site, Age, Property, Historic Preservation. + +- **Restriction 4.051** + - When there are encroachments. + - Displays an allowable answer from the Definition / Additional Guidance column. + - Allowable Answers: Encroachment. + +- **Encroachment 4.059** + - Income + - Land Use + - Rental + - Sale Price + - Other (Describe) + +- **Building, Driveway, Fence, Overhang, Other (Describe)** + +- **Zoning Compliance** + - Zoning Compliance 4.008 + +- **HUD Data Plate Attached** + - When the Manufactured Home section is included in the report. + - Displays an allowable answer from the Definition / Additional Guidance column. + - Yes | No + - Manufactured Home: HUD Data Plate Attached 9.010 + +- **1.029 HUD Label Present for All Sections** + - When the Manufactured Home section is included in the report. + - Always displays + - Allowable Answers: Yes | No + - Manufactured Home: Label Present for all Sections 9.016 + +- **Overall Quality and Condition** + - Overall Quality 15.000 + - Zoning Compliance: Illegal, Legal, Legal Nonconforming, No Zoning. + - Note: If there is more than one manufactured home on the property: + - Yes (the HUD Data Plate is attached for all manufactured homes). + - No (the HUD Data Plate is not attached for at least one manufactured home). + - Yes (the HUD Label is attached for all sections). + - No (the HUD Label is missing for at least one of the sections). + - Reference Appendix 2: Condition and Quality Rating Definitions for definitions. + +- **1.031 Overall Condition** + - Always displays + - C1 to C6 + - Overall Quality and Condition + - Reference Appendix 2: Condition and Quality Rating Definitions for definitions. + +- **See N/A** + - Always displays + +#### Photo + +- Property Photo + - iGuide Photo of the subject property, typically the front. + +### Apparent Defects, Damages, Deficiencies Requiring Action + +- All defects, damages, and deficiencies requiring completion, inspection, or repair are redisplayed in the Summary section, along with the estimated cost to repair when applicable. Each defect, damage, or deficiency is associated with the most appropriate section. + + - Site + - Dwelling Exterior (for each dwelling) + - Outbuilding (for each outbuilding) + - Unit Interior (for each unit or ADU) + - Vehicle Storage + - Subject Property Amenities + +--- + +Appendix F-1: URAR Reference Guide Page 27 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_270.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_270.md new file mode 100644 index 0000000000000000000000000000000000000000..9b1972083b8b23bbc64155c85e9e21a4bea49be7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_270.md @@ -0,0 +1,53 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Outbuilding + +#### Report + +| Field ID | Report Label | When Row Displays | When to Include for each Comparable | Allowable Answers / Format | +|-----------|--------------|------------------|------------------------------------|----------------------------| +| 22.14.01 | This is an appraiser input that does not display in the sales grid | When the subject or any comparable has outbuilding(s) that are not standalone ADUs or ADU/Garages | Always required | Choose an allowable answer from 12.001 | +| 22.14.14 | Outbuilding Type | If relevant | Always required | Choose an allowable answer from 12.001 | +| 22.14.15 | This is an appraiser input that does not display in the sales grid | If relevant | Always required | Number of square feet | +| 22.14.02 | Gross Building Area | Required when the row is included in the sales comparison grid | Required when the row is included in the sales comparison grid | Number of square feet | +| 22.14.16 | Finished Area | Required when the row is included in the sales comparison grid | Required when the row is included in the sales comparison grid | Number of square feet | + +- **Origin of Subject Property Information** + - Outbuilding + - Considered Real Property 12.002 + - Outbuilding Type 12.001 + - Units in Structure 12.003 + - Gross Building Area 12.006 + - Outbuilding Finished Area Excluding Vehicle Storage and ADU 12.011 + - Adjustable Row: Yes 22.14.15 + - No + +#### Definition / Additional Guidance + +- **Outbuilding Considered Real Property:** Indicates whether the outbuilding is considered real property (e.g., permanently affixed to the land). + - Note: Only outbuildings that are considered real property are displayed in the sales grid. + - Any adjustment for the outbuilding is made in this row, to support conclusions based on market support. + - Notes: + - Standalone ADUs that are not manufactured homes are reported in the Unit(s) subsection and do not display in the Outbuilding subsection. + - If the outbuilding contains an ADU, Outbuilding Type redisplays from Location of ADU (22.07.02, 22.07.18, 22.10.01, 22.10.16). + - Units in Structure: The number of accessory dwelling units in the outbuilding. + - If there are no ADUs in the Outbuilding, enter 0. + - If there is an ADU in the outbuilding, provide the number of ADUs (1 or more). Examples include: + - ADU/Garage: A detached garage with a living unit above or attached by a common wall + - Standalone ADU + - Gross Building Area for the outbuilding includes area for vehicle storage, ADU(s), and any other uses. + - Ensure that attributes are only adjusted for once. + - ADU is accounted for in the Unit(s) subsection. + - Vehicle storage is accounted for in the Vehicle Storage subsection. + - Gross Building Area may be provided instead of Finished Area and/or Unfinished Area, such as when the detailed area is not known for all the comparables. + - Indicate in Reconciliation of Sales Comparison Approach (22.16.01) if area is estimated for the comparable. + - Include this row in the sales comparison grid when the specific breakdown between finished and unfinished area for the comparables is available and needed to support conclusions. + - Indicate in Reconciliation of Sales Comparison Approach (22.16.01) if area is estimated for the comparable. + +**Appendix F-1: URAR Reference Guide** + +Page 270 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_271.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_271.md new file mode 100644 index 0000000000000000000000000000000000000000..54ed27604dff56af6e176e0fef0b143bc98f2072 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_271.md @@ -0,0 +1,101 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Outbuilding + +- **22.14.08** +- **22.14.22** + +#### Baths - Half + +- **Kitchens** + + - If relevant + +## Sales Comparison Grid + +- Required when the row is included in the sales comparison grid + +#### Bathrooms + +- **Number — Full** +- **Outbuilding 12.012** + - Room Type is Bath + - Number of Rooms + +#### Kitchens + +- **Outbuilding 12.012** + - Room Type is Kitchen + - Number of Rooms + +## Report Details + +### When to Include + +1. **Field ID**: 22.14.04 | Unfinished Area + - Required when row is included in the sales comparison grid + - Number of square feet + - Outbuilding + +2. **Field ID**: 22.14.18 | Unfinished Area + - Outbuilding breakdown between finished and unfinished area for comparables + - Indicate in Reconciliation of Sales Comparison Approach (22.16.01) if area is estimated for the comparable + +3. **Field ID**: 22.14.05 | Structure Volume + - Required when row is included in the sales comparison grid + - Number of cubic feet + - Outbuilding + +4. **Field ID**: 22.14.19 | Structure Volume + - Total volume of the outbuilding, including finished and unfinished areas + +#### Baths + +- **Field ID**: 22.14.06 | Baths - Full + - Required when row is included in the sales comparison grid + - Number + - If the subject or a given comparable does not have any full baths in the outbuilding, enter 0 + +- **Field ID**: 22.14.20 + - If the subject or a given comparable does not have any half baths in the outbuilding, enter 0 + +#### Kitchens + +- Note: If the subject or a given comparable does not have a kitchen in the outbuilding, enter 0 + +### Heating + +- **Field ID**: 22.14.09 | Heating + - Required when row is included in the sales comparison grid + - Heating System Type not reported for comparables + - Choose one or more allowable answers + +- **Outbuilding** + - Heating System Exists 12.008 if the outbuilding does not contain ADU(s) +- **Outbuilding** + - Heating System Type 12.014 if the outbuilding contains ADU(s) + +#### Heating System Exists + +- If No, "None" displays: + - None + - Baseboard + - Fireplace + - Forced Warm Air + - Gravity Air + - Mini Split + - Passive Solar + - Radiant + - Radiators + - Stove + - Other (Describe) + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 271 of 367_ + +_Version 1.2_ \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_272.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_272.md new file mode 100644 index 0000000000000000000000000000000000000000..893e7d8db770640d39a55e1a2e8417450a6934f0 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_272.md @@ -0,0 +1,83 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Outbuilding + +#### Report + +- **Field ID**: Report Label + +##### Cooling (If relevant) + +- **22.14.10**: Cooling If relevant + +##### Utilities (If relevant) + +###### When Row Displays + +- **When to Include for each Comparable**: Required when the row is included in the sales comparison grid +- **Required when the row is included in the sales comparison grid**: Cooling System Type is not reported for comparables + +###### Allowable Answers / Format + +- **Choose one or more allowable answers from the Definition / Additional guidance column**: +- **Choose one or more allowable answers from the Definition / Additional Guidance column**: + +###### Origin of Subject Property Information + +- Outbuilding + - **Cooling System Exists**: 12.009, 12.016 +- Outbuilding + - **Cooling System Type**: 12.016 If the outbuilding contains ADU(s) +- Outbuilding + - **Utilities**: 12.010 + +##### Adjustable Row + +###### Definition / Additional Guidance + +- **Cooling System Exists**: Indicates whether there is permanent cooling in the structure. + - If No, "None" displays. + - Centralized + - Individual + - Other (Describe) + +###### The utilities that have been extended to the outbuilding. + +- None +- Electricity +- Gas +- Sanitary Sewer +- Water +- Other (Describe) + +- **22.14.13 | Additional If relevant**: Required when the row is included in the sales comparison grid +- **22.14.26**: Free-form Additional Row does not populate from Outbuilding; the appraiser must enter information for the subject property + +> **Note**: Only put one data element in each row and add additional rows as needed for other data elements. + +##### Summary + +- The Summary subsection always displays on the sales comparison grid. + +- **List Price**: 22.15.02 S | 22.15.05 $ +- **Contract Price**: 22.15.03 $ 22.15.06 $ +- **Sale Price**: 22.15.07 $ +- **Net Adjustment Total**: 22.15.08 $ +- **Adjusted Price Per Unit**: 22.15.09 $ +- **Adjusted Price Per Bedroom**: 22.15.10 $ +- **Price Per Gross Building Finished Area**: 22.15.11 $ +- **Price Per Finished Area Above Grade**: 22.15.12 $ +- **Adjusted Price**: 22.15.13 $ +- **Comparable Weight**: 22.15.14 + +--- + +## Appendix F-1: URAR Reference Guide + +**Page 272 of 367** + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_273.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_273.md new file mode 100644 index 0000000000000000000000000000000000000000..b1977d34fae87f5b7678dc98df0c466016b00a7f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_273.md @@ -0,0 +1,80 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Summary Report + +| Field ID | Report Label | +|------------|-------------------------------| +| List Price | | +| | Contract Price | +| 22.15.03 | 22.15.06 | +| Contract Price | | +| 22.15.07 | Sale Price | + +#### Field Details + +- **Net Adjustment Total** + + - **When Row Displays**: Always + - **When to Include for each Comparable**: Always required + - **Allowable Answers / Format**: Dollar amount + +#### Contract Price + +- **When Row Displays**: If relevant +- **When to Include for each Comparable**: Required when Listing Status is Pending, and the row is included in the sales comparison grid +- **Allowable Answers / Format**: Yes | No + +#### Sale Price + +- **When Row Displays**: Always +- **When to Include for each Comparable**: Required if Listing Status is Settled Sale +- **Allowable Answers / Format**: Dollar amount + +### Origin of Subject Property Information + +- **Subject Listing Information** + - List Price: 19.009 for most recent listing + +- **Contract Price Unknown** + - Applicable only to comparables + - **Sales Contract**: Contract Price 20.004 + +### Adjustable Row + +- **Adjustable Price Per Unit** + - **When Units Excluding ADUs** is more than 1 for the subject or any comparable + - **Required if Units Excluding ADUs** is more than 1 + - **Allowable Answers / Format**: Dollar amount + +- **Adjusted Price Per Bedroom** + - **When Units Excluding ADUs** is more than 1 for the subject or any comparable + - **Allowable Answers / Format**: Dollar amount + +### Additional Information + +- **Definition / Additional Guidance**: + + - **List Price**: The last known list price for the transaction. + This row redisplays from the General Information subsection 22.01.02, 22.01.20. + + - **Contract Price Unknown** + - Yes (Unknown - the comparable has been included in the sales grid, but the contract price is unknown.) + - No (Contract Price is known and must be provided) + - If relevant, this row redisplays from the General Information subsection 22.01.04, 22.01.22. + + - **Net Adjustment Total**: The sum of all Adjustment Amounts for the comparable. Can be positive, negative, or 0. + + - **Adjusted Price Per Unit**: Calculated as Adjusted Price of Comparable / Units Excluding ADUs + + - **Adjusted Price Per Bedroom**: Calculated as Adjusted Price of Comparables / Number of Bedrooms in Units including ADUs + - Note: Bedrooms not associated with a unit or an ADU are not included in this calculation. + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 273 of 367_ + +_Version 1.2_ \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_274.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_274.md new file mode 100644 index 0000000000000000000000000000000000000000..9ea063217aa7a380504b37a73a3586066d05d218 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_274.md @@ -0,0 +1,37 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach: Summary + +| Report Label | Each Comparable | Definition / Additional Guidance | +|--------------|----------------------------------------------------|----------------------------------------------------------| +| **Field ID** | **Displays Answers / Format** | **Property Information Row** | +| 22.15.11 | Price Per Gross Building Finished Area | | +| | When Units Excluding ADUs is more than 1 for the subject | Calculated: Price / Gross Building Finished Area | +| | Required if Units Excluding ADUs is more than 1 for the subject comparables. | Price is defined as follows in this calculation: | +| | | - Use Sale Price if the comparable is a settled sale. | +| | | - Otherwise, use Contract Price if known. | +| | | - Otherwise, use List Price. | + +| 22.15.12 | Price Per Finished Area Above Grade | | +| | When Units Excluding ADUs is 1 and there is finished area above grade | Calculated: Price / (Finished Area Above Grade + Finished Area Above Grade (Nonstandard) for all units including ADUs) | +| | Required if Units Excluding ADUs is 1 and there is finished area above grade (standard or nonstandard) | Price is defined as follows in this calculation: | +| | for the subject or any comparable | - Use Sale Price if the comparable is a settled sale. | +| | | - Otherwise, use Contract Price if known. | +| | | - Otherwise, use List Price. | +| | | **Note:** Noncontinuous finished area is not included. | + +| 22.15.13 | Adjusted Price | | +| | Always required | Adjusted Price is only applicable to comparables | +| | | Calculated: | +| | | - Sale Price + Net Adjustment Total (if Listing Status is Settled Sale) | +| | | - List Price + Net Adjustment Total (if Listing Status is not Settled Sale) | + +### Appendix F-1: URAR Reference Guide + +Page 274 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_275.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_275.md new file mode 100644 index 0000000000000000000000000000000000000000..789448038ae4a93a3226ee883074e9123bc30803 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_275.md @@ -0,0 +1,35 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Sales Comparison Approach: Summary + +### Repo: When R When to Include for + +#### ie. e : Towable rigin of Subject Adjustable Field ID Report Label ach Comparable ld oO bj + +**Definition / Additional Guidance:** + +Displays Answers / Format | Property Information Row + +- **Field ID:** 22.15.14 +- **Comparable Weight:** Always required + +Choose an allowable answer from table comparables only applicable to the appraiser in determining the indicated value by the sales comparison approach. + +- **Comparable Weight:** + - Most + - Less + - No Weight + +**Examples of scenarios with 3 comparables:** + +- The appraiser relied primarily on 2 comparables that were given equal consideration and included a third comparable as supporting the data. Select Most, Most, and Less. + +- The appraiser relied primarily on 1 comparable that was given most consideration, and included 2 comparables that were considered to be representative but less relevant than the primary comparable. Select Most, Less, and Less. + +- All comparables were equally considered good market indicators. Select Most, Most, and Most. + +--- + +**Appendix F-1: URAR Reference Guide Page 275 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_276.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_276.md new file mode 100644 index 0000000000000000000000000000000000000000..851518cad2e258bcc2c8ada48d4b7dccf7549ffd --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_276.md @@ -0,0 +1,50 @@ +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Comparable Weight — Choose one answer for each Comparable + +**Allowable Answer** + +- **Less** + The contribution of the comparable was given less emphasis than comparables weighted as Most. + +- **No Weight** + The comparable was included but given no weight. Note: The property is similar to the subject but was given no weight due to extenuating circumstances, such as a model match that was not a typical market transaction. Do not select this answer if a property was considered (but not included in the sales grid) to demonstrate a special or specific feature, but overall the property was not considered significant enough to affect value. These should be included in the Additional Properties Analyzed Not Used subsection. + +- **Most** + The contribution of the comparable was given more or most emphasis compared to other comparables. + +### Indicated Value by Sales Comparison Approach + +**Example**: The property is similar to the subject but was given no weight due to extenuating circumstances, such as a model... + +**Indicated Value** + +| Field ID | Report Label | When to Include | Allowable Answers / Format | +|----------|------------------------------------------------------------|-----------------|-----------------------------| +| 22.15.15 | Indicated Value by Sales Comparison Approach | Always required | Dollar amount | + +**Definition / Additional Guidance** + +The indicated value of the subject property as determined by the Sales Comparison Approach method of property valuation. + +## Reconciliation of Sales Comparison Approach + +### Reconciliation of Sales Comparison Approach + +| Field ID | Report Label | When to Include | Allowable Answers / Format | +|----------|----------------------|-----------------|----------------------------| +| 22.16.01 | Reconciliation of Sales Comparison Approach | Always required | Free-form | + +**Definition / Additional Guidance** + +Report additional details and analysis to support conclusions, including how Comparable Weight was determined. Note: Overall reconciliation of value is reported in the Reconciliation section. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 276 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_277.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_277.md new file mode 100644 index 0000000000000000000000000000000000000000..4fbaf52ff529cb744f3cf2f9c775baafae7ca427 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_277.md @@ -0,0 +1,40 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Additional Properties Analyzed Not Used + +The Additional Properties Analyzed Not Used subsection displays when relevant: +- Initially, for the appraiser to provide additional context, or +- As part of any reconsideration process + +**Note:** Do not include land sales here. When relevant, these are reported in the Site Valuation Methodology subsection of Site (4.105-4.115), or in Cost Approach (25.040-25.050). + +## Additional Properties Analyzed Not Used + +| # | Property Address | SaleDate | Status | Reason Not Used | Comment | +|------|------------------|-----------|--------|-----------------|---------| +|22.17.01|22.17.02 |22.17.03 |22.17.04|22.17.05 |22.17.06 | + +### Sales Comparison Approach — Additional Properties Analyzed Not Used + +#### Report Allowable + +- **Report Label**: When to Include | Definition / Additional Guidance + - **Field ID**: Answers / Format +- **22.17.01** | Required for each additional property +- **22.17.02** | Property Address + - Required for each additional property + - Free-form, in format that conforms to address standards in USPS Publication 28, Postal Addressing Standards +- **22.17.03** | Sale Date + - If available when Listing Status is Settled Sale + - mm/dd/yyyy +- **22.17.04** | Status + - Required for each additional property + - Choose an allowable answer from the Definition / Additional Guidance column + - Active + - Off Market + - Pending + - Settled Sale + +_Appendix F-1: URAR Reference Guide Page 277 of 367 Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_278.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_278.md new file mode 100644 index 0000000000000000000000000000000000000000..1ee50671390cbbe8b0a414e4bd66cc3e04282b48 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_278.md @@ -0,0 +1,20 @@ +```markdown +# Uniform Appraisal Dataset + +## 22 Sales Comparison Approach + +### Sales Comparison Approach — Additional Properties Analyzed Not Used + +#### Report + +| Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|---------------|------------------------------------|----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Noton | This is an appraiser input | Required for each additional property | Yes \| No | Indicates whether the client has requested the appraiser to consider this additional property in the Sales Comparison analysis after the appraiser submitted their analysis. | +| 22.17.05 | Reason Not Used | Required for each additional property from the Definition / Additional Guidance column | Choose an allowable answer: Accessory Dwelling Unit, Age, Amenities, Area Below Grade, Bathroom Count, Bedroom Count, Condition, Dated Sale, Design or Style Variance, Finished Area, Gross Building Area, Lot Size, Outbuildings, Proximity, Quality, Sale or Transfer Type, Site Influence, Other (Describe) | Additional details and analysis to support the reason for not including in the sales comparison. | + +### Appendix F-1: URAR Reference Guide + +Page 278 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_279.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_279.md new file mode 100644 index 0000000000000000000000000000000000000000..8993acf23ae908daad4eafd3f507505f71500a6d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_279.md @@ -0,0 +1,23 @@ +```markdown +# Uniform Appraisal Dataset 22 Sales Comparison Approach + +## Sales Comparison Map + +### Sales Comparison Approach — Sales Comparison Map + +| Report Allowable | Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|------------------|-------------------|-----------------|--------------------------------------------------------|------------------------|------------------| +| See Sales | Always required | | A map showing the subject and all sales comparables must be provided. | iGuide | Comparison Map | + +## Sales Comparison Approach Exhibits + +The Sales Comparison Approach Exhibits subsection always displays. + +### Sales Comparison Approach Exhibits + +| Report Allowable | Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|------------------|-------------------|-----------------|--------------------------------------------------------|------------------------|------------------| +| See Sales | Always required | | Photo or image Property Photo Photos of the comparable properties display in this subsection with the Comparable #. The thumbnails from the top of the sales comparison grid are redisplayed, in addition to any other photos that are provided. A caption should be provided to further describe each photo. | iGuide | Comparison Approach Exhibits | + +Appendix F-1: URAR Reference Guide Page 279 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_28.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_28.md new file mode 100644 index 0000000000000000000000000000000000000000..bd68febac24383520e338f8534160073f2fc4a49 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_28.md @@ -0,0 +1,46 @@ +# Uniform Appraisal Dataset 01 Summary + +If there are no defects, damages, or deficiencies for the appraisal, “None” displays, and the Apparent Defects, Damages, Deficiencies table does not display. + +## Summary: Apparent Defects, Damages, Deficiencies Requiring Action + +### Report Allowable Field ID Report Label + +When to Include Roser // Geo Definition / Additional Guidance + +N/A Displays when there The items listed below represent the As Is condition as of the effective date of this report + +- are defects, damages, or deficiencies for the property + +If there are defects, damages, or deficiencies for the appraisal, but none of them require action, this text displays, and the Apparent Defects, Damages, Deficiencies table does not display. + +## Summary: Apparent Defects, Damages, Deficiencies Requiring Action + +### Report Allowable Field ID Report Label + +When to Include Roser // GoD Definition / Additional Guidance + +N/A Displays when there There are no apparent defects, damages or deficiencies requiring action. For details, reference the ‘Reconciliation’ section. + +- are no defects, damages, or deficiencies requiring action + +## Apparent Defects, Damages, Deficiencies Requiring Action + +The items listed below represent the As Is condition as of the effective date of this report 1.032 + +- Affects Soundness or Structural Recommended Estimated Cost + - Feature Location Description I Action to ir +- 1.033 1.034 1.035 1.036 1.037 1.038 Dwelling Exterior - [Structure Identifier] +- 1.040 1.041 1.042 1.043 1.044 1.045 Unit Interior - [Structure Identifier] - [Unit Identifier] +- 1.048 1.049 1.050 1.051 1.052 1.053 Outbuilding - [Outbuilding Type] +- 1.055 1.056 1.057 1.058 1.059 1.060 Unit Interior - [Outbuilding Type] - [Unit Identifier] +- 1.063 1.064 1.065 1.066 1.067 1.068 +- 1.069 1.070 1.071 1.072 1.073 1.074 +- 1.075 1.076 1.077 1.078 1.079 1.080 As Is Overall Condition Rating 1 082 Total Estimated Cost of Items +- Existing condition of the property as of the effective date of this Recommended for Repair 1 083 + +There are no apparent defects, damages, or deficiencies requiring action. For details, reference the ‘Reconciliation’ section. 1.084 + +--- + +Appendix F-1: URAR Reference Guide Page 28 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_280.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_280.md new file mode 100644 index 0000000000000000000000000000000000000000..7631686170c0fd07aeaf2d0a55e7149a43494b8a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_280.md @@ -0,0 +1,28 @@ +```markdown +# Uniform Appraisal Dataset 23 Rental Information + +## 23 Rental Information + +The Rental Information section includes information about the factors that influence rent and generate other income for the subject property and its rental comparables (comps). This section contains the following subsections ("gray bars"), which always display: + +- Rent Schedule +- Comparable Rental Properties +- Comparable Rental Analysis ("rental grid" or "rental comparison grid"), which provides a side-by-side comparison of comparable units to each unit in the subject property +- Rental Analysis Commentary +- Rental Information Exhibits + +This section displays when Rent Schedule Developed by Appraiser is Yes, and a subject property unit is included in the section when Include Unit in Rent Schedule is Yes. + +## Rental Information + +| Report Label | When to Include | Answers / Format | Additional Guidance | +|--------------|-----------------|------------------|---------------------| +| Rent Schedule Developed by Appraiser | Always required appraiser input that does not display | - Yes (The Rental Information section is included) - No (The Rental Information section is not included) | | +| Include Unit in Rent Schedule | Required for each subject property unit including ADUs if Rent Schedule Developed by Appraiser is Yes | - Yes (The unit is included in the Rental Information section) - No (The unit is not included in the Rental Information section) | Notes:
- If only a rent schedule is requested (without the Income Approach), Rental Information includes the necessary units based on the scope of work. Examples:
 ° Single-family property, if subject property rents are required to be confirmed.
 ° Single-family property with an ADU, if a rent schedule is required for the ADU only.
 ° For ADUs, reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. | + +Information previously entered for the subject property populates from the applicable section to Rental Information and does not have to be re-entered. The tables in this chapter show the original location of the information. + +There is other information that the appraiser must input directly into the Rental Information section. + +**Appendix F-1: URAR Reference Guide Page 280 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_281.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_281.md new file mode 100644 index 0000000000000000000000000000000000000000..1a4887d843b867910275fba8c52e65a0a9e895f8 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_281.md @@ -0,0 +1,44 @@ +```markdown +# Uniform Appraisal Dataset 23 Rental Information + +## Rent Schedule + +### Subject Property Rental Information + +A row displays in the Subject Property Rental Information table for each unit for which Include Unit in Rent Schedule is Yes, and the “When to Include” column in this chapter reflects this. + +#### Subject Property Rental Information + +| Unit | Currently Rented | Occupancy | Monthly Rent | Month-to-Month | Lease Start | Rent Control | Rental Concessions | Utilities/Services Included | Furnished | +|--------|------------------|-----------|--------------|----------------|-------------|--------------|-------------------|---------------------------|-----------| +| Unit 1 | Yes | Tenant | $875 | Yes | No | No | No | No | No | +| Unit 2 | No | Owner | $0 | No | | | | | | + +## Rent Schedule: Subject Property Rental Information + +### Report Fields + +| Field ID | Report Label | When to Include | Answers / Format | Definition / Additional Guidance | +|------------|------------------------------------------------------|-----------------|--------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 23.01.01 | Identifier | Displays if applicable for each unit | Free-form Unit Identifier | Populates from the Unit Interior section (10.002) for the unit or ADU. | +| 23.01.02 | Currently Rented | Always required for each unit | Yes / No | | +| 23.01.03 | Occupancy | Always required for each unit | Tenant, Owner, Vacant | Note: Populates from the Unit Interior section (10.020) for the unit or ADU. | +| 23.01.04 | Monthly Rent | Always required for each unit | Dollar amount | | +| 23.01.05 | Month-to-Month | Required if Unit Currently Rented is Yes | Yes / No | Yes (lease agreement is for a one-month period) No (lease agreement is longer than one month, such as a 12-month lease) | +| 23.01.06 | Lease Start | If available when Month to Month is No | mm/yyyy | Lease Start Date | + +### Description of Rent Control and Impact to Value/Marketability + +Field 23.01.11 + +### Sections of Rental Information: + +- Rent Schedule +- Subject Property Rental Information (23.01.04) +- Actual Income (Monthly) (23.01.13) +- Comparable Rental Analysis Summary (23.03.22) + +--- + +Appendix F-1: URAR Reference Guide Page 281 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_282.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_282.md new file mode 100644 index 0000000000000000000000000000000000000000..810343e2cd792924252f71e91a4b72282c14f9b5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_282.md @@ -0,0 +1,62 @@ +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rent Schedule: Subject Property Rental Information + +**Report** + +#### Report Label: + +- Field 1p | “°POr NAPE + +**Rent Control** + +- **When to Include:** Always required for each unit +- **Allowable Answers / Format:** + - **Definition / Additional Guidance:** + - Unit Subject to Rent Control: Indicates whether the unit is subject to rent control. + - For the subject property, this information displays in the following subsections of Rental Information: + - Rent Schedule — Subject Property Rental Information 23.01.07 + - Comparable Rental Analysis 23.03.16 if the row is included in the rental comparison grid. + +#### 23.01.08 | Rent Concessions + +- **Utilities / Services Included** +- **When to Include:** Required if Unit Currently Rented is Yes + +#### 23.01.10 | Furnished + +- **Description of Rent Control and Impact to Value / Marketability** +- **When to Include:** Required if Unit Subject to Rent Control is Yes for one or more units in the Rent Schedule +- **Allowable Answers / Format:** Free-form + +**Definition / Additional Guidance:** + +- **Rent Concessions:** + - Indicates whether monetary concessions are included in the terms of the lease for the unit. + - For the subject property, this information displays in the following subsections of Rental Information: + - Rent Schedule — Subject Property Rental Information 23.01.08 + - Comparable Rental Analysis 23.03.17 if the row is included in the rental comparison grid. + +- **Utilities / Services Included:** + - Indicates whether any utilities and services (e.g., electric, heat, water, or internet) are included in the rent for the unit. + - For the subject property, this information displays in the following subsections of Rental Information: + - Rent Schedule — Subject Property Rental Information 23.01.09 + - Comparable Rental Analysis 23.03.15 if the row is included in the rental comparison grid. + +- **Unit Furnished:** + - Indicates whether furniture is included in the rent for the unit. + - For the subject property, this information displays in the following subsections of Rental Information: + - Rent Schedule — Subject Property Rental Information 23.01.10 + - Comparable Rental Analysis 23.03.14 if the row is included in the rental comparison grid. + +- **Provide a description of the rent control for each unit with rent control, including impacts to value and / or marketability.** + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 282 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_283.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_283.md new file mode 100644 index 0000000000000000000000000000000000000000..698c814cc525cdf37e7f88c7942bd5128d6873e1 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_283.md @@ -0,0 +1,68 @@ +# Uniform Appraisal Dataset 23 Rental Information + +## Actual Income (Monthly) + +### Actual Income (Monthly) + +#### Rent + +- **[Unit Identifier]** 23.01.12 23.01.13 + + - **Subtotal** 23.01.14 + +#### Other Real Property Rental Income + +- 23.01.15 23.01.16 + + - **Subtotal** 23.01.17 + +- 23.01.18 + +#### Rent Schedule: Actual Income - Rent + +- **Report Allowable** + - **P Report Label** + - **When to Include** + - **Definition / Additional Guidance** +- **Field ID** Answers / Format + + - Displays if applicable Free-form Unit Identifier + - Redisplays from 23.01.01. + - 23.01.13 | N/A Required for each unit | Dollar amount Monthly Actual Rent for Unit + +- **or ADU that is included in the Rental For the subject property, this information displays in the following subsections:** + - **Rent Schedule** + - **Subject Property Rental Information 23.01.04** + - **Actual Income (Monthly) 23.01.13** + - **Comparable Rental Analysis Summary 23.03.22** + +- **Subtotal** Always required Dollar amount Total Monthly Actual Rent + - Calculated: Total Monthly Actual Rent for Unit for all units in the Rental Information section. + + - **Note:** For the subject property, this information also displays in the Income Approach section 24.007 if applicable. + +### Other Real Property Rental Income + +- **This subsection describes the other real property rental income associated with the subject property.** + - **Example 1:** There is no other real property rental income. + + - **Other Real Property Rental Income** + - None $0 + - Subtotal $0 + + - **Example 2:** There is other real property rental income, and the opinion of market income differs from the actual income. + + - **Other Real Property Rental Income** + - Non-Tenant Parking $100 + - Storage $50 + + - **Subtotal** $150 + +- **Other Real Property Rental Income** + - Non-Tenant Parking $100 + - Storage $25 + + - **Subtotal** $125 + +## Appendix F-1: URAR Reference Guide +Page 283 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_284.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_284.md new file mode 100644 index 0000000000000000000000000000000000000000..88b92d3f0098938ab7368096530889e7bfcc72ea --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_284.md @@ -0,0 +1,69 @@ +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rent Schedule: Actual Income — Other Real Property Rental Income + +- **Report Field ID:** 23.01.16 +- **Report Label:** N/A +- **Allowable:** + - **When to Include:** Always required. Choose an allowable answer from the Definition / Additional Guidance column. + - **Required for each Other Income Type** + - **Answers / Format:** Dollar amount + +#### Definition / Additional Guidance + +- **Other Income Type** + - None (there is no other real property rental income) + - Non-Tenant Parking (open or covered parking spaces are rented or leased to someone other than the occupants of the property units) + - Storage + - Other (Describe) + +For the subject property, this information displays in the following subsections of Rental Information: +- Rent Schedule + - Actual Income (Monthly) 23.01.15 + - Opinion of Market Income (Monthly) 23.01.22 + +**Notes:** + +- Only select a valid value (other than None) if there is actual or market income associated with it. +- If there is other real property rental income (actual or market), provide a description and details in Rental Analysis Commentary 23.04.01. + +### Other Actual Income + +**Notes:** + +- If an Other Income Type is selected, the associated Other Actual Income and Other Market Income are both required. +- If Other Income Type is None, Other Actual Income and Other Market Income must be 0. + +- **23.01.17 | Subtotal:** Always required. Dollar amount. Total Other Actual Income Calculated: The sum of Other Actual Income for all income types. +- **23.01.18 | Total:** Always required. Dollar amount. Total Actual Income Calculated: Total Monthly Actual Rent + Total Other Actual Income + +### Opinion of Market Income (Monthly) + +- **Opinion of Market Income (Monthly)** + - **Rent** + - [Unit Identifier] + - 23.01.19 + - 23.01.20 + - **Subtotal:** 23.01.21 + +- **Other Real Property Rental Income** + - 23.01.22 + - 23.01.23 + - **Subtotal:** 23.01.24 + - 23.01.25 + +#### Rent Schedule: Opinion of Market Income - Rent + +- **Report Field ID:** 23.01.19 +- **Report Label:** N/A +- **Allowable:** + - **When to Include:** Displays if applicable. Free-form. + - **Unit Identifier:** Redisplays from 23.01.01. + +--- + +#### Appendix F-1: URAR Reference Guide + +Page 284 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_285.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_285.md new file mode 100644 index 0000000000000000000000000000000000000000..9c57aaf98d1217607fbbe66812e4506a7e80d59d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_285.md @@ -0,0 +1,65 @@ +# Uniform Appraisal Dataset 23 Rental Information + +## Rent Schedule: Opinion of Market Income - Rent + +### Report Allowable + +#### Report Label When to Include Definition / Additional Guidance +- **Field ID: 23.01.20** + - **Answers / Format:** N/A + - **Required for each unit** + - **Dollar amount** + - **Monthly Market Rent for Unit:** The monthly dollar amount that is expected to be received as rental income at full market price for the single living unit. For the subject property, this information displays in the following subsections: + - Rent Schedule — Opinion of Market Income (Monthly) 23.01.20 + - Comparable Rental Analysis Summary 23.03.23 + +#### Subtotal +- **Always required** + - **Dollar amount** + - **Total Monthly Market Rent:** Calculated: Total Monthly Market Rent for Unit for all units in the Rental Information section. + + **Note:** For the subject property, this information also displays in the Income Approach section 24.022 if applicable. + +## Other Real Property Rental Income + +### Rent Schedule: Opinion of Market Income — Other Real Property Rental Income + +### Report Allowable + +#### Report Label When to Include Definition / Additional Guidance +- **Field ID** + - **Answers / Format:** Always required + - Choose an Other Income Type from the allowable answer: + - None (there is no other real property rental income) + - Non-Tenant Parking (open or covered parking spaces are rented or leased to someone other than the occupants of the property units) + - Additional Storage + - Other (Describe) + + For the subject property, this information displays in the following subsections of Rental Information: + - Rent Schedule + - Actual Income (Monthly) 23.01.15 + - Opinion of Market Income (Monthly) 23.01.22 + +#### Notes: +- Only select a valid value (other than None) if there is actual or market income associated with it. +- If there is other real property rental income (actual or market), provide a description and details in Rental Analysis Commentary 23.04.01. + +- **Field ID: 23.01.23** + - **Required for each Dollar amount** + - **Other Market Income:** Note: If an Other Income Type is selected, both the Other Actual Income and Other Market Income must be provided. + +#### Subtotal +- **Field ID: 23.01.24** + - **Always required** + - **Dollar amount** + - **Total Other Market Income:** Calculated: The sum of Other Market Income for all income types. + +#### Total +- **Field ID: 23.01.25** + - **Always required** + - **Dollar amount** + - **Total Market Income:** Calculated: Total Monthly Market Rent + Total Other Market Income + +--- + +**Appendix F-1: URAR Reference Guide Page 285 of 367 Version 1.2** \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_286.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_286.md new file mode 100644 index 0000000000000000000000000000000000000000..dd3309b50e96e201bb7a4d51dc65477fee4d9a89 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_286.md @@ -0,0 +1,55 @@ +```markdown +# Uniform Appraisal Dataset 23 Rental Information + +## Comparable Rental Properties + +The Comparable Rental Properties subsection includes a thumbnail photo and basic information about the subject property and each rental comparable. These properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support the opinion of the market rent for each unit in the subject property. + +- Each rental comparable represents a unit and not necessarily the entire comparable property. +- A rental comparable unit can be compared to more than one subject property unit. + +**Example** + +- Comps 4 and 5 are two units in the same property. +- Comp 1 is compared to both subject units. + +### Comparable Rental Properties + +| | Subject Property | Comparable #1 | Comparable #2 | Comparable #3 | Comparable #4 | Comparable #5 | +|----------------|---------------------|-----------------------|------------------------|----------------------|-----------------------|--------------------| +| | 12345 Holiday Hwy | 8275 Youngish St | 1337 Stone Back Blvd | 420 Long Ear Ave | 1776 Whitecrest Rd | 1776 Whitecrest Rd | +| | Surfside, HI 12345 | Surfside, HI 12345 | Surfside, HI 12345 | Surfside, HI 12345 | Unit 1 | Unit 2 | +| | | | | | Surfside, HI 12345 | Surfside, HI 12345 | +| **Data Source**| MLS 142332 | MLS 425021 | MLS 342332 | | MLS 442332 | MLS 542332 | +| **Lease Start**| | | | | | | +| **Date** | | 09/2019 | 08/2019 | 02/2020 | 10/2019 | 09/2019 | +| **Actual Rent**| | $925 | $800 | $1,000 | $1,300 | $1,200 | + +## Comparable Rental Analysis + +| | Subject Unit 1 | Comparables | Subject Unit 2 | Comparables | +|----------------|---------------------|-------------|---------------------|-------------| +| **Proximity to Subject** | 1 Miles N | 4 Miles SE | 1 Miles W | 4 Miles N | 0.5 Miles NE | 0.5 Miles NE | +| **Neighborhood Name** | Hawaiian Bay Hills | Hillview | Bayville | Hawaiian Bay | Hills | Hillview | +| | | Vista | Gardens | Hills | Vista | Gardens | + +**Subject Property Comparable #** + +- 23.02.01 +- 23.02.02 +- 23.02.03 +- 23.02.04 +- 23.02.05 + +## Subject Property Information + +### Comparable Rental Properties — Subject Property Information + +| **Report** | **Allowable Answers / Format** | **When to Include** | **Definition / Additional Guidance** | +|---------------------------|-----------------------------------|---------------------|-------------------------------------| +| **Field ID** | See Subject | Always required | | +| **Report Label** | iGuide Property | | Photo | +| **Photo** | Property Photo | | Photo of the subject property, typically the front. | + +*Appendix F-1: URAR Reference Guide Page 286 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_287.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_287.md new file mode 100644 index 0000000000000000000000000000000000000000..5c620cd5ba422479bbcf1d47c96e8b745787e3b7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_287.md @@ -0,0 +1,28 @@ +```markdown +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Comparable Rental Properties — Subject Property Information + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|------------------------------------|-----------------|----------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------| +| Subject Property Address | Always required | Free-form, in format that conforms to address standards in USPS Publication 28, Postal Addressing Standards | 23.02.01 | Populates from the Subject Property section 3.000. | + +### Comparable Property Information + +#### Rent Schedule: Comparable Rental Properties - Comparable Property Information + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|------------------------------------|-------------------------------|----------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------| +| Comparable # | If available for each rental comparable unit | Required for each rental comparable unit | 23.02.02 | 1,2,3... | +| Property Photo | Note: If provided, Rental Comparable photos redisplay in Rental Information | Exhibits with the Comparable #. | 23.02.03 | N/A | +| Data Source: | Required for each rental comparable unit | Rental Comparable Address Note: For properties with multiple units in the same building, a unique unit identifier must be included with the address of the comparable unit. | 23.02.04 | Free-form, in format that conforms to address standards in USPS Publication 28, Postal Addressing Standards | +| Data Source: | Choose one or more allowable answers from the | Definition / Additional Guidance column | 23.02.05 | Assessor Record, Builder or Developer, Condominium Questionnaire, Cooperative Board, Cooperative Questionnaire, Data Aggregator, Exterior Inspection, Homeowners Association, Interior Inspection, Land Survey, MLS, Previous Appraisal File, Property Management Company, Property Owner, Property Tenant, Real Estate Agent, Other (Describe) | +| Lease Start Date: | Required when Rental Comparable Data Source is MLS, or if applicable | If available for each rental comparable unit | - | Free-form mm/yyyy | + +### Appendix F-1: URAR Reference Guide + +- Page 287 of 367 +- Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_288.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_288.md new file mode 100644 index 0000000000000000000000000000000000000000..82b245863fdf4e0cabe9cf903eb28852d5ee9778 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_288.md @@ -0,0 +1,18 @@ +```markdown +# Uniform Appraisal Dataset 23 Rental Information + +## Rent Schedule: Comparable Rental Properties - Comparable Property Information + +### Report Label When to Include Definition / Additional Guidance + +**Field ID** Answers / Format + +#### 23.02.06 | Actual Rent: Always required for Dollar amount Monthly Actual Rent for Unit + +For each rental: + +- Comparable Rental Properties 23.02.06 +- Comparable Rental Analysis Summary 23.03.45 + +**Appendix F-1:** URAR Reference Guide Page 288 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_289.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_289.md new file mode 100644 index 0000000000000000000000000000000000000000..935b8d0944fd3591fe4f32b2b7acc8c916a90b88 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_289.md @@ -0,0 +1,38 @@ +# Uniform Appraisal Dataset 23 Rental Information + +## Comparable Rental Analysis + +The Comparable Rental Analysis subsection, or “rental comparison grid”, provides a consistent format to estimate the market rent of the subject property. Adjustments (in Adjusted Rent) should be made only when there is a market-supported difference between the comparable units and the subject property unit. The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property that is included in the Rental Information section. + +## Key Concepts + +### Fields that are Not Applicable In the Rental Comparison Grid + +If a specific field in the rental comparison grid is not applicable for a subject unit or a given comparable unit, the cell is either grayed out or displays a dash (—). + +#### Grayed Out Cells + +Information that is never applicable for the subject or comparables is grayed out in the rental comparison grid. + +**Example:** + +- Proximity to Subject, Overall Comparison to Subject, and Adjusted Rent are not applicable for the subject units and are always grayed out. +- Opinion of Market Rent (Monthly Market Rent for Unit) is not applicable for the comparable units and is always grayed out. + +| Overall Comparison to Subject | Similar | Similar | Superior | Similar | Superior | Superior | +|-------------------------------|---------|---------|----------|---------|----------|----------| +| Adjusted Rent | $900 | $800 | | $900 | | | +| Opinion of Market Rent | $925 | | $925 | | $925 | $900 | +| | $850 | | | | | | + +#### Cells Displaying a Dash + +Information that is not applicable for the appraisal displays a dash (—) in the rental comparison grid. + +**Example:** + +- If the subject or a comparable is not in a condominium, cooperative, or condop, and the row is included in the rental comparison grid, Project Name and Project Common Amenities/Services displays a dash for the applicable property to show that the information is not applicable. + +--- + +Appendix F-1: URAR Reference Guide Page 289 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_29.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_29.md new file mode 100644 index 0000000000000000000000000000000000000000..10e59b4cb4159ae9e0827e779f8ae7b40a462502 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_29.md @@ -0,0 +1,57 @@ +```markdown +# Uniform Appraisal Dataset + +## 01 Summary + +### Information That May Display in Gray Bars + +The applicable URAR sections display as gray bars in the Apparent Defects, Damages, Deficiencies Requiring Action table. + +#### Summary: Apparent Defects, Damages, Deficiencies Requiring Action + +| Field ID | Report Label | Origin of Information (Section) | Definition / Additional Guidance | +|------------|-----------------------|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 8.000 | Dwelling Exterior | Structure Identifier | An identifier (building name) created by the appraiser to differentiate among multiple dwellings on the property. Examples: Building 1, Building 2, Front, Rear | +| 10.001 | Unit Interior | Structure Identifier | Redisplays if applicable from the original section. | +| 10.002 | Unit Interior | Unit Identifier | An identifier assigned by the appraiser that differentiates between multiple units on the property. Examples: Unit 1, Unit 2, Primary Dwelling, ADU | +| 12.001 | Outbuilding Type | Outbuilding | Redisplays if applicable from the original section. | + +### Information About each Defect, Damage, or Deficiency + +Only those defects, damages, or deficiencies requiring completion, inspection, or repair redisplay in the Summary section. + +#### Summary: Apparent Defects, Damages, Deficiencies Requiring Action + +| Field ID | Report Label | Feature | Origin of Information by Section | Definition / Additional Guidance | +|-------------|-----------------------------------|-----------------------|-----------------------------------------------|--------------------------------------------------------| +| 4.100 | Site | | | As previously entered in the original section: | +| | | Dwelling Exterior | 8.056 | . Exterior Walls and Trim | +| | | Outbuilding | 12.020 | . Flooring | +| | | Unit Interior | 10.056 | . Foundation | +| | | | | Mechanical System | +| | | | | Roof | +| | | | | Walls and Ceiling | +| | | | | Windows | +| | | | | Other (Describe) | +| 1.069 | Feature | Vehicle Storage | 13.005 | As previously entered in the original section. | +| 1.075 | Feature | Subject Property Amenities | 14.009 | As previously entered in the original section. | +| 1.034 | Location | | Site 4.101 | As previously entered in the original section: | +| 1.041 | | Dwelling Exterior | 8.057 | . Full Bathroom | +| 1.049 | | Outbuilding | 12.021 | . Half Bathroom | +| 1.056 | | Unit Interior | 10.057 | . Kitchen | +| 1.064 | | Vehicle Storage | 13.006 | . Other (Describe) | +| 1.070 | | Subject Property Amenities | 14.007 | | +| 1.076 | | | | | +| 4.102 | Site | | | Description of the defect, damage, or deficiency, as previously entered in the original section. | +| 8.058 | Dwelling Exterior | | | | +| 12.022 | Outbuilding | | | | +| 10.058 | Unit Interior | | | | +| 13.007 | Vehicle Storage | | | | +| 14.008 | Subject Property Amenities | | | | + +## Appendix F-1: URAR Reference Guide + +Page 29 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_290.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_290.md new file mode 100644 index 0000000000000000000000000000000000000000..ab4b2c98ea8b25b781423089de05c682a42e6f00 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_290.md @@ -0,0 +1,57 @@ +```markdown +# Uniform Appraisal Dataset 23 Rental Information + +## Subject Comparables +| Unit | 1 | 1 | 3 | 4 | +|------|---|---|---|---| + +### Proximity to Subject +- 2 Miles N +- 1 Miles S +- 1 Miles E + +### Project Name +- ABC +- — +- DEF +- XYZ + +### Project Common Amenities/Services +- Clubhouse +- — +- Similar +- Superior + +- Fitness Area +- Inground Pool + +## How Rows Display in the Rental Comparison Grid + +There are two ways that rows display in the rental comparison grid depending on characteristics of the subject and/or comparables. + +- **Rows that always display** + - Proximity to Subject + - Bedrooms + - Baths — Full | Half + - Finished Area + - Vehicle Storage | Spaces + - Summary subsection + +- **Rows that may display if relevant to provide support for Adjusted Rent** + +For a full list, see Appendix F-1: URAR Reference Guide Supplement - Summary of Rows in Comparable Grids. + +## General Guidance on Rows that May Display + +Some rows display on the rental comparison grid if relevant: + +- To report meaningful attributes, or +- To support conclusions, scope of work, or policy + +**Notes:** + +- These rows must be brought into the rental comparison grid when there is relevant and meaningful information for the subject and all comparables, and adding the row leads to credible results. Not reporting a meaningful attribute can be misleading by omission. +- These rows are indicated in this chapter with the Report Label in blue italics, and “If relevant” in the “When Row Displays” column. + +*Appendix F-1: URAR Reference Guide Page 290 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_291.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_291.md new file mode 100644 index 0000000000000000000000000000000000000000..0a0fc62c714d707b898547468d35e0efe8c91e80 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_291.md @@ -0,0 +1,44 @@ +# Uniform Appraisal Dataset 23 Rental Information + +## Additional Rows + +One or more additional rows may be added to the rental comparison grid to provide context and impactful details. These rows must only be used when atypical characteristics are observed. Do not add rows for information that is already available as a predefined row. + +## Unit to Unit Comparison + +Each comparable column provides a unit-to-unit comparison instead of a property-to-property comparison. Comparable units must be provided for each subject unit that is included in the Rental Information section. + +- Each subject property unit has its own rental comparison grid. +- Each comparable represents a unit and not necessarily the entire property. +- A comparable unit may be compared to more than one subject unit. + +## Comparison to Subject Unit + +Some features (rows) in the rental comparison grid require a comparison to the subject unit instead of reporting the specific characteristics of the comparable unit. + +- Project Common Amenities / Services +- Site Influence +- View from Unit +- Vehicle Storage | Spaces +- Overall Comparison to Subject + +### Vehicle Storage | Spaces + +- Driveway | 6 | Superior | Superior | Similar +- Carport | 2 | Similar | Similar | Inferior + +## Summary + +| Rent Per Finished Area | $1.01 | $1.07 | $0.98 | $0.95 | $0 | $1.07 | $1.44 | $0.95 | +|-----------------------------|-------|-------|-------|-------|----|-------|-------|-------| +| Actual Rent | $875 | $925 | $800 | $1,000| $0 | $925 | $1,300| $1,200| +| Overall Comparison to Subject | Similar | Similar | Superior | Similar | Superior | Superior | + +### Rental Information: Comparison to Subject Unit + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| Similar | The feature in the comparable unit has equivalent market demand compared to the subject unit. | +| Inferior | The feature in the comparable unit has less market demand than the subject unit. | + +**Appendix F-1:** URAR Reference Guide Page 291 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_292.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_292.md new file mode 100644 index 0000000000000000000000000000000000000000..2b5b499aa61164822a0e1e4425070d929e31ddab --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_292.md @@ -0,0 +1,34 @@ +```markdown +# Uniform Appraisal Dataset 23 Rental Information + +## Adjusted Rent + +The analysis of comparable rentals reflects market reaction to significant variations between the comparable units and the subject unit. + +Adjusted Rent (23.03.47) is the sum of the appraiser’s analysis of the differences between the subject unit and the comparable unit. Although no adjustments are made within the rental comparison grid, the appraiser must consider the differences and reflect any market reaction in the final adjusted rent for each rental comparable. + +### Heading at the Top of each Rental Comparison Grid + +There is a separate rental comparison grid for each subject property unit that is included in the Rental Information section. + +## Comparable Rental Analysis + +### Subject Comparables + +23.03.01\[Unit Identifier\] # 23.03.24 # # + +### Rental Information: Comparable Rental Analysis — Rental Grid Heading + +**Report Allowable** + +| Field Ip | Report Label | When to Include | Roser // Geo Definition / Additional Guidance | +|-----------|--------------|-----------------------------------------------------|-------------------------------------------------------------------| +| 23.03.01 | Subject | Displays if applicable | Free-form Unit Identifier Redisplays from 23.01.01. | +| 23.03.24 | # | Required for each 1,2,3... Rental Comparable #: The rental comparable unit that is being compared to the rental comparable subject property unit. Redisplays from 23.02.02. | + +*Note: Each rental comparable represents a unit and not necessarily the entire comparable property.* + +--- + +Appendix F-1: URAR Reference Guide Page 292 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_293.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_293.md new file mode 100644 index 0000000000000000000000000000000000000000..3d5f9af06d26af4d896ed987bfbe07f6b0b8f170 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_293.md @@ -0,0 +1,41 @@ +```markdown +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rental Comparison Grid + +- **23.03.25 Proximity to Subject** +- **Neighborhood Name** 23.03.02 23.03.26 +- **Project Name** 23.03.03 23.03.27 +- **Project Common** 23.03.28 +- **Amenities/Services** 23.03.04 +- **Site Influence** 23.03.05 23.03.29 +- **View from Unit** 23.03.06 23.03.30 +- **Floor Number** 23.03.07 23.03.31 +- **Site Size** 23.03.08 23.03.32 +- **Grade Level** 23.03.09 23.03.33 +- **Interior Condition** 23.03.10 23.03.34 +- **Bedrooms** 23.03.11 23.03.35 +- **Baths - Full | Half** 23.03.12 23.03.36 +- **Finished Area** 23.03.13 23.03.37 +- **Furnished** 23.03.14 23.03.38 +- **Utilities/Services Included** 23.03.15 23.03.39 +- **Rent Control** 23.03.16 23.03.40 +- **Rent Concessions** 23.03.17 23.03.41 +- **Vehicle Storage | Spaces** 23.03.18 23.03.42 +- 23.03.19 23.03.20 23.03.43 + +#### Rental Information: Rental Comparison Grid + +23.03.25 | Proximity to Always required +Number of miles or kilometers only applicable to comparables + +**Row** +Proximity to Subject +Note: Can be 0, such as when the comparable is in the same building as the subject property or an adjacent property. + +*Appendix F-1: URAR Reference Guide Page 293 of 367* + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_294.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_294.md new file mode 100644 index 0000000000000000000000000000000000000000..402e6d0878e0463cd8dba212a0028bce50551346 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_294.md @@ -0,0 +1,47 @@ +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rental Information: Rental Comparison Grid + +| Report Label | Definition / Additional Guidance | Display / Answers / Format | +|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------| +| **Field ID** | Displays each Comparable Unit | | +| **Proximity to Subject** | Always Required if Proximity to Subject is not 0 | Choose an allowable answer | +| 23.03.25 | Definition / Additional Guidance | Property Information Row | +| **Proximity to Subject** | Required if Proximity to Subject is not 0; Direction from Subject to Comparable is only applicable to the comparables. | | +| Direction from Subject | Choose a direction (e.g., N, NE, NW, S, SE, SW, W) | | + +### Neighborhood + +#### Name + +- **Required when the row is included in the rental comparison grid** +- **Free-form** +- Note: Neighborhood name may not apply in some areas, such as rural areas. In this case, enter "None" when the row is included in the rental comparison grid. + +### Project Information + +| Field ID | Report Label | Definition / Additional Guidance | Display / Answers / Format | +|----------|--------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------| +| 23.03.03 | Neighborhood Name | If relevant | Not on Report | +| 23.03.27 | Project Name | If relevant | Not on Report | +| 23.03.04 | Project Common Amenities / Services | If relevant | | +| 23.03.28 | Project Common Amenities / Services | Always required | Yes / No | +| 18.004 | Project Name | Required if the comparable is in a condo, co-op, or condop, and the row is included in the rental comparison grid | Free-form | +| 18.012 | Common Amenities / Services Comparison to Subject | Required if the comparable is in a condo, co-op, condop, or PUD, and the row is included in the rental comparison grid | Superior, Similar or Inferior | + +- **Property in a PUD**: Indicates whether the property is in a PUD. +- **Property in a Project**: + - Yes (the property is in a condominium, cooperative, or condop) + - No (the property is not in a condominium, cooperative, or condop) + +- **Common Amenities / Services Comparison to Subject**: Describes how the comparable’s project common amenities and services compare to those of the subject property. + +--- + +### Appendix + +- **Appendix F-1: URAR Reference Guide** +- Page 294 of 367 +- Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_295.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_295.md new file mode 100644 index 0000000000000000000000000000000000000000..f157caf9dd98ace53c45b041d20550df027dc422 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_295.md @@ -0,0 +1,77 @@ +```markdown +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rental Information: Rental Comparison Grid + +#### Report + +| Field ID | Report Label | +|----------|----------------------------| +| Site Influence | 23.03.29 | Site Influence | +| View from Unit | When Row Displays | + +- **If relevant** +- **When to Include for Each Comparable Unit** + - Site Influence is not reported for comparables + - Required when the row is included in the rental comparison grid + - View from Unit is not reported for comparables + +#### Allowable Answers / Format + +- **Superior**, **Similar**, or **Inferior** +- Choose one or more allowable answers from the Definition / Additional Guidance column + +#### Origin of Subject Property Information + +- **Site Influence 4.025** +- **Body of Water Type 4.027** + +#### Adjustable Row + +- Site Influence Comparison to Subject is only applicable to comparables +- View from Unit does not populate from Site; the appraiser must enter information for each unit in the Rent Schedule + +#### Definition / Additional Guidance + +- Note: If Site Influence is Body of Water, Body of Water Type displays. +- Site Influence Comparison to Subject: Describes how the comparable’s site influences compare to those of the subject property. +- The view(s) from the subject unit. + + - e Bay + - Canal + - City Street + - Commercial + - Cove + - Creek + - Golf Course + - Gulf + - High Density Residential + - Highway + - Industrial + - Lake + - Marsh + - Mountain + - Ocean + - Park + - Parking Lot + - Pastoral + - Pond + - Reservoir + - Residential + - River + - School + - Skyline + - Sound + - Traffic Wall Barriers + - Valley + - Woods + - Other (Describe) + +### Appendix F-1: URAR Reference Guide + +Page 295 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_296.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_296.md new file mode 100644 index 0000000000000000000000000000000000000000..051df526db2f24508b6ed1f2120497d0a8b11059 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_296.md @@ -0,0 +1,64 @@ +```markdown +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rental Information: Rental Comparison Grid + +| Report Label | Definition / Additional Guidance | +|-----------------------|-------------------------------------------------------------------------------------------------------------| +| **Field ID** | Displays each Comparable Unit | +| **Answers / Format** | Property Information Row | +| **23.03.30** | | +| **View from Unit** | Required when the row is included in the rental comparison grid | +| | If relevant | +| | Describes how the comparable unit’s views compare to those of the subject unit. | +| **Floor Number** | Required when the row is included in the rental comparison grid | +| | Free-form | +| | The building floor number where the entrance to the unit is located. | +| | Examples: 1, 2, B1, B2, Penthouse | +| **Note:** | The comparison is to each subject unit, so the answer may not always be the same if a comparable unit is used more than once in the rental comparison grid. | + +| This is an appraiser input that does not display in the rental grid | Not on Report | +|---------------------------------------------------------------------|---------------| + +| **Site Size** | | +|-------------------|---------------------------------------------------------------------------------------------------| +| **23.03.09** | | +| **23.03.33** | | +| **Grade Level** | Required if Site Owned in Common is No and the row is included in the rental comparison grid | +| | Required when the row is included in the rental comparison grid | +| **Yes \| No** | | +| | Number of acres, square feet, hectares, or square meters | +| **Site Owned in Common 3.015** | Indicates whether land associated with the property is owned by an association, such as a condominium project, cooperative, or condop. | +| **Site Total Site Size 4.000** | Grade Level of Unit does not populate from Unit Interior; the appraiser must enter information for each unit in the Rent Schedule | +| **Interior Condition Rating 10.035** | Required when the row is included in the rental comparison grid | +| | Always required | +| | Choose an allowable answer from the Definition / Additional Guidance column | + +| **Subject Property** | **N/A** | +|----------------------|---------------------| + +| **Structure Type** | | +|------------------------------------------------|------------------------------------------------------------------------------------| +| **Above Grade** | Reference published guidelines by the GSEs, government agencies, or other identified secondary marketing participants for specific guidance. | +| **Fully Below Grade** | | +| **Partially Below Grade** | | + +| Reference Appendix 2: Condition and Quality Rating Definitions for definitions. | +|-------------------------------------------------------------------------------------------------| + +| **Note:** | For the subject property, reflects the condition as if any required repairs, inspections, or completions have been satisfactorily completed. | +|-------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------| + +| **Structure Type** | The type of structure that contains the rental unit or ADU. | +|--------------------|-----------------------------------------------------------------------------------| +| **Dwelling** | | +| **Outbuilding** | | + +_Appendix F-1: URAR Reference Guide_ + +Page 296 of 367 + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_297.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_297.md new file mode 100644 index 0000000000000000000000000000000000000000..a9ee806941eff530378f786cb849462d402ede59 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_297.md @@ -0,0 +1,85 @@ +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rental Information: Rental Comparison Grid + +#### Report + +| Field ID | Report Label | +| --- | --- | +| 23.03.12 | Bedrooms | +| 23.03.36 | Baths — Full \| Half | +| 23.03.13 | Finished Area | +| 23.03.37 | Furnished | +| 23.03.15 \| 23.03.39 | Utilities / Services Included | +| 23.03.17 | Rent Control | +| 23.03.41 | Rent Concessions | + +#### Details + +- **Bedrooms** + - **When Row Displays**: Always + - **When to Include for each Comparable Unit**: Always required + - **Allowable Answers / Format**: Number + - **Origin of Subject Property Information / Adjustable Row**: Not Adjustable + +- **Baths — Full | Half** + - **When Row Displays**: Always + - **When to Include for each Comparable Unit**: Always required + - **Allowable Answers / Format**: Number + - **Origin of Subject Property Information / Adjustable Row**: Not Adjustable + +- **Finished Area** + - **When Row Displays**: Always + - **When to Include for each Comparable Unit**: Always required + - **Allowable Answers / Format**: Number of square feet + - **Origin of Subject Property Information / Adjustable Row**: + - Unit Interior + - Total Bedrooms: 10.023 + - Total Bathrooms - Full: 10.024 + - Total Bathrooms - Half: 10.025 + - Above Grade Finished Area: 10.003 + - Above Grade Finished Area (Nonstandard): 10.004 + - Below Grade Finished Area: 10.006 + - Below Grade Finished Area (Nonstandard): 10.007 + - **Finished Area of Unit**: The total finished area of the unit regardless of grade level. + - For the subject property, calculated: Above Grade Finished Area + Above Grade Finished Area (Nonstandard) + Below Grade Finished Area + Below Grade Finished Area (Nonstandard). + - For the comparables, report all finished areas regardless of grade level, standard, or nonstandard, as a single number in Finished Area of Unit. + +- **Furnished** + - **When Row Displays**: If relevant + - **When to Include for each Comparable Unit**: Required when the row is included in the rental comparison grid + - **Allowable Answers / Format**: Yes | No + - **Origin of Subject Property Information / Adjustable Row**: Rental Information + - Unit Furnished: 23.01.10 + - **Unit Furnished**: Indicates whether furniture is included in the rent for the unit. + +- **Utilities / Services Included** + - **When Row Displays**: If relevant + - **When to Include for each Comparable Unit**: Required when the row is included in the rental comparison grid + - **Allowable Answers / Format**: Yes | No + - **Origin of Subject Property Information / Adjustable Row**: Rental Information + - Utilities / Services Included: 23.01.09 + - **Utilities / Services Included**: Indicates whether any utilities and services (e.g., electric, heat, water, or internet) are included in the rent for the unit. + +- **Rent Control** + - **When Row Displays**: If relevant + - **When to Include for each Comparable Unit**: Required when the row is included in the rental comparison grid + - **Allowable Answers / Format**: Yes | No + - **Origin of Subject Property Information / Adjustable Row**: Rental Information + - Unit Subject to Rent Control: 23.01.07 + - **Unit Subject to Rent Control**: Indicates whether the unit is subject to rent control. + +- **Rent Concessions** + - **When Row Displays**: If relevant + - **When to Include for each Comparable Unit**: Required when the row is included in the rental comparison grid + - **Allowable Answers / Format**: Yes | No + - **Origin of Subject Property Information / Adjustable Row**: Rental Information + - Rent Concessions: 23.01.08 + - **Rent Concessions**: Indicates whether monetary concessions are included in the terms of the lease for the unit. + +#### Appendix F-1: URAR Reference Guide + +- **Page**: 297 of 367 +- **Version**: 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_298.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_298.md new file mode 100644 index 0000000000000000000000000000000000000000..c280bda2f48184eb720f1756a8e3e6a6a3b57736 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_298.md @@ -0,0 +1,70 @@ +```markdown +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rental Information: Rental Comparison Grid + +#### Report + +| Report Label | FieldID | +|-----------------------------|---------| +| “©POrt bane | Vehicle | +| Storage | Spaces | + +**When Row Displays** + +When to Include for each Comparable Unit + +- Vehicle Storage Type for Unit is not reported for comparables +- Dedicated Parking Spaces for Unit is not reported for comparables + +**Allowable Answers / Format** + +- Choose an allowable answer from the Definition / Additional Guidance column + +**Origin of Subject Property Information** + +- Vehicle Storage Type for Unit does not populate from Vehicle Storage; the appraiser must enter information for each unit in the Rent Schedule +- Number of Dedicated Parking Spaces for Unit does not populate from Vehicle Storage; the appraiser must enter information for each unit in the Rent Schedule + +**Adjustable Row Definition / Additional Guidance** + +*Vehicle Storage Type for Unit* + +The type of parking spaces specifically dedicated to the unit. + +- None (subject unit does not have any available vehicle storage) +- Carport +- Common Carport +- Driveway +- Garage +- Open Lot +- Parking Garage +- Shared Driveway +- Other (Describe) + +*Number of Dedicated Parking Spaces for Unit:* The number of parking spaces specifically dedicated to the subject unit within the indicated Vehicle Storage Type. + +- Enter zero (0) for common parking areas in which the subject unit does not have any dedicated spaces. +- If the vehicle storage is shared, only include spaces specifically dedicated to the subject unit. + +#### 23.03.42 | Vehicle Storage | Spaces + +- **Comparison to Subject Unit:** Describes how the dedicated vehicle storage for the comparable unit compares with the subject unit. +- **Note:** The comparison is to each subject unit, so the answer may not always be the same if a comparable unit is used more than once in the rental comparison grid. + +#### 23.03.20 | Additional data element displays as the Report Label + +- **If relevant** Required when the row is included in the rental comparison grid +- **Additional Row** does not populate from other sections; the appraiser must enter information for each unit in the Rent Schedule +- **Note:** Only put one data element in each row and add additional rows as needed for other data elements. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 298 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_299.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_299.md new file mode 100644 index 0000000000000000000000000000000000000000..1ccfdf91f11dfe6308ab07334753e956516baa7d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_299.md @@ -0,0 +1,45 @@ +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Comparable Rental Analysis - Summary + +#### Summary + +- **Rent Per Finished Area**: 23.03.21, 23.03.44 +- **Actual Rent**: 23.03.22, 23.03.45 +- **Overall Comparison** + - **to Subject**: 23.03.46 + - **Adjusted Rent**: 23.03.47 +- **Opinion of Market Rent**: 23.03.23 +- **Comparable Weight**: 23.03.48 + +## Rental Information: Comparable Rental Analysis - Summary + +### Report + +| Field ID | Report Label | When Row Displays | When to Include for each Comparable Unit | Allowable Answers / Format | Origin of Subject Property Information | Adjustable Row | Definition / Additional Guidance | +|------------|---------------------------------------|-------------------|------------------------------------------|-----------------------------|----------------------------------------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 23.03.21 | Rent Per Finished Area | Always | Always required | Dollar amount | Rental Information | No | Calculated: Monthly Actual Rent for Unit / Finished Area of Unit | +| 23.03.44 | Finished Area | | | Monthly Actual | | | | +| 23.01.04 | | | | Finished Area of Unit | 23.03.13 | | | +| 23.03.22 | Actual Rent | Always | Always required | Dollar amount | Rental Information | No | Monthly Actual Rent for Unit | +| 23.03.45 | Redisplays from | | | Monthly Actual | | | | +| 23.03.47 | Overall Comparison to Subject | If relevant | Required when the row is included in the rental comparison grid | Always required | Superior, Similar, or Inferior | No | Overall Comparison to Subject Unit is only applicable to comparables. Adjusted Rent is only applicable to comparables. | +| 23.02.06 | Adjusted Rent | | Always | Dollar amount | Rent for Unit | 23.01.04 | | + +For the subject property, this information displays in the following subsections of Rental Information: +- Rent Schedule +- Subject Property Rental Information 23.01.04 +- Actual Income (Monthly) 23.01.13 +- Comparable Rental Analysis Summary 23.03.22 + +**Overall Comparison to Subject Unit**: Describes how the comparable unit compares overall to the subject unit. The appraiser’s market-supported overall adjustment for the difference(s) between the comparable and the subject unit’s characteristics. + +--- + +**Appendix F-1:** URAR Reference Guide + +Page 299 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_3.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_3.md new file mode 100644 index 0000000000000000000000000000000000000000..9b5701aa68c526e4c510bcac0d8f83509b42fe33 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_3.md @@ -0,0 +1,49 @@ +# Uniform Appraisal Dataset + +## Revision History + +### Reference Guide + +**Date** | **Version** | **Change #** | **Revision Description** | **Chapter** +--- | --- | --- | --- | --- +2024-026 | | | Clarified the meaning of “If Applicable” vs. “If Relevant” rows in How Rows Display in the Sales Comparison Grid. | +2024-038 | | | Updated the ‘Definition / Additional Guidance’ column for Contract Date and Sale Date adjustments (22.01.31, 22.01.33). | 22 Sales +2024-026 | | | Clarified the ‘When Row Displays’ column for Site Size (22.03.02, 22.03.20). | Comparison +2024-030 | | | Clarified that the appraiser must provide Gross Building Finished Area (22.05.04) when the subject is a 2- to 4-unit property. | Approach +2024-031 | | | Corrected the ‘Origin of Subject Property Information’ column for Efficiency Rating (22.06.03). | +2024-045 | | | Clarified that more than one Amenity Feature (22.12.03, 22.12.10) may be selected. | +2024-025 | | | Updated the ‘Definition / Additional Guidance’ column for Dedicated Parking Spaces and Vehicle Storage Area (22.13.01, 22.13.05). | +2024-026 | | | Clarified the meaning of “If Applicable” vs. “If Relevant” rows in How Rows Display in the Rental Comparison Grid. | 23 Rental Information +2024-026 | | | Clarified the meaning of “If Applicable” vs. “If Relevant” rows in How Rows Display in the GRM Income Comparison Grid. | 9/17/2024, 24 Income Approach +2024-030 | | | Clarified that the appraiser must provide Gross Building Finished Area for the subject property (24.003) if the row is included in the GRM comp grid. | +2024-022 | | | Clarified the ‘Definition / Additional Guidance’ column for Cost Service Provider (25.052) to align with UAD Spec. | 25 Cost Approach +2024-006 | | | Deleted ‘Relocation’ from Examples: Client Requested Conditions. | +2024-021 | | | Updated allowable answers for Market Value Condition (26.009), deleted Final Value Condition Description (26.013), and updated the ‘Definition / Additional Guidance’ column for Final Value Condition Statement (26.013). | 26 Reconciliation +2024-021 | | | Updated allowable answers for Value Condition (26.014) and updated Examples: Client Requested Conditions. | +2024-043 | | | Updated the ‘When to Include’ and ‘Definition / Additional Guidance’ column for Overall Condition Rating (26.071). | +2024-043 | | | Added the Reconsideration of Value subsection (27.003-27.006) and updated Revision History guidance and Examples. | 27 Revision History + +**Appendix 1:** + +**Page** | **Date** | **Version** | **Change #** | **Revision Description** +--- | --- | --- | --- | --- +Various | 2023-045 | | Clarified requirements when there is more than one unit (Units Excluding ADUs is more than 1). | +General | 2023-007 | | Corrected the list of legacy appraisal forms being replaced by the URAR. | +| 2023-008 | | URAR Section Organization: Clarified Unit Interior and Manufactured Home section display. | +| 2023-037 | | URAR Section Organization and Photos and Images: Corrected typo in the Overall Quality and Condition section name. | +Overview | 2023-014 | | Document Conventions: Clarified that green rows in Reference Guide tables are applicable only to FHA, VA, or USDA appraisals. | +| 2023-011 | | Example of Field Names in the Reference Guide: Corrected report sample, updated table for Vehicle Storage Attachment Type. | +| 2023-013 | | Photos and Images: Clarified photo requirements for view, encroachments, rooms in ADUs and outbuildings, and water frontage with private access. | +Header and Footer | 2023-061 | | Updated date in footer to December 2023. | +| 2023-037 | | Corrected display rules for Market Value Condition (1.009), and updated Report Field ID in Cost to Repair Reporting Options to 1.083. | +| 2023-025 | | Unit Identifier (1.047, 1.062): Clarified example. | +| 2023-014 | | Government Agency Appraisal (Not on Report): Corrected display rules. | +| 2023-068 | | Clarified that only one contact can be the Client (2.010/2.011). | +02 Assignment Information | 2023-003 | | Updated Report Label for reference to Supervisory Appraiser Certifications. | +| 2023-015 | | Corrected Report Label for Exterior Inspection Method (2.021-2.036) and Interior Inspection Method (2.022-2.037). | + +**Appendix F-1: URAR Reference Guide** + +*Page 3 of 367* + +*Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_30.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_30.md new file mode 100644 index 0000000000000000000000000000000000000000..bbf6ee0af7e57c57292f0eade1985b5167532e9f --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_30.md @@ -0,0 +1,58 @@ +```markdown +# Uniform Appraisal Dataset 01 Summary + +## Summary: Apparent Defects, Damages, Deficiencies Requiring Action + +### GHD Report Label Origin of Information by Section Definition / Additional Guidance + +- **1.036 Affects Soundness** + - **Site 4.103** Indicates whether the defect, damage, or deficiency affects the soundness + - **1.043 or Structural** + - **Dwelling Exterior 8.059** and / or structural integrity of the improvement, as previously entered in + - **1.051 Integrity** + - **Outbuilding 12.023** the original section. + - **1.058 Unit Interior 10.059** + - **1.066 Vehicle Storage 13.008** + - **1.072 Subject Property Amenities 14.009** + +### Recommended Action + +- **Site 4.104** The recommended action for the defect, damage, or deficiency, as +- **Dwelling Exterior 8.060** previously entered in the original section: + - Completion + - Inspection + - Repair (includes replacement) + - None (does not require repair, replacement, completion, or inspection — Does not display in the Summary section) + +### Notes: + +- If Completion, Inspection, or Repair is reported for any defect, damage, or deficiency, the report must be made subject to the resolution of the item (Market Value Condition 1.009 cannot be As Is). +- If Repair is selected, the estimated cost to repair may be provided. + +### Cost to Repair Reporting Options + +- When included, the estimated cost to repair only displays in the Summary and Reconciliation sections. +- Reference the Reconciliation chapter in this document for details and examples. + - Cost to Repair is not provided, or + - Cost to Repair is itemized (1.038-1.080) with a total at the bottom of the table (1.081), or + - Cost to Repair is provided as a total only (1.083). + +## As Is Overall Condition Rating + +### Summary: As Is Overall Condition Rating + +#### Report Label + +- **Field ID Answers / Format** + - **1.082 As Is Overall** Required if New +- **Condition Rating** + - **Construction is No**, and Market Value Condition 1.009 is any of the following: + - Subject to Completion Per Plans + - Subject to Repair + - Reference Appendix 2: Condition and Quality Rating Definitions for definitions. +- **1.082 As Is Overall** Displays when As Is +- **Condition Rating** + - **Overall Condition** excluding all required repairs, alterations, or inspections + +Appendix F-1: URAR Reference Guide Page 30 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_300.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_300.md new file mode 100644 index 0000000000000000000000000000000000000000..4e018f343480b3089f8ac0f461d6ef9d16ae1a82 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_300.md @@ -0,0 +1,76 @@ +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rental Information: Comparable Rental Analysis - Summary + +**Report Field ID** + +**Report Label** + +**When Row Displays** + +**When to Include for each Comparable Unit** + +**Allowable Answers / Format** + +**Origin of Subject Property Information** + +**Adjustable Row** + +**Definition / Additional Guidance** + +--- + +#### 23.03.23 | Opinion of Market Rent + +- **Always** +- **Opinion of Market Rent** +- Dollar amount +- Rental Information +- No +- Monthly Market Rent for Unit: The monthly dollar amount that is expected to be received as rental income at full market price for the single living unit. + +For the subject property, this information displays in the following subsections of Rental Information: + +- Rent Schedule — Opinion of Market Income (Monthly) 23.01.20 +- Comparable Rental Analysis Summary 23.03.23 + +#### 23.03.48 | Comparable Weight + +- **Always** +- **Always required** +- Choose an allowable answer from table (Comparable Weight) +- No +- The relative emphasis given to the comparable unit by the appraiser in determining the market rent for the subject unit. + +Examples of scenarios with 3 comparables: + +- The appraiser relied primarily on 2 comparable units that were given equal consideration and included a third comparable as supporting the data. Select Most, Most, and Less. +- The appraiser relied primarily on 1 comparable unit that was given most consideration, and included 2 comparable units that were considered to be representative but less relevant than the primary comparable. Select Most, Less, and Less. +- All comparable units were equally considered good market indicators. Select Most, Most, and Most. + +**Comparable Weight — Choose one answer for each Comparable** + +**Allowable Answer** + +--- + +##### Definition / Additional Guidance + +- **Most**: The contribution of the comparable unit was given more or most emphasis compared to other comparable units. +- **Less**: The contribution of the comparable unit was given less emphasis than comparable units weighted as Most. +- **No Weight**: The comparable unit was included but given no weight. + +Examples: + +- The comparable unit is similar to the subject unit, but was given no weight due to extenuating circumstances, such as a model match that was not a typical market lease. +- To show support for a property characteristic of the subject, when the comparable overall is not considered a reliable indicator of the market. + +--- + +Appendix F-1: URAR Reference Guide + +Page 300 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_301.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_301.md new file mode 100644 index 0000000000000000000000000000000000000000..26b996612dec4655318e0547ad26c2789d64d184 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_301.md @@ -0,0 +1,40 @@ +```markdown +# Uniform Appraisal Dataset + +## 23 Rental Information + +### Rental Analysis Commentary + +The Rental Analysis Commentary subsection always displays. + +#### Rental Analysis Commentary + +**23.04.01** +Rental Information — Rental Analysis Commentary + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|-------------------------------|-----------------|---------------------------------------------------------------------------------------------------|----------|------------------| +| Rental Analysis Commentary | Always required | Report additional details and analysis to support conclusions, including how Comparable Weight was determined. | 23.04.01 | Free-form | + +### Rental Information Exhibits + +All photos or images related to the Rental Information section are displayed in the Rental Information Exhibits subsection. If there are no photos or images, this subsection does not display. + +#### Rental Information Exhibits + +| Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-------------------------------|-----------------|----------------------------|------------------------------------------------------------------------------------------------------------------------------| +| Rental Information Exhibits | If relevant | See Rental Information Exhibits | A map of the subject and rental comparables must be provided, which can display in Rental Information Exhibits with the caption "Map of Rental Comparables". An additional caption may be provided. Note: Can be provided as one map in the Sales Comparison Approach section. | +| Photo Property Photo | If relevant | See Rental Information Exhibits | Photos of the comparable rental properties display in this subsection with the Comparable #. The thumbnails from the Comparable Rental Properties subsection are redisplayed, in addition to any other photos for the comparable. An additional caption may be provided. | + +Rental Information Exhibit +Other photos or images related to the Rental Information section may be provided which display in Rental Information Exhibits. A caption should be provided to further describe the photo or image. + +--- + +Appendix F-1: URAR Reference Guide + +Page 301 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_302.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_302.md new file mode 100644 index 0000000000000000000000000000000000000000..cf5dac20039fc768b52ffa22bdf6de9044c808e5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_302.md @@ -0,0 +1,36 @@ +# Uniform Appraisal Dataset 24 Income Approach + +## 24 Income Approach + +The Income Approach section includes information about Gross Rent Multiplier (GRM) comparables (comps), market rent, and the GRM. The GRM uses the Total Monthly Market Rent for the subject as determined in the Rental Information section through the Comparable Rental Analysis subsection and reported in the Rent Schedule (23.01.21). The Income Approach section provides space for additional commentary and exhibits. + +### Notes: + +- The comparable sales used to support the GRM comps may be different than those used in the Sales Comparison Approach. The Income Approach section enables the appraiser to report the sales used in the analysis of how the GRM for the subject was derived. +- If there is an Income Approach, there must also be a rent schedule (Rental Information section must be included). +- All comps used in the GRM comparison grid must be settled sales. Comparable listings may be provided as additional support for the GRM and are reported in Income Approach Commentary (24.025) instead of the GRM comparison grid. + +Income Approach displays when Income Approach Developed by Appraiser is Yes, and the “When to Include” column in this chapter reflect this. + +### Income Approach Developed by Appraiser + +| Report Field ID | Allowable Answers / Format | Report Label | When to Include | Definition / Additional Guidance | +|-----------------|----------------------------|--------------|----------------|----------------------------------| +| This is an appraiser input that does not display | Yes | The Income Approach section is included | Always required | Income Approach Developed by Appraiser | +| | No | The Income Approach section is not included | | | + +### Gross Rent Multiplier Comparables + +#### Key Concepts + +The Gross Rent Multiplier Comparables subsection provides detailed information about the properties (GRM comps) that were used to determine the GRM for the subject property. + +#### Subject Property Information in the Income Approach section + +Information previously entered for the subject property populates from the applicable section to Income Approach and does not have to be re-entered. The “Origin of Subject Property Information” column in this chapter shows the original location of the information. + +There is other information that the appraiser must input directly into the Income Approach section. + +--- + +Appendix F-1: URAR Reference Guide Page 302 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_303.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_303.md new file mode 100644 index 0000000000000000000000000000000000000000..d3cadabd9a2e5658d1d928929f90ce3c47496d1b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_303.md @@ -0,0 +1,59 @@ +```markdown +# Uniform Appraisal Dataset 24 Income Approach + +## Grayed out Cells + +Information that is never applicable for the subject property is grayed out in the GRM comparison grid. + +**Example:** + +- Data Source, Proximity to Subject and Comparable Weight are not applicable for the subject property and are always grayed out. + +| Data Source | MLS 77777 | MLS 88888 | MLS 99999 | +|--------------|------------|------------|------------| +| Proximity to Subject | .8 Miles W | .3 Miles E | 1.2 Miles W | +| Units Excluding ADUs | 2 | 2 | 3 | 2 | + +## How Rows Display in the GRM Comparison Grid + +There are three ways that rows display in the GRM comparison grid depending on characteristics of the subject and/or comparables. + +- Rows that always display (e.g., Property Address, Sale Price, and Gross Monthly Rent), or + +- A row that displays if applicable based on property characteristics (Accessory Dwelling Units), or + +- Rows that may display if relevant to support analysis and conclusions. + +**Examples:** + +| Row Displays if Applicable | Row Displays if Relevant | +|----------------------------|--------------------------| +| (Conditionally Displays) | (May Display) | + +**Report Label Row Always Displays** + +- Units Excluding ADUs + + - When the subject or any GRM comparable + +- Accessory Dwelling Units + +- Gross Building Finished Area + +For a full list, see Appendix F-1: URAR Reference Guide Supplement - Summary of Rows in Comparable Grids. + +## General Guidance on Rows that May Display + +Some rows display on the GRM comparison grid if relevant: + +- To report meaningful attributes, or +- To support conclusions, scope of work, or policy. + +**Notes:** + +- These rows must be brought into the GRM comparison grid when there is relevant and meaningful information for the subject and all comparables, and adding the row leads to credible results. Not reporting a meaningful attribute can be misleading by omission. + +--- + +*Appendix F-1: URAR Reference Guide Page 303 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_304.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_304.md new file mode 100644 index 0000000000000000000000000000000000000000..af86ccae6152b20ab7063d4202fc953a2481aca9 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_304.md @@ -0,0 +1,47 @@ +```markdown +# Uniform Appraisal Dataset 24 Income Approach + +*These rows are indicated in this chapter with the Report Label in blue italics, and “If relevant” in the “When Row Displays” column.* + +## Additional Rows + +One or more additional rows may be added to provide context and impactful details. These rows must only be used when atypical characteristics are observed. Do not add rows for information that is already available as a predefined row. + +## GRM Comparison Grid + +### Gross Rent Multiplier Comparables + +| | Subject Property | Comparable # | +|----------------------|------------------|--------------| +| Property Address | 24.000 | 24.009 | +| | 10} | 1} | +| | 24.000.1 | 24.009.1 | +| Data Source | 24.010 | | +| Proximity to Subject | 24.011 | | +| Units Excluding ADUs | 24.001 | 24.012 | +| Accessory Dwelling Units | 24.002 | 24.013 | +| Gross Building Finished Area | 24.003 | 24.014 | +| Rent Control | 24.004 | 24.015 | +| | 24.005 | 24.006 | +| Sale Price | | 24.016 | +| Sale Date | | 24.017 | +| Gross Monthly Rent | 24.007 | 24.019 | +| Gross Rent Multiplier| | 24.020 | +| Comparable Weight | | 24.021 | + +## Income Approach: Gross Rent Multiplier Comparables + +Report When Row When to Include for Allowable Origin of Subject Adjustable oes nae . + +*Report Label* + +**Definition / Additional Guidance** + +Field ID Displays each Comparable Answers / Format Property Information Row + +Comparable # Always required GRM Comparable # is only applicable to comparables + +--- + +Appendix F-1: URAR Reference Guide Page 304 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_305.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_305.md new file mode 100644 index 0000000000000000000000000000000000000000..fd03f4a96c17ffc9851cb75d1b3826d79dcf123a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_305.md @@ -0,0 +1,28 @@ +# Uniform Appraisal Dataset + +## 24 Income Approach + +### Income Approach: Gross Rent Multiplier Comparables + +When to report a comparable in the income approach section depends on its origin and adjustability. The table below outlines when to include data for the property, its address, data source, and proximity to the subject. + +#### Report Label Definitions + +| Field ID | Answers / Format | Definition / Additional Guidance | +|----------|------------------|----------------------------------| +| 24.000 | Property | Always required. Free-form, in format that conforms to Property Information in Subject Property. | +| 24.009 | Address | Always required. Free-form format that adheres to USPS Publication 28 standards. Equivalent to Property Address in 3.000. | +| 24.010 | Data Source | Always required. Choose from allowable answers based on the comparable's origins: Assessor Record, MLS, Real Estate Agent, etc. | +| 24.010 | Data Source Identifier | Required only when applicable to GRM comparables. Provide unique identifiers, such as MLS numbers, for tracking. | +| 24.011 | Proximity to Subject | Always required in miles or kilometers. Note that zero can denote proximity identical to the subject property. | + +#### Property Address Photo + +- Always required. Display a photo of the property, typically the front view. +- GRM comparable photos are deemed necessary and will be redisplayed in Income Approach Exhibits with the Comparable number. + +## Appendix F-1: URAR Reference Guide + +*Page 305 of 367* + +**Version 1.2** \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_306.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_306.md new file mode 100644 index 0000000000000000000000000000000000000000..85eb2f1ecdff7e68821ee412b3c92f868c9bc4df --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_306.md @@ -0,0 +1,96 @@ +```markdown +# Uniform Appraisal Dataset + +## 24 Income Approach + +### Income Approach: Gross Rent Multiplier Comparables + +#### Report + +- **Report Label** +- **FieldID** | ©POrt bane + +##### Proximity to Subject + +- **Units Excluding ADUs** +- **When Row Displays** + +###### When to Include for each Comparable + +- Required if Proximity to Subject is not 0 +- Always required + +###### Allowable Answers / Format + +- Choose an allowable answer from the Definition / Additional Guidance column + +###### Origin of Subject Property Information + +- **Direction from Subject to Comparable** is only applicable to comparables + +#### Subject Property + +- Units Excluding ADUs: 3.005 + +##### Adjustable Row + +###### Definition / Additional Guidance + +- **Direction from Subject to Comparable** + - E + - N + - NE + - NW + - S + - SE + - SW + - W + +- **Number of separate living units on the property, not counting any ADUs.** + - ADUs are entered in a separate field but are considered in the overall unit count. + - **Examples:** + - A single-family property (with or without an ADU) is reported as 1 unit in this field. + - A three-unit property (with or without an ADU) is reported as 3 units in this field. + +#### Accessory Dwelling Units + +- Field ID: 24.003 +- Field ID: 24.014 + +##### Gross Building Finished Area + +- When the subject or any GRM comparable has ADUs +- If relevant +- Always required +- Required when the row is included in the GRM comparison grid + +- **Number of square feet** + +#### Subject Property + +- **Number of ADUs on Subject Property**: 3.006 + +- The appraiser must enter the information for the subject property. + +- **Note:** Displays in Sales Comparison Approach, if applicable + +##### Gross Building Finished Area +- Field ID: 22.05.04 +- No + +###### Number of ADUs on Property Notes: + +- Enter zero (0) if there are no ADUs on the property. +- ADUs may be in the dwelling, attached to the dwelling, or associated with a separate building (outbuilding). + +###### Total Gross Building Finished Area for Property + +- Gross Building Finished Area (GBFA) for all dwellings regardless of grade level, including common finished areas, ADUs, and finished area in a basement that is not associated with a specific unit. + +--- + +### Appendix F-1: URAR Reference Guide + +- Page 306 of 367 +- Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_307.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_307.md new file mode 100644 index 0000000000000000000000000000000000000000..16724aabf9c189c0c026c4d97eccc4119bb898cc --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_307.md @@ -0,0 +1,95 @@ +```markdown +# Uniform Appraisal Dataset + +## 24 Income Approach + +### Income Approach: Gross Rent Multiplier Comparables + +#### Report + +| Field ID | Report Label | +|----------|------------------------------------------| +| Rent Control | | +| 24.006 | Additional | +| 24.016 | data element displays as the Report Label | +| 24.005 | Sale Price | + +#### When Row Displays + +- If relevant + +#### When to Include for each Comparable + +- Required when the row is included in the GRM comparison grid + +#### Allowable Answers / Format + +- Rent Control: Free-form +- Sale Price: Dollar amount + +#### Origin of Subject Property Information + +- Property Subject to Rent Control does not populate from other sections; the appraiser must enter information for the subject property +- Additional Row does not populate from other sections; the appraiser must enter information for the subject property +- Adjustable Row: No + +#### Definition / Additional Guidance + +- **Property Subject to Rent Control:** Indicates whether the property is subject to rent control. +- **Additional Row:** This row displays on the GRM comparison grid when an additional data element is needed that is not predefined. + + *Note: Only put one data element in each row and add additional rows as needed for other data elements.* + +#### 24.018 Sale Date + +| Sale Date | | +|-----------|---------------------| +| Always | | + +- Always required +- Allowable Answers / Format: mm/dd/yyyy + +#### Gross Monthly Rent + +| Gross Monthly Rent | | +|--------------------|--------------| +| Always | Always | + +- Always required +- Allowable Answers / Format: Dollar amount +- **Rental Information**: + - Total Monthly Actual Rent: Dollar amount + +#### Gross Rent Multiplier + +| Gross Rent Multiplier | | +|-----------------------|---------------------| +| Always | Always required | + +- Allowable Answers / Format: Number + +#### ls Gross Monthly Rent Estimated? + +- Yes (actual monthly rent is not available) +- No + + *Note: If Yes, Gross Monthly Rent displays with a tilde (~) for the GRM comparable, and the reason the actual rent could not be obtained must be reported in Income Approach Commentary.* + +- **Gross Monthly Rent** for all units, also referred to as Total Monthly Actual Rent + + *Notes:* + - *Report the monthly rent for each GRM comparable.* + - *For the subject, the Gross Monthly Rent 24.007 may not equal the Total Monthly Market Rent 24.022.* + +- **Calculated for each GRM comparable:** Sale Price / Gross Monthly Rent + + *Note: Gross Rent Multiplier for the subject property is reported in 24.023* + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 307 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_308.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_308.md new file mode 100644 index 0000000000000000000000000000000000000000..3b33c5a64311d166e35724c8de0e034e080de03b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_308.md @@ -0,0 +1,49 @@ +```markdown +# Uniform Appraisal Dataset 24 Income Approach + +## Income Approach: Gross Rent Multiplier Comparables + +### Report When Row When to Include for Allowable Origin of Subject Adjustable + +- **Report Label** +- **Definition / Additional Guidance** + +### Field ID Displays each Comparable Answers / Format | Property Information Row + +#### 24.021 Comparable + +- **Always** + - Always required + - Choose an Comparable Weight is No The relative emphasis given to the GRM comparable by the appraiser in support of the indicated value by the income approach. + +#### Comparable Examples of scenarios with 3 comparables: + +- The appraiser relied primarily on 2 comparables that were given equal consideration and included a third comparable as supporting the data. Select Most, Most, and Less. +- The appraiser relied primarily on 1 comparable that was given most consideration, and included 2 comparables that were considered to be representative but less relevant than the primary comparable. Select Most, Less, and Less. +- All comparables were equally considered good market indicators. Select Most, Most, and Most. + +### Comparable Weight — Choose one answer for each Comparable + +#### Allowable Answer Definition / Additional Guidance + +- **Most**: The contribution of the comparable was given more or most emphasis compared to other comparables. +- **Less**: The contribution of the comparable was given less emphasis than comparables weighted as Most. +- **No Weight**: The comparable was included but given no weight. + + - Example: The property is similar to the subject but was given no weight due to extenuating circumstances, such as a model match that was not a typical market transaction. + +### Indicated Value by Income Approach + +The Indicated Value by Income Approach subsection always displays when Income Approach is included in the report. It references information about the subject property. + +#### Indicated Value by Income Approach + +- **Total Monthly Market Rent x Gross Rent Multiplier Indicated Value by Income Approach** + - 24.022 + - 24.023 + - 24.024 + +--- + +Appendix F-1: URAR Reference Guide Page 308 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_309.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_309.md new file mode 100644 index 0000000000000000000000000000000000000000..1cdd2a8cee2b6c802c123a644bde8816c1faae20 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_309.md @@ -0,0 +1,25 @@ +```markdown +# Uniform Appraisal Dataset 24 Income Approach + +## Income Approach — Indicated Value by Income Approach + +**Report Allowable** + +| Pi Report Label | When to Include | Definition / Additional Guidance | +|-----------------|-----------------|-----------------------------------| +| Total Monthly Market Rent | Always required | Dollar amount redisplays from the Rental Information section. Note: For the subject, the Gross Monthly Rent 24.007 may not equal the Total Monthly Market Rent 24.022. | + +**Field ID** + +| Answers / Format | +|------------------| +| 24.023 | Gross Rent Multiplier | Always required | Number | The factor used in calculating the indicated value of the subject property when using the Income Approach method of property valuation. Note: This information is input by the appraiser based on their analysis of the Gross Rent Multipliers for the GRM comparables 24.020. | + +**= Indicated Value by Income Approach** + +| Always required | Dollar amount | Calculated: Total Monthly Market Rent x Gross Rent Multiplier | + +**Appendix F-1: URAR Reference Guide** + +Page 309 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_31.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_31.md new file mode 100644 index 0000000000000000000000000000000000000000..b60aa72a51d4d19d364e8a9ebaa8acf9c6e45df5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_31.md @@ -0,0 +1,76 @@ +```markdown +# Uniform Appraisal Dataset 02 Assignment Information + +## Assignment Information + +The Assignment Information section always displays and provides information about the entities involved in the appraisal, and work completed by the appraiser and other parties. This section provides space for additional commentary and exhibits. + +### Assignment Information + +- **Assignment Reason 2.000** +- **Property Valuation Method 2.004** +- **Borrower Name 2.001** +- **Seller Name 2.002** +- **Current Owner of Public Record 2.003** +- **Yes No** +- **Was a Property Data Report used in lieu of an Inspection? 2.005** +- **Appraiser Fee 2.006** +- **AMC Fee 2.007** +- **Government Agency 2.008** +- **Investor Requested Special Identification 2.009** + +## General Information + +### Assignment Reason + +**Assignment Information: Assignment Reason** + +#### Report Allowable + +- **. Report Label** +- **When to Include** +- **Definition / Additional Guidance** +- **Field ID Answers / Format** + +**2.000 Assignment Reason** +- Always required +- Choose an allowable answer from the Definition / Additional Guidance column + - Construction + - Deed in Lieu + - Home Equity + - Loan Modification + - Portfolio Evaluation + - Preforeclosure + - Purchase + - Refinance + - REO + - Short Sale + - Other (Describe) + +**Notes:** + +- If more than one reason applies, choose the most appropriate or primary reason for the assignment. +- Other relevant information regarding the assignment reason, including whether more than one assignment reason applies, is reported in Assignment Information and Scope of Work Commentary (2.061). + +### Borrower, Seller, and Current Owner of Public Record + +**Assignment Information: Borrower, Seller, and Current Owner of Public Record** + +#### Report Allowable + +- **Report Label** +- **When to Include** +- **Definition / Additional Guidance** +- **Field ID Answers / Format** + +**2.001 Borrower Name** +- If applicable +- Free-form + +**Notes:** + +- The borrower can be a person or a legal entity. +- For VA appraisals, reference the appropriate government agency appraisal guidelines. + +*Appendix F-1: URAR Reference Guide Page 31 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_310.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_310.md new file mode 100644 index 0000000000000000000000000000000000000000..8487230fe61828d34956569890005aa132405943 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_310.md @@ -0,0 +1,50 @@ +```markdown +# Uniform Appraisal Dataset 24 Income Approach + +## Income Approach Commentary + +The Income Approach Commentary subsection always displays when Income Approach is included in the report. + +### Income Approach Commentary + +**24.025** + +**Income Approach Commentary** +- **Report Label**: When to Include +- **Field ID**: Answers / Format + +**Income Approach Commentary** +- **Always required**: Free-form +- **Definition / Additional Guidance**: Report additional details and analysis to support conclusions, including how Comparable Weight and Gross Rent Multiplier were determined. + +*Note: Overall reconciliation of value is reported in the Reconciliation section.* + +## Income Approach Exhibits + +All photos or images related to the Income Approach section are displayed in the Income Approach Exhibits subsection. + +### Income Approach Exhibits + +**Report Allowable** +- **Report Label**: When to Include +- **Field ID**: Answers / Format + +**See Income Approach Exhibits** +- **Always required**: Image +- **Definition / Additional Guidance**: Map of Subject and GRM Comparables + - A map of the subject and GRM comparables must be provided, which can display in Income Approach Exhibits with the caption “Map of GRM Comparables”. An additional caption may be provided. + +*Note: Can be provided as one map in the Sales Comparison Approach section.* + +**See Income Approach Exhibits** +- **Always required**: Photos or images +- **Definition / Additional Guidance**: Property Photo + - Photos of the GRM comparable properties display in this subsection with the Comparable #. The thumbnails from the top of the GRM comparison grid are redisplayed, in addition to any other photos that are provided. An additional caption may be provided. + +**See Income Approach Exhibits** +- **If relevant**: Photos or images +- **Definition / Additional Guidance**: Income Approach Exhibit + - Other photos or images related to the Income Approach section may be provided, which display in Income Approach Exhibits. A caption should be provided to further describe the photo or image. + +_Appendix F-1: URAR Reference Guide Page 310 of 367 Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_311.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_311.md new file mode 100644 index 0000000000000000000000000000000000000000..349c4543a9ea26dac980f1770157b47e9747db88 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_311.md @@ -0,0 +1,73 @@ +```markdown +# Uniform Appraisal Dataset 25 Cost Approach + +## 25 Cost Approach + +The Cost Approach section includes cost estimates by the appraiser of: + +- The value of the land +- The cost of constructing dwellings and outbuildings (reproduction or replacement) +- The appropriate amount of depreciation + +This section provides space for additional commentary and exhibits. + +This section displays when Cost Approach Developed by Appraiser is Yes. The “When to Include” column in this chapter references appraisals for which Cost Approach Developed by Appraiser is Yes. + +### Cost Approach Developed by Appraiser + +**Report Allowable** + +- **Report Label:** When to Include Definition / Additional Guidance +- **Field ID Answers / Format** + +This is an Always required Cost Approach Developed by Appraiser appraiser input. + +- **Yes** (The Cost Approach section is included) +- **No** (The Cost Approach section is not included) + +### Indicated Value by Cost Approach + +Information displaying at the top of the Cost Approach section is calculated or redisplayed from the subsections below. + +- Indicated Value by Cost Approach 25.000 +- Depreciated Cost of Dwellings 25.001 +- Depreciated Cost of Outbuildings 25.002 +- As Is Value of Site Improvements 25.003 +- Opinion of Site Value 25.004 + +#### Cost Approach: Indicated Value by Cost Approach + +**Report All** + +- **epo Report Label:** When to Include Definition / Additional Guidance +- **Field ID Answers / Format** + +**Indicated Value by Cost Approach** + +- Always displays Dollar amount Calculated: + - The sum of the following: + - Depreciated Cost of Dwellings 25.001 + - Depreciated Cost of Outbuildings 25.002 if applicable + - As Is Value of Site Improvements 25.003 + - Opinion of Site Value 25.004 + +**Depreciated Cost of Dwellings** + +- Always displays Dollar amount Calculated: The sum of Estimated Dwelling Cost including depreciation 25.018, for all dwellings on the property. + + **Note:** + - Reference the Depreciated Cost — Dwelling subsection for each dwelling. + +**Depreciated Cost of Outbuildings** + +- Displays when there are outbuilding(s) that are considered real property +- Dollar amount Calculated: The sum of Estimated Outbuilding Cost including depreciation 25.036, for all outbuildings that are considered real property (all outbuildings in the Cost Approach). + + **Notes:** + - Reference the Depreciated Cost — Outbuilding subsection for each outbuilding that is considered real property. + - If there are no outbuildings in the Cost Approach, Depreciated Cost of Outbuildings does not display. + +--- + +Appendix F-1: URAR Reference Guide Page 311 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_312.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_312.md new file mode 100644 index 0000000000000000000000000000000000000000..ee2e75ac876adeea48a5404c04fd5b9cf570004b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_312.md @@ -0,0 +1,62 @@ +```markdown +# Uniform Appraisal Dataset 25: Cost Approach + +## Cost Approach: Indicated Value by Cost Approach + +### Report Allowable + +- **Pi Report Label**: When to Include + **Field ID / Answers / Format** + +#### As Is Value of Site Improvements 25.003 + +- **Always displays** + **Dollar amount** + Total As Is Value of Site Improvements: The total value contributed by other "as is" improvements located on the subject property. Can be 0, such as when Property Rights Appraised is Leasehold. + +Redisplays from the As Is Value of Site Improvements subsection 25.039. + +#### Opinion of Site Value + +- **Always displays** + **Dollar amount** + The dollar value estimated for the property site (e.g., land that is improved so that it is ready to be used for a specific purpose). Can be 0, such as when Property Rights Appraised is Leasehold. + +Redisplays from the Site Value subsection 25.041. + +### Depreciated Cost - Dwelling + +The Depreciated Cost — Dwelling table repeats for each dwelling. + +#### Depreciated Cost - Dwelling - [Structure Identifier] 25.005 + +25.006 25.007 @ 25.008 25.009 +Physical Depreciation 25.010 25.011 +Functional Depreciation 25.012 25.013 +External Depreciation 25.014 25.015 +Total Depreciation 25.016 + +#### Manufactured Home Delivery, Installation, and Set Up 25.017 + +### Information that May Display in Gray Bar + +The Depreciated Cost — Dwelling gray bar provides context about the dwelling. Examples: + +- A single-family property would display "Depreciated Cost — Dwelling" +- A 2-to-4-unit property with multiple dwellings might display “Depreciated Cost — Dwelling — Building 2”, depending on appraiser inputs + - Structure Identifier is Building 2 + +## Cost Approach — Depreciated Cost of Dwelling + +### Report Allowable + +- **Report Label**: When to Include + **Field ID / Definition / Additional Guidance / Answers / Format** + +#### Depreciated Cost — Dwelling + +- **Display only If applicable** + Structure Identifier (8.000) redisplays from the Dwelling Exterior section. + +Appendix F-1: URAR Reference Guide Page 312 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_313.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_313.md new file mode 100644 index 0000000000000000000000000000000000000000..3e708c72aab3c81a790fea082e4691a544599a9c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_313.md @@ -0,0 +1,55 @@ +```markdown +# Uniform Appraisal Dataset 25 Cost Approach + +## Replacement or Reproduction Cost for each Dwelling + +### Cost Approach — Replacement or Reproduction Cost (Dwelling) + +| Report Label | When to Include | Definition / Additional Guidance | Field ID Answers / Format | +|--------------|-----------------|------------------------------------------------------------------------|------------------------------------| +| Required for each dwelling | Choose one or more allowable answers from the column | Area Type: The area for which costs to reproduce or replace are being estimated. | *Above Grade Finished Area*
*Above Grade Finished Area (Nonstandard)*
*Above Grade Unfinished Area*
*Attached Garage*
*Below Grade Finished Area*
*Below Grade Finished Area (Nonstandard)*
*Below Grade Unfinished Area*
*Built-in Garage*
*Carport*
*Foundation*
*Other (Describe)* | + +Note: Each selected answer displays in a separate row. + +| Report Label | When to Include | Definition / Additional Guidance | Field ID Answers / Format | +|------------------------------------|--------------------------|----------------------------------|--------------------------------| +| Required for each indicated Area Type | Number of square feet | Area Size | | +| Required for each indicated Area Type | Dollar amount | Replacement or Reproduction Cost per Unit of Measure (e.g., cost per square foot). | | +| | N/A | Required for each indicated Area Type | Dollar amount
Area Type Cost: The total cost for the line item.
Calculated: Area Size x Replacement or Reproduction Cost per Unit of Measure | + +## Depreciation For Each Dwelling + +One of the following may be provided for each dwelling: + +- Separate physical, functional and external depreciation (percent and dollar amount), or + + **Depreciated Cost - Dwelling** + + | Description | Quantity | Cost Per Unit | Total Cost | + |-----------------------------------|----------------------|---------------|------------| + | Above Grade Finished Area | 1,600 Sq.Ft. @ $171.85 | | $274,960 | + | Attached Garage | 400 Sq.Ft. @ $50.00 | | $20,000 | + | Physical Depreciation | 7% | | $(20,647) | + | Functional Depreciation | 5% | | $(14,748) | + | External Depreciation | 0% | | $0 | + +- Total depreciation (dollar amount). This is an aggregate number representing physical, functional, and external depreciation. + + **Depreciated Cost - Dwelling** + + | Description | Quantity | Cost Per Unit | Total Cost | + |-----------------------------------|----------------------|---------------|------------| + | Above Grade Finished Area | 1,600 Sq.Ft. @ $171.85 | | $274,960 | + | Attached Garage | 400 Sq.Ft. @ $50.00 | | $20,000 | + | Total Depreciation | | | $(35,395) | + +### Cost Approach — Depreciation (Dwelling) + +| Report Label | When to Include | Definition / Additional Guidance | Field ID Answers / Format | +|----------------------------------|--------------------------|--------------------------------------------------------|----------------------------------| +| Physical Depreciation | Required if Total Depreciation is not provided | Percent
Dwelling Physical Depreciation Percent — Can be 0. | | + +--- + +Appendix F-1: URAR Reference Guide Page 313 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_314.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_314.md new file mode 100644 index 0000000000000000000000000000000000000000..93ba59761bd23c00997d9e1a28045c97b2c05d37 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_314.md @@ -0,0 +1,81 @@ +```markdown +# Uniform Appraisal Dataset + +## 25 Cost Approach + +### Cost Approach — Depreciation (Dwelling) + +**25.013** + +**Depreciation** + +- **Functional Depreciation** + + Functional Depreciation + +- **External Depreciation** + + Depreciation is not provided + + Required if Total Depreciation is not provided + + Required if Total Depreciation is not provided + + Required if Total + + Depreciation is not provided + +#### Report Allowable + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | Answers / Format | +|----------|----------------------------|-----------------------------------------------------|----------------------------------------------------------------------------------|--------------------------------| +| 25.011 | Physical | Required if Total Dewlling Physical Depreciation Depreciation is not provided | Dollar amount Dwelling Depreciation Amount | Dwelling Physical Depreciation | + +**Calculated**: Dwelling Physical Depreciation Percent × sum of all the Area Type Costs for the dwelling. + +- **Dwelling Functional Depreciation Percent** — Can be 0. + + Dwelling Functional Depreciation Amount + **Calculated**: Dwelling Functional Depreciation Percent × sum of all the Area Type Costs for the dwelling. + +- **Dwelling External Depreciation Percent** — Can be 0. + + **25.015** | External Required if Total Dollar amount Dwelling External Depreciation Amount Depreciation + **Calculated**: Dwelling External Depreciation Percent × sum of all the Area Type Costs for the dwelling. + +**25.016 | Total Required if Physical,** + +- Functional and External Depreciation are not provided +- Dollar amount +- Total Depreciation for Dwelling: The lump sum accumulated monetary loss in value for the reproduction or replacement cost of the dwelling from all causes of depreciation. Can be 0. + +### Manufactured Home Delivery, Installation and Setup for the Dwelling + +#### Cost Approach — Manufactured Home Delivery, Installation and Setup (Dwelling) + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|------------------------------------|------------------------------------------------------|----------------------------|--------------------------------------------------------------------------------------------------| +| Manufactured Home Delivery, Installation, and Setup | Required if Construction Method is Manufactured | Dollar amount | The total amount associated with the delivery, installation, and setup costs for a manufactured home. If the specific amount is unavailable from the invoice, provide a reasonable estimate, and explain in Cost Approach Commentary. | + +### Estimated Dwelling Cost (Total) + +#### Cost Approach — Total Depreciated Cost (Dwelling) + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|----------------------|-----------------------------|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Estimated Dwelling Cost | Required for each dwelling | Dollar amount | Estimated Dwelling Cost: The estimated cost of the dwelling, including all costs to replace or reproduce the dwelling, the applicable depreciation, and any applicable delivery, installation, and setup fee. | + +**Calculated for the dwelling:** +- Add the following: + - Area Type Costs(s) 25.009 + - Manufactured Home Delivery, Installation, and Setup 25.017 if applicable +- Subtract depreciation: + - Dwelling Physical Depreciation Amount 25.011 + - Dwelling Functional Depreciation Amount 25.013 + - Dwelling External Depreciation Amount 25.015 + - OR Total Depreciation for Dwelling 25.016 + +*Appendix F-1: URAR Reference Guide* + +Page 314 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_315.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_315.md new file mode 100644 index 0000000000000000000000000000000000000000..2d447c40799079b610f593421079ab731b0b76b4 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_315.md @@ -0,0 +1,51 @@ +```markdown +# Uniform Appraisal Dataset + +## Cost Approach + +### Remaining Economic Life and Effective Age + +- **Remaining Economic Life** +- **Effective Age** + +| Field ID | Report Label | +|----------|----------------------------------| +| 25.019 | Remaining Economic Life | +| 25.020 | Effective Age | + +#### Commentary on Remaining Economic Life + +- **Commentary on Effective Age** + +| Field ID | Report Label | +|----------|------------------------------------------| +| 25.022 | Remaining Economic Life | + +### Cost Approach: Remaining Economic Life and Effective Age + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|-------------------------|--------------------------|---------------------------------|--------------------------------------------------------------------------------------------------------------------| +| 25.019 | Remaining Economic Life | Required for each dwelling | Number of years | The estimated number of years of the structure's remaining economic life. | +| 25.020 | Effective Age | Required for each dwelling | Number of years or range of years | The estimated age of a structure based on its utility and physical wear and tear. | +| 25.021 | Commentary on Remaining Economic Life | | Free-form | Commentary could include information pertinent to Remaining Economic Life that is not captured in the discrete data, or additional details to support the discrete data that is provided. | +| 25.022 | Commentary on Effective Age | Required for each dwelling if Remaining Economic Life is less than 30 years, or if relevant | Free-form | Commentary could include information pertinent to Effective Age that is not captured in the discrete data, or additional details to support the discrete data that is provided. | + +### Depreciated Cost - Outbuilding + +The Depreciated Cost — Outbuilding table repeats for each outbuilding when Considered Real Property (12.002) is Yes, and the “When to Include” column in this subchapter reflects this. If there are no outbuildings that are real property, this subsection does not display. + +#### Depreciated Cost - Outbuilding - \[Outbuilding Type\] + +| Field ID | Report | Report Label | Allowable Answers / Format | When to Include | Definition / Additional Guidance | +|----------|--------------------------------------|----------------------------------|----------------------------|-----------------|----------------------------------| +| 25.024 | Physical Depreciation | | | | | +| 25.025 | Functional Depreciation | | | | | +| 25.026 | External Depreciation | | | | | +| 25.027 | Total Depreciation | | | | | +| 25.028 | Manufactured Home Delivery, Installation, and Set Up | | | | | +| 25.023 | N/A Displays for each outbuilding | Outbuilding Type (Displays in Gray Bar) | Choose an allowable answer from 10.000 | Choose an Outbuilding Type redisplays from the Outbuilding section 10.000. | Note: Detached garages with no other uses (ADUs or additional areas) are not reported as outbuildings in the URAR. See As is Value of Site Improvements (25.037) for how to address in the Cost Approach section. | + +--- + +Appendix F-1: URAR Reference Guide Page 315 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_316.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_316.md new file mode 100644 index 0000000000000000000000000000000000000000..e8848008ee31abfb80bb6a13dca705a0e655d84b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_316.md @@ -0,0 +1,50 @@ +# Uniform Appraisal Dataset + +## 25 Cost Approach + +### Replacement or Reproduction Cost for each Outbuilding + +#### Cost Approach — Replacement or Reproduction Cost (Outbuilding) + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------|-----------------|----------------------------|----------------------------------| +| 25.027 | N/A | Required for each indicated Area Type | Number of square feet | Area Type: The area for which costs to reproduce or replace are being estimated. | +| | | | Dollar amount | Replacement or Reproduction Cost per Unit of Measure (e.g., cost per square foot). | +| | | | Dollar amount | Area Type Cost: The total cost for the line item. Calculated (Area Size x Replacement or Reproduction Cost per Unit of Measure) | + +**Area Type:** + +- Finished Area +- Foundation +- Garage +- Unfinished Area +- Other (Describe) + +*Note: Each selected answer displays in a separate row.* + +### Depreciation for Each Outbuilding + +One of the following may be provided for each outbuilding that is considered real property: + +- Separate physical, functional and external depreciation (percent and dollar amount), or +- Total depreciation (dollar amount). This is an aggregate number representing physical, functional, and external depreciation. + +See example in Depreciation For Each Dwelling. + +#### Cost Approach — Depreciation (Outbuilding) + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------|-----------------|----------------------------|----------------------------------| +| 25.029 | Physical Depreciation | Required if Total Depreciation is not provided | Percent | Outbuilding Physical Depreciation Percent | +| 25.031 | Physical Depreciation | Required if Total Depreciation is not provided | Dollar amount | Outbuilding Physical Depreciation Amount Calculated: Outbuilding Physical Depreciation Percent x Sum of all the Area Type Costs for the outbuilding. | +| 25.030 | Functional Depreciation | Required if Total Depreciation is not provided | Percent | Outbuilding Functional Depreciation Percent | +| 25.031 | Functional Depreciation | Required if Total Depreciation is not provided | Dollar amount | Outbuilding Functional Depreciation Amount Calculated: Outbuilding Functional Depreciation Percent x sum of all the Area Type Costs for the outbuilding. | +| 25.032 | External Depreciation | Required if Total Depreciation is not provided | Percent | Outbuilding External Depreciation Percent | +| 25.033 | External Depreciation | Required if Total Depreciation is not provided | Dollar amount | Outbuilding External Depreciation Amount Calculated: Outbuilding External Depreciation Percent x sum of all the Area Type Costs for the outbuilding. | +| 25.034 | Total Depreciation | Required if Physical, Functional and External Depreciation are not provided | Dollar amount | Total Depreciation for Outbuilding: The lump sum accumulated monetary loss in value for the reproduction or replacement cost of the outbuilding from all causes of depreciation. | + +## Appendix F-1: URAR Reference Guide + +Page 316 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_317.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_317.md new file mode 100644 index 0000000000000000000000000000000000000000..4f405839c9964ed14a1dd0379e150010acfd2c07 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_317.md @@ -0,0 +1,59 @@ +```markdown +# Uniform Appraisal Dataset 25 Cost Approach + +## Manufactured Home Delivery, Installation and Setup for the Outbuilding + +### Cost Approach — Manufactured Home Delivery, Installation and Setup (Outbuilding) + +#### Report Allowable + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| Manufactured Home Delivery, Installation, and Setup | Required if Outbuilding Type is Manufactured Home | Dollar amount associated with the delivery, installation, and setup costs for a manufactured home. If unavailable from the invoice, provide an estimate and explain in Cost Approach Commentary. | + +### Estimated Outbuilding Cost (Total) + +## Cost Approach — Total Depreciated Cost (Outbuilding) + +#### Report Allowable + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| Estimated Outbuilding Cost | Required for each outbuilding | Dollar amount of project including replacement/reproduction costs, applicable depreciation, and any delivery, installation, and setup fee. | + +**Calculation:** + +- Add: + - Area Type Costs(s) 25.027 + - Manufactured Home Delivery, Installation, and Setup 25.035 if applicable +- Subtract depreciation: + - Outbuilding Physical Depreciation Amount 25.029 + - Outbuilding Functional Depreciation Amount 25.031 + - Outbuilding External Depreciation Amount 25.033 + - OR Total Depreciation for Outbuilding 25.034 + +### As is Value of Site Improvements + +Site improvements may be provided individually or in aggregate. + +**Note:** For detached garages with no additional separate area, reported in Vehicle Storage and not in Outbuilding, report the depreciated cost of the garage here. Example: + +**As Is Value of Site Improvements** + +| Description | Amount | +|----------------------------------|---------| +| Utility connections, driveway, patio | $18,500 | +| Depreciated cost of detached garage | $31,500 | + +**Total:** $50,000 + +**Description** + +| Description | Amount | +|-------------|---------| +| 25.037 | 25.038 | + +--- + +*Appendix F-1: URAR Reference Guide Page 317 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_318.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_318.md new file mode 100644 index 0000000000000000000000000000000000000000..40d813eded0fd48067419f1eb5c12336ad44c4ba --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_318.md @@ -0,0 +1,81 @@ +```markdown +# Uniform Appraisal Dataset 25 Cost Approach + +## Cost Approach: As Is Value of Site Improvements + +### Report All bl +- **epo Report Label**: When to Include +- **Field ID**: Answers / Format + +#### Description + +- **When to Include**: Always required for each site improvement +- **Definition / Additional Guidance**: Free-form Site Improvement Description. A description of the improvement for which the As Is value is provided. + +Example: +- Well, septic, fence, driveway and water frontage improvements could be displayed in aggregate on a single row, or on separate rows. + +#### Amount + +- **When to Include**: Always required for each site improvement +- **Definition / Additional Guidance**: Dollar amount As Is Value of Site Improvement Amount. The As Is amount of the site improvement as of the appraisal effective date. Provide individual costs if documented separately, or as a lump sum for aggregated site improvements. + +- **When to Include**: Always required +- **Definition / Additional Guidance**: Dollar amount Total As Is Value of Site Improvements. The total value contributed by other As Is improvements located on the subject property. + +Calculated: The sum of all the As Is Value of Site Improvement Amounts 25.038 + +Note: This amount redisplays at the top of the Cost Approach section 25.003. + +## Site Value + +### Site Valuation Method And Site Value + +#### Site Value + +#### Primary Site Valuation Method 25.040 + +### Site Value and Site Valuation Method + +- **Report Allowable**: + - **Report Label**: When to Include + - **Field ID**: Answers / Format + +##### 25.040 | Primary Site Valuation Method + +- **When to Include**: Always required +- **Choose an Allowable Answer from table**: + - Allocation + - Extraction + - Sales Comparison + - Other (Describe) + +##### 25.041 | Opinion of Site Value + +- **When to Include**: Always required +- **Format**: Dollar amount +- **Definition / Additional Guidance**: The dollar value estimated for the property site (e.g., land that is improved so that it is ready to be used for a specific purpose). Can be 0, such as when Property Rights Appraised 3.019 is Leasehold. + +Note: This amount redisplays at the top of the Cost Approach section 25.004. + +## Primary Site Valuation Method (Choose one) + +### Allowable Answer + +- **Allocation**: An estimation of land value in which sales of improved properties are analyzed to establish a typical ratio of land value to total property value. This ratio is applied to the property being appraised to arrive at an estimated value for the land. + +- **Extraction**: An estimation of land value in which the depreciated cost of the improvements on the improved property is estimated and deducted from the total sale price to arrive at an estimated value for the land. + +- **Sales Comparison**: Identifies sales of vacant land and / or sites and applies an adjustment process to the sale price to determine an indicated value or range of value for the subject site. + Note: If this answer is selected, land comparables (25.042-25.049) must be provided. + +- **Other (Describe)**: Select Other to enter an answer that is not in the above list. + +## Information for each Land Comparable + +The Land Comparables table displays if Primary Site Valuation Method is Sales Comparison, and the “When to Include” column in this table reflects this. + +--- + +Appendix F-1: URAR Reference Guide Page 318 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_319.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_319.md new file mode 100644 index 0000000000000000000000000000000000000000..3d7f131db2c2e5e0090825a44b6fbfcd905366f8 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_319.md @@ -0,0 +1,135 @@ +# Uniform Appraisal Dataset + +## 25 Cost Approach + +### Land Comparables + +#### 25.042 + +##### Address +25.043 + +##### Assessor Parcel +County Data Source Number (APN) Site Size Sale Date Price +25.044 25.045 25.046 25.047 25.048 25.049 + +##### Reconciliation of Site Value +25.050 + +### Cost Approach - Land Comparables + +#### Report Field ID + +- **25.043** +- **25.043** +- **25.044** +- **25.045** +- **25.047** +- **25.048** +- **25.049** + +#### Report Label + +- **Address** + - Address + +- **County** + +- **Data Source** + - Data Source + +- **Assessor Parcel Number (APN)** + +- **Site Size** + +- **Sale Date** + +- **Price** + +#### When to Include + +- Required for each land comparable + +- If available for each land comparable + +- Required for each land comparable + +- Required for each land comparable + +- Required for each land comparable + +- Required when Land Comparable Data Source is MLS, or if applicable + +- If available for each land comparable + +- Required for each land comparable + +- Required for each land comparable + +- Required for each land comparable + +#### Allowable Answers / Format + +- Free-form + +- Free-form + +- Free-form + +- Choose one or more allowable answers from the Definition / Additional Guidance column + +- Free-form + +- Free-form + +- Number of acres, square feet, hectares, or square meters + +- mm/dd/yyyy + +- Dollar amount + +#### Definition / Additional Guidance + +- **Land Comparable #** + +- **Land Comparable Street Address** + - If the street address is unavailable or has not yet been assigned, provide any information necessary to identify the property. + +- **Land Comparable City, State, ZIP Code** + +- **Name of the county or parish as defined by the state.** + - Note: If the land comparable is not located in any county (e.g., located in an independent city), enter the name of the local municipality or district in which the property is located. + +- **Land Comparable Data Source** + - Assessor Record + - Builder or Developer + - Data Aggregator + - Exterior Inspection + - Homeowners Association + - Land Survey + - Lender + - MLS + - Previous Appraisal File + - Property Owner + - Real Estate Agent + - Zoning + - Other (Describe) + +- **Data Source Identifier**: A unique number or identifier assigned to the land comparable by the Data Source. + - Examples: + - If Data Source is MLS, provide the MLS number. + - If Data Source is Assessor Record, provide the recording or document number. + +- **A number assigned to parcels of real property by the tax assessor of a particular jurisdiction for purposes of identification and record-keeping.** + +- **The total area of the site, including all parcels.** + - For area less than 1 acre, use square feet in whole numbers (e.g., 27,840 sq. ft.) + - For area that is 1 acre or more, use acres to 2 decimals (e.g., 1.25 acres). + - If using the metric system, for area less than 1 hectare, use square meters in whole numbers (e.g., 7,500 sq. m.) + - If using the metric system, for area that is 1 hectare or more, use hectares to 2 decimals (e.g., 1.25 hectares). + +**Appendix F-1: URAR Reference Guide** + +Page 319 of 367 + +**Version 1.2** \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_32.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_32.md new file mode 100644 index 0000000000000000000000000000000000000000..e577d0d63cb5f5c0ab8e18438a657084291f3427 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_32.md @@ -0,0 +1,68 @@ +```markdown +# Uniform Appraisal Dataset + +## 02 Assignment Information + +### Assignment Information: Borrower, Seller, and Current Owner of Public Record + +#### Report + +| Field ID | Report Label | +|----------|------------------------------------------| +| 2.002 | Seller Name | +| 2.003 | Current Owner of Public Record | + +**Allowable When to Include Definition / Additional Guidance** + +- **Answers / Format** + + - If applicable Free-form Notes: + - Repeatable + - The seller can be a person or a legal entity. + - If there is no seller (such as refinance transactions), leave blank. + +- **Always required** + + - Free-form Note: + - The current owner can be a person or a legal entity. + - Repeatable + +### Property Valuation Method + +Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +#### Assignment Information: Property Valuation Method + +##### Report + +| Field ID | Report Label | +|----------|----------------------------| +| 2.004 | Property Valuation Method | + +**Allowable When to Include Definition / Additional Guidance** + +- **Answers / Format** + + - Always required + - Choose an allowable answer from table + + - Traditional Appraisal + - Hybrid Appraisal + - Desktop Appraisal + - Exterior Appraisal + +Note: Regardless of what was ordered, Property Valuation Method represents what was completed. + +#### Property Valuation Method (Choose one) + +| Allowable Answer | Definition / Additional Guidance | +|-----------------------|--------------------------------------------------------------------------------------------------| +| Traditional Appraisal | An appraisal assignment for which the scope of work includes an interior and exterior personal onsite inspection of the subject property completed by the appraiser who signs the appraisal report, and the effective date of the appraisal is the date of inspection. | +| Hybrid Appraisal | An appraisal assignment for which the scope of work includes reviewing a recent report containing interior/exterior standardized property data in lieu of the appraiser performing a personal inspection.
Note: If this answer is selected, Property Data Report Used (2.005) must be Yes, and the Property Data Report subsection (2.053-2.060) displays. | +| Desktop Appraisal | An appraisal assignment for which the scope of work does not include field work by the appraiser. | +| Exterior Appraisal | An appraisal assignment for which the scope of work includes a personal inspection of the exterior areas of the subject property from at least the street by the appraiser. | + +--- + +Appendix F-1: URAR Reference Guide Page 32 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_320.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_320.md new file mode 100644 index 0000000000000000000000000000000000000000..185113c5b5e9f46f01d831e5412d79c42eb2b026 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_320.md @@ -0,0 +1,50 @@ +```markdown +# Uniform Appraisal Dataset + +## 25 Cost Approach + +### Reconciliation of Site Value + +#### Cost Approach - Reconciliation of Site Value + +| Report Field ID | Report Label | Reconciliation of Site Value | +|-----------------|-----------------------------------|------------------------------| +| | When to Include | Always required | +| | Allowable Answers / Format | Free-form | +| | Definition / Additional Guidance | Commentary should include information pertinent to the Opinion of Site Value that is not captured in the discrete data, or additional details to support the discrete data that is provided, including access, utilities, zoning, views, or site influences of the land comparables in relation to the subject. | + +- See N/A If relevant Image Map of Land Comparables +- iGuide: A map of the subject and land comparables should be included, which displays in Cost Approach Exhibits with the caption “Map of Land Comparables”. An additional caption may be provided to further identify the image. +- Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +### General Description + +| General Description | Cost Type 25.051 | Cost Method 25.055 | +|---------------------------------|-----------------------|---------------------------| +| Cost Data Source 25.052 | Depreciation Method 25.056 | | +| Quality Rating 25.053 | | | +| Effective Date 25.054 | | | +| Cost Approach — General Description | Report All | | + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------------------------|-----------------|---------------------------------------------------------------------------------------------|-------------------------------------------------------------------------| +| 25.051 | Cost Type | Always required | Choose an allowable answer from the Definition / Additional Guidance column | The method by which all buildings in the Cost Approach section would be reconstructed.
e Replacement
e Reproduction | +| 25.052 | Cost Data Source | Always required | Choose an allowable answer from the Definition / Additional Guidance column | Cost Data Source: The primary source that the appraiser cited for cost data in the Cost Approach section.
e Builder or Developer
* Cost Service (Displays Cost Service Provider instead)
e Cost Survey | + +#### Cost Data Source + +- Required if Cost Data Source is Cost Service + +| Guidance column | Choose an allowable answer from the Definition / Additional Guidance column | +|-----------------|-------------------------------------------------------------------------------| +| Cost Service Provider | . Craftsman Cost Guide
. Marshall & Swift
e NADA
. RSMeans
. Xactimate | +| Note: Allowable answers may be provided that are not in the above list. | + +--- + +Appendix F-1: URAR Reference Guide + +Page 320 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_321.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_321.md new file mode 100644 index 0000000000000000000000000000000000000000..1b37c7cb273f738194df21c854baf037aa36ad81 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_321.md @@ -0,0 +1,83 @@ +# Uniform Appraisal Dataset + +## 25 Cost Approach + +### Cost Approach — General Description + +#### Report + +| Field ID | Report Label | Allowable | +|----------|--------------|-----------| +| 25.053 | Quality Rating | Effective Date | + +--- + +**Cost Method** +**Depreciation Method** + +**When to Include** +Required if Cost Data Source is Cost Service + +**Definition / Additional Guidance** +Choose an allowable answer from the list below: + +- Excellent +- Very Good +- Good +- Average +- Fair +- Low +- Other (Describe) — If Quality Rating from the Cost Service Provider is not in the above list. + +--- + +**Always required** +_**mm/dd/yyyy Cost Data Effective Date**_ + +*Note: If a Cost Service was cited, provide the date the cost service was last updated. Otherwise, provide the date the appraiser pulled the information.* + +**Always required** +Choose an allowable answer from table (Cost Method) + +**Always required** +Choose an allowable answer from table Depreciation Method + +--- + +### Cost Method (Choose one) + +#### Allowable Answer + +- **Comparative Unit** + A method used to derive a cost estimate in terms of dollars per unit of area, or volume, based on known cost of similar structures that are adjusted for time, and physical differences. The cost estimate is then applied to the total building area. Also known as Square Foot Method or Market Extraction Method. + +- **Quantity Survey** + A cost-estimating method used to derive the total cost of labor and materials for each individual item used in the construction of the improvements (e.g., nails, drywall, bricks, mortar). + +- **Unit in Place** + A cost-estimating method in which total building cost is estimated by adding together the unit cost for various building components as installed. Also known as Segregated Cost Method. + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +--- + +### Depreciation Method (Choose one) + +#### Allowable Answer + +- **Breakdown** + A method of estimating depreciation in which the total loss in the value of the property is estimated by analyzing and measuring each cause of depreciation (physical, functional and external) separately. + +- **Economic Age-Life** + A method of estimating depreciation in which the ratio between the effective age of the building and its total economic life is applied to its current cost of improvements to obtain a lump-sum deduction. Also known as Age-Life. + +- **Modified Economic Age-Life** + A method of estimating depreciation, in which curable physical and functional depreciation are deducted from the cost of improvements before Economic Age-Life ratios are applied. Total depreciation is the sum of the accumulated curable elements and the Economic Age-Life lump sum. + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +--- + +_Appendix F-1: URAR Reference Guide Page 321 of 367 Version 1.2_ \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_322.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_322.md new file mode 100644 index 0000000000000000000000000000000000000000..7a2574f02b28c8bacab583ddb0a253b3079cb49c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_322.md @@ -0,0 +1,29 @@ +# Uniform Appraisal Dataset 25 Cost Approach + +## Cost Approach Commentary + +### Cost Approach Commentary + +**25.057** +Cost Approach Commentary +Report Allowable + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|--------------|-----------------|--------------------------------------------------------------------| +| 25.057 | Cost Approach Commentary | If applicable | Free-form Commentary could include information pertinent to the Cost Approach section that is not captured in the discrete data, or additional details to support the discrete data that is provided. | + +## Cost Approach Exhibits + +All photos or images related to the Cost Approach section are displayed in the Cost Approach Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Cost Approach Exhibits + +Report Allowable + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|--------------|-----------------|--------------------------------------------------------------------| +| See iGuide | Cost Approach Exhibits | If applicable | Photos or images relevant to the Cost Approach section may be provided, which display in Cost Approach Exhibits. If the photo or image is not specifically indicated above, a caption must be provided to further identify the photo or image. | + +--- + +Appendix F-1: URAR Reference Guide Page 322 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_323.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_323.md new file mode 100644 index 0000000000000000000000000000000000000000..4a1ae8768467335af5a77d60a1d3de6a850dac7e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_323.md @@ -0,0 +1,49 @@ +# Uniform Appraisal Dataset + +## 26 Reconciliation + +The Reconciliation section includes information about the different approaches to value, market value conditions, the final opinion of market value, reporting of client requested conditions (if any), and an overall reconciliation of value. + +This section also contains a summary of all identified defects, damages, and deficiencies, and provides space for additional commentary and exhibits. + +### Approaches to Value + +#### Approaches to Value + +- **Indicated Value** +- **Reason for Exclusion** + +**Sales Comparison Approach** + +- 26.000 +- 26.001 + +**Income Approach** +**Cost Approach** +- 26.002 +- 26.004 +- 26.003 +- 26.005 + +### Reconciliation: + +#### Approaches to Value + +**Report** + +| Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|----------|--------------|-----------------|----------------------------|----------------------------------| +| **Sales Comparison Approach** | Indicated Value | Displays when Sales Comparison Approach Developed by Appraiser is Yes | Dollar amount | If applicable. Indicated Value by Sales Comparison Approach (22.15.15) populates from the Sales Comparison Approach section. | +| **Sales Comparison Approach** | Reason for Exclusion | Required when Sales Comparison Approach Developed by Appraiser is No | Other (Describe) | For the Sales Comparison Approach, enter Other and the reason the Sales Comparison Approach was not developed for this appraisal. Notes: For further commentary, use Reconciliation of Market Value (26.019). If the Sales Comparison Approach was not developed, reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. | +| **Income Approach** | Indicated Value | Displays when Income Approach Developed by Appraiser is Yes | Dollar amount | If applicable, Indicated Value by Income Approach (24.024) populates from the Income Approach section. | +| **Income Approach** | Reason for Exclusion | Required when Income Approach Developed by Appraiser is No | Choose one or more allowable answers from the Definition / Additional Guidance column | The reason the Income Approach was not developed for this appraisal. - Insufficient Data - Not Necessary for Credible Results - Other (Describe) Note: For further commentary, use Reconciliation of Market Value (26.019). | +| **Cost Approach** | Indicated Value | Displays when Cost Approach Developed by Appraiser is Yes | Dollar amount | If applicable, Indicated Value by Cost Approach (25.000) populates from the Cost Approach section. | +| **Cost Approach** | Reason for Exclusion | Required when Cost Approach Developed by Appraiser is No | Choose one or more allowable answers from the Definition / Additional Guidance column | The reason the Cost Approach was not developed for this appraisal. - Difficulty Estimating Depreciation - Lack of Land Sales - Not Necessary for Credible Results - Other (Describe) Note: For further commentary, use Reconciliation of Market Value (26.019). | + +--- + +Appendix F-1: URAR Reference Guide + +Page 323 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_324.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_324.md new file mode 100644 index 0000000000000000000000000000000000000000..745e27f133fa495c6a000f88985c04dc08c6d93d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_324.md @@ -0,0 +1,51 @@ +```markdown +# Uniform Appraisal Dataset 26 Reconciliation + +## Appraisal Summary + +### Appraisal Summary + +- **Contract Price 26.006** + Reasonable Exposure Time 26.010 + +- **Opinion of Market Value 26.007** + 26.074 (Cooperative Interest) + Effective Date of Appraisal 26.011 + +- **Pro Rata Share Calculation Method 26.008** + FHA REO Insurability Level 26.012 + +- **Market Value Condition 26.009** + Final Value Condition Statement 26.013 + +The market value represents the cooperative interest. The cooperative interest is the equity portion that is over and above the pro rata share of the blanket mortgage(s). 26.075 + +## Contract Price and Opinion of Market Value + +**Reconciliation: Appraisal Summary — Contract Price and Opinion of Market Value** + +| Report Allowable | Field ID | Report Label | When to Include | Definition / Additional Guidance | +|------------------|----------|--------------|-----------------|----------------------------------| +| P | 26.006 | Contract Price | Displays when Sales Contract Information Analyzed is Yes | Dollar amount. If applicable, Contract Price (20.005) redisplays from the Sales Contract section. | +| | 26.007 | Opinion of Market Value | Always required | Dollar amount. Market value as defined in the report. | + +## Cooperatives + +**Reconciliation: Appraisal Summary - Cooperatives** + +| Report Allowable | Field ID | Report Label | When to Include | Definition / Additional Guidance | +|------------------|----------|--------------|-----------------|----------------------------------| +| | | (Cooperative Interest) | Displays next to Opinion of Market Value when the property is in a cooperative or condop | +| | 26.008 | Pro Rata Share Calculation Method | Required for cooperatives or condops with Project Blanket Financing that includes one or more lines of credit | Indicates which pro rata share line of credit amount was used in determining the Opinion of Market Value when one or more blanket financing liens is a line of credit: + - **Drawn**: Pro Rata Share of Balance Attributable to Unit (Drawn) was used in 18.036-18.045-18.054-18.063 + - **Maximum**: Pro Rata Share of Balance Attributable to Unit (Maximum) was used in 18.036-18.045-18.054-18.063 + + For more information, reference the Project Blanket Financing subsection of the Project Information section. + Reference published guidelines by the GSEs, government agencies, or other identified secondary marketing participants for specific guidance. | + +Displays when the property is in a cooperative or condop. The market value represents the cooperative interest. The cooperative interest is the equity portion that is over and above the pro rata share of the blanket mortgage(s). + +--- + +Appendix F-1: URAR Reference Guide Page 324 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_325.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_325.md new file mode 100644 index 0000000000000000000000000000000000000000..aba686df54e055f08fd6a2007ed0c02338573e81 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_325.md @@ -0,0 +1,49 @@ +```markdown +# Uniform Appraisal Dataset 26 Reconciliation + +## Market Value Condition and Final Value Condition Statement + +### Reconciliation: Market Value Condition and Final Value Condition Statement + +**Report Allowable** + +| P | Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|---|--------------|-----------------|---------------------------------|---------|-----------------| + +### Market Value + +Always required. Choose one or more allowable answers from the table (Market Value Condition). + +- **As Is** +- **Subject to Completion Per Plans** +- **Subject to Inspection** +- **Subject to Repair** + +**Notes:** + +- If Market Value Condition is **As Is**, no other conditions can be applied. +- If Recommended Action is Completion, Inspection, or Repair in the Defect, Damages, Deficiencies subsection, the report must be made subject to the resolution of the item (Market Value Condition cannot be **As Is**). +- If Market Value Condition is **Subject to Repair**, there must be at least one item in the Defect, Damages, Deficiencies subsection with Recommended Action of Repair. +- If Market Value Condition is **Subject to Inspection**, there must be at least one item in the Defect, Damages, Deficiencies subsection with Recommended Action of Inspection. + +### 26.013 Final Value Condition Statement + +Displays if Market Value Condition is not **As Is**. + +Variations of this sentence display based on the value condition(s) provided in Market Value Condition. + +#### Market Value Condition (Choose all that apply) + +**Allowable Answer** | **Definition / Additional Guidance** +--------------------|------------------------------------- +**As Is** | Opinion of Market Value is based on the property in its current state as of the appraisal report effective date. The appraiser has not employed any hypothetical conditions or extraordinary assumptions. +Note: If this answer is selected, Final Value Condition Statement (26.013) does not display, and no other conditions can be applied. +**Subject to Completion Per Plans** | Opinion of Market Value is based on the hypothetical condition that the improvements have been completed per plans and specifications as of the appraisal report effective date. +Note: If this answer is selected, the standard Subject to Completion Per Plans language displays as part of the Final Value Condition Statement (26.013). +**Subject to Inspection** | Opinion of Market Value is based on the itemized list of required inspections being completed and the extraordinary assumption that any deficiency does not require alteration or repair. +Note: If this answer is selected, the standard Subject to Inspection language displays as part of the Final Value Condition Statement (26.013). +**Subject to Repair** | Opinion of Market Value is based on the hypothetical condition that the repairs have been completed as of the appraisal report effective date. +Note: If this answer is selected, the standard Subject to Repair language displays as part of the Final Value Condition Statement (26.013). + +*Appendix F-1: URAR Reference Guide Page 325 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_326.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_326.md new file mode 100644 index 0000000000000000000000000000000000000000..5b8a2a607a506ca5e23a83fcae59229c2f8ea7c4 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_326.md @@ -0,0 +1,59 @@ +```markdown +# Uniform Appraisal Dataset 26 Reconciliation + +## Reasonable Exposure Time, Effective Date, FHA REO Insurability Level + +### Reconciliation: Appraisal Summary — Reasonable Exposure Time and FHA REO Insurability + +| Report | Report Label | When to Include | Definition / Additional Guidance | +|--------|--------------|-------------------|---------------------------------------------------------------------------------------------------------------------| +| Field ID | Answers / Format | + +#### 26.010 | Reasonable Exposure Time +- **Always required** +- Number of days or range of days +- The total number of days the property would have been offered on the market prior to a hypothetical sale at market value as of the appraisal report effective date. + +#### 26.011 | Effective Date of Appraisal +- **Always required** +- mm/dd/yyyy +- The date to which the appraiser’s analyses, opinions, and conclusions apply; also referred to as date of value. Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +#### FHA REO Insurability Level +- **Required for FHA appraisals when Assignment Reason is REO** +- Choose an allowable answer from the field: + - Insurable + - Insurable With Repair Escrow + - Uninsurable +- Definition / Reference the appropriate government agency appraisal guidelines for more information. + +## Client Requested Conditions + +The Client Requested Conditions subsection displays when Additional Client Requested Conditions is Yes. Examples of when this subsection could be used include: + +- REO (see Examples: Client Requested Conditions) +- Quick sale (liquidation) value (see Examples: Client Requested Conditions) +- Resale restrictions (e.g., affordable housing units) +- Loan programs that require a Subject To and As Is value (see Examples: Client Requested Conditions) + +The “When to Include” column in this subchapter references appraisals for which Additional Client Requested Conditions is Yes. + +### Reconciliation: Client Requested Conditions + +| Report | Report Label | When to Include | Definition / Additional Guidance | +|--------|--------------|-----------------|----------------------------------| +| Field ID | Answers / Format | + +This is an appraiser input that does not display: + +- **Always required** +- Additional Client Requested Conditions + - **Yes** (The Client Requested Conditions subsection is included in the Reconciliation section) + - **No** (The Client Requested Conditions subsection is not included in the Reconciliation section) + +--- + +Appendix F-1: URAR Reference Guide +Page 326 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_327.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_327.md new file mode 100644 index 0000000000000000000000000000000000000000..c1c1e3ce8fc8b746520b46dfd883abce9716cc01 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_327.md @@ -0,0 +1,53 @@ +```markdown +# Uniform Appraisal Dataset 26 Reconciliation + +## Examples: Client Requested Conditions + +### Example 1: + +#### Appraisal Summary + +- **Contract Price**: $315,000 +- **Reasonable Exposure Time**: 60-90 days +- **Opinion of Market Value**: $315,000 +- **Effective Date of Appraisal**: 08/19/2019 +- **Market Value Condition**: As Is + +#### Client Requested Conditions + +| Value Condition | Marketing or Exposure Time Duration | Alternate Opinion of Value | +|---------------------|-------------------------------------|----------------------------| +| Subject to Repair | Reasonable Exposure Time 60-90 days | $399,000 | +| Asis | Client-Imposed Restricted 0-30 days | $295,000 | +| Subject to Repair | Client-Imposed Restricted 0-30 days | $375,000 | + +#### Requested Condition Commentary + +The subject is a Real Estate Owned (REO) property, and in accordance with the assignment, the appraiser has provided both “As-Is” value and “As-Repaired” value based upon a hypothetical condition that all repairs detailed within this report have been completed. In addition, the client has requested a “liquidation” value for both as-is and as-repaired, defined as having a marketing time of less than 30 days. Comparables #3 & #6 in the sales comparison analysis each sold in under 30 days, and the value conclusions are based upon these sales with no adjustment for marketing time applied. + +### Example 2: + +#### Appraisal Summary + +- **Contract Price**: $315,000 +- **Reasonable Exposure Time**: 60-90 days +- **Opinion of Market Value**: $315,000 +- **Effective Date of Appraisal**: 08/19/2019 +- **Market Value Condition**: Subject to Repair + +#### Final Value Condition Statement + +This appraisal is made subject to the itemized list of repairs or alterations below on the basis of a hypothetical condition that the repairs or alterations have been completed in a professional manner. This might have affected the assignment results. + +#### Client Requested Conditions + +| Value Condition | Marketing or Exposure Time Duration | Alternate Opinion of Value | +|-----------------|-------------------------------------|----------------------------| +| Asls | Reasonable Exposure Time 60-90 days | $275,000 | + +#### Requested Condition Commentary + +In accordance with the assignment conditions requested by the client, the appraiser has provided both “As-ls” value and “As-Repaired” value based upon the hypothetical condition that all repairs detailed within this report have been completed. + +Appendix F-1: URAR Reference Guide Page 327 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_328.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_328.md new file mode 100644 index 0000000000000000000000000000000000000000..46cb52565fb5a27c9841c712d9b9a20d2abe37f7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_328.md @@ -0,0 +1,74 @@ +```markdown +# Uniform Appraisal Dataset 26 Reconciliation + +## Information for each Client-Requested Condition +Enter a row and define each client-requested condition or restriction. + +### Client Requested Conditions + +- **Value Condition** +- **Marketing or Exposure Time Duration** +- **Alternate Opinion of Value** + +| Value Condition | Marketing or Exposure Time | Duration | Alternate Opinion of Value | +|-----------------|----------------------------|----------|---------------------------| +| 26.014 | 26.015 | 26.016 | 26.017 | + +#### Requested Condition Commentary +- 26.018 + +## Reconciliation: Client Requested Conditions + +### Report Allowable + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| Field ID | Answers / Format| + +- **Value Condition** + Required for each client-requested condition + - **Allowable Answers**: Choose one or more allowable answers from table + - As Is + - Subject to Completion Per Plans + - Subject to Inspection + - Subject to Repair + - **Guidance**: Value Condition 26.015 + +- **Marketing or Exposure Time** + Required for each client-requested condition + - **Allowable Answer**: Choose an allowable answer + - Either the marketing or exposure time supporting the Alternate Opinion of Value and Value Condition for the indicated client-requested condition. + - **Client-Imposed Restricted Marketing Time**: Marketing time provided by client (e.g., 0-30 days, also referred to as a “quick sale”). + - **Reasonable Exposure Time**: Appraiser-defined. + - **Guidance**: If the client has requested both a marketing and exposure time, enter each of them on separate rows. + +- **Duration** + Required for each client-requested condition + - **Format**: Number of days or range of days + - **Guidance**: The total number of days indicated. + +- **Alternate Opinion of Value** + Required for each client-requested condition + - **Format**: Dollar amount + - **Guidance**: An additional opinion of value, based on the client-requested conditions and/or restrictions. + +### Value Condition +(Choose one for each Client Requested Condition) + +| Allowable Answer | Definition / Additional Guidance | +|-------------------|----------------------------------| +| **As Is** | The Alternate Opinion of Value (26.017) is based on the property in its current state based on the client requested conditions and/or restrictions. | +| **Subject to Completion Per Plans** | The Alternate Opinion of Value (26.017) is based on the hypothetical condition that the improvements have been completed per plans and specifications and the client requested conditions and/or restrictions. | +| **Subject to Inspection** | The Alternate Opinion of Value (26.017) is based on any required inspections identified in the appraisal and the extraordinary assumption that any deficiency does not require alteration or repair. | +|   | **Note**: If this answer is selected, indicate the required inspections in Requested Condition Commentary (26.018). | +| **Subject to Repair** | The Alternate Opinion of Value (26.017) is based on the hypothetical condition that the repairs identified in the appraisal have been completed per the client requested conditions and/or restrictions. | + +#### Requested Condition Commentary +- Identify the type and definition of value provided, along with any other needed commentary. Use this commentary to state the type and definition of value and cite the source of the definition. + +- The summary of analysis and support for the Alternate Opinion of Value (26.017) can be included here and/or in Reconciliation of Market Value (26.019). + +--- + +Appendix F-1: URAR Reference Guide Page 328 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_329.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_329.md new file mode 100644 index 0000000000000000000000000000000000000000..10a2846f51b254b803400fa9f2e0cf4221de2d68 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_329.md @@ -0,0 +1,47 @@ +```markdown +# Uniform Appraisal Dataset 26 Reconciliation + +## Reconciliation: Requested Condition Commentary + +**Report Field ID** + +### Requested Condition + +- **Required if**: Additional Client Requested Conditions is Yes +- **Allowable Answers / Format**: Free-form +- **Overall commentary for client-requested conditions**, which could include information that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +## Reconciliation of Market Value + +- **This subsection always displays.** + +### Reconciliation of Market Value + +- **Report Field ID**: 26.019 +- **Allowable Answers / Format**: Free-form +- **When to Include**: Always required +- **Definition / Additional Guidance**: Describe or reconcile the different property valuation methods and the data used to arrive at the final property valuation. + +## Apparent Defects, Damages, Deficiencies + +All defects, damages, and deficiencies for the appraisal are redisplayed in the Reconciliation section, along with the estimated cost to repair when applicable. Each defect, damage, or deficiency must be associated with the most appropriate section. + +- **Site** +- **Dwelling Exterior** (for each dwelling) +- **Outbuilding** (for each outbuilding) +- **Unit Interior** (for each unit or ADU) +- **Vehicle Storage** +- **Subject Property Amenities** + +If there are no defects, damages, or deficiencies for the appraisal, “None” displays, and the Apparent Defects, Damages, Deficiencies table does not display. + +### Apparent Defects, Damages, Deficiencies (Reconciliation) + +**Report Field ID**: 26.020 + +- **Allowable Answers / Format**: N/A +- **When to Include**: Displays when there are defects, damages, or deficiencies for the property +- **Definition / Additional Guidance**: The items listed below represent the As Is condition as of the effective date of this report. + +*Appendix F-1: URAR Reference Guide Page 329 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_33.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_33.md new file mode 100644 index 0000000000000000000000000000000000000000..a3e56bcef17880b97dc1ea89d48b13dc836bd5e5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_33.md @@ -0,0 +1,61 @@ +```markdown +# Uniform Appraisal Dataset + +## 02 Assignment Information + +### Property Data Report + +A property data report is the accumulation of factual information collected from the physical or virtual observation of a residential property that is completed specifically for mortgage purposes, whether in the form of data or a report. This is limited to property characteristics and does not include opinions of value. + +**Note:** Tax records and MLS listings are data sources and do not constitute a property data report. + +### Assignment Information: Property Data Report + +- **Report Field ID:** 2.005 +- **Report Label:** Was a Property Data Report used in lieu of an inspection? +- **When to Include:** Always required +- **Allowable Answers / Format:** Yes | No +- **Definition / Additional Guidance:** + Property Data Report Used: Indicates whether a third-party property data report was used. + - If Yes, the Property Data Report subsection (2.053-2.060) displays. + - If No, the Property Data Report subsection does not display. + +### Appraiser and AMC Fee + +In certain jurisdictions, the appraiser is required by law to disclose the fee charged by the appraiser and the Appraisal Management Company (AMC) if applicable. If not populated, this information does not display. + +#### Assignment: Appraiser and / or AMC Fee + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------|-------------------------|----------------------------|--------------------------------------------------| +| 2.006 | Appraiser Fee| If required by state or client | Dollar amount | Fee paid to the appraiser. | +| 2.007 | AMC Fee | If required by state or client | Dollar amount | Fee paid to the AMC. | + +### Government Agency Appraisal Information + +#### Assignment: Government Agency Appraisal Information + +- **Report Field ID:** Not on Report +- **Report Label:** Government Agency Appraisal +- **When to Include:** Always required +- **Allowable Answers / Format:** Yes | No +- **Definition / Additional Guidance:** + Government Agency Appraisal: Indicates whether the appraisal has been prepared according to government agency requirements. + +- **Report Field ID:** 2.008 +- **Report Label:** Government Agency +- **When to Include:** Required if FHA, USDA, or VA +- **Allowable Answers / Format:** Government Agency Appraisal is Yes +- **Definition / Additional Guidance:** + Government Agency Appraisal Type: The agency that insures or guarantees the loan associated with this appraisal. + +**Note:** Valid values trigger display of FHA, VA, and / or USDA information throughout the appraisal. + +--- + +### Appendix F-1: URAR Reference Guide + +Page 33 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_330.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_330.md new file mode 100644 index 0000000000000000000000000000000000000000..d6e71187e6d30b205c5ef6989fdddd7d0d6bd9f6 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_330.md @@ -0,0 +1,66 @@ +```markdown +# Uniform Appraisal Dataset 26 Reconciliation + +## Apparent Defects, Damages, Deficiencies + +The items listed below represent the As Is condition as of the effective date of this report 26.020 + +| Affects Soundness or Structural | Recommended Action to Repair | Estimated Cost | +|---------------------------------|------------------------------|----------------| +| Feature Location | Descri [In Action to Repair] | | +| 26.021 | 26.022 | 26.023 | +| 26.024 | 26.025 | 26.026 | +| 26.028 | 26.029 | 26.030 | +| 26.031 | 26.032 | 26.033 | + +### Unit Interior - [Structure Identifier] - [Unit Identifier] + +| | | | +|------------------------------|------------------------------|----------------| +| 26.036 | 26.037 | 26.038 | +| 26.039 | 26.040 | 26.041 | +| 26.044 | 26.045 | 26.046 | +| 26.047 | 26.048 | 26.049 | + +### Unit Interior - [Outbuilding Type] - [Unit Identifier] + +| | | | +|------------------------------|------------------------------|----------------| +| 26.052 | 26.053 | 26.054 | +| 26.055 | 26.056 | 26.057 | +| 26.058 | 26.059 | 26.060 | +| 26.061 | 26.062 | 26.063 | +| 26.064 | 26.065 | 26.066 | +| 26.067 | 26.068 | 26.069 | + +### As Is Overall Condition Rating + +- 26.071 Total Estimated Cost of Items +- Existing condition of the property as of the effective date of this Recommended for Repair 26.072 +- appraisal, excluding all required repairs, alterations, or inspections + +## Information That May Display in Gray Bars + +The applicable URAR sections display as gray bars in the Apparent Defects, Damages, Deficiencies table. + +## Reconciliation: Apparent Defects, Damages, Deficiencies + +### Report + +| Field ID | Report Label | Origin of Information (Section) | Definition / Additional Guidance | +|-----------------|-------------------------------|-----------------------------------------|-------------------------------------------------------| +| Dwelling Exterior Structure Identifier: | An identifier (building name) created by the appraiser | | | +| e Structure Identifier 8.000 | to differentiate among multiple dwellings on the property. | | | +| Unit Interior Examples: Building 1, Building 2, | Front, Rear | | | +| Structure Identifier 10.001 | Redisplays if applicable from the original section. | | | +| Unit Interior Unit Identifier: | An identifier assigned by the appraiser that differentiates | | | +| . Unit Identifier 10.002 | between multiple units on the property. | | | +| Examples: Unit 1, Unit 2, Primary Dwelling, ADU | | | | +| Redisplays if applicable from the original section. | | | | +| Outbuilding | Redisplays if applicable from the original section. | | | +| . Outbuilding Type 12.001 | | | | + +## Appendix F-1: URAR Reference Guide + +Page 330 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_331.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_331.md new file mode 100644 index 0000000000000000000000000000000000000000..e0259e3aeb3d9dab1fa1eb86a350f81edf4584d5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_331.md @@ -0,0 +1,77 @@ +# Uniform Appraisal Dataset + +## 26 Reconciliation + +### Information About Each Defect, Damage, or Deficiency + +#### Apparent Defects, Damages, Deficiencies (Reconciliation) + +| Report Field ID | Report Label | Origin of Information (Section) | Definition / Additional Guidance | +|-----------------|--------------|--------------------------------|----------------------------------| +| 26.021 | Feature | Site 4.100 | As previously entered in the original section: | +| 26.028 | | Dwelling Exterior 8.056 | Exterior Walls and Trim | +| 26.036 | e Outbuilding | 12.020 | ° Flooring | +| 26.044 | | Unit Interior 10.056 | Foundation | +| 26.052 | | Mechanical System | | +| | | Roof | | +| | | ° Walls and Ceiling | | +| | | Windows | | +| | | Other (Describe) | | +| 26.058 | Feature Vehicle Storage | | As previously entered in the original section. | + +| 26.022 | Feature Location | | | +| 26.029 | | Description | Affects Soundness or Structural Integrity | +| 26.037 | Feature | Vehicle Storage Type 13.005 | | +| 26.045 | | Subject Property Amenities | Amenity Type 14.006 | +| 26.053 | | Site 4.101 | | +| 26.059 | | Dwelling Exterior 8.057 | | +| 26.065 | | Outbuilding 12.021 | | +| | | Unit Interior 10.057 | | +| | | Vehicle Storage 13.006 | | +| | | Subject Property Amenities 14.007 | | +| | | Site 4.102 | | +| | | Dwelling Exterior 8.058 | | +| | | Outbuilding 12.022 | | +| | | Unit Interior 10.058 | | +| | | Vehicle Storage 13.007 | | +| | | Subject Property Amenities 14.008 | | +| | | Site 4.103 | | +| | | Dwelling Exterior 8.059 | | +| | | Outbuilding 12.023 | | +| | | Unit Interior 10.059 | | +| | | Vehicle Storage 13.008 | | +| | | Subject Property Amenities 14.009 | | + +*As previously entered in the original section:* + +- Full Bathroom +- Half Bathroom +- Kitchen +- Other (Describe) + +Description of the defect, damage, or deficiency, as previously entered in the original section. + +Indicates whether the defect, damage, or deficiency affects the soundness and/or structural integrity of the improvement, as previously entered in the original section. + +### Recommended Action + +| Site 4.104 | Dwelling Exterior 8.060 | Outbuilding 12.024 | Unit Interior 10.060 | Vehicle Storage 13.009 | Subject Property Amenities 14.010 | +|------------|-------------------------|--------------------|----------------------|------------------------|-----------------------------------| + +The recommended action for the defect, damage, or deficiency, as previously entered in the original section: + +- Completion +- Inspection +- Repair (includes replacement) +- None (does not require repair, replacement, completion, or inspection) + +**Notes:** + +- If Completion, Inspection, or Repair is reported for any defect, damage, or deficiency, the report must be made subject to the resolution of the item (Market Value Condition 26.009 cannot be As Is). +- If Repair is selected, the estimated cost to repair may be provided. + +**Appendix F-1: URAR Reference Guide** + +*Page 331 of 367* + +*Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_332.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_332.md new file mode 100644 index 0000000000000000000000000000000000000000..8ccb17229e754a67b43171e5feb699dd5736c470 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_332.md @@ -0,0 +1,64 @@ +```markdown +# Uniform Appraisal Dataset 26 Reconciliation + +## Cost to Repair Reporting Options + +When included, the estimated cost to repair only displays in the Summary and Reconciliation sections. Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +### This is an appraiser input that does not display + +**Estimated Cost to Repair** + +- Required if there are defects, damages, or deficiencies +- Required for each defect, damage, or deficiency when Cost to Repair Reporting Method is Itemized, and Recommended Action is Repair + +### Reconciliation Report + +#### Allowable Answer: + +Choose an allowable answer from table (Cost to Repair Reporting Method) + +- **Dollar amount** + +#### Cost to Repair Reporting Method: + +Indicates how the cost to repair amount will be provided. + +- None +- Total Cost +- Itemized + +The estimated cost to repair or replace the identified item. + +### Total Cost + +#### Total Estimated Cost of Items Requiring Repair + +- Displays when Cost to Repair Reporting Method is Itemized +- Required when Cost to Repair Reporting Method is Total Cost +- **Dollar amount** +- Calculated: Sum of Estimated Cost to Repair for all applicable defects, damages, and deficiencies in the appraisal report. + +The total estimated cost to repair or replace all applicable defects, damages, and deficiencies in the appraisal report, provided as a lump sum. + +### Cost to Repair Reporting Method (Choose one) + +#### Allowable Answer + +#### Definition / Additional Guidance + +- **None**: The appraiser does not provide any cost to repair information (Example 1). + +- **Total Cost**: The appraiser provides the Total Estimated Cost of Recommended Repairs as a lump sum (Example 2). + - Total Estimated Cost of Items Recommended for Repair (26.072) displays underneath the Defects, Damages, and Deficiencies table. + +- **Itemized**: The appraiser provides the Estimated Cost of Repair for each defect, damage, or deficiency requiring repair (Example 3). + - The itemized Estimated Cost to Repair column (26.026-26.069) displays in the Defects, Damages, and Deficiencies table. + - Total Cost (26.070) displays at the bottom of the Defects, Damages, and Deficiencies table. + +## Appendix F-1: URAR Reference Guide + +Page 332 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_333.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_333.md new file mode 100644 index 0000000000000000000000000000000000000000..c27dbf1a5f4b98da6a2b664148eedf33efba2937 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_333.md @@ -0,0 +1,39 @@ +```markdown +# Uniform Appraisal Dataset 26 Reconciliation + +## Example 1. Cost to Repair Reporting Method is None + +### Apparent Defects, Damages, Deficiencies +The items listed below represent the As Is condition as of the effective date of this report + +| Descri| Feature Location | Affects Soundness | Recommended | +|-------|-------------------------------------|-------------------|----------------------| +| Dwelling Exterior - Building 1 | | | +| Roof | Section of roof | Yes | | +| Unit Interior - Building 1 - Unit 1 | | | +| Flooring| Flooring is stained in one corner of the dining room. | None | | +| Subject Property Amenities | | | +| Deck | One of the deck supports is rotted and unsafe. | Repair | | + +**As Is Overall Condition Rating 4** + +Existing condition of the property as of the effective date of this appraisal, excluding all required repairs, alterations, or inspections + +## Example 2. Cost to Repair Reporting Method is Total Cost + +### Apparent Defects, Damages, Deficiencies +The items listed below represent the As Is condition as of the effective date of this report + +| _AffectsSoundnessor | Recommended | +|---------------------|-------------| +| Subject Property Amenities | unsafe. | + +**As Is Overall Condition Rating a4** +**Total Estimated Cost of Items Recommended for Repair $2,000** + +Existing condition of the property as of the effective date of this appraisal, excluding all required repairs, alterations, or inspections + +--- + +Appendix F-1: URAR Reference Guide Page 333 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_334.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_334.md new file mode 100644 index 0000000000000000000000000000000000000000..fcc0c505a14f36d702b36c5af55693759ce85c06 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_334.md @@ -0,0 +1,68 @@ +```markdown +# Uniform Appraisal Dataset + +## 26 Reconciliation + +### Example 3. Cost to Repair Reporting Method is Itemized + +#### Apparent Defects, Damages, Deficiencies + +The items listed below represent the As Is condition as of the effective date of this report. + +| Feature | Location | Description | As Is Overall Condition Rating | Affects Soundness or Structural Integrity | Recommended Action | Estimated Cost | +|------------|---------------|----------------------------------------------------------------------------------------|---------------------------------|--------------------------------------------|-------------------|----------------| +| Roof | Section of roof | Damaged roof with missing flashing leaving the roof permeable to water intrusion. | 4 | Yes | Repair | $1,500 | +| Flooring | Dining Room | Flooring is stained in one corner of the dining room. | | No | None | | +| Deck | Rear of house | One of the deck supports is rotted and unsafe. | 4 | Yes | Repair | $500 | + +Existing condition of the property as of the effective date of this appraisal, excluding all required repairs, alterations, or inspections. + +#### Reconciliation: As Is Overall Condition Rating + +##### Report + +| Field ID | Report Label | +|----------|----------------------------| +| 26.071 | As Is Overall Condition Rating | + +When to Include: Required if New Construction is No, and Market Value Condition is Subject to Completion Per Plans or Subject to Repair + +Displays when As Is Overall Condition Rating displays. + +Allowable Answers / Format: C1 to C6, N/A + +Definition / Additional Guidance: +Provide the As Is Overall Condition Rating reflecting the property’s current condition if Market Value Condition is any of the following: +- Subject to Completion Per Plans (such as an addition) +- Subject to Repair + +Notes: +- Reference Appendix 2: Condition and Quality Rating Definitions for definitions. + +Existing condition of the property as of the effective date of this appraisal, excluding all required repairs, alterations, or inspections. + +#### Reconciliation Exhibits + +All photos or images related to the Reconciliation section are displayed in the Reconciliation Exhibits subsection. If there are no photos or images, this subsection does not display. + +##### Reconciliation Exhibits + +###### Report + +| Field ID | Report Label | +|----------|-------------------| +| | Reconciliation Exhibits | + +When to Include: If applicable + +Allowable Answers / Format: Photos or images + +Definition / Additional Guidance: +Photos or images relevant to the Reconciliation section may be provided, including images supporting the Alternate Opinion of Value, which display in Reconciliation Exhibits. If the photo or image is not specifically indicated, a caption must be provided to further identify the photo or image. + +Appendix F-1: URAR Reference Guide + +Page 334 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_335.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_335.md new file mode 100644 index 0000000000000000000000000000000000000000..2e0db0734a7a06470b0cd9e005a41bccf59cff74 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_335.md @@ -0,0 +1,41 @@ +# Uniform Appraisal Dataset 27 Revision History + +## Revision History + +The Revision History section can be used to summarize material revisions after the appraisal was originally sent to the client to help identify what revisions and corrections were made. + +Notes: +- A Borrower-Initiated Reconsideration of Value (ROV) must be documented in this section. +- This is not for tracking draft versions as the appraiser is writing the report. + +### Examples + +#### Example 1: Revision History Section without ROV + +| Revision Date | URAR Section | Description | +|---------------|--------------------------|--------------------------------------------------------------| +| 10/07/2019 | Assignment Information | Corrected borrower name | +| 10/12/2019 | Site | Added comment in “Description of Zoning Compliance” at client request | + +#### Example 2: Revision History Section with ROV + +| Revision Date | URAR Section | Description | +|---------------|--------------------------|-----------------------------------------------------------------------------| +| 02/26/2024 | Site | APN was corrected as requested. | +| 03/04/2024 | Sales Comparison Approach| The comparables provided from the borrower-initiated ROV were reviewed and considered. Two sales were deemed reliable and put in the sales grid, which increased the Indicated Value by Sales Comparison Approach. One was deemed less reliable and added to Additional Properties Analyzed Not Used. | +| 03/04/2024 | Reconciliation | Due to the increase in Indicated Value by Sales Comparison Approach, the Opinion of Value changed. | +| 03/06/2024 | Site | Added comment in Description of Zoning Compliance at client request. | + +### Reconsideration of Value + +- **Type**: Borrower-Initiated +- **Result**: Value Change +- **Date**: 03/04/2024 + +#### Reconsideration of Value Commentary + +The borrower provided 3 sales which were not in Hilltop Hills but were within the market area. After analyzing the sales provided and adding comps 4 and 5 to the sales grid, there was support for a change in value. + +--- + +Appendix F-1: URAR Reference Guide Page 335 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_336.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_336.md new file mode 100644 index 0000000000000000000000000000000000000000..8873246d40851c98db4f19783c1c84e983ba4222 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_336.md @@ -0,0 +1,64 @@ +```markdown +# Uniform Appraisal Dataset 27 Revision History + +## Revision History Table + +The Revision History Table displays when there are revisions to the report documented by the appraiser, including revisions caused by Borrower-Initiated ROVs. + +| Revision Date | URAR Section | Description | +|---------------|--------------|-------------| +| 27.000 | 27.001 | 27.002 | + +## Revision History + +**Report Allowable** + +- **Revision Date** + **Label:** 27.000 + **Field ID:** Revision Date + **When to Include:** If applicable + **Answers / Format:** mm/dd/yyyy + +- **URAR Section** + **Label:** 27.001 + **Field ID:** URAR Section + **When to Include:** If applicable + **Answers / Format:** Choose an allowable answer + **Definition / Additional Guidance:** + - Assignment Information + - Certifications + - Cost Approach + - Disaster Mitigation + - Dwelling Exterior + - Energy Efficient and Green Features + - Functional Obsolescence + - Header and Footer + - Highest and Best Use + - Income Approach + - Manufactured Home + - Market + - Outbuilding + - Overall Quality and Condition + - Prior Sale and Transfer History + - Project Information + - Reconciliation + - Rental Information + - Sales Comparison Approach + - Sales Contract + - Site + - Sketch + - Subject Listing Information + - Subject Property + - Subject Property Amenities + - Supplemental Information + - Unit Interior + - Vehicle Storage + **Guidance column** + +- **Description** + **Label:** 27.002 + **Field ID:** Description + **Answers / Format:** Free-form + +**Appendix F-1: URAR Reference Guide Page 336 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_337.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_337.md new file mode 100644 index 0000000000000000000000000000000000000000..619413516a55866f65a4a7053d81dcc0dee7e7ed --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_337.md @@ -0,0 +1,22 @@ +# Uniform Appraisal Dataset 27 Revision History + +## Reconsideration of Value + +The Reconsideration of Value subsection displays when there was a Borrower-Initiated Reconsideration of Value (ROV) request submitted to the appraiser on the original report. Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +### Reconsideration of Value + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------|-----------------|----------------------------|----------------------------------| +| 27.003 | Reconsideration of Value Indicator | Always required | Yes (There was a Borrower-Initiated ROV, and the Reconsideration of Value subsection is included in the URAR) No (There has not been a Borrower-Initiated ROV, and the Reconsideration of Value subsection is not included in the URAR) | - | +| 27.004 | Date | Required if Reconsideration of Value Indicator is Yes | mm/dd/yyyy | The date the appraiser completed the ROV. Note: When an ROV occurs, the Date of Signature and Report (29.066) must be updated to reflect the date of the changes. | +| 27.005 | Reconsideration of Value Result | Required if Reconsideration of Value Indicator is Yes | No Value Change, Value Change | Indicates whether the ROV request resulted in a change to the Opinion of Market Value (26.007). | +| 27.006 | Reconsideration of Value Commentary | Required if Reconsideration of Value Indicator is Yes | Free-form | Provide commentary summarizing the outcome of the ROV. Note: Specific changes to the URAR are detailed in the Revision History Table (27.000 - 27.002). | + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 337 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_338.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_338.md new file mode 100644 index 0000000000000000000000000000000000000000..ae8bea22c8c281e5c9e7cedbcbab532e02fbe957 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_338.md @@ -0,0 +1,21 @@ +```markdown +# Uniform Appraisal Dataset 28 Supplemental Information + +## 28 Supplemental Information + +All photos and images must be included in the most applicable section. The Supplemental Information section provides a place for relevant photos or images that support the appraiser’s conclusions and do not relate to any other section. If there are no supplemental exhibits, the section does not display. + +## Supplemental Information + +### Supplemental Information Exhibits + +![Photo Caption Displays Here] + +### Supplemental Information Exhibits + +| Report Allowable | Report Label | When to Include | Definition / Additional Guidance | +|------------------|--------------|-----------------|----------------------------------| +| Field ID | Answers / Format | See Supplemental Information Exhibits | If applicable Photos or images \_ \| Photos or images not relevant to any other section may be provided in Supplemental Information Exhibits. A caption must be provided to further identify the photo or image. | + +Appendix F-1: URAR Reference Guide Page 338 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_339.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_339.md new file mode 100644 index 0000000000000000000000000000000000000000..b92e5fe4934353b346db7b9a23180ae4597377fa --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_339.md @@ -0,0 +1,59 @@ +# Uniform Appraisal Dataset 29 Certifications and Scope of Work + +## 29 Certifications and Scope of Work + +The **Certifications and Scope of Work** section always displays. It contains a combination of: + +- Predefined text that always displays (not addressed in this document) +- Dynamic predefined text (e.g., text for government agency appraisals, Appraiser Cert 10) +- Free-form text (e.g., additional scope of work or appraiser certifications) + +The opening statement always displays. + +### Scope of Work + +The **Scope of Work** subsection always displays. + +#### 29.002 Additional Scope of Work + +Additional Scope of Work cannot be contrary to the original Scope of Work. + +#### 29.003 Scope of Work Report Allowable + +- **Report Label**: When to Include +- **Definition / Additional Guidance**: Indicates whether there is additional scope of work. +- **Field ID**: 29.002 +- **Answers / Format**: N/A + +This is an always-required appraiser input that does not display: Additional Scope of Work + +- **Field ID**: 29.003 +- **Answers / Format**: When Additional Scope of Work is Yes + **Note**: Additional Scope of Work cannot be contrary to, and should not repeat, the predefined scope of work text. + +### Intended Use + +The **Intended Use** subsection always displays. + +#### 29.005 + +The intended use of the appraisal is solely to assist FHA in assessing the risk of the Property securing the FHA-insured Mortgage (24 CFR § 200.145(b)). + +#### 29.006 Additional Intended Use + +Additional Intended Use cannot be contrary to the original Intended Use. + +#### 29.007 Intended Use Report Allowable + +- **Report Label**: When to Include +- **Definition / Additional Guidance**: The intended use of the appraisal is solely to assist FHA... +- **Field ID**: 29.006 +- **Answers / Format**: Additional Intended Use when applicable for FHA, VA, or USDA appraisals + +The intended use of the appraisal is predefined text that displays when Government Agency Appraisal Type 2.008 is FHA. + +- **Field ID**: 29.007 +- **Answers / Format**: Additional Intended Use + **Note**: Additional Intended Use cannot be contrary to, and should not repeat, any of the predefined text. + +Appendix F-1: URAR Reference Guide Page 339 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_34.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_34.md new file mode 100644 index 0000000000000000000000000000000000000000..af3b492082ea95c1defda71d6374940900aa9095 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_34.md @@ -0,0 +1,57 @@ +```markdown +# Uniform Appraisal Dataset 02 Assignment Information + +## Investor Requested Special Identification + +**Assignment:** Investor Requested Special Identification + +**Report Allowable** + +| P | Report Label | When to Include | Definition / Additional Guidance | +|---|--------------|-----------------|---------------------------------| +| Field ID | Answers / Format | | | + +**Investor Requested Special Identification** +If applicable Free-form When requested by the investor, special identification provided with the appraisal (e.g., special pilot program, disaster, pandemic). + +*Note:* If not provided, Investor Requested Special Identification does not display. + +## Contact Information + +This subsection includes information about the people and/or companies (“contacts”) that are pertinent to the appraisal, including: + +- Clients, including lenders, AMCs, and other parties as identified by the appraiser +- Appraiser and Supervisory Appraiser +- Person(s) providing significant real property appraisal assistance (Significant Real Property Appraisal Assistance subsection) +- Entity providing a property data report (Property Data Report subsection) + +Select Role(s) for all the contacts that are identified in the Assignment Information section. When selecting Role(s) to associate with a contact, select the ones that most closely identify the role(s) the contact performed as part of the assignment. + +- Select as many Roles as are applicable but at least one for each identified contact. + +### Assignment: Contact Information — Role + +| heap | Report Label | When to Include | Answers / Format | Definition / Additional Guidance | +|------|--------------|-----------------|------------------|----------------------------------| +| 2.010 | N/A | Always required for each contact (person) | Choose allowable answers from tables (Lender, Client, and AMC), ‘Appraiser and Supervisor Appraiser’ (Significant Real Property Appraisal Assistance), and Property Data Collector’ | Role: The role that the person or company performed in the assignment. | +| 2.011 | | | | | + +**Choose from the following Role options:** + +- Appraisal Management Company +- Appraiser +- Attorney +- Client +- Investor +- Lender +- Property Data Collector +- Significant Real Property Appraisal Assistance +- Supervisory Appraiser +- Other (Describe) + +Select all applicable roles but at least one Role for each contact that is in the appraisal report. + +--- + +*Appendix F-1: URAR Reference Guide Page 34 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_340.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_340.md new file mode 100644 index 0000000000000000000000000000000000000000..b42499d5114cfe9452f0479b4cce2ed5b03ce5a2 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_340.md @@ -0,0 +1,41 @@ +```markdown +# Uniform Appraisal Dataset + +## 29 Certifications and Scope of Work + +### Intended User + +The Intended User subsection always displays. + +- **29.009** FHA and the Mortgagee are the intended users of this report. +- The USDA and any other identified lender/client are intended users of this report. +- The VA is also an intended user of this report. + +#### 29.010 Additional Intended Users + +Additional intended users cannot be contrary to the original intended user. + +#### 29.011 Intended Users + +**Report Allowable** + +- **Field ID Repeats:** ante tndins Answers / Format + +**Definition / Additional Guidance** + +This is an always required appraiser input that indicates whether there are additional intended users beyond the predefined text. + +- **N/A Displays when:** Additional Intended Users is Yes + +**Free-form Additional Intended Users Text** + +*Note:* Additional intended user(s) cannot be contrary to, and should not repeat, the predefined intended user text. + +### Definition of Market Value + +The Definition of Market Value subsection always displays. + +*Appendix F-1: URAR Reference Guide Page 340 of 367* + +*Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_341.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_341.md new file mode 100644 index 0000000000000000000000000000000000000000..28060bdd278c1640993b84d7e6a8f6a58384c003 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_341.md @@ -0,0 +1,48 @@ +```markdown +# Uniform Appraisal Dataset 29 Certifications and Scope of Work + +## Statement of Assumptions and Limiting Conditions + +The Statement of Assumptions and Limiting Conditions subsection always displays. + +### 29.019 + +The FHA Appraiser does not guarantee that the Property is free from defects. The appraisal establishes the value of the Property for mortgage insurance purposes only. + +**Statement of Assumptions and Limiting Conditions** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|---------------------------------| +| 29.019 | The FHA appraiser ... | Predefined text that displays when Government Agency Appraisal Type 2.008 is FHA | + +## Appraiser Certifications + +The Appraiser Certifications subsection always displays. + +### Cert 10 (Subject Property Inspection by Appraiser) + +The appraiser must identify the extent of their inspection scope of work, which determines which of three predefined versions of Cert 10 displays. + +#### 29.030 + +- **Interior and Exterior**: I personally performed an onsite inspection of the interior and exterior areas of the subject property. I reported the readily observable condition of the improvements in factual, specific terms. I identified and reported any known physical deficiencies that could affect the soundness or structural integrity of the property. + +- **Exterior**: I personally performed an inspection of the exterior areas of the subject property from at least the street. I reported the readily observable condition of the improvements in factual, specific terms. I reported any known physical deficiencies that could affect the soundness or structural integrity of the property. + +- **No Inspection**: I did not personally perform an onsite inspection of the subject property as part of this appraisal assignment. I reported the condition of the improvements in factual, specific terms, relying on subject property information data sources I considered reliable. I reported any known physical deficiencies. + +**Appraiser Certifications: Cert 10 (Subject Property Inspection by Appraiser)** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|---------------------------------| +| 29.030 | This is an appraiser input that does not display Definition / Additional Guidance column | Always required. Choose an allowable answer from the inspection attestation included by the appraiser in the valuation certifications for the assignment. Determines which predefined version of Cert 10 displays. | +| | | - Interior and Exterior | +| | | - Exterior | +| | | - No Inspection | + +#### 29.030 + +Personally defined text that displays when Appraiser Subject Property Inspection is Interior and Exterior. + +**Appendix F-1: URAR Reference Guide Page 341 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_342.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_342.md new file mode 100644 index 0000000000000000000000000000000000000000..450596a6c24c7f438d3db26ffc2f6a7b49b74e0b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_342.md @@ -0,0 +1,39 @@ +```markdown +# Uniform Appraisal Dataset + +## 29 Certifications and Scope of Work + +### Appraiser Certifications: Cert 10 (Subject Property Inspection by Appraiser) + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|---------------------------------|--------------------------|------------------------------------------------------------------------------------------------------------------|----------|-------------------------------| +| personally performed an | Predefined text that | displays when Appraiser Subject Property Inspection is Exterior | - | - | +| inspection of the exterior areas | | | 29.030 | I did not personally | +| I did not personally perform an | Predefined text that | displays when Appraiser Subject Property Inspection is No Inspection | | perform an onsite ... | + +### Cert 21 (Significant Real Property Appraisal Assistance) + +The predefined text for Cert 21 varies depending on whether there is significant real property appraisal assistance, as displayed in the Significant Real Property Appraisal Assistance subsection of Assignment Information (2.047-2.052). + +- **29.041** + - 21.1 personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. No one provided significant real property appraisal assistance. + +- **29.042** + - 21.1 personally prepared conclusions and opinions about the real estate that were set forth in this appraisal report. [Contact Name(s)] provided significant real property appraisal assistance in the development of this report. I certify that any individual so named is qualified to perform the assistance. + +#### Example of Significant Real Property Appraisal Assistance + +- 21.1 personally prepared conclusions and opinions about the real estate that were set forth in this appraisal report. Andrew Appraiser provided significant real property appraisal assistance in the development of this report. I certify that any individual so named is qualified to perform the assistance. + +### Appraiser Certifications: Cert 21 (Significant Real Property Appraisal Assistance) + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|---------------------------------|-----------------|-------------------------------------------------------------------------------------------------------------------|----------|-------------------------------| +| No one provided significant real | Predefined text| displays when there is no significant real property appraisal assistance | - | - | +| property ... | | | | | +| [Contact Name(s)] provided significant real property ... | Predefined text | displays when there is significant real property appraisal assistance | - | - | +| [Contact Name(s)] provided no significant real property ... | Predefined text | displays when there is no significant real property appraisal assistance | - | Free-form Contact Name(s) | +| | | The name(s) of the person(s) who provided significant real property appraisal assistance. Redisplays from 2.047. | | | + +Appendix F-1: URAR Reference Guide Page 342 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_343.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_343.md new file mode 100644 index 0000000000000000000000000000000000000000..0a293f522e376a3acf0ca7c8ad3d5bd8894450e1 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_343.md @@ -0,0 +1,59 @@ +```markdown +# Uniform Appraisal Dataset 29 Certifications and Scope of Work + +## Cert 29 (Prior Services) + +The predefined text for Cert 29 varies depending on whether the appraiser has performed prior services for the subject property in the past 3 years. + +### 29.050 + +29. | have not performed any service regarding the subject property within the three years preceding the agreement to perform this assignment. + +### 29.1 + +29. I have performed services regarding the subject property within the three years preceding the agreement to perform this assignment. + +#### 29.051 Description of Prior Services: + +**Example of Prior Services Performed** + +29. | have performed services regarding the subject property within the three years preceding the agreement to perform this assignment. +Description of Prior Services: Performed an appraisal for refinance purposes in 2017. + +## Appraiser Certifications: Cert 29 (Prior Services) + +| Report Allowable | Report Label | When to Include | Definition / Additional Guidance | +|------------------|--------------|-----------------|----------------------------------| +| Field ID | Answers / Format | + +This is an Always required appraiser input that does not display. Indicates whether the appraiser has performed prior services for the subject property in the past 3 years. Determines which predefined version of Cert 29 displays. + +- **I have not performed...** + Predefined text that displays when Appraiser Prior Services Performed is No + +- **I have performed...** + Predefined text that displays when Appraiser Prior Services Performed is Yes + +- **Description of Prior Services:** + Required when Appraiser Prior Services Performed is Yes. Free-form Description of Prior Services + +## Additional Appraiser Certifications + +Additional appraiser certifications may be added when relevant. + +### 29.052 Additional Appraiser Certifications + +Additional Appraiser Certifications cannot be contrary to the original Appraiser Certifications. + +1. **29.053 Additional Appraiser Certifications** + +| Report Allowable | Report Label | When to Include | Definition / Additional Guidance | +|------------------|--------------|-----------------|----------------------------------| +| Field ID | Answers / Format | + +This is an Always required appraiser input that does not display. Indicates whether there are additional appraiser certifications. + +--- + +Appendix F-1: URAR Reference Guide Page 343 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_344.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_344.md new file mode 100644 index 0000000000000000000000000000000000000000..16e130918ec21d7cf0e910313429c8fde8805411 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_344.md @@ -0,0 +1,66 @@ +```markdown +# Uniform Appraisal Dataset + +## 29 Certifications and Scope of Work + +### Additional Appraiser Certifications + +**Report Allowable** + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | Answers / Format | +|----------|--------------|-----------------|----------------------------------|------------------| +| 29.052 | N/A | Displays when | Free-form Additional Appraiser Certification Text | | +| 29.053 | Additional Appraiser Certifications | is Yes | Additional certifications that are required, such as designations. | + +**Note:** Additional appraiser certifications cannot be contrary to, and should not repeat, the predefined appraiser certification text. + +### Supervisory Appraiser Certifications + +The Supervisory Appraiser Certifications subsection displays when there is a Supervisory Appraiser, as displayed in the Assignment Information section (2.032-2.046). The predefined supervisory appraiser certifications always display, and additional supervisory appraiser certifications may be added when relevant. + +#### Additional Supervisory Appraiser Certifications + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | Answers / Format | +|----------|--------------|-----------------|----------------------------------|------------------| +| 29.061 | N/A | Displays when | Free-form Additional Supervisory Appraiser Certification Text | | +| 29.062 | Additional Supervisory Appraiser Certifications | is Yes | Additional certifications that are required, such as designations. | + +**Notes:** + +- Additional supervisory appraiser certifications cannot be contrary to, and should not repeat, the predefined supervisory appraiser certification text. +- Any prior services by the Supervisory Appraiser are reported here. + +## Signature + +The Signature subsection always displays and repeats for each person (Appraiser and/or Supervisory Appraiser) who is signing the report. Only Appraisers and Supervisory Appraisers can sign the report. + +Most of the information in this subsection redisplays from Assignment Information. + +### Signature + +- **Role**: + - 29.063 + - 29.067 +- **Contact Name**: + - 29.064 + - 29.066 + - 29.068 +- **Date of Signature and Report State**: + - 29.069 + - Expires 29.070 +- **Signature** + +**Report** + +| Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|----------|--------------|-----------------|----------------------------|----------------------------------| +| | Appraiser or Supervisory Appraiser | Always displays for each person signing the report | Appraiser or Supervisory Appraiser | | + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 344 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_345.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_345.md new file mode 100644 index 0000000000000000000000000000000000000000..da5de1491d907cf98b22c00f584f945261dad17e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_345.md @@ -0,0 +1,60 @@ +```markdown +# Uniform Appraisal Dataset + +## 29 Certifications and Scope of Work + +### Signature + +#### Report Allowable + +| . Pi Report Label | When to Include | Definition / Additional Guidance | +|------------------------------|-----------------|----------------------------------| +| Always displays for | Free-form Contact Name | +| each person signing | The full name of the appraiser or supervisory appraiser, as it appears on the ASC National Registry. | +| the report | | +| | Note: Redisplays from 2.017 (Appraiser) or 2.032 (Supervisory Appraiser). | + +#### Field ID Answers / Format + +- **29.065 | N/A** + - Always displays for each person signing the report + +- **29.066 | Date of Signature and Report** + - Always displays for each person signing the report + - **Format**: mm/dd/yyyy + - **Definition/Additional Guidance**: The date the appraisal is transmitted to the client upon completion of the assignment. Note: If revisions are performed, the report must reflect the new date. + +- **29.067 | Credential Type** + - Displays if Credential Type is not None + - **Options**: + - None (includes noncredentialled appraiser trainees or jurisdictions that don’t provide credentials to appraiser trainees) + - Certified General + - Certified Residential + - Licensed Residential + - Trainee Appraiser (appraiser trainees with an issued credential, also referred to as Registered Trainee) + - Other (Describe) + - **Definition/Additional Guidance**: Note: Redisplays from 2.024 (Appraiser) or 2.039 (Supervisory Appraiser). + +- **29.069** + - Displays if Credential Type is not None + - **Format**: Free-form + - **Definition/Additional Guidance**: The credential as reported by the ASC. Commonly referred to as “credential number”, “license number”, or “certification number”. Note: Redisplays from 2.025 (Appraiser) or 2.040 (Supervisory Appraiser). + +- **29.070 | State** + - Displays if Credential Type is not None + - **Format**: 2-letter USPS state code + - **Definition/Additional Guidance**: State credential that applies to the assignment, commonly referred to as the “credentialling state”. Note: Redisplays from 2.026 (Appraiser) or 2.041 (Supervisory Appraiser). + +- **29.070 | Expires** + - Displays if Credential Type is not None + - **Format**: mm/dd/yyyy + - **Definition/Additional Guidance**: Expiration date of the credential. Note: Redisplays from 2.027 (Appraiser) or 2.042 (Supervisory Appraiser). + +--- + +Appendix F-1: URAR Reference Guide + +Page 345 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_346.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_346.md new file mode 100644 index 0000000000000000000000000000000000000000..30403757bf9a39d891ff50423f43659e13324b42 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_346.md @@ -0,0 +1,93 @@ +```markdown +# Uniform Appraisal Dataset + +## Appendix 1: Glossary + +### Term + +**Accessory Dwelling Unit (ADU)** + +Definition: +An additional living area that is independent of the primary dwelling unit that includes a kitchen, full bathroom, and sleeping area. It has a separate ingress and egress from the primary dwelling unit. It is generally subordinate in size and location to the primary dwelling, and may be attached to a house or garage, or built as a stand-alone unit. Generally, it will use the utility connections of the primary house. + +**Apparent Environmental Condition** + +A contamination (hazard or nuisance) that may affect the value and marketability of the site. + +**Assessor Record** + +Recorded information that identifies and describes real estate property (e.g., a record of transactions, value for taxation purposes), sometimes referred to as a property record, tax card, or public record. + +**Below Grade** + +A level that is either entirely or partially below the ground level. If any portion of an area is below ground level, then the entire level is considered below grade. + +**Community Land Trust (CLT)** + +A non-profit entity, or federal, state, or local government that owns land and leases it under a long-term ground lease to a homebuyer who purchases the improvements on the land. The ground lease contains certain land use restrictions that preserve use of the property for affordable housing. + +**Deferred Maintenance** + +Lack of normal maintenance and upkeep that may result in repairs or replacement of items. + +**Extraordinary Assumption** + +An assumption as of the effective date of the appraisal results, which, if found to be false, could alter the appraiser’s opinions or conclusions. In essence, an extraordinary assumption is what the appraiser assumes to exist (e.g., evidence of termite infestation). + +**Finished Area** + +Whether above or below grade, an area is considered finished when it is enclosed, suitable for year-round living, and meets locally accepted standards. Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +**Floor Plan** + +A visual representation or diagram that shows the interior and exterior walls, doors, and stairs of a dwelling. + +**Hypothetical Condition** + +A condition that is contrary to what is known by the appraiser to exist on the effective date of the assignment. The hypothetical condition is used to value the collateral as if the condition has been met (e.g., subject to completion or repair). + +**Lookback Period** + +The number of months back from the appraisal effective date that the appraiser used to analyze and report on sales. + +**Market Value Condition** + +Indicates whether the appraised value is As Is, or subject to one of the following conditions: +- Subject to Completion Per Plans +- Subject to Inspection +- Subject to Repair + +**New Construction** + +All dwellings on the property are 100% newly constructed, including the foundation, were completed in the past 12 months, have never been occupied, and exhibit no signs of wear or use. + +**Noncontinuous Finished Area** + +Finished area(s) in the dwelling that are attached to the dwelling but separate and not directly accessible from any unit. Example: Family room or other finished area attached to or above an attached garage that is only accessible through the garage. + +**Outbuilding** + +A building other than the dwelling (e.g., barn, shed, bunkhouse, or standalone ADU). A portion of the outbuilding may contain ADUs or other finished space. An ADU not attached to the residence is considered to be an outbuilding. + +**Planned Unit Development (PUD)** + +A subdivision that consists of common property and improvements that are owned and maintained by a homeowners association (HOA) for the benefit and use of the individual PUD unit owners. A unit owner in the PUD has title to a residential property (parcel and dwelling) and an interest in the HOA that owns or manages the common areas and facilities of the PUD. + +**Property Data Report** + +The accumulation of factual information collected from the physical or virtual observation of a residential property that is completed specifically for mortgage purposes, whether in the form of data or a report. This is limited to property characteristics and does not include opinions of value. + +Note: Tax records and MLS listings are data sources and do not constitute a property data report. + +**Property Management Company** + +A company contracted by the board of directors of a homeowners association (HOA) to manage maintenance and upkeep of the common elements in a PUD, condo, cooperative, or condop. + +**Report Field ID** + +The red number identifying the specific location of the field on the URAR. + +### Appendix F-1: URAR Reference Guide + +Page 346 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_347.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_347.md new file mode 100644 index 0000000000000000000000000000000000000000..0c1a3e44ae4fef3a7667d4bb4b21dc92e30dbbe1 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_347.md @@ -0,0 +1,12 @@ +# Uniform Appraisal Dataset Appendix 1: Glossary + +| Term | Definition | +|------|------------| +| **Report Label** | The name of the field as shown on the URAR. | +| **Structure** | A building with a foundation, walls, and a roof, designed to protect from the weather, which can be a dwelling or an outbuilding. | +| **Three-Dimensional Scan** | A technology used to photograph and measure the area of a unit. A process that uses three-dimensional imaging technologies as a core method in the fabrication of a structure. (3D Technology) | +| **Uniform Residential Appraisal Report (URAR)** | A dynamic appraisal report that addresses all residential 1- to 4-unit property types. | +| **Uniform Standards of Professional Appraisal Practice (USPAP)** | The generally recognized ethical and performance standards for the appraisal profession in the United States. USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. Compliance is required for state-licensed and state-certified appraisers involved in federally related real estate transactions. | +| **Wear and Tear** | Deterioration or reduction in condition that results from ordinary use, exposure to natural elements over an extended period of time, or aging (e.g., worn carpet, scratches or scuffs on floors or walls, fading paint or finishes). | + +*Appendix F-1: URAR Reference Guide Page 347 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_348.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_348.md new file mode 100644 index 0000000000000000000000000000000000000000..048a90e96b65b67e897b01cdae180d69a0f03de0 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_348.md @@ -0,0 +1,82 @@ +```markdown +# Uniform Appraisal Dataset + +## Appendix 2: Condition and Quality Rating Definitions + +### Appendix + +#### Condition and Quality Rating Definitions + +### Condition Rating Definitions + +Condition Ratings describe the physical condition of a property as of the effective date of the appraisal on an absolute basis, not on a relative basis or how a property relates to other properties. + +Condition Rating definitions are used for Overall Condition, Exterior Condition, and Interior Condition. + +### Condition Rating Definitions + +#### Rating + +##### CÉ + +**Condition Rating Definition** + +- The dwelling is 100% newly constructed, completed within the past 12 months, has never been occupied, and exhibits no signs of wear or use. + +- The dwelling exhibits like-new condition. It has been recently constructed or entirely remodeled within 36 months prior to the appraisal date, while retaining portions of the pre-existing structure. The dwelling may have been occupied but features no deferred maintenance and requires no repair. + +- The dwelling has been well-maintained and exhibits only minimal wear and tear. The dwelling may exhibit only minor age-related physical depreciation; or, most components, but not every major building component, has been updated or renovated. + +- The dwelling has been adequately maintained and exhibits moderate wear and tear resulting from occupancy and exposure to elements. The dwelling may feature some updating, but otherwise contains deferred maintenance items that are generally minor or cosmetic in nature. + +- The dwelling exhibits significant wear and tear resulting from inadequate maintenance, but the soundness and structural integrity are sufficient to support occupancy. Some components may be missing or near the end of their useful life, but major components are still functional. + +- The dwelling features an extreme lack of maintenance, resulting in severe damages, deficiencies, or defects that impact the soundness or structural integrity, and the dwelling is not suitable for occupancy. There are major components that may be missing, no longer functional, or otherwise require immediate correction. + +**Criteria** + +- A dwelling in C1 condition: + - Has a foundation that must be 100% original to the new construction. + - May include non-structural components composed of “like new” recycled materials (e.g., reconditioned or refinished barn wood). + - Is a 100% newly constructed dwelling that does not exhibit physical depreciation. + +- A dwelling in C2 condition: + - Has been recently constructed (within the past 36 months), and otherwise exhibits virtually no wear and tear, but is no longer new due to occupancy or use (e.g., model home), or + - Has been fully remodeled "to the studs" including new major components; a new dwelling built utilizing the footprint or façade of a pre-existing dwelling; or a newly converted condo/co-op in a pre-existing building. + +- A dwelling in C3 condition will likely have: + - Components or rooms that are older but have been very well maintained or experienced minimal use, and show little or no physical depreciation, or + - Major components or rooms that have been recently updated, but which do not constitute a full-home renovation/remodel. + +Examples of major components include but are not limited to a combination of (one or more): +- Newer roof +- Some newer mechanicals +- New / newer floor coverings +- Remodeled kitchen or bathroom(s) + +- A dwelling in C4 condition may have experienced some periodic updating but most components are near the middle of their life cycle. Common deferred maintenance resulting from typical use is apparent but presents no immediate impact. + +Examples include, but are not limited to: +- Minor damage to walls or trim (interior or exterior) +- Worn floor finishes or carpet that shows age +- Kitchen or bathrooms that are dated but fully functional + +- A dwelling in C5 condition has items that will need to be repaired, rehabilitated, or replaced in the near future for the dwelling to remain useable and functional. + +Examples include, but are not limited to: +- Roofing that is significantly worn, cupped, or curled but with no apparent active leaks +- Severely worn, damaged, or missing floor coverings +- Functional kitchen or bathroom that may be in disrepair (e.g., damaged or missing cabinets or countertops). + +- A dwelling in C6 condition is not useable or functional in its current state, and will require immediate repairs, rehabilitation, or replacement of key components. + +Examples include, but are not limited to: +- Active roof leaks +- Damaged or missing exterior components that allow weather intrusion into the dwelling with resultant structural impact or damage +- Damaged or failing foundation +- No functional kitchen or bathrooms + +### Appendix F-1: URAR Reference Guide + +Page 348 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_349.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_349.md new file mode 100644 index 0000000000000000000000000000000000000000..0dde7305f7bf1e485c5fde54633597820b666209 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_349.md @@ -0,0 +1,63 @@ +```markdown +# Uniform Appraisal Dataset + +## Appendix 2: Condition and Quality Rating Definitions + +### Quality Rating Definitions + +This chart shows the definitions for: + +- Overall Quality rating +- Interior Quality, including room size, ceilings, trim, floor material, kitchen, and bathrooms +- Exterior Quality, including doorways, fenestration, architectural details, roof design, and exterior walls + +Quality ratings describe the quality of a property as of the effective date of the appraisal on an absolute basis, not on a relative basis or how a property relates to other properties. + +**Quality Rating Definitions** + +In each category, the property must meet the majority of the criteria listed but does not have to meet all criteria. + +#### Rating: Q2 + +**Overall Quality Rating** + +The dwelling is an individually designed, one-of-a-kind structure built to exacting standards. Q1 features exceptional quality materials and luxury amenities, and exhibits the highest quality of workmanship and complexity in architectural design. The dwelling features a high degree of refinement and ornamentation that requires specialized construction or installation. A Q1 dwelling is recognized as being very rare or even non-existent in some communities. + +The dwelling is a high-quality structure, often using customized or complex, commercially available plans. The materials and amenities have extended life expectancy, high energy efficiency, and greater detail, ornamentation, or custom finishes. A Q2 dwelling can contain a mixture of upgraded, high-end and luxury materials, constructed with high-quality workmanship. + +**Interior Quality Rating** + +Spacious rooms with high ceilings featuring extensive use of treatments (e.g., coved, barrel, cupola, coffered, beamed) and exceptional grade trim and custom millwork throughout. + +Exceptional grade, often rare or imported flooring materials, frequently featuring inlay work or other customization. Spacious kitchens featuring top-grade materials, extensive cabinetry, and countertop surface area; appliances and fixtures are frequently state of the art, custom-designed, built-in, or commercial grade. + +Luxury bathrooms, often oversized and featuring exceptional quality materials and multiple ornate or state-of-the-art fixtures and features. + +Spacious rooms with higher ceilings that may have custom design elements (e.g., coved, barrel, cupola, coffered, beamed), high-end built-ins, mouldings and wall treatments in communal areas and the main bedroom. + +High-grade floor coverings designed for the highest level of durability and occasionally featuring inlays or other customization. Large kitchens featuring high-end appliances, extensive cabinetry, and countertops. + +Large bathrooms specifically dedicated to certain bedrooms as well as at least one common bathroom; containing high-end countertops, cabinetry, and plumbing fixtures. + +**Exterior Quality Rating** + +Custom fenestration and doorways using exceptional grade materials and engineering; featuring keystones or detailed mouldings throughout. + +Roof designs using premium materials designed for longevity and resistance to weather; often featuring large ornamental overhangs, multiple hips and valleys, or steep pitches. + +Exterior walls constructed using exceptional grade materials, often featuring multiple corners, unique angles and shapes, and extensive use of trim or decorative adornments. + +Multiple windows and doorways constructed with high-end materials, featuring custom design particularly at the front and rear entry and often featuring keystones or other decorative adornments. + +Roof designs using high-end roof materials; typically featuring ornamental overhangs, steep pitches, and multiple ridges, hips and valleys, and gables. + +Exterior walls constructed using high-end materials and featuring multiple corners with angled walls, unique shapes, and custom trim at focal points. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 349 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_35.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_35.md new file mode 100644 index 0000000000000000000000000000000000000000..5ca2d09ec0823c1897973ed3ab793f72678fe848 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_35.md @@ -0,0 +1,56 @@ +# Uniform Appraisal Dataset 02 Assignment Information + +## Lender, Client, and AMC + +This portion of the Contact Information subsection shows details about the lender, client, and/or AMC. Contacts display here when Role is Lender, Client, or AMC. +[Role]/[Role] 2.010 /2.011 + +- **Company Name 2.012** Credentials +- **Company Address 2.013** ID 2.014 + - State 2.015 + - Expires 2.016 + +Choose one contact as the Client in addition to any other role the client has been associated with. Note that Client, Lender, and AMC are all identified as Roles in this section. + +As an example, in the most common scenario where the lender is the client, select both of those Roles when inputting the lender contact information to provide context that the lender is also the client. + +### Lender, Client, and AMC: Role (Choose one or more for each Contact) + +**Allowable Answer Definition / Additional Guidance** + +#### Appraisal Management Notes: + +- **Company (AMC)** + If there is an AMC for the assignment, it must be identified in addition to the lender. + Do not select this answer if there is no AMC for the assignment, i.e., do not populate with “No AMC”. + In some jurisdictions, the appraiser is required to identify the AMC as the client. In those cases, choose both AMC and Client as the Role for the AMC. + +- **Attorney** + A person admitted to practice law in at least one jurisdiction and authorized to perform criminal and civil legal functions on behalf of clients. + Note: Select this answer when an attorney has ordered the appraisal (is the client). + + The party who engages an appraiser by employment or contract in a specific assignment whether directly or through an agent. + + **Notes:** + - Select one contact to be the client. + - For FHA, VA and USDA appraisals, reference the appropriate government agency appraisal guidelines. + + **Examples:** + - The lender is the client. + - The AMC is the client for jurisdictions in which the AMC is required to be noted as the client in the report. + - Another entity, such as Attorney or Investor is the client. + +- **Investor** + The entity that purchases or holds the loan on the property. + Note: Select this answer when the investor has ordered the appraisal (is the client), such as for REO appraisals. + + The entity that funds the mortgage loan for the property. + + **Notes:** + - Always select this answer when there is a lender on the transaction. + - For FHA, USDA, and VA appraisals, reference the appropriate government agency appraisal guidelines. + +Select Other to enter an answer that is not in the above list. +Note: Only select this answer when the client does not match any of the available selections. The Client Role can be associated to a selection of Other. + +**Appendix F-1: URAR Reference Guide Page 35 of 367 Version 1.2** \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_350.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_350.md new file mode 100644 index 0000000000000000000000000000000000000000..03dbecedfba99c164b80619921d8b7e076ade50a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_350.md @@ -0,0 +1,67 @@ +```markdown +# Uniform Appraisal Dataset + +## Appendix 2: Condition and Quality Rating Definitions + +### Quality Rating Definitions + +In each category, the property must meet the majority of the criteria listed but does not have to meet all criteria. + +#### Rating + +**Overall Quality Rating** + +- The dwelling represents housing that can be reproduced from standard plans, featuring a higher than standard degree of complexity and some customization in the structural design, amenities, and finishes. +- A Q3 dwelling can contain a mixture of premium and standard level materials or amenities. They are often characterized as "semi-custom" new construction, or as pre-existing dwellings that are upgraded using some premium materials or amenities. +- The dwelling is constructed using standard building plans and designs that can be reproduced multiple times with minimal customization or style variations. +- The materials and amenities are widely available and can contain a mixture of some standard and economy-level materials. + +**Interior Quality Rating** + +- Large general living areas or main bedroom with all other rooms sufficiently sized. +- Some rooms may have vaulted ceilings, and custom design elements such as built-ins, upgraded trim, finishes, moldings, and wall treatments. +- Upgraded or high-grade floor coverings that exceed the quality and durability of standard-grade. +- Moderately sized kitchens featuring upgraded appliances, cabinetry, and countertops or a mix of upgraded and high-grade elements. +- Multiple bathrooms of moderate size with some bathrooms specifically dedicated to certain bedrooms as well as at least one common bathroom; containing upgraded cabinetry and plumbing fixtures or a mixture of upgraded and high-end elements. +- Sufficiently sized rooms typically with flat ceilings and some vaulted ceilings in larger rooms, some trim or finishes of basic design. +- Standard floor coverings that exceed the quality and durability of economy grade. + +**Exterior Quality Rating** + +- Multiple windows and doorways constructed with upgraded materials and featuring decorative design elements adorning at least the front of the home. +- Roof designs using upgraded roof materials; may have steep pitches, could have more than one ridge with hips and valleys, gables, and overhangs. +- Exterior walls constructed using upgraded materials and featuring multiple corners with some angled walls or unique shapes. + +- Windows and doorways constructed of standard-grade material. +- Simple roof designs using standard-grade roof materials with moderate pitch and could have more than one ridge; may feature some simple decorative elements such as gables or overhangs. +- Exterior walls constructed using standard-grade materials and featuring multiple corners; but basically rectangular in shape or footprint. + +**Q5** + +- The dwelling is basic in design and meets minimum building standards. Dwellings rated Q5 are designed for efficiency in installation and construction representing basic housing. +- Small rooms typically with flat ceilings, minimal trim or finishes of basic design. +- Economy floor coverings that meet minimum standards. +- Small kitchens featuring economy-grade appliances, cabinetry, and countertops or a mix of standard and economy grade. +- Bathrooms that are limited in size and number, featuring economy-grade cabinetry and plumbing fixtures or a mixture of economy and standard-grade elements. + +**Q6** + +- The dwelling is a structure constructed in a manner reflecting a lack of basic architectural designs and may not meet local building standards. +- The materials and amenities are low quality, alternate, or non-customary; or whose construction or installation reflects unskilled workmanship and may not be adequately equipped to support year-round occupancy. +- Q6 dwellings may be rare or even non-existent in many communities. +- Small rooms often with low ceilings, limited closet or storage space, and little or no trim or finishes. +- Low grade or non-existent floor coverings. +- Small kitchens featuring only the minimum requirements for function; with limited cabinetry and countertop space; and low-grade or non-existent appliances. +- Bathrooms that are limited in size and number and feature only the minimum requirements for function; limited or no cabinetry; and low-grade plumbing fixtures. +- Limited windows and doorways, constructed of economy grade materials, simple in shape and design, and featuring basic trim and finish. +- Basic roof design, usually low-pitch and single roofline; features economy or standard-grade roof materials. +- Exterior walls constructed using economy or low-grade materials and featuring minimal corners; usually a basic rectangular shape. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 350 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_351.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_351.md new file mode 100644 index 0000000000000000000000000000000000000000..524417e17c0657d3f0c9e3161f1bf24f6b0b82b3 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_351.md @@ -0,0 +1,30 @@ +```markdown +# Uniform Appraisal Dataset Appendix 3: ANSI Example + +## Appendix 3: ANSI Example + +This Appendix shows an example of applying the ANSI measurement standard, including standard and nonstandard finished areas. + +### Cape Cod with Finished Basement and Second Floor + +This is an example of a cape cod-style house with some finished area in the basement and on the second floor. + +#### Dwelling Exterior + +The Dwelling Exterior section provides context with Dwelling Style and Year Built, in addition to the picture of the home. + +**Dwelling Exterior** + +- **Subject Property Units in** + + - **Structure**: 1 + - **Dwelling Style**: Cape Cod + - **Front Door Elevation**: 3-4 Ft. + - **Year Built**: 1948 + - **Construction Method**: Site Built + - **Converted Area**: None + +This is where the Dw Exterior photo would display. + +*Appendix F-1: URAR Reference Guide Page 351 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_352.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_352.md new file mode 100644 index 0000000000000000000000000000000000000000..9196eee02d1031bf2978fb911aa1814ef0cd16dd --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_352.md @@ -0,0 +1,48 @@ +# Uniform Appraisal Dataset Appendix 3: ANSI Example + +## Unit Interior + +Standard and nonstandard finished areas are reported separately in the Area Breakdown subsection. They are only combined in the Level and Room Detail table. + +### Unit Interior + +#### Area Breakdown Levels in Unit 3 + +- Finished Above Grade: 1,480 Sq. Ft. + - Occupancy: Owner + - Total Bedrooms: 3 + - Total Bathrooms - Full: 2 + - Total Bathrooms - Half: 1 +- (Nonstandard) 240 Sq. Ft. +- Unfinished Above Grade: 240 Sq. Ft. +- Finished Below Grade: 560 Sq. Ft. + - (Nonstandard) 200 Sq. Ft. +- Unfinished Below Grade: 240 Sq. Ft. + +*Area Data Source: Physical Measurement* + +*Below Grade Finish Compared to Above: Similar* + +#### Level and Room Detail + +| Level in Unit | Grade | Level Detail | Finish Area | Room Summary | +|---------------|-------|--------------|-------------|-------------------------------------| +| Level B1 | Fully Below Grade | Finished | 760 Sq. Ft. | 1 - Bath - Half, 1-Den, 1- Family Room | +| | | Unfinished | 240 Sq. Ft. | | +| Level 1 | Above Grade | Finished | 1,000 Sq. Ft. | 1- Bath - Full, 2- Bedroom, 1- Dining Room, 1- Kitchen, 1- Living Room | +| Level 2 | Above Grade | Finished | 720 Sq. Ft. | 1 - Bath - Full, 1- Bedroom | +| | | Unfinished | 240 Sq. Ft. | | + +Unit Interior Commentary is used to more fully describe the standard and nonstandard finished areas, including a description as to why the area is nonstandard. + +#### Unit Interior Commentary + +Area Breakdown: Above Grade Finished Area = 1,720 sq. ft. This includes 1,000 sq. ft. of standard finished area on Level 1, 480 sq. ft. of standard finished area on Level 2, and 240 sq. ft. of Nonstandard Finished Area on Level 2. The 12’ x 40’ (480 sq. ft.) area (Level 2) has a ceiling height of 7’, is reported as finished area. Level 2 also has a 6’ x 40’ area that is finished but has a sloped ceiling that is less than 7’ and is reported as Nonstandard Finished Area (240 sq. ft.). The remaining 6’ x 40’ section also has a sloped ceiling that is less than 7’, is not finished, and is reported as unfinished area. + +In Level B1 there is a finished den that measures 10’ x 20’ (200 sq. ft.) with a drop ceiling that measures 6’ in height which is reported as Nonstandard Finished Area. The family room on this level is 14’ x 40’ (560 sq. ft.) is fully finished, and has drywall ceilings that measure 7’ in height. This is reported as finished area. There is also a 10’ x 24’ (240 sq. ft.) unfinished area on level B1. + +Level and Room Detail: Standard and nonstandard finished areas are combined as “Finished” in the Level and Room Detail table. Level B1 finished area includes the den (200 Sq. Ft.) and family room (560 sq. ft.) for a total of 760 sq. ft. of finished area. Level 2 includes the 12’ x 40’ standard finished area (480 sq. ft.) and nonstandard finished area (240 sq. ft.) for a total of 720 sq. ft. of finished area. + +--- + +*Appendix F-1: URAR Reference Guide Page 352 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_353.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_353.md new file mode 100644 index 0000000000000000000000000000000000000000..7229713f2b01c086afd7f93d1a13870c195cc210 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_353.md @@ -0,0 +1,9 @@ +``` +# Uniform Appraisal Dataset Appendix 3: ANSI Example + +## Sketch + +### Appendix F-1: URAR Reference Guide +Page 353 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_354.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_354.md new file mode 100644 index 0000000000000000000000000000000000000000..131aea4221d912c92340c882befc6852337049d4 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_354.md @@ -0,0 +1,94 @@ +```markdown +# Uniform Appraisal Dataset + +## Appendix 4: Detached Garage Examples + +### Detached Garage Examples + +This appendix shows examples of detached garages and how they are reported in different sections of the URAR. Applicable URAR sections for each example are summarized in the table below. + +**Note**: Only the portions of Unit Interior and Sales Comparison Approach that address area and rooms are included in these examples. The entire Unit Interior section displays for the ADU, as does the ADU Interior Quality and Condition subsection of the Sales Comparison Approach. + +#### Example (Subject Property) + +- **Detached garage — vehicle storage only** + - Garage is heated. + +- **Detached garage with additional separate area (no ADU)** + - Has dividing wall. + - Garage is heated. + +- **Detached garage with ADU (no additional separate area)** + - Has dividing wall. + - Garage is not heated. + - ADU has heat and air conditioning. + +- **Workshop with ADU and vehicle storage** + - Has dividing walls. + - Workshop and garage are not heated. + - ADU has heat and air conditioning. + +- **Oversized detached garage (no dividing wall)** + +#### Outbuilding (Subject Property) + +- **Workshop/Garage** + +- **ADU/Garage** + +- **ADU/Workshop/Garage** + +#### Unit Interior: + +- **Vehicle Storage** + +#### Sales Comparison Example (Comp #1) + +- **Heated detached garage with half bath** + - Additional outbuilding: Greenhouse + +- **Detached garage with additional unfinished area (outbuilding: Shed/Garage)** + - Garage is not heated. + +- **Heated detached garage with no additional separate area** + +#### No outbuildings + +- **ADU in basement of primary dwelling** + +- **Detached garage with no extra area** + +#### Relevant Sales Comparison Approach Subsections + +- **Vehicle Storage Outbuilding** + +- **Vehicle Storage Outbuilding** + +- **Unit(s) for the ADU Vehicle Storage** + +- **Unit(s) for the ADU** + +- **Vehicle Storage Outbuilding** + +- **Vehicle Storage** + +#### Cost Approach Subsection for Detached Garage + +- **As Is Value of Site Improvements** + +- **Depreciated Cost - Outbuilding** + +- **Depreciated Cost - Outbuilding** + +- **Depreciated Cost — Outbuilding** + +- **As Is Value of Site Improvements** + +--- + +[Appendix F-1: URAR Reference Guide](#) + +Page 354 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_355.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_355.md new file mode 100644 index 0000000000000000000000000000000000000000..7e03c785a420be34ab2604128068ffdc5c2adb3d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_355.md @@ -0,0 +1,46 @@ +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Example 1: Detached Garage — Vehicle Storage Only + +In this example, the subject has a 400 sq. ft. detached heated garage with no additional separate area. + +- **400 sq ft garage** + - 20 x 20 + - unfinished + +### No Outbuilding Section + +When the detached garage has no additional separate area, it is not reported as an outbuilding, so the Outbuilding section does not display. + +### Vehicle Storage + +When the detached garage has no additional separate area, it is reported in the Vehicle Storage section only. + +Any defects, damages, or deficiencies for the structure are reported in this section. If the garage has unique features, they are noted in Vehicle Storage Commentary. + +In this example, the 400 sq. ft. detached garage is reported, and the heated garage is noted in Vehicle Storage Commentary. + +#### Vehicle Storage + +- **Storage Number of Parking Spaces Detail** + - Driveway: 4 Asphalt + - Garage: 2 Detached, 400 Sq. Ft. + +- **Apparent Defects, Damages, Deficiencies (Vehicle Storage)** + - None + +#### Vehicle Storage Commentary + +Garage is heated. + +### Sales Comparison Approach + +In this example, Comparable #1 has a 2-car heated garage with a half bath, and an additional outbuilding for which Outbuilding Type is Greenhouse. + +#### Vehicle Storage Subsection + +Information about the subject property’s driveway and garage populates from the Vehicle Storage section. If the subject or comparable(s) have additional features that impact value and/or marketability, dynamic rows are utilized to support adjustments and conclusions. + +--- + +*Appendix F-1: URAR Reference Guide Page 355 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_356.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_356.md new file mode 100644 index 0000000000000000000000000000000000000000..b144a56c77768e1c2ef79132d557c360436f207b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_356.md @@ -0,0 +1,67 @@ +```markdown +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Sales Comparison Approach + +### Subject Property Comparable #1 + +#### Vehicle Storage + +| Type | Spaces | Detail | +|-----------|--------|-----------| +| Driveway | 4 | Asphalt | +| Driveway | 4 | Asphalt | +| Garage | 2 | Detached | +| | | 400 Sq. Ft.| + +##### Heated Garage + +- Subject Property: Yes +- Comparable #1: Yes + +##### Bath - Half + +- Subject Property: 0 +- Comparable #1: 1 + +In this example, rows were utilized for heating and baths, and the adjustment for Comparable #1 is attributable exclusively to the half bath. + +## Outbuilding Subsection + +The detached garage for the subject property is reported as Vehicle Storage. + +- If the subject and all comparables do not have outbuildings, the Outbuilding subsection does not display. +- If a comparable has outbuildings and the subject does not, the Outbuilding subsection displays with “dashes” for the subject. + +### Subject Property: Comparable #1 + +**Outbuilding** (ADU and vehicle storage are not included in Finished Area, Unfinished Area, or room counts) + +- Outbuilding Type: Greenhouse + - Subject Property: — + - Comparable #1: $XX +- Gross Building Area + - Subject Property: — + - Comparable #1: 120 Sq. Ft. +- Utilities + - Subject Property: — + - Comparable #1: Electricity | Water + +In this example, Comparable #1 has an outbuilding (greenhouse), and the subject does not. The outbuilding displays with “dashes” for the subject. + +## Cost Approach (As Is Value of Site Improvements) + +Because the vehicle storage is not considered an outbuilding, if the Cost Approach is included in the appraisal, the depreciated cost of the detached garage is reported in the As Is Value of Site Improvements subsection instead of Depreciated Cost — Outbuilding. + +### As Is Value of Site Improvements + +| Description | Amount | +|-------------------------------------|--------| +| Utility connections, driveway, patio| $XX | +| Depreciated cost of detached garage | $XX | + +#### Appendix F-1: URAR Reference Guide + +Page 356 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_357.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_357.md new file mode 100644 index 0000000000000000000000000000000000000000..95b1051b5e44090a132d5c109b7886721822863a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_357.md @@ -0,0 +1,72 @@ +```markdown +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Example 2: Detached Garage with Additional Separate Area (No ADU) + +In this example the subject has a multipurpose outbuilding with 900 sq. ft. of Gross Building Area (GBA) for the outbuilding that includes: + +- 400 sq. ft. 2-car garage +- 450 sq. ft. unfinished area that is used for a workshop +- 50 sq. ft. finished area (full bath) + +The entire outbuilding is heated. + +Outbuilding Type is selected as Other, and described as Workshop/Garage. + +``` +20 25 +500 sq ft workshop ++0 400 sa ft garage 450 unfinished 0 +unfinshied 10 +bath [> +45 +``` + +Note: This example applies regardless of the square footage of the additional area. + +### Outbuilding — Workshop/Garage + +In this example, Outbuilding Type is selected as Other, and described as Workshop/Garage. + +- Units in Structure is 0 because the outbuilding does not include an ADU. +- For Gross Building Area, the total GBA is reported (400 sq. ft. 2-car garage + 450 sq. ft. unfinished area + 50 sq. ft. finished area = 900 sq. ft.) regardless of usage. +- Heating is reported in the outbuilding Detail subsection (checkboxes), in addition to utilities. +- In the Outbuilding Area table, the finished and unfinished area not related to vehicle storage is reported, along with the full bath. +- Area detail for the 2-car garage is reported in Vehicle Storage and not in the Outbuilding Area table. + +#### Outbuilding (Workshop/Garage) + +| | | +|-------------------|-------------------------------| +| Considered Real Property | Yes | +| Units in Structure | 0 | +| Gross Building Area | 900 Sq. Ft. | + +Gross Building Area for the outbuilding includes area for vehicle storage, ADU(3), and any other uses + +**Detail** + +| Description | Yes | No | Notes | +|-------------------|------|------|-----------------------------| +| Heating | ✔ | | | +| Utilities | Electricity, Sanitary Sewer, Water | | | + +The table below depicts the area of the outbuilding, excluding vehicle storage and any ADU(s) + +| Finish | Total Area | Room Summary | +|------------|------------|----------------| +| Finished | 50 Sq. Ft | 1- Bath - Full | +| Unfinished | 450 Sq. Ft | | + +### Apparent Defects, Damages, Deficiencies (Workshop/Garage) + +None + +### Outbuilding Commentary + +The subject's outbuilding contains a workshop and 2-car garage. Please see Vehicle Storage for garage details. + +**Appendix F-1: URAR Reference Guide** +Page 357 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_358.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_358.md new file mode 100644 index 0000000000000000000000000000000000000000..3bcef441ee8eea73ec480a1d2a11a49cc8e589b0 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_358.md @@ -0,0 +1,48 @@ +```markdown +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Vehicle Storage + +Only the area and details that are specific to the subject’s driveway and garage are reported in this section. + +### Vehicle Storage + +| Storage | Number of Parking Spaces | Detail | +|-----------|--------------------------|---------| +| Driveway | 4 | Asphalt | +| Garage | 2 | Detached 400 Sq. Ft. | + +## Sales Comparison Approach + +In this example, Comparable #1 has a multipurpose outbuilding with 550 sq. ft. of GBA that includes: + +- 400 sq. ft. 2-car garage +- 150 sq. ft. unfinished area (shed) + +The outbuilding is not heated. + +Outbuilding Type is selected as Other, and described as Shed/Garage. + +### Vehicle Storage Subsection + +Information about the subject property’s garage populates from the Vehicle Storage section. If the subject or comparable(s) have additional features that impact value and/or marketability, dynamic rows are utilized to support adjustments and conclusions. + +#### Subject Property: Comparable #1 + +| Vehicle Storage | Type | Spaces | Detail | +|-----------------|--------|--------|----------------| +| Driveway | 4 | Asphalt | Driveway | +| Driveway | 4 | Asphalt | +| Garage | 2 | Detached | Garage | +| Garage | 2 | Detached | +| | | 400 Sq. Ft. | 400 Sq. Ft. | + +In this example: + +- None of the comparables have additional features impacting value and/or marketability, so no dynamic rows were needed. +- There are no measurable differences between the vehicle storage for the subject and Comparable #1, so no adjustment is made. + +--- + +Appendix F-1: URAR Reference Guide Page 358 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_359.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_359.md new file mode 100644 index 0000000000000000000000000000000000000000..3ffe564264a60a9e10e18577b185b4a060d00869 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_359.md @@ -0,0 +1,61 @@ +```markdown +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Outbuilding Subsection + +For the subject property, the Outbuilding Type and any relevant dynamic rows (e.g., area, bathrooms, heating) populate from the Outbuilding section. + +- Adjustments for comparables are made in a “lump sum” that includes consideration of the outbuilding, its associated square footage, and amenities. +- Adjustments for the 400 sq. ft. garage portion are made in the Vehicle Storage subsection and are not included in the Outbuilding subsection adjustments. + +### Subject Property Comparable #1 + +**Outbuilding (ADU and vehicle storage are not included in Finished Area, Unfinished Area, or room counts)** + +| Outbuilding Type | Workshop/Garage | Shed/Garage | $XX | +|--------------------|-----------------|-------------|-----| +| Finished Area | 50 Sq.Ft. | 0 Sq.Ft. | | +| Unfinished Area | 450 Sq. Ft. | 150 Sq. Ft. | | +| Baths - Full | 1 | 0 | | +| Heating | Yes | None | | + +In this example, the adjustment for Comparable #1 reflects the differences in finished and unfinished area, bath, heating, and the marketability of a shed vs. a workshop. + +### Cost Approach (Depreciated Cost - Outbuilding) + +If the Cost Approach is included in the appraisal, the depreciated cost of the outbuilding is reported in the Depreciated Cost — Outbuilding subsection. The entire finished and unfinished area of the outbuilding is reported here, including the garage. + +**Depreciated Cost - Outbuilding - Workshop/Garage** + +| Area Type | Size | Cost per Sq. Ft. | Total Cost | +|----------------|----------------|------------------|------------| +| Finished Area | 50 Sq. Ft. | @$XX | $XX | +| Unfinished Area| 450 Sq. Ft. | @$XX | $XX | +| Garage | 400 Sq. Ft. | @$XX | $XX | +| Total Depreciation | 10% | (SXX) | | + +**Total**: $XX + +In this example, Area Type for the garage is Garage. + +## Example 3: Detached Garage with ADU + +In this example, the subject has a multipurpose outbuilding with 1000 sq. ft. of GBA that includes: + +- 400 sq. ft. 2-car garage (not heated) +- 600 sq. ft. ADU (includes heat and air conditioning) + +``` +50 +400 sq ft +20 600 sq ft ADU sa . Barage 20 +unfinished +30 20 +``` + +*Note: This example would also apply when the ADU is above the garage.* + +Appendix F-1: URAR Reference Guide +Page 359 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_36.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_36.md new file mode 100644 index 0000000000000000000000000000000000000000..53cebba66ea7cab42372ed2cc9cc8650df4ccbc0 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_36.md @@ -0,0 +1,32 @@ +# Uniform Appraisal Dataset 02 Assignment Information + +## Company Name and Address + +### Assignment Information: Contact Information - Lender, Client, and AMC — Company Name and Address + +**Report Allowable** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------------|----------------------|---------------------------------------------------------------------------------------------------| +| Company Name | Always required | Free-form. For FHA, USDA, and VA appraisals, refer to the appropriate government agency guidelines. | +| | | For the Lender, Client, or AMC. | +| 2.013 Company | Always required | Free-form. For FHA, USDA, and VA appraisals, refer to the appropriate government agency guidelines. | +| Address | | For the Lender, Client, or AMC. | + +## AMC Credentials + +AMC licensing information must be provided when required by the jurisdiction in which the subject property is located. If the client is not an AMC, or if not provided, this information does not display in this subsection. + +### Assignment Information: Contact Information — AMC Credentials + +**Report Allowable** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|-----------------------------------------------------------------------------------------------------------------------| +| 2.014 | If applicable | Free-form Credential number issued by the state, referred to by the ASC as “state registration tracking number”. | +| 2.015 | State letter | USPS state. State for the AMC credential that applies to the assignment. | +| 2.016 | If applicable | mm/dd/yyyy Expiration date for the AMC credential. | + +--- + +Appendix F-1: URAR Reference Guide Page 36 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_360.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_360.md new file mode 100644 index 0000000000000000000000000000000000000000..d18bea27e9dc6d7d2cc2cd8c363e2c194ced7566 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_360.md @@ -0,0 +1,59 @@ +```markdown +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Outbuilding — ADU/Garage + +In this example, Outbuilding Type is ADU/Garage. + +- **Units in Structure** is 1 because the outbuilding includes an ADU. +- For **Gross Building Area**, the total GBA is reported (400 sq. ft. 2-car garage + 600 sq. ft. ADU = 1000 sq. ft.) regardless of usage. +- **Utilities** are reported in the outbuilding Detail subsection. +- In the Outbuilding Area table, the finished and unfinished areas are reported as 0 sq. ft., and the Room Summary column is blank. +- Area detail for the 2-car garage is reported in Vehicle Storage and not in the Outbuilding Area table. +- The area and rooms for the ADU are reported as part of the Unit Interior section for the ADU, and not in the Outbuilding Area table. +- Because the outbuilding includes an ADU, heating and cooling information is reported in the Mechanical System Details subsection, instead of the Detail subsection (checkboxes). + +### Outbuilding (ADU/Garage) + +- **Considered Real Property:** Yes +- **Units in Structure:** 1 +- **Gross Building Area:** 1,000 Sq. Ft. + +Gross Building Area for the outbuilding includes area for vehicle storage, DUG), and any other uses. + +**Detail** +- **Utilities** + - Electricity + - Sanitary Sewer + - Water + +The table below depicts the area of the outbuilding, excluding vehicle storage and any ADU. + +| Finish | Total Area | Room Summary | +|------------|------------|--------------| +| Finished | 0 Sq. Ft. | | +| Unfinished | 0 Sq. Ft. | | + +**Mechanical System Details** +- **System Detail** + - Heating: Forced Warm Air | Electric + - Cooling: Centralized + +**Apparent Defects, Damages, Deficiencies (ADU/Garage)** +- None + +**Outbuilding Commentary** + +The subject's outbuilding contains an ADU and a 2-car garage. Please see Unit Interior for ADU details. + +## Unit Interior - ADU/Garage - ADU + +**Notes:** + +- Only the portions of Unit Interior that address areas and rooms for the ADU are included in this appendix. Reference the Unit Interior chapter of this document for details on the reporting and display of this section. +- In this example, Outbuilding Type is ADU/Garage, and Unit Identifier is ADU. + +--- + +*Appendix F-1: URAR Reference Guide Page 360 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_361.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_361.md new file mode 100644 index 0000000000000000000000000000000000000000..c04e40825ce18a163f32f2b75027bed0fc50ace0 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_361.md @@ -0,0 +1,75 @@ +```markdown +# Uniform Appraisal Dataset + +## Appendix 4: Detached Garage Examples + +### Area Breakdown + +**Unit Interior - ADU/Garage - ADU** + +- **Finished Above Grade:** 600 Sq. Ft. +- **Unfinished Above Grade:** 0 Sq. Ft. +- **Finished Below Grade:** 0 Sq. Ft. +- **Unfinished Below Grade:** 0 Sq. Ft. + +### Level and Room Detail + +**Level in Unit Grade Level Detail Finish Room Summary** + +- **Level 1 Above Grade Finished:** + - 1-Bath - Full + - 1-Bedroom + - 1-Kitchen + - 1-Living Room + +### Vehicle Storage + +**Only the area and details that are specific to the subject’s driveway and garage are reported in this section.** + +- **Storage:** + - **Driveway:** 4 Asphalt + - **Garage:** 2 Detached, 400 Sq. Ft. + +### Sales Comparison Approach + +In this example, Comparable #1 has an ADU in the basement of the primary dwelling, and a heated 2-car garage with no additional separate area. Comparable #1 has no additional outbuildings. + +#### Unit(s) Subsection for the ADU + +Information about the subject property’s ADU populates from the Unit Interior section. + +- **Location of ADU:** + - In this example, Location of ADU is ADU/Garage for the subject, and Dwelling for Comparable #1. + + - **Floor Number:** The floor number of the ADU reflects the level on which the ADU is located (e.g., an ADU in the below grade level of the primary dwelling is reported as B1, an ADU located above a detached garage is reported as 2). + + - In this example, Floor Number is 1 for the subject and B1 for Comparable #1. + +- **Location of ADU** +- **Floor Number:** + - Dwelling B1 + - 1 + - 10 + +- **600 Sq. Ft. 0 Sq. Ft.** +- **0 Sq. Ft. 600 Sq. Ft.** + +- **Bedrooms** +- **Baths - Full | Half** + +- **Finished Area Above Grade** +- **Finished Area Below Grade** + +- **Comparable #1** + - $XX + - $XX + - $XX + +--- + +## Appendix F-1: URAR Reference Guide + +**Page 361 of 367** + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_362.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_362.md new file mode 100644 index 0000000000000000000000000000000000000000..8cb228cda7a04c774772574b87b7451eca81845c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_362.md @@ -0,0 +1,45 @@ +```markdown +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Vehicle Storage Subsection + +Information about the subject property’s garage area populates from the Vehicle Storage section. If the subject or comparable(s) have additional features that impact value and/or marketability, dynamic rows are utilized to support adjustments and conclusions. + +| | Subject Property | Comparable #1 | +|---|------------------|---------------| +| **Vehicle Storage** - Type | Spaces | Detail | Spaces | Detail | +| Driveway | 4 | Asphalt | 4 | Asphalt | +| Garage | 2 | Detached | 2 | Detached Garage 400 Sq. Ft. | +| Heated Garage | No | | Yes | | + +In this example, the vehicle storage portion of the subject is not heated, and Comparable #1 is heated. Therefore an additional row is needed, and the adjustment for Comparable #1 is attributable exclusively to the heating. + +## No Outbuilding Subsection + +ADU/Garages do not redisplay in the Outbuilding subsection. + +## Cost Approach (Depreciated Cost - Outbuilding) + +If the Cost Approach is included in the appraisal, the depreciated cost of the outbuilding is reported in the Depreciated Cost — Outbuilding subsection. The entire finished and unfinished area of the outbuilding is reported here, including the garage. In this example, Area Type for the garage is Garage. + +### Cost Approach + +**Depreciated Cost - Outbuilding - ADU/Garage** + +- Finished Area: 600 Sq. Ft. @ $XX $XX +- Garage: 400 Sq. Ft. @ $XX $XX +- Total Depreciation: 10% (SXX) + +## Example 4: Workshop with ADU and Vehicle Storage + +In this example the subject has a multipurpose outbuilding with 1500 sq. ft. of GBA that includes: + +- 400 sq. ft. 2-car garage (not heated) +- 600 sq. ft Accessory Dwelling Unit (includes heat and air conditioning) +- 500 sq. ft. unfinished space used as a workshop - (not heated) + +Outbuilding Type is selected as Other, and described as ADU/Workshop/Garage. + +``` +Appendix F-1: URAR Reference Guide Page 362 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_363.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_363.md new file mode 100644 index 0000000000000000000000000000000000000000..1da559ada122fcbe86061139ba49243041061b04 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_363.md @@ -0,0 +1,69 @@ +```markdown +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Outbuilding — ADU/Workshop/Garage + +In this example, Outbuilding Type is selected as Other, and described as ADU/Workshop/Garage. + +- **Units in Structure** is 1 because the outbuilding includes an ADU. +- For **Gross Building Area**, the total GBA is reported (400 sq. ft. 2-car garage + 600 sq. ft. ADU + 500 sq. ft. unfinished workshop space = 1500 sq. ft.) regardless of usage. +- **Utilities** are reported in the outbuilding Detail subsection. +- In the **Outbuilding Area** table, the finished area is reported as 0 sq. ft., and the unfinished area is reported as 500 sq. ft. reflecting the area of the workshop. The Room Summary column is blank because there are no rooms outside of the ADU. + - Area detail for the 2-car garage is reported in Vehicle Storage and not in the Outbuilding Area table. + - The area and rooms for the ADU are reported as part of the Unit Interior section for the ADU, and not in the Outbuilding Area table. + +Because the outbuilding includes an ADU, heating and cooling information is reported in the Mechanical System Details subsection, instead of the Detail subsection (checkboxes). + +### Considered Real Property + +- **Yes** + +### Units in Structure + +- **1** + +### Gross Building Area + +- **1,500 Sq. Ft.** + +Gross Building Area for the outbuilding includes area for vehicle storage, ADU(s), and any other uses + +### Detail + +- **Utilities** + - Electricity + - Sanitary Sewer + - Water + +The table below depicts the area of the outbuilding, excluding vehicle storage and any ADU(s) + +| Finish | Total Area | Room Summary | +|-----------|------------|--------------| +| Finished | 0 Sq. Ft. | | +| Unfinished| 500 Sq. Ft.| | + +### Mechanical System Details + +- **System Detail** + - Heating: Forced Warm Air Electric + - Cooling: Centralized + +### Apparent Defects, Damages, Deficiencies (ADU/Workshop/Garage) + +- **None** + +### Outbuilding Commentary + +The subject's outbuilding contains an ADU, a workshop, and a 2-car garage. Please see Unit Interior for ADU details and Vehicle Storage for garage details. + +## Unit Interior - ADU/Workshop/Garage - ADU + +### Notes: + +- Only the portions of Unit Interior that address areas and rooms for the ADU are included in this appendix. Reference the 10 Unit Interior chapter of this document for details on the reporting and display of this section. +- In this example, Outbuilding Type is selected as Other and described as ADU/Workshop/Garage, and Unit Identifier is ADU. + +--- + +Appendix F-1: URAR Reference Guide Page 363 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_364.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_364.md new file mode 100644 index 0000000000000000000000000000000000000000..2693727a239486e640297ea631f22080485270a0 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_364.md @@ -0,0 +1,70 @@ +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Area Breakdown + +### Unit Interior - ADU/Workshop/Garage - ADU + +#### Area Breakdown + +- **Finished Above Grade**: 600 Sq. Ft. +- **Unfinished Above Grade**: 0 Sq. Ft. +- **Finished Below Grade**: 0 Sq. Ft. +- **Unfinished Below Grade**: 0 Sq. Ft. + +## Level and Room Detail + +### Level and Room Detail + +- **Level in Unit**: Grade Level Detail Finish Area Room Summary + +#### Level 1 +- **Above Grade Finished**: 600 Sq. Ft. +- **Room Summary**: + - 1-Bath - Full + - 1-Bedroom + - 1-Kitchen + - 1 - Living Room + +## Vehicle Storage + +Only the area and details specific to the subject’s driveway and garage are reported in this section. + +### Vehicle Storage + +- **Storage** + - **Number of Parking Spaces**: Detail + +#### Driveway +- **Spaces**: 4 +- **Detail**: Asphalt + +#### Garage +- **Spaces**: 2 +- **Detail**: Detached +- **Area**: 400 Sq. Ft. + +## Sales Comparison Approach + +In this example, Comparable #1 has an ADU in the basement of the dwelling, and a heated detached garage with no additional separate area. Comparable #1 has no additional outbuildings. + +### Unit(s) Subsection for the ADU + +Information about the subject property’s ADU populates from the Unit Interior section for the ADU. + +- **Location of ADU**: In this example, Location of ADU is ADU/Workshop/Garage for the subject, and Dwelling for Comparable #1. +- **Floor Number**: The floor number of the ADU reflects the level on which the ADU is located (e.g., an ADU in the below grade level of the primary dwelling is reported as B1, an ADU located above a detached garage is reported as 2). + + - In this example, Floor Number is 1 for the subject and B1 for Comparable #1. + +| | Subject Property | Comparable #1 | +|----------------------|------------------------|----------------------| +| Location of ADU | ADU/Workshop/Garage | Dwelling | +| Floor Number | 1 | B1 | +| Bedrooms | 1 | 1 | +| Baths - Full | Half | 1 | 0 | 1 | 0 | +| Finished Area Above Grade | 600 Sq. Ft. | 0 Sq. Ft. \| $XX | +| Finished Area Below Grade | 0 Sq. Ft. | 600 Sq. Ft. \| $XX | + +--- + +Appendix F-1: URAR Reference Guide Page 364 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_365.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_365.md new file mode 100644 index 0000000000000000000000000000000000000000..4a7272beff937a51575b60a3cc1ccc509a1bbfd0 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_365.md @@ -0,0 +1,55 @@ +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Vehicle Storage Subsection + +Information about the subject property’s garage area populates from the Vehicle Storage section. If the subject or comparable(s) have additional features that impact value and/or marketability, dynamic rows are utilized to support adjustments and conclusions. + +### Subject Property Comparable #1 + +#### Vehicle Storage + +| Type | Spaces | Detail | +|--------|--------|------------| +| Driveway | 4 | Asphalt | +| Driveway | 4 | Asphalt | +| Garage | 2 | Detached | +| | | 400 Sq. Ft.| +| Heated | No | Yes | + +In this example, the vehicle storage portion of the subject is not heated, and Comparable #1 is heated. Therefore, an additional row is needed, and the adjustment for Comparable #1 is attributable exclusively to the heating. + +## Outbuilding Subsection + +For the subject property, the Outbuilding Type and relevant dynamic rows (e.g., unfinished area) populate from the Outbuilding section. + +- Adjustments for the comparables are made in a “lump sum” that includes consideration of the outbuilding and its associated square footage and amenities. +- Adjustments for the 400 sq. ft. garage portion are made in the Vehicle Storage subsection and are not included in the Outbuilding subsection adjustments. +- Adjustments for the ADU’s finished area, bedrooms, and bathrooms are made in the Unit(s) subsection and are not included in the Outbuilding subsection adjustments. + +### Subject Property Comparable #1 + +#### Outbuilding (ADU and vehicle storage are not included in Finished Area, Unfinished Area, or room counts) + +| Outbuilding Type | ADU/Workshop/Garage | - | +|------------------------|----------------------|-----| +| Unfinished Area | 500 Sq. Ft. | | + +In this example: + +- A dynamic row was utilized to account for the remaining workshop area. +- Comparable #1 does not have a corresponding outbuilding, and the detached garage does not have any additional separate area, so it is not reported as an outbuilding, and therefore “dashes” display. +- The adjustment for Comparable #1 reflects the marketability of the additional 500 sq. ft. of unfinished area. + +## Cost Approach (Depreciated Cost - Outbuilding) + +If the Cost Approach is included in the appraisal, the depreciated cost of the outbuilding is reported in the Depreciated Cost — Outbuilding subsection. The entire finished and unfinished area of the outbuilding is reported here, including the garage. In this example, Area Type for the garage is Garage. + +### Depreciated Cost - Outbuilding - ADU/Workshop/Garage + +| Finished Area | 600 Sq. Ft. @ $XX | SXX | +|-----------------|-------------------|------------| +| Unfinished Area | 500 Sq. Ft. @ $XX | SXX | +| Garage | 400 Sq. Ft. @ $XX | SXX | +| Total Depreciation | 10% | (SXX) | + +*Appendix F-1: URAR Reference Guide Page 365 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_366.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_366.md new file mode 100644 index 0000000000000000000000000000000000000000..73c8471577ff5685f442bd4576998019c41e0735 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_366.md @@ -0,0 +1,65 @@ +```markdown +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Example 5: Oversized Detached Garage (No Dividing Wall) + +In this example, the subject has a 500 sq. ft. detached garage that includes 100 sq. ft. of extra unfinished area with no separation of the area. + +``` +20 + +10 500 sq ft garage + +unfinished + +20 + +10 + +30 +``` + +### No Outbuilding Section + +When the detached garage has no dividing wall, it does not have to be reported as an outbuilding. In this example, no outbuilding was reported, so the Outbuilding section does not display. + +### Vehicle Storage + +When the detached garage has no dividing wall, it is reported in the Vehicle Storage section only. + +| Vehicle Storage | Number of Parking Spaces | Detail | +|-----------------|--------------------------|--------------| +| Driveway | 4 | Asphalt | +| Garage | 2 | Detached | +| | | 500 Sq.Ft. | + +In this example, the 500 sq. ft. detached garage is reported. + +### Sales Comparison Approach + +In this example, Comparable #1 has a 400 sq. ft. detached garage with no additional area, and no outbuildings. + +#### Vehicle Storage Subsection + +Information about the subject property’s garage area populates from the Vehicle Storage section. If the subject or comparable(s) have additional features that impact value and/or marketability, dynamic rows are utilized to support adjustments and conclusions. + +**Subject Property** | **Comparable #1** +---------------------|------------------- +Vehicle Storage | Vehicle Storage +Type | Spaces | Detail | Type | Spaces | Detail +Driveway | 4 | Asphalt | Driveway | 4 | Asphalt +Garage | 2 | Detached | Garage | 2 | Detached +500 Sq. Ft | | | 400 Sq. Ft | | + +In this example, any adjustment would be made for the differences in garage area. + +### No Outbuilding Subsection + +In this example, the subject and all comparables do not have outbuildings, so the Outbuilding subsection does not display. + +--- + +Appendix F-1: URAR Reference Guide +Page 366 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_367.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_367.md new file mode 100644 index 0000000000000000000000000000000000000000..02d3f3a4840ada644808964ceff4e8396dda9af3 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_367.md @@ -0,0 +1,20 @@ +```markdown +# Uniform Appraisal Dataset Appendix 4: Detached Garage Examples + +## Cost Approach (As Is Value of Site Improvements) + +Because the vehicle storage is not considered an outbuilding, if the Cost Approach is included in the appraisal, the depreciated cost of the detached garage is reported in the As Is Value of Site Improvements subsection instead of Depreciated Cost — Outbuilding. + +### As Is Value of Site Improvements + +**Description** + +- Utility connections, driveway, patio $XX +- Depreciated cost of detached garage $XX + +--- + +Appendix F-1: URAR Reference Guide +Page 367 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_37.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_37.md new file mode 100644 index 0000000000000000000000000000000000000000..af3820dfbf5d595305bbbaecb9afcae1342a2a61 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_37.md @@ -0,0 +1,78 @@ +# Uniform Appraisal Dataset 02 Assignment Information + +## Appraiser and Supervisory Appraiser + +This portion of the Contact Information subsection shows details about the Appraiser and Supervisory Appraiser, if applicable. Contacts display in this subsection when Role is Appraiser or Supervisory Appraiser. + +### Appraiser and Supervisory Appraiser: Role (Choose one or more for each Contact) + +#### Allowable Answer Definition / Additional Guidance + +**Appraiser** +The person who developed the opinion of value and signed the report. + +*Notes:* +- All who sign the certification are acting in the capacity of an appraiser, regardless of their level (i.e., Appraiser Trainee, Appraiser). +- Only select this answer when the person is performing the valuation service and signing the report. +- Reference the Appraiser Certifications (29.020-29.053). + +**Supervisory Appraiser** +The person who performed supervision of the appraisal process and signed the report. + +*Notes:* +- An appraiser that signs the certification as a Supervisory Appraiser accepts full responsibility for all elements of the certification, for the assignment results, and for the contents of the appraisal report. +- Reference the Supervisory Appraiser Certifications (29.054-29.062, 29.071-29.074). + +### Appraiser + +- **Name** 2.017 +- **Credentials** +- **Designation** 2.018 +- **Level** 2.024 +- **Company Name** 2.019 +- **ID** 2.025 +- **Company Address** 2.020 +- **State** 2.026 +- **Scope of Inspection by Appraiser** + - **Subject Property Inspection** + - **Exterior** 2.021 + - **Interior** 2.022 +- **Inspection Date** 2.023 +- **Expires** 2.027 +- **ASC Identifier** 2.028 +- **VA Appraiser ID** 2.029 +- **FHA Appraiser ID** 2.030 +- **Employment Type** 2.031 + +### Supervisory Appraiser + +- **Name** 2.032 +- **Credentials** +- **Designation** 2.033 +- **Level** 2.039 +- **Company Name** 2.034 +- **ID** 2.040 +- **Company Address** 2.035 +- **State** 2.041 +- **Scope of Inspection by Supervisory Appraiser** + - **Subject Property Inspection** + - **Exterior** 2.036 + - **Interior** 2.037 +- **Inspection Date** 2.038 +- **Expires** 2.042 +- **ASC Identifier** 2.043 +- **VA Appraiser ID** 2.044 +- **FHA Appraiser ID** 2.045 +- **Employment Type** 2.046 + +## Assignment Information: Contact Information — Appraiser and Supervisory Appraiser + +**Report All** + +| Report Label | When to Include | Definition / Additional Guidance | +|-----------------------------------|-----------------|--------------------------------------------------------------------------| +| **Field ID** | **Answers / Format** | +| 2.017 Name | Always required | Free-form The full name of the appraiser or supervisory appraiser, as it appears on the ASC National Registry. Note: At a minimum, first and last name must be provided. | +| 2.032 the appraiser and supervisory appraiser | | | + +Appendix F-1: URAR Reference Guide Page 37 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_38.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_38.md new file mode 100644 index 0000000000000000000000000000000000000000..a87afd9b7d20d7f02c6e73db85bb487561e74717 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_38.md @@ -0,0 +1,33 @@ +```markdown +# Uniform Appraisal Dataset + +## 02 Assignment Information + +### Assignment Information: Contact Information — Appraiser and Supervisory Appraiser + +**Report Label**: When to Include + +| Field ID | Report Label | When to Include | Answers / Format | Definition / Additional Guidance | +|----------|--------------|-----------------|------------------|----------------------------------| +| 2.018 | Designation | If applicable for the appraiser and supervisory appraiser | Choose one or more allowable values from the Definition / Additional Guidance column | The designation awarded by a recognized appraisal trade organization. Note: Do not enter appraiser license information in Designation. License information is reported in Credentials (2.024-2.027 or 2.039-2.042). | +| 2.019 | Company Name | Always required for the appraiser and supervisory appraiser | Free-form | The name of the company for which the appraiser or supervisory appraiser works. | +| 2.020 | Company Address | Always required for the appraiser and supervisory appraiser | Free-form | The address of the company for which the appraiser or supervisory appraiser works. | + +**Scope of Inspection by Appraiser and Supervisory Appraiser** + +Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for requirements regarding the level of inspection. + +### Assignment Information: Contact Information — Scope of Inspection for Subject Property + +| Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|----------|--------------|-----------------|----------------------------|----------------------------------| +| 2.021 | Exterior | Always required for the appraiser and supervisory appraiser | Choose an allowable answer from the Definition / Additional Guidance column | Exterior Inspection Method: The method by which the exterior inspection was conducted by the appraiser or supervisory appraiser. | +| 2.022 | Interior | Always required for the appraiser and supervisory appraiser | Choose an allowable answer from the Definition / Additional Guidance column | Interior Inspection Method: The method by which the interior inspection was conducted by the appraiser or supervisory appraiser. | + +--- + +**Appendix F-1: URAR Reference Guide** +Page 38 of 367 + +**Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_39.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_39.md new file mode 100644 index 0000000000000000000000000000000000000000..3d0ff5d1b63d167f0a8062a36dc1ef07632e40b3 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_39.md @@ -0,0 +1,135 @@ +```markdown +# Uniform Appraisal Dataset + +## 02 Assignment Information + +### Assignment Information: Contact Information — Scope of Inspection for Subject Property + +#### Report + +**Report Label** +FieldID | “Port bane + +- **Inspection Date** + + - **When to Include**: + Always required for the appraiser and supervisory appraiser for any physical or virtual inspection that was performed. + + - **Allowable Answers / Format**: + mm/dd/yyyy + + - **Definition / Additional Guidance**: + Date that the subject property inspection was completed. + + Note: If both Exterior Inspection Method and Interior Inspection Method are No Inspection, Inspection Date is not applicable and does not display. + +### Appraiser and Supervisory Appraiser Credentials + +Credential information from the state in which the property is located must be provided for the appraiser and supervisory appraiser. + +#### Assignment: Contact Information - Appraiser and / or Supervisory Appraiser Credentials + +**Report** + +**Report Label** +FieldID | “°POr hae + +- **2.025** + + - **When to Include**: + Required for the appraiser and supervisory appraiser + + - **Allowable Answers / Format**: + Choose an allowable answer from the Definition / Additional Guidance column + + - **Definition / Additional Guidance**: + Credential Type + - None (includes noncredentialled appraiser trainees or jurisdictions that don’t provide credentials to appraiser trainees) + - Certified General + - Certified Residential + - Licensed Residential + - Trainee Appraiser (appraiser trainees with an issued credential, also referred to as Registered Trainee) + - Other (Describe) + +- **2.040** + + - **Definition / Additional Guidance**: + The credential as reported by the ASC. Commonly referred to as “credential number”, “license number”, or “certification number”. + + Note: Do not include state in the ID field unless it is part of the credential number as reported on the ASC National Registry. + +- **2.026** + + - **State** + + - **When to Include**: + Required if Credential Type is not None + + - **Allowable Answers / Format**: + 2-letter USPS state code + + - **Definition / Additional Guidance**: + State credential that applies to the assignment, commonly referred to as the “credentialing state”. + +- **2.027** + + - **Expires** + + - **When to Include**: + Required if Credential Type is not None + + - **Allowable Answers / Format**: + mm/dd/yyyy + + - **Definition / Additional Guidance**: + Expiration date of the credential. + +### Other Information About Appraiser and Supervisory Appraiser + +#### Assignment Information: Contact Information — Other Information about Appraiser and Supervisory Appraiser + +**Report** + +- **Field ID**: 2.028 | **ASC Identifier** + + - **When to Include**: + If applicable + + - **Allowable Answers / Format**: + Free-form + + - **Definition / Additional Guidance**: + A unique identifier for the individual appraiser or supervisory appraiser as assigned by the Appraisal Subcommittee (ASC). + + Note: If ASC Identifier is not populated for a contact, it does not display. + +- **Field ID**: 2.029 | **VA Appraiser ID** + + - **When to Include**: + If applicable for appraiser and supervisory appraiser on VA appraisals + + - **Allowable Answers / Format**: + Free-form + + - **Definition / Additional Guidance**: + A unique identifier for the individual appraiser as assigned by the United States Department of Veterans Affairs. Only one identifier per individual. + +- **Field ID**: 2.044 | **FHA Appraiser ID** + + - **When to Include**: + If applicable for appraiser and supervisory appraiser on FHA appraisals + + - **Allowable Answers / Format**: + Free-form + + - **Definition / Additional Guidance**: + A unique identifier for the individual appraiser as assigned by the United States Federal Housing Administration. + + Reference the appropriate government agency appraisal guidelines for more information. + +### Appendix F-1: URAR Reference Guide + +Page 39 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_4.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_4.md new file mode 100644 index 0000000000000000000000000000000000000000..8fa67be7514832b49e28d20b19d72c37860fe364 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_4.md @@ -0,0 +1,50 @@ +```markdown +# Uniform Appraisal Dataset + +## Revision History + +### Reference Guide + +| Date | Version | Change # | Revision Description | Chapter | +|-------------|---------|----------|----------------------------------------------------------------------------------------------------------------------------------------------|----------| +| 02/Assignment | 2023-037| | Clarified the ‘Definition / Additional Guidance’ column for /D (2.025, 2.040, 2.050), and corrected references to ASC and the ASC National Registry. | | +| 03/Subject | 2023-058 | | Updated the ‘Definition / Additional Guidance’ column for Neighborhood Name (3.003). | | +| Property | 2023-045 | | Dwellings Containing Units (3.007): Clarified that format is a number. | | +| | 2023-069 | | Clarified that commercial space in project buildings is addressed in Project Information. | | +| | 2023-050 | | Zoning Compliance (4.034): Updated definition for Legal Nonconforming. | | +| 04/Site | 2023-019 | | 4.034: Clarified that photos are required for all water frontage with private access. | | +| | 2023-013 | | 4.039: Clarified that photos are required for all views that impact value or marketability. | | +| | 2023-013 | | 4.059: Clarified that photos or images of encroachments are not required. | | +| 08/Dwelling| 2023-040 | | Corrected display rules and added examples for Converted Area (8.012-8.013). | Exterior | +| | 2023-037 | | Corrected Report Field ID 8.035 to match sample from Appendix C-1. | | +| | 2023-063 | | Added example of a manufactured home that is an ADU (outbuilding). | | +| 09/Manufactured | 2023-066 | | Updated allowable answers for Manufactured Home Width (9.005). | | +| Home | 2023-037 | | Updated sample for manufactured homes that are ADUs to match Appendix C-1. | | +| | 2023-017 | | Updated introduction to clarify treatment of detached garages. | | +| | 2023-025 | | Clarified the ‘Definition / Additional Guidance’ column for Unit Identifier (10.002). | | +| | 2023-039 | | Updated requirements for Floor Number (10.018). | | +| | 2023-069 | | Clarified that commercial space in project buildings is addressed in Project Information. | | +| 10/Unit Interior | 2023-063 | | Added example for Non-Residential Use and Live/Work Space in Unit (10.026-10.028) | | +| | 2023-037 | | Clarified that the rooms in the Kitchen and Bathroom Detail table (10.037) redisplay from the Level and Room Detail table. | | +| | 2023-016 | | Corrected the ‘When to Include’ column for Time Frame (10.039). | | +| 12/12/2023 | 2023-037 | | Updated introduction to use the term “structure” instead of “improvement”, and corrected introduction to Mechanical System Details For Outbuilding Containing ADU(s). | | +| 12/Outbuilding | 2023-017 | | Outbuilding Type: Removed Detached Garage, added ADU/Garage, updated definition for Barn and Standalone ADU, and expanded guidance for when Other is used (12.001). | | +| | 2023-059 | | Included static text above the table in the Apparent Defects, Damages, Deficiencies example. | | +| | 2023-063 | | Added example of a manufactured home that is not real property. | | +| | 2023-017 | | Updated introduction to clarify treatment of detached garages. | | +| 13/Vehicle Storage | 2023-037 | | Corrected typo in allowable answers for Parking Space Assignment Type (13.002). | | +| | 2023-047 | | Added images to clarify definitions for Vehicle Storage Attachment Type (13.003). Removed Other as an allowable answer. | | +| 14/Subject Property | 2023-037 | | Corrected typo in the ‘Definition / Additional Guidance’ column for Recommended Action (14.010). | Amenities | +| 17/Market | 2023-001 | | Removed the “Under Review” watermark. | | +| | 2023-031 | | Deleted Property Conforms to Surrounding Area (17.000), Property Nonconforming Reason (17.001), and Description (17.002). | | +| 17/Market | 2023-031 | | Changed Report Label for 17.003 to Market Area Boundary, and updated definitions and additional guidance throughout the Market section accordingly. | | +| | 2023-037 | | Updated ‘Definition/Additional Guidance’ for Property Value Trend (17.019). | | +| | 2023-037 | | Corrected Report Field IDs 17.017-17.024 to match sample from Appendix C-1. | | +| 18/Project Information | 3023-064 | Clarified ‘Definition/Additional Guidance’ for Units Sold (18.007), Units for Sale (18.008), and Units Rented (18.009). | | +| | 2023-037 | | Added sample showing Report Field IDs for Project Blanket Financing (18.028-18.063) | | +| | 2023-018 | | Clarified additional cases when “None” displays in the Project Factors table (18.069, 18.073). | | + +### Appendix F-1: URAR Reference Guide + +Page 4 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_40.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_40.md new file mode 100644 index 0000000000000000000000000000000000000000..ec331ec850e5ea669a5754cdefc1f0b6778b752b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_40.md @@ -0,0 +1,51 @@ +```markdown +# Uniform Appraisal Dataset 02 Assignment Information + +## Assignment Information: Contact Information — Other Information about Appraiser and Supervisory Appraiser + +| Report Label | When to Include | Definition / Additional Guidance | +|------------------|-----------------|-------------------------------------------------------------------------------------------| +| Field ID | Answers / Format| | +| 2.031 Employment | Required for appraiser | Choose an allowable answer from table | +| Type | and supervisory | The employment category for the appraiser. | +| | appraiser on VA | | +| | appraisals | Employment Type | + +Reference the appropriate government agency appraisal guidelines for more information. + +## Assignment Information: Employment Type + +| Allowable Answer | Definition / Additional Guidance | +|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Independent Fee Appraiser | An independent contractor treated for purposes of Federal income taxation as an independent contractor by both the lender/client and the appraisal management company ordering the appraisal. The appraiser is issued a Form 1099 and is responsible under IRS rules accordingly. | +| Staff Appraiser | An employee for purposes of Federal income taxation by either the lender/client or the appraisal management company ordering the appraisal. The appraiser is expected to be issued a Form W-2. | + +## Significant Real Property Appraisal Assistance + +This subsection of Assignment Information provides details about people who provided significant real property appraisal assistance to the appraiser. A contact (person) displays in this subsection when the Significant Real Property Appraisal Assistance Role is chosen for the contact. If no one provided professional assistance, do not choose a Role of Significant Real Property Appraisal Assistance, and this subsection does not display. + +### Role: Significant Real Property Appraisal Assistance (Choose if applicable for the Contact) + +| Allowable Answer | Definition / Additional Guidance | +|---------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Significant Real Property Appraisal Assistance | A person who does not meet all scope of work and certification requirements that provided significant assistance with the development of the appraisal report, as prescribed by Uniform Standards of Professional Appraisal Practice and Advisory Opinion. Selecting this answer does not allow this contact (person) to sign the report. | + +### Significant Real Property Appraisal Assistance + +- **Name 2.047** +- **Credentials Level 2.049** +- **ID 2.050** +- **State 2.051** +- **Expires 2.052** + +## Contact Information: Significant Real Property Appraisal Assistance + +| Report Label | When to Include | Definition / Additional Guidance | +|------------------|-------------------------|----------------------------------------------------------------------------------------------------------------------------| +| Field ID | Answers / Format | | +| 2.047 Name | Required for each person | Free-form. The full name of the person providing significant real property appraisal assistance. Note: At a minimum, first and last name must be provided. | + +--- + +Appendix F-1: URAR Reference Guide Page 40 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_41.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_41.md new file mode 100644 index 0000000000000000000000000000000000000000..e53c609fc5892c52d3c73d8bb8e6cce1e5aa06de --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_41.md @@ -0,0 +1,38 @@ +```markdown +# Uniform Appraisal Dataset + +## 02 Assignment Information + +### Contact Information: Significant Real Property Appraisal Assistance + +| Field ID | Report Label | When to Include | Answers / Format | Definition / Additional Guidance | +|----------|--------------|-----------------|-----------------|---------------------------------| +| 2.049 | Level | Required for each person providing significant real property appraisal assistance | Choose an allowable answer | Credential Type
- None (includes non-credentialed appraiser trainees or jurisdictions that don’t provide credentials to appraiser trainees)
- Certified General
- Certified Residential
- Licensed Residential
- Trainee Appraiser (appraiser trainees with an issued credential, also referred to as Registered Trainee)
- Other (Describe) | +| 2.051 | State | Required if Credential Type is not None | 2-letter USPS state code | The credential as reported by the state or ASC, if applicable. Note: Do not include state in the ID field unless it is part of the credential number as reported on the ASC National Registry. | +| 2.048 | Expires | Required if Credential Type is not None | mm/dd/yyyy | Expiration date of the credential | +| | Description | Required if Credential Type is not None | Free-form | Explains the details and extent of the assistance provided. | + +### Property Data Report + +This subsection provides details about the property data report, which is the accumulation of factual information collected from the physical or virtual observation of a residential property that is completed specifically for mortgage purposes, whether in the form of data or a report. This is limited to property characteristics and does not include opinions of value. + +**Note**: Tax records and MLS listings are data sources and do not constitute a property data report. + +A contact (person) displays in this section when the Property Data Collector Role is chosen for the contact. If there is no property data report associated with the appraisal (Property Data Report Used (2.005) is No), do not choose a Role of Property Data Collector, and this subsection does not display. + +Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for requirements regarding the level of inspection. + +**Role**: Property Data Collector (Choose if applicable for each Contact) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| Property Data Collector | The person observing and collecting relevant property characteristics used in preparation of a property data report. | + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 41 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_42.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_42.md new file mode 100644 index 0000000000000000000000000000000000000000..91fd6dd42f8cef5371ad4f42c061d0ffd3613ddc --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_42.md @@ -0,0 +1,141 @@ +```markdown +# Uniform Appraisal Dataset + +## 02 Assignment Information + +### Property Data Report + +- **Name** +- **Occupation** +- **Company Name** +- **Company Address** +- **Reference ID** + + - 2.053 + - 2.054 + - 2.055 + - 2.056 + - 2.057 + +### Subject Property Inspection + +- **Exterior** +- **Interior** +- **Inspection Date** + + - 2.058 + - 2.059 + - 2.060 + +## Assignment Information: Contact Information - Property Data Report + +### Report + +**Field ID** + +- **Report Label** + + *When to Include: If available when Property Data Report Used is Yes* + +**Allowable Answers / Format** + +- Free-form + +**Definition / Additional Guidance** + +- The name of the person who completed the property data report. + - *Note: If Name is not provided, it does not display.* + +2.056 + +**Company Address** + +- **Reference ID** + + *Data Report Used is Yes* + + - Required if Property Data Report Used is Yes + + - If available when Property Data Report Used is Yes + +2.054 + +**Occupation** + +- Required if Property + + *Select an allowable answer from the Definition / Additional Guidance column* + + - e Appraiser + - e Appraiser Trainee + - Home Inspector + - Insurance Inspector + - Real Estate Agent + - Other (Describe) + + *Note:* + + - Select Appraiser (or Appraiser Trainee) if an appraiser (or trainee) completed the property data report but is not acting as the appraiser on this appraisal. + + - If property data collection is the primary occupation of the person completing the report and no other answers apply, select Other and type in “Property Data Collector”. + +2.055 + +**Company Name** + +- Required if Property + + - Free-form + +**The name of the company that provided the property data report.** + +- Free-form + +- Free-form + +**The address of the company that provided the property data report.** + +**An identifier or number issued to identify the property data report.** + +- Note: If Reference ID is not provided, it does not display. + +2.058 + +**Subject Property Inspection** + +- Required if Property Data Report Used is Yes + + - Choose an allowable answer from the Definition / Additional Guidance column + + - Exterior Inspection Method: The method by which the exterior inspection was conducted for the property data report. + + - Physical + - Virtual + - No Inspection + +2.059 + +**Subject Property Inspection** + +- Required if Property Data Report Used is Yes + + - Choose an allowable answer from the Definition / Additional Guidance column + + - Interior Inspection Method: The method by which the interior inspection was conducted for the property data report. + + - Physical + - Virtual + - No Inspection + +2.060 + +**Subject Property Inspection Date** + +- Required if Property Data Report Used is Yes + + - mm/dd/yyyy + + - Date the subject property was inspected for the property data report. + +Appendix F-1: URAR Reference Guide Page 42 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_43.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_43.md new file mode 100644 index 0000000000000000000000000000000000000000..5c489c2948f98562ef7622aa10004d5725dff099 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_43.md @@ -0,0 +1,35 @@ +# Uniform Appraisal Dataset 02 Assignment Information + +## Assignment Information and Scope of Work Commentary + +### 2.061 Assignment Information and Scope of Work Commentary + +- **Report Allowable** +- **P Report Label**: When to Include +- **Definition / Additional Guidance**: Assignment Information + +**Field ID**: Answers / Format + +### Assignment Information and Scope of Work Commentary + +Assignment Information and Scope of Work Commentary can include information pertinent to assignment information and Scope of Work not captured in the discrete data, or additional details to support the discrete data that is provided. + +*Note: If only an exterior inspection was performed, describe the extent of the inspection (e.g., “from the street”, “walked the property”).* + +## Assignment Information Exhibits + +All photos or images related to the Assignment Information section are displayed in the Assignment Information Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Assignment Information Exhibits + +- **Report Allowable** + +**Field 1p | Report Label**: When to Include + +- **Assignment Information Exhibits**: If applicable + +Photos or images relevant to the Assignment Information section may be provided, which display in Assignment Information Exhibits. A caption must be provided to further describe the photo or image. + +--- + +*Appendix F-1: URAR Reference Guide Page 43 of 367 Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_44.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_44.md new file mode 100644 index 0000000000000000000000000000000000000000..28341c10b99c1afcf860fd114bf95369d5dd5ca5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_44.md @@ -0,0 +1,56 @@ +```markdown +# Uniform Appraisal Dataset 03 Subject Property + +## 3 Subject Property + +The Subject Property section always displays, and provides overall information including the address, legal description, and ownership rights. This section provides space for additional commentary and exhibits. + +### General Information + +#### Address, County, Neighborhood Name + +- **Physical Address**: 3.000 +- **Alternate Physical Address**: 3.001 +- **County**: 3.002 +- **Neighborhood Name**: 3.003 + +**Subject Property: Address, County, Neighborhood Name** + +| Beate Report Label | When to Include | Definition / Additional Guidance | +|--------------------|-----------------|---------------------------------| +| Field ID | Answers / Format| | + +**3.000 Physical Address** | Always required + +- Free-form, in format that conforms to address standards in USPS Publication 28, Postal Addressing Standards: + - Street number and name (including pre-directional indicator, suffix, post-directional indicator) + - Unit number, if applicable + - For condos, co-ops, and condops, only use the unit number if it is in the USPS address. + - Do not use unit number for properties with more than one unit, such as 2- to 4-unit properties. + - If the unit number is not applicable, leave it blank. + - City, state, and ZIP code + +**Examples:** + +- For a single-family attached or detached property: + - 123 Oak St, Anytown NY 11111 + +- For a high-rise condo, co-op, or condop: + - 123 Oak St, Unit 101, Anytown NY 11111 + +The purpose of the address in the appraisal is to identify the location of the subject property. If the subject property address has not been assigned through USPS, another descriptive method for the address line (e.g., Lot and Block) must be provided to indicate the location. + +#### 2- to 4-Unit Properties + +Physical Address represents the address for the entire property. + +- Do not populate unit number in Physical Address. Unit Identifier is included in the Unit Interior section (10.002), not here. +- Do not use Alternate Physical Address for one of the units. + +**Examples:** + +- For a property with one dwelling (100 Main St), where each unit (Units 1-4) has a separate address, enter 100 Main St for Physical Address. The individual units would be identified with Unit Identifier (10.002). +- For a property with two dwellings, each with a separate address (100 Main St and 102 Main St), enter 100-102 Main St for Physical Address. + +*Appendix F-1: URAR Reference Guide Page 44 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_45.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_45.md new file mode 100644 index 0000000000000000000000000000000000000000..8257dea532f0f14390437c13510e408c47ba7fcf --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_45.md @@ -0,0 +1,29 @@ +# Uniform Appraisal Dataset + +## 03 Subject Property + +**Subject Property:** Address, County, Neighborhood Name + +| Report Allowable | Pi Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|------------------|-----------------|-----------------|----------------------------------|---------|------------------| +| 3.001 | Alternate Physical Address | If applicable | Free-form Alternate or "also known as" physical address(es) of the property being appraised. This includes any other physical property addresses recognized for the subject property. If the property has multiple distinct addresses, include them in Alternate Physical Address. Examples: Corner lots, Multiple city names that use the same ZIP code, Address changed by the local jurisdiction, Rural property with a rural delivery address, Condos, co-ops, or condops where the legal description differs from the USPS address. | | | +| | | Always required | Free-form | | | +| 3.003 | Neighborhood Name | If applicable | Free-form Name of county or parish as defined by the state. Notes: If the subject property is not located in any county (located in an independent city), enter the name of the local municipality or district in which the property is located. Examples: Baltimore City, Fairfax City. If the property is located in more than one county, provide the county that corresponds to the Physical Address, and provide further details in Subject Property Commentary (3.032). The neighborhood name may be a name recognized by the municipality in which the property is sited. Note: Neighborhood name may not apply in some areas, such as rural areas. In this case, enter None when the row is included in the Sales Comparison Approach (22.03.03) or Rental Information (23.03.02). | | | + +### Subject Property Characteristics (Checkboxes) + +- Planned Unit Development (PUD) 3.010 +- Condominium 3.011 +- Cooperative 3.012 +- Condop 3.013 +- Property on Native American Lands 3.014 +- Subject Site Owned in Common 3.015 +- Homeowner Responsible for all Exterior Maintenance, of Dwelling(s) +- New Construction 3.017 +- Construction Stage 3.018 + +**Appendix F-1: URAR Reference Guide** + +Page 45 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_46.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_46.md new file mode 100644 index 0000000000000000000000000000000000000000..9094aaa0b4916b49d95bf09841ac434168305015 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_46.md @@ -0,0 +1,22 @@ +```markdown +# Uniform Appraisal Dataset + +## 03 Subject Property + +### Subject Property: Subject Property Characteristics (Checkboxes) + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------------------------------------------|-------------------|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Planned Unit Development (PUD) | Always required | Indicates whether the property is in a PUD. A PUD is a subdivision that consists of common property and improvements that are owned and maintained by a homeowners association (HOA) for the benefit and use of the individual PUD unit owners. A unit owner in the PUD has title to a residential property (parcel and dwelling) and an interest in the HOA that owns or manages the common areas and facilities of the PUD. Notes: Select Yes when all lot or unit owners are required to have an interest in the HOA managing the PUD common areas and facilities. Select No if the property is in a condo, co-op, or condop. A PUD may be comprised of manufactured homes when meeting the definition. A project or subdivision with voluntary HOA membership must not be identified as a PUD. | +| Condominium | Required if Property in a Project is Yes | Choose an allowable answer from table (Project Legal Structure) | Checkboxes are checked based on Project Legal Structure. • Yes (the property is in a condominium, cooperative, or condop) • No (the property is not in a condominium, cooperative, or condop) | +| Cooperative | Required if Property in a Project is Yes | Choose an allowable answer from table (Project Legal Structure) | Checkboxes are checked based on Project Legal Structure. • Condominium • Cooperative • Condop | +| Condop | Required if Property in a Project is Yes | Choose an allowable answer from table (Project Legal Structure) | Checkboxes are checked based on Project Legal Structure. • Condominium • Cooperative • Condop | +| Property on Native American Lands | Always required | Yes \| No | Indicates whether the property is on Native American Lands. Identification of appraisals for properties located on Native American Lands provides the GSEs the ability to recognize these properties for special loan products that support lending to members of federally recognized indigenous tribes in tribal areas and Hawaiian Home Lands. Note: If Yes, Native American Lands Type (3.021) must be provided. | +| Subject Site Owned in Common | Always required | | Site Owned in Common: Indicates whether land associated with the property is owned by an association, such as a condominium project, cooperative, or condop. • Yes (the land supporting the dwelling is commonly owned through an association such as a condo, co-op or condop). No (the homeowner owns or leases the land sole and separate from another entity). Note: For site condos, select No for Site Owned in Common, and Condominium for Project Legal Structure. | +| Homeowner Responsible for all Exterior Maintenance of Dwellings | Always required | | Indicates whether the homeowner is responsible for all exterior maintenance of the dwelling(s) on the property. Subject Property Commentary (3.032) can be used to clarify specific maintenance responsibilities if needed. | +| New Construction | Always required | | If Yes, all dwellings on the property are 100% newly constructed, including the foundation, were completed in the past 12 months, have never been occupied, and exhibit no signs of wear or use. Reference the condition rating definitions in Appendix 2: Condition and Quality | + +**Appendix F-1**: URAR Reference Guide + +Page 46 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_47.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_47.md new file mode 100644 index 0000000000000000000000000000000000000000..717b9b2535debdc3c1ad75133f3898d42fc8c946 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_47.md @@ -0,0 +1,57 @@ +# Uniform Appraisal Dataset + +## 03 Subject Property + +### Subject Property: Subject Property Characteristics (Checkboxes) + +#### Stage + +VA appraisals when New Construction is Yes + +| Report Allowable | Report Label | When to Include | Definition / Additional Guidance | +|------------------|--------------|-----------------|---------------------------------| +| 3.018 | Construction Required for FHA and | Choose an allowable answer from the Definition / Additional Guidance column | The stage of construction at the time of the inspection. | + +- Complete +- Proposed +- Under Construction + +Reference the appropriate government agency appraisal guidelines for more information. + +#### Project Legal Structure (Choose one) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|---------------------------------| +| Condominium | A project that has condominium ownership rights. | +| Cooperative | A project that has cooperative ownership rights. | + +- A project that contains units with both cooperative and condominium ownership rights. + Example: A mixed-use condo building with commercial spaces that are individual condo units, and a residential portion that is a cooperative consisting of individual residential co-op units (all of the residential co-op units together make up one condominium unit). + +### Attachment Type and Number of Units, ADUs, and Dwellings + +#### Attachment Type + +| Report Label | Field ID | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|--------------|----------|-----------------|----------------------------|---------------------------------| +| Attachment Type | 3.004 | Always required | Choose an allowable answer from table | Type of attachment to a neighboring property. | + +#### Units Excluding ADUs + +| Report Label | Field ID | When to Include | Definition / Additional Guidance | +|--------------|----------|-----------------|---------------------------------| +| Units Excluding ADUs | 3.005 | Always required | Number of separate living units on the subject property, not counting any ADUs. ADUs are entered in a separate field (3.006) but are considered in the overall unit count.
Examples: Notes: | + +#### Accessory Dwelling Units + +| Report Label | Field ID | When to Include | Definition / Additional Guidance | +|--------------|----------|-----------------|---------------------------------| +| Accessory Dwelling Units | 3.006 | Always required | Number of ADUs on Subject Property
Notes: | + +--- + +Appendix F-1: URAR Reference Guide + +Page 47 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_48.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_48.md new file mode 100644 index 0000000000000000000000000000000000000000..35955d2a6ef32ad2ce4aa1836db6e716df4956de --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_48.md @@ -0,0 +1,71 @@ +```markdown +# Uniform Appraisal Dataset 03 Subject Property + +## Subject Property: Attachment Type and Number of Units, ADUs, and Dwellings + +### Report Allowable + +#### Field ID: 3.007 Dwellings + +- **Report Label**: Dwellings Containing Units +- **When to Include**: Always required +- **Definition / Additional Guidance**: Number of dwellings on the property. A dwelling is a structure designed to be used as a residence that contains one or more living units. +- **Answers / Format**: Number + +**Notes:** + +- Dwellings Containing Units only displays when there is more than 1 living unit (Units Excluding ADUs is more than 1). +- An outbuilding is a structure other than a dwelling (e.g., barn, shed, bunkhouse, standalone ADU). Outbuildings are not included in Dwellings Containing Units. A detached garage with an ADU would not be captured here. + +**Examples:** + +- Enter 1 for a 2-unit property where both units are in the same building. +- Enter 1 for a 3-unit property where all units are in the same building. +- Enter 2 for a 2-unit property where each unit is in a separate building. + +### Attachment Type (Choose one) + +#### Allowable Answer: Attached + +- **Definition / Additional Guidance**: Residential dwelling that has a common wall or other direct physical connection with another dwelling or structure that has a different legal description. + +**Examples:** + +- Rowhouse or townhouse +- Semi-Detached (sometimes referred to as a “duplex” or “twin”) +- Property that is in a high-rise, mid-rise, or low-rise building +- 2- to 4-unit property attached to a neighboring property + +#### Allowable Answer: Detached + +- **Definition / Additional Guidance**: Residential dwelling under a single legal description that has no common wall or other direct physical connection with another dwelling or structure. + +**Examples:** + +- Single-family detached +- 2- to 4-unit property not attached to a neighboring property +- A condo or co-op where there are no shared walls, floor, or ceiling with another unit (sometimes referred to as a “detached condo”) + +## Special Tax Assessments + +### Special Tax Assessments + +#### Field ID: 3.008 + +- **Report Label**: Special Tax Assessments +- **When to Include**: Always required +- **Definition / Additional Guidance**: Indicates whether there are special tax assessments. A special tax assessment is an additional tax levied on the property to pay for specific local (municipalities or governmental) infrastructure projects (e.g., public road or sewer construction or maintenance). + +**Note**: Do not include project special assessments. These are reported in the Project Information section (18.072). + +#### Field ID: 3.009 + +- **Report Label**: Description of Special Tax Assessments and Impact to Value / Marketability +- **When to Include**: Required if Special Tax Assessments is Yes +- **Answers / Format**: Free-form +- **Definition / Additional Guidance**: Describe the special tax assessment, including amount, purpose, and the impact to value and / or marketability. + +--- + +*Appendix F-1: URAR Reference Guide Page 48 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_49.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_49.md new file mode 100644 index 0000000000000000000000000000000000000000..51e16c2de4fc012278d996d8901ef4cbe9ab8b0c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_49.md @@ -0,0 +1,33 @@ +# Uniform Appraisal Dataset 03 Subject Property + +## Ownership Rights + +This subsection describes the ownership and property rights appraised for the subject property. The appraiser must identify any property rights excluded from the valuation of the subject property such as mineral rights, water rights, etc. Fractional, timeshare, or segmented ownership rights must be identified in Subject Property Commentary (3.032) when they exist for the subject property. + +## Property Rights + +### Property Rights Appraised 3.019 + +- **Community Land Trust 3.020** +- **Native American Lands 3.021** + +### Subject Property: Property Rights + +| Field ID | Report Label | When to Include | Answers | REEL Definition / Additional Guidance | +|----------|--------------|-----------------|---------|----------------------------------------| +| 3.019 | Property Rights Appraised | Required if the property is not in a cooperative | Choose an allowable answer (e.g., Fee Simple, Leasehold, Other - Describe) | Ownership interest in the property. | +| 3.020 | Community Land Trust | Required if Property Rights Appraised is Leasehold or Other | | Indicates whether the property is in a Community Land Trust. | +| 3.021 | Native American Lands | Required if Property on Native American Lands is Yes | Choose an allowable answer (e.g., Alaska Native Corporation Land, Hawaiian Home Lands, Tribal Trust Land, Other - Describe) | Native American Lands Type: The legal means by which Native American land is owned. | + +#### Native American Lands (Choose one) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| Alaska Native Corporation Land | Land that is owned by a Native American tribe and was conveyed by the United States to a Native Corporation pursuant to the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.) or that was conveyed by the United States to a Native Corporation in exchange for such land. | +| Hawaiian Home Lands | Public land held in trust by the State of Hawaii, Department of Hawaiian Home Lands for native Hawaiians. | +| Tribal Trust Land | Land held in trust by the United States government for the benefit of the particular tribe. This type of land may not be mortgaged. The tribe executes a lease (approved by HUD/BIA) with the tribal member. The collateral for loans on these types of lands is improvements on the land and the lease. The title to the structure and leasehold estate is conveyed but not title to the land itself (it would remain trust for the tribe). | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +--- + +Appendix F-1: URAR Reference Guide Page 49 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_5.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_5.md new file mode 100644 index 0000000000000000000000000000000000000000..d32c7caae93814e4ce43b3c92fc53b1f98fea062 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_5.md @@ -0,0 +1,70 @@ +```markdown +# Uniform Appraisal Dataset + +## Revision History + +### Reference Guide + +| Date | Version | Change # | Revision Description | +|-----------|---------|----------|---------------------------------------------------------------------------------------| +| 2023-038 | | | Clarified that Number of ADUs on Property (Not on Report) is required for sales comparables. | +| 2023-006 | | | Clarified that Units in Structure (Not on Report) is required for sales comparables for dwellings and outbuildings. | +| 2023-025 | | | Clarified requirements for Unit Identifier (22.07.01, 22.07.17, 22.09.02, 22.09.18). | +| 2023-039 | | | Updated requirements for Floor Number (22.07.03, 22.07.20). | +| 2023-045 | | | Dwellings Containing Units (Not on Report): Clarified that format is a number. | +| 2023-032 | | | Removed Other as an allowable answer for Vehicle Storage Attachment Type (22.13.01, 22.13.05) | +| 2023-037 | | | Corrected typo in the Outbuilding subsection name. | +| 2023-017 | | | Standalone ADUs and ADU/Garages do not display in the Outbuilding subsection. Clarified display rules for Outbuilding rows, and redisplay of Outbuilding Type for subject and comps. | +| 2023-037 | | | Corrected typo in Notes for Include Unit in Rent Schedule | +| 2023-020 | | | Corrected the ‘When to Include’ column for Utilities / Services Included (23.01.09) and Furnished (23.01.10). | + +#### Sales Comparison Approach + +| Date | Version | Change # | Revision Description | +|-----------|---------|----------|---------------------------------------------------------------------------------------| +| 2023-028 | | | Clarified that Structure Type (Not on Report) is required for each rental comparable unit. | +| 2023-039 | | | Updated requirements for Floor Number (23.03.07, 23.03.31). | +| 2023-059 | | | Comparable Weight: Clarified definition for No Weight in the rental grid (23.03.48). | +| 2023-017 | | | Area Type for outbuilding (25.024): Deleted Attached Garage and Built-in Garage, added Garage. | + +#### Cost Approach + +| Date | Version | Change # | Revision Description | +|-----------|---------|----------|---------------------------------------------------------------------------------------| +| 2023-021 | | | Changed the ‘When to Include’ column for Cost Service Quality Rating (25.053). | +| 2023-062 | | | Clarified that if Market Value Condition (26.009) is As Is, no other conditions can be applied. | + +#### Reconciliation + +| Date | Version | Change # | Revision Description | +|-----------|---------|----------|---------------------------------------------------------------------------------------| +| 2023-037 | | | Corrected typo for Cost to Repair Reporting Method (Itemized). | + +### Certifications and Scope of Work + +| Date | Version | Change # | Revision Description | +|-----------|---------|----------|---------------------------------------------------------------------------------------| +| 3023-003 | | | Appraiser Cert 21: Clarified 29.041 and 29.042 to be Contact Name(s). | +| | | | Use Additional Supervisory Appraiser Certifications (29.062) to report prior services. | +| 2023-037 | | | Corrected references to ASC and the ASC National Registry. | + +### Appendix 1: Glossary + +| Change # | Revision Description | +|----------|---------------------------------------------------------------------------------------| +| 2023-034 | Updated definitions for Accessory Dwelling Unit (ADU), and Wear and Tear. | + +### Appendix 4: Detached Garage Examples + +| Change # | Revision Description | +|----------|---------------------------------------------------------------------------------------| +| 2023-017 | New appendix showing examples of detached garages and how they are reported in the URAR. | + +--- + +3/29/2023 | Version 1.0 Initial publication + +Appendix F-1: URAR Reference Guide + +Page 5 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_50.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_50.md new file mode 100644 index 0000000000000000000000000000000000000000..dbacba88a77c5c0b0d38bbf2685f6b2d77c7ccfa --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_50.md @@ -0,0 +1,68 @@ +# Uniform Appraisal Dataset + +## 03 Subject Property + +### Ground Rent + +This subsection is for ground rents paid by individual owner(s) of the subject property. Reference the Project Information section (18.019-18.022) for project ground rent. + +- **Ground Rent Annual Amount** +- **Renewable** +- **Term** +- **Expires** + +#### Field ID + +- **3.022** +- **3.023** +- **3.024** +- **3.025** + +#### Description of Ground Rent and Impact to Value/Marketability + +- **Field ID**: 3.026 + +### Subject Property: Ground Rent + +#### Report Field ID + +- **Ground Rent Annual Amount** + + - **Report Label**: Ground Rent Annual Amount + - **When to Include**: Required if Property Rights Appraised is Leasehold and Site Owned in Common is No + - **Allowable Answers / Format**: Dollar amount + - **Definition / Additional Guidance**: Annual amount agreed to be paid for the ground rent for the subject property. + +- **Renewable** + + - **Report Label**: Renewable + - **When to Include**: Required if Property Rights Appraised is Leasehold and Site Owned in Common is No + - **Allowable Answers / Format**: Lease Renewable + - **Definition / Additional Guidance**: Indicates whether the ground lease is renewable. + +- **Term** + + - **Report Label**: Term + - **When to Include**: Required for FHA, USDA, and VA appraisals when Lease Renewable is Yes + - **Allowable Answers / Format**: Number + - **Definition / Additional Guidance**: Total number of years the ground lease is in effect (full term of the lease). + +- **Expires** + + - **Report Label**: Expires + - **When to Include**: Required if Property Rights Appraised is Leasehold and Site Owned in Common is No + - **Allowable Answers / Format**: Expiration date of the ground lease + - **Definition / Additional Guidance**: Reference the appropriate government agency appraisal guidelines for more information. + +- **Description of Ground Rent and Impact to Value/Marketability** + + - **Report Label**: Description of Ground Rent and Impact to Value / Marketability + - **When to Include**: Required if Property Rights Appraised is Leasehold and Site Owned in Common is No + - **Allowable Answers / Format**: Free-form + - **Definition / Additional Guidance**: Provide commentary on the ground rent, sources of information, a description of the impact to value and / or marketability, and any other details. + +### Appendix F-1: URAR Reference Guide + +Page 50 of 367 + +**Version 1.2** \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_51.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_51.md new file mode 100644 index 0000000000000000000000000000000000000000..e1a6b829d678f28c36cf66f96c54c4d0c088ab79 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_51.md @@ -0,0 +1,46 @@ +# Uniform Appraisal Dataset 03 Subject Property + +## Ownership Rights + +### All Rights Included in Appraisal 3.027 + +### Rights Not Included 3.028 + +### Mineral Rights Leased 3.029 + +## Description of Rights Not Included 3.030 + +### Subject Property: Ownership Rights + +#### Report + +- **Field ID / Report Label / Allowable Answers / Format** + + | Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | + |----------|-------------------------------|----------------------------------------|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------| + | 3.027 | All Rights Included in Appraisal | Required if Site Owned in Common is No | Choose one or more allowable answers from the Definition / Additional Guidance column | Indicates whether all ownership rights are being included in the appraisal. | + | 3.028 | Rights Not Included | Required if All Rights Included in Appraisal is No | Yes \| No | Ownership rights that are not being included in the appraisal.
- Air Rights
- Mineral Rights
- Timber Rights
- Water Rights
- Other (Describe) | + | 3.029 | Mineral Rights Leased | Required for FHA, USDA, and VA appraisals when mineral rights are included | Yes \| No | Indicates whether mineral rights for the subject property are subject to a lease agreement. | + | 3.030 | Description of Rights Not Included | Required if All Rights Included in Appraisal is No | Free-form | Provide a description of ownership rights that are not included in the appraisal, including the impact to value and / or marketability. | + +## Legal Description + +### Legal Description 3.031 + +### Subject Property: Legal Description + +#### Report + +- **Field ID / Report Label / Allowable Answers / Format** + + | Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | + |----------|------------------|-----------------|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------| + | 3.031 | Legal Description | Always required | Free-form or image | Description of all parcels being valued in the appraisal.
Provide one Legal Description for the entire property, including all parcels. It may be provided as text or as an image, such as in cases where the Legal Description is lengthy. A caption may be provided to further identify the image. | + +--- + +Appendix F-1: URAR Reference Guide + +Page 51 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_52.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_52.md new file mode 100644 index 0000000000000000000000000000000000000000..0e0a7443cca21fd42b930713c6a014ee22c54e3a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_52.md @@ -0,0 +1,46 @@ +```markdown +# Uniform Appraisal Dataset 03 Subject Property + +## Subject Property Commentary + +### Subject Property Commentary + +3.032 + +#### Subject Property Commentary + +**Report Allowable** +**. P Report Label**: When to Include w +**Definition / Additional Guidance** + +**Field ID**: Answers / Format + +### 3.032 Subject Property + +**When to Include**: If applicable +**Definition / Additional Guidance**: Free-form Additional commentary specific to the Subject Property section. Commentary may include: + +- Details captured above that require additional support. +- Information pertinent to the Subject Property section that is not captured in the details above. + +## Subject Property Exhibits + +All photos or images related to the Subject Property section (with the exception of Legal Description if applicable) are displayed in the Subject Property Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Subject Property Exhibits + +**Report Allowable** + +**Field ID**: Report Label +**When to Include**: Answers // REEL +**Definition / Additional Guidance** + +**See Subject Property** + +**When to Include**: If applicable +**Photos or images**: Photos or images relevant to the Subject Property section may be provided, which display in Subject Property Exhibits. If the photo or image is not specifically indicated above, provide a caption to further identify each photo or image. + +--- + +_Appendix F-1: URAR Reference Guide Page 52 of 367 Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_53.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_53.md new file mode 100644 index 0000000000000000000000000000000000000000..bc2246ccbca32ea5d1b74efc0ccbb8d4b64b74a2 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_53.md @@ -0,0 +1,33 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +The Site section provides information about the characteristics of the parcel(s) such as size, property access, site influences, utilities, and property restrictions. These details are key to providing an understanding of the property and the influences that define and affect the location. This section provides space for additional commentary, exhibits, and information about any apparent defects, damages, or deficiencies related to the site. The Site section always displays. + +## General Information + +### Site Size and Parcels + +- **Total Site Size**: 4.000 +- **Number of Parcels**: 4.002 +- **Dimensions**: 4.001 +- **Contiguous**: 4.003 +- **Elements Dividing Parcels**: 4.004 + +#### Site Size and Parcels + +| Field ID | Beate Report Label | When to Include | Answers / Format | Definition / Additional Guidance | +|---------|--------------------------|--------------------------------------------------------|---------------------------|----------------------------------| +| 4.000 | Total Site Size | Required if Site Owned in Common is No | Number of acres, square feet, hectares, or square meters | The total area of the site, including all parcels. For area less than 1 acre, use square feet in whole numbers (e.g., 27,840 sq. ft.). For area that is 1 acre or more, use acres to 2 decimals (e.g., 1.25 acres). If using the metric system, for area less than 1 hectare, use square meters in whole numbers (e.g., 7,500 sq. m.). If using the metric system, for area that is 1 hectare or more, use hectares to 2 decimals (e.g., 1.25 hectares). Note: If there is more than one parcel, the Total Site Size may not exactly match the sum of all Parcel Sizes (4.007) due to rounding differences for individual parcels. If new construction and providing an estimate, provide an explanation and describe in Site Commentary (4.116). | +| 4.001 | Dimensions | May be provided for FHA, USDA, and VA appraisals if Site Owned in Common is No | Free-form | The dimensions of the site such as its width and depth. Note: Must be consistent with other forms of measurement in the report. Reference the appropriate government agency appraisal guidelines for more information.| +| 4.002 | Number of Parcels | Required if Site Owned in Common is No | Number | The total number of parcels that comprise the subject property. | +| 4.003 | Contiguous | Required if Number of Parcels is more than 1 | Yes / No | Parcels Contiguous Indicates whether two or more parcels share at least one common boundary. Yes (2 or more parcels share a common boundary). No (the parcels are divided). | +| 4.004 | Elements Dividing Parcels| Required if Parcels Contiguous is No | Choose one or more allowable answers from the Definition / Additional Guidance column | The elements that separate non-contiguous parcels. e.g. Body of Water, Other Parcel, Road, Other (Describe) | + +--- + +Appendix F-1: URAR Reference Guide + +Page 53 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_54.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_54.md new file mode 100644 index 0000000000000000000000000000000000000000..1ab896ed261836dd3f7d800eab46cc8809cca8a4 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_54.md @@ -0,0 +1,102 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Information for Each Parcel + +### Assessor Parcel Number (APN) Description and Parcel Size + +- **Assessor Parcel Number (APN)** + - 4.005 + - 4.006 + - 4.007 + +## Site: Information for Each Parcel + +### Report Allowable +- **Report Label**: When to Include +- **Definition / Additional Guidance**: Field ID Answers / Format + +--- + +### Assessor Parcel + +- **Number (APN)** + - **Required for each parcel** if the property is not in a cooperative, or if applicable when the property is in a condop. + - **Free-form**: A number assigned to parcels of real property by the local jurisdiction for purposes of identification, record-keeping, and taxation. + - Note: If the APN is not yet assigned, enter “Not Assigned”. + +--- + +### 4.006 APN Description + +- **Required for each parcel** if the property is not in a cooperative, or if applicable when the property is in a condop. +- Choose an **allowable answer** from table (APN Description) + - - Land with Dwelling + - Condominium Unit + - Land with Improvement + - Vacant Land + - Boat Slip + - Parking + - Storage + - Other (Describe) + +- **Not on Report** + - This is an **appraiser input** that does not display +- **Free-form**: Alternative Property Identifier: A proprietary value used to identify parcels of real property. + +--- + +### 4.007 Parcel Size + +- **Required for each parcel** if Site Owned in Common is No and APN Description is Land with Dwelling, Land with Improvement, or Vacant Land +- **Number of acres, square feet, hectares, or square meters** + - Parcel Size: The area of the individual parcel. + - For area less than 1 acre, use square feet in whole numbers (e.g., 27,840 sq. ft.). + - For area that is 1 acre or more, use acres to 2 decimals (e.g., 1.25 acres). + - If using the metric system, for area less than 1 hectare, use square meters in whole numbers (e.g., 7,500 sq. m.). + - If using the metric system, for area that is 1 hectare or more, use hectares to 2 decimals (e.g., 1.25 hectares). + +--- + +### APN Description (Choose all that apply) + +- **Allowable Answer**: Definition / Additional Guidance + +1. **Land with Dwelling** + - A parcel containing one or more living units. + - Examples: + - Dwelling on a single lot + - Dwelling on multiple lots with independent APNs + - Site condos where the owner individually owns the lot associated with the dwelling + +2. **Condominium Unit** + - A living unit in a condominium project. + - For use when the property is in a condominium and Site Owned in Common (3.015) is Yes. + +3. **Land with Improvement** + - Land with one or more structures that do not contain living units (e.g., shed, barn). + - For use when the additional parcel does not contain a dwelling and has its own separate APN. + +4. **Vacant Land** + - Land containing no structures or dwellings. + - For use when the additional parcel is vacant land and has its own separate APN. May include utilities to the site. + +5. **Boat Slip** + - A privately owned docking point for boats or other watercraft. + - For use when the boat slip is a separate parcel. + +6. **Parking** + - An area specifically designed for vehicle storage. + - For use when the parking is a separate parcel. + +7. **Storage** + - A room or area designed to secure personal belongings. + - For use when the storage is a separate parcel. + +8. **Other (Describe)** + - Select Other to enter an answer that is not in the above list. + +--- + +Appendix F-1: URAR Reference Guide Page 54 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_55.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_55.md new file mode 100644 index 0000000000000000000000000000000000000000..0ea5905f7c6800e69b602dd811790db062483528 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_55.md @@ -0,0 +1,61 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +### Zoning + +#### Zoning Compliance + +| Field ID | Report Label | When to Include | Allowable Answers / Format | +|----------|------------------------------------|------------------------------------------------------------------------------|-------------------------------------------------------------| +| 4.008 | Compliance | Always required | Choose an allowable answer from Definition / Additional Guidance column | +| 4.009 | Classification Code | Required for all Zoning Compliance responses except No Zoning | Free-form | +| 4.010 | Classification Code Description | Required for all Zoning Compliance responses except No Zoning | Free-form | +| 4.011 | Reasons Illegal | Required if Zoning Compliance is Illegal | Choose one or more allowable answers from table (Reasons Illegal | +| 4.013 | Rebuildable to Current Density / Use | Required if Zoning Compliance is not Legal | Adverse, Beneficial, or Neutral | +| 4.013 | Rebuildable to Current Density / Use | Required for FHA, USDA, and VA appraisals when Zoning Compliance is Legal Nonconforming | Yes \| No | +| 4.014 | Description of Zoning Compliance | Required if Zoning Compliance is not Legal, or if relevant | Free-form | + +#### Definition / Additional Guidance + +- **Zoning Compliance**: The level of compliance of the site or improvements with zoning regulations. + - Illegal + - Legal + - Legal Nonconforming (A permissible exception to current zoning ordinances where the property was legally conforming when established but no longer conforms with current zoning) + - No Zoning (see also Property Restrictions (4.050-4.053), if applicable) + +- **Zoning Classification Code** as defined by the local governing authority (e.g., R1). + +- **Classification Code Description**: Descriptive text that explains the details of the Classification Code as used and defined by the local governing authority. + - Examples: + - Residential single-family dwellings on 1 acre lots + - Mixed use structures and low-rise multifamily units in the defined Central Business District (CBD) + +- **Reasons Illegal**: The reason(s) the site does not comply with zoning regulations. + - Accessory Dwelling Unit + - Development Standards + - Excessive Units + - Lot Size + - Manufactured Home + - Other (Describe) + +- Indicates whether the building code or zoning regulations allow the property to be rebuilt to the current density and use if current improvements are destroyed. + +- **Description of Zoning Compliance**: Description could include information pertinent to zoning compliance that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +### Site: Zoning - Reasons Illegal (Choose all that apply) + +| Allowable Answer | Definition / Additional Guidance | +|--------------------------|----------------------------------------------------------------------------------------------------------------------| +| Accessory Dwelling Unit | Accessory dwelling units are not allowed on the site. | +| Development Standards | Site is not compliant with development regulations (e.g., a dwelling with a building footprint that exceeds the allowable setback lines or size restrictions). | + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 55 of 367_ + +_Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_56.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_56.md new file mode 100644 index 0000000000000000000000000000000000000000..dcf074c3b5a82175e1d37b05968528969fa7305c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_56.md @@ -0,0 +1,43 @@ +``` +# Uniform Appraisal Dataset 04 Site + +## Site: Zoning - Reasons Illegal (Choose all that apply) + +**Allowable Answer Definition / Additional Guidance** +- The property exceeds the allowable density established by the local zoning authority (e.g., a two-to-four unit property in an area that permits only one-unit properties in the zoning regulations). +- Lot Size: Site size does not meet standards established by local zoning authority. +- Other (Describe): Select Other to enter an answer that is not in the above list. + +## Property Use + +This subsection displays when Site Owned in Common (3.015) is No. +- When Site Owned in Common is Yes, non-residential use such as live/work space in the living unit is reported in the Unit Interior section (10.026-10.028). +- Commercial space in condominium, cooperative, or condop project buildings is reported in the Project Information section (18.069). + +### Property Use +- **Primarily Residential** 4.015 +- **Residential Use** 4.016 +- **Non-Residential Use** 4.017 +- **Non-Residential Modification** 4.018 +- **Description of Non-Residential Use/Modification** 4.019 + +## Site: Property Use + +### Report Allowable + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|-----------------|----------------------------------| +| Non-Residential Use | Required if Site Owned in Common is No | Non-Residential Uses on Property: Indicates whether the property includes space set aside to operate a business. When analyzing this for a condominium or cooperative (such as a site condo), only include areas that are part of the subject unit and not the entire project. Project analysis is handled in the Project Information section. Notes: If Yes, the Non-Residential Property Use row displays in the Site Features Table (4.043-4.046), and additional information must be provided. If No, “None” displays. | + +4.015 **Primarily Residential** +- **Required if Non-Residential Uses on Property is Yes** +- Options: Yes | No +- **Definition:** Indicates whether the property's use is primarily residential when the property includes non-residential space set aside to operate a business. Although income should be considered, it may not be the sole determining factor if the property is primarily residential. + +4.016 **Residential Use** +- **Required for FHA, USDA, and VA appraisals if Non-Residential Uses on Property is Yes** +- Format: Percent +- **Definition:** Percent of Residential Use. Reference the appropriate government agency appraisal guidelines for more information. + +*Appendix F-1: URAR Reference Guide Page 56 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_57.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_57.md new file mode 100644 index 0000000000000000000000000000000000000000..c8deffccbc06eb143b9c837b5ca210bbc1c41851 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_57.md @@ -0,0 +1,57 @@ +# Uniform Appraisal Dataset + +## 04 Site + +### Site: Property Use + +#### Report Allowable + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | Answers / Format | +|----------|--------------|----------------|---------------------------------|-----------------| +| 4.017 | Non-Residential Use / Non-Residential Modification | Required if Non-Residential Uses on Property is Yes | Choose one or more allowable answers from the Definition / Additional Guidance column | | + +**Notes:** + +- Also displays in the Site Features Table (4.044). +- Photo(s) of non-residential use must be provided, which display in Site Exhibits with the caption “Non-Residential Use”. An additional caption including the type of non-residential use, location, and any other descriptive information as appropriate must be provided. + +**Allowable Answers:** + +- Agricultural +- Commercial (e.g., retail, day care, elder care, beauty or barber shop, doctor’s office) +- Industrial +- Other (Describe) + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|--------------|----------------|---------------------------------| +| 4.019 | Description of Non-Residential Use / Modification | Required if Non-Residential Uses on Property is Yes | Free-form commentary on the nature of the non-residential use and / or modifications, including the extent of the changes and whether they have an adverse impact on marketability as a residential property. | + +### Property Access + +#### Property Access + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | Answers / Format | +|----------|--------------|----------------|---------------------------------|-----------------| +| 4.020 | Primary Access | Always required | Primary Access to Property: The primary ingress and egress method to the property. | Choose an allowable answer from table | + +**Allowable Answers:** + +- Pedestrian Only Access +- Private Airstrip +- Private Street +- Public Street +- Waterway +- Other (Describe) + +**Notes:** + +- For condominiums, cooperatives, and condops, reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. +- Photo(s) of the property access must be provided, which display in Site Exhibits with the caption “Property Access (Street Scene)”. An additional caption may be provided to further identify the photo. + +--- + +*Appendix F-1: URAR Reference Guide* + +*Page 57 of 367* + +*Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_58.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_58.md new file mode 100644 index 0000000000000000000000000000000000000000..24defe22302455fe7b049c6c323706eec6330a8c --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_58.md @@ -0,0 +1,81 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +### Site: Property Access + +#### Report Allowable + +**Field ID: 4.021 Street Type and Surface** + +- **When to Include:** Required for each street if Primary Access to Property is Public Street, or Private Street +- **Report Label:** Street(s) Used to Access Property: The means of direct access and exit for all roads to and from the property. +- **Answers / Format:** + - Choose one or more allowable answers from table (Street Type) + - Alley + - Arterial Street + - Collector Street + - Cul-de-sac + - Dead End + - Local Road + - Rural Road + - Other (Describe) + +> **Note:** For condominiums, cooperatives, and condops, reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +**Field ID: 4.021 Street Type and Surface** + +- **When to Include:** Required for each street if Primary Access to Property is Public Street, or Private Street +- **Answers / Format:** Choose an allowable answer from the Additional Guidance column + - Asphalt + - Brick + - Concrete + - Cobblestone + - Dirt + - Gravel + - Other (Describe) + +> **Note:** If the street is made of multiple materials, choose the predominant one. + +**Field ID: 4.022 Known Maintenance Agreement** + +- **When to Include:** Required if Primary Access to Property is Private Street +- **Report Label:** Indicates whether there is an enforceable maintenance agreement for a private street used to access the property that is known to the appraiser. +- **Answers / Format:** Yes | No + +> **Notes:** +> - Select Yes if the private street is maintained by the HOA or PUD. +> - An image of the maintenance agreement may be provided, which displays in Site Exhibits. A caption must be provided to identify the image as being of a maintenance agreement, and any other descriptive information as appropriate. + +**Field ID: 4.024 Description of Property Access** + +- **When to Include:** Always required; Required if Access to Property Typical for the Market is No, or as needed +- **Report Label:** Free-form +- **Definition / Additional Guidance:** Description of the access to the property including why it is not typical for the market. Additional commentary to include details and other information may be provided. + +### Primary Access to Property (Choose one) + +**Allowable Answers:** + +- Pedestrian Only Access +- Private Airstrip +- Private Street +- Public Street +- Waterway +- Other (Describe) + +- **Definition / Additional Guidance:** + - Indicates the property is landlocked and can only be accessed by foot (e.g., walking, hiking) and cannot be accessed by any other method. An easement is typically required to access the property. + - **Note:** Choose this answer for situations in which there is a street giving access to the subject property that has been converted to pedestrian-only access and is the only access. + - **Note:** Do not include airstrips that serve a project or community. These are reported in Common Amenities / Services. + - **Note:** Do not choose this answer for pedestrian-only streets. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 58 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_59.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_59.md new file mode 100644 index 0000000000000000000000000000000000000000..880e371f124e21aa08742fe3587ae3298017e5db --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_59.md @@ -0,0 +1,94 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +### Street Type (Choose all that apply) + +#### Allowable Answer + +- Alley +- Arterial Street +- Collector Street +- Cul-de-sac +- Dead End +- Local Road + +#### Definition / Additional Guidance + +- **Alley**: A typically narrow passageway between buildings or residences that is designed to provide access to the property but not meant for use as a local road. + +- **Arterial Street**: A high-capacity road primarily designed to provide routes from city to city; features divided lanes and high to moderate rates of speed, limited and controlled pedestrian access (e.g., state or county highway). + +- **Collector Street**: A moderate-capacity road designed to link to arterial roads and collect traffic from local roads; may feature divided lanes, moderate rates of speed, and controlled pedestrian access. + +- **Cul-de-sac**: A low-capacity road designed as a non-through street that ends in a circle typically used for vehicle turnaround; features a low rate of speed and unregulated pedestrian access. + +- **Dead End**: A low-capacity road or series of roads that end abruptly with no specified area for vehicle turnaround and only one means of entry and exit; features a low rate of speed and unregulated pedestrian access (e.g., non-through street). + +- **Local Road**: A moderate- to low-capacity road primarily designed to provide direct access to individual residential properties; typically features single lane, low rates of speed and unregulated pedestrian access (e.g., neighborhood or residential road). + +- **Rural Road**: A low-capacity road primarily designed to provide direct access to agricultural properties and larger acreage residential properties; typically present in areas of low population density with low rates of speed and unregulated pedestrian access (e.g., county road). + +- **Other (Describe)**: Select Other to enter an answer that is not in the above list. + +## Site Influence + +The appraiser must fully consider all of the influences that impact the value and marketability of a property’s site and location. These may be onsite or offsite, and sometimes may not be visible from the property or may even be located some distance away. + +The appearance of the Site Influence table varies based on the details of the property being appraised. + +### Site Influence + +| Influence | Proximity Detail | Impact | Comment | +|-----------|------------------|--------|---------| +| 4.025 | | | | +| 4.026 | | | | +| 4.027 | | | | +| 4.028 | | | | +| 4.029 | | | | + +#### Site Influence Commentary 4.030 + +**Field ID Report Label** + +- **Influence 4.030 | Site Influence** + + - Commentary: Always required if relevant + +**Allowable Answers / Format** + +- Choose one or more allowable answers from table (Site Influence) + +**Definition / Additional Guidance** + +- **Site Influence**: Specifies an influence on the property. + +Note: Photos or images for each site influence may be provided, which display in Site Exhibits with the caption “Site Influence”. An additional caption must be provided, including the site influence type and any other descriptive information as appropriate. + +- **Free-form**: Overall commentary for all site influences. + +### Site Influence (Choose all that apply) + +#### Allowable Answer + +- Agricultural + +#### Definition / Additional Guidance + +- **Airport**: A designated area where aircraft take off and land. + + Note: Airport influences can extend to flight paths where landing and take-off patterns may create higher noise levels. Choose this answer when reporting on these types of influences. + +- **Body of Water**: Choose this answer if there are one or more bodies of water that influence the site. + + Note: If applicable, see also the Water Frontage with Private Access subsection (4.031-4.038). + +- **Busy Roadway** + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 59 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_6.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_6.md new file mode 100644 index 0000000000000000000000000000000000000000..0b96334a1b7af05f65b4d76fb77af45e1da02139 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_6.md @@ -0,0 +1,62 @@ +```markdown +# Uniform Appraisal Dataset Table of Contents + +## Table of Contents + +- **Revision History** + +- **Introduction** ............................................ 7 + +- **Overview** ............................................... 8 + +- **Header and Footer** + +- **01 Summary** ............................................. 23 +- **02 Assignment Information** .............................. 31 +- **03 Subject Property** .................................... 44 + +- **05 Disaster Mitigation** ................................. 83 +- **06 Energy Efficient and Green Features** ................. 85 +- **07 Sketch** + +- **08 Dwelling Exterior** ................................... 91 +- **09 Manufactured Home** .................................. 115 +- **10 Unit Interior** ...................................... 125 + +- **11 Functional Obsolescence** + +- **12 Outbuilding** ........................................ 150 +- **13 Vehicle Storage** .................................... 161 +- **14 Subject Property Amenities** ......................... 166 + +- **15 Overall Quality and Condition** + +- **16 Highest and Best Use** ............................... 175 +- **17 Market** ............................................. 177 +- **18 Project Information** ................................ 182 +- **19 Subject Listing Information** ........................ 201 +- **20 Sales Contract** ..................................... 204 +- **21 Prior Sale and Transfer History** .................... 207 + +- **22 Sales Comparison Approach** + +- **23 Rental Information** ................................. 280 +- **24 Income Approach** .................................... 302 +- **25 Cost Approach** + +- **26 Reconciliation** + +- **27 Revision History** ................................... 335 +- **28 Supplemental Information** ........................... 338 +- **29 Certifications and Scope of Work** ................... 339 + +## Appendix + +- **Appendix 1: Glossary** + +- **Appendix 2: Condition and Quality Rating Definitions** ... 348 +- **Appendix 3: ANSI Example** .............................. 351 +- **Appendix 4: Detached Garage Examples** .................. 354 + +### Appendix F-1: URAR Reference Guide Page 6 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_60.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_60.md new file mode 100644 index 0000000000000000000000000000000000000000..ff59b4d37898300cb95d6fa66fff8d3511791dfd --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_60.md @@ -0,0 +1,92 @@ +# Uniform Appraisal Dataset + +## 04 Site + +### Site Influence (Choose all that apply) + +**Allowable Answer** + +- Commercial Area +- Golf Course +- High Density Residential +- High Pressure Gas Line +- Historic District +- Industrial Area + An area intended for the production of manufactured goods (e.g., factories). +- Local Distribution Line +- Oil or Gas Well +- Green Space + An area of protected or conserved land or water on which development is indefinitely set aside. + +**Definition / Additional Guidance** + +- An area intended to produce income (e.g., office buildings, hospitality). +- A densely populated residential area. +- A distribution system with lines in which the gas pressure in the main is higher than the pressure provided to the customer. +- A district designated to be of historical significance by a recognized authority. +- Electric lines that commonly supply power to residential housing developments, similar facilities, and individual properties. + +- Overhead Electric Power Transmission Line +- Park +- Public Transportation Hub +- Rail Line + Electric lines that supply power from power generation stations to local distribution lines. +- A location where public transportation can be accessed (e.g., bus transfer station, metro station). +- The rail line used by commercial or commuter trains (e.g., railroad tracks, metro tracks). + +- Residential +- School +- Stormwater Retention + An area designed to hold or retain stormwaters on a permanent basis. +- Other (Describe) + Select Other to enter an answer that is not in the above list. + +--- + +### Information for each Site Influence + +**Site**: Information for each Site Influence + +**Report** + +- **Field ID**: Report Label + +**Proximity** + +- **4.027 Detail** +- **Allowable** + +**When to Include** + +- **Answers / Format** + +**Definition / Additional Guidance** + +- Required for each site influence | Choose an allowable answer from table + *Proximity* + - Bordering + - Offsite + - Onsite + +- Required if Site Influence is Body of Water + Choose one or more allowable answers from the *Definition / Additional Guidance* column + - Bay + - Canal + - Cove + - Creek + - Gulf + - Lake + - Marsh + - Ocean + - Pond + - Reservoir + - River + - Sound + + - Other (Describe) + +--- + +*Appendix F-1: URAR Reference Guide* + +Page 60 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_61.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_61.md new file mode 100644 index 0000000000000000000000000000000000000000..8ce7ff760d35a580bc11d331cf2cc9f26a6dca78 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_61.md @@ -0,0 +1,70 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +### Site: Information for each Site Influence + +**Report** + +| Report Label | FieldID | +|--------------|---------| +| Site Influence | “Port bane | + +**When to Include** + +- Detail required for FHA, USDA, and VA appraisals when Site Influence is Airport Hazard Zone. + +**Allowable Answers / Format** + +- *Special Airport Hazard Zone*: Areas mapped as special airport hazard zones at the ends of runways where aircraft accidents are most likely to occur. + - None (Not in a Special Airport Hazard Zone) + - Civil Airport Runway Clear Zone + - Military Airport Accident Potential Zone 1 + - Military Airport Clear Zone + - Other (Describe) + +**Definition / Additional Guidance** + +- Reference the appropriate government agency appraisal guidelines for more information. + +**Detail Required for FHA, USDA, and VA appraisals when Site Influence is Local Distribution Line, Overhead Electric Power Transmission Line, or High Pressure Gas Line** + +- Allowable Answers: + - Yes (Meets Policy Requirements) + - No (Does Not Meet Policy Requirements) + +- Reference the appropriate government agency appraisal guidelines for more information. + +### Comment + +**Required for each Site Influence** + +- When Adverse or Beneficial, describe the impact to value and/or marketability. Additional commentary may be provided to include details and other information. + +**Proximity (Choose one for each Site Influence or Environmental Condition)** + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| Bordering | An influence located on or coming from a site that directly abuts the subject site. | +| Offsite | An influence located on or coming from a site that is not the subject site nor directly abuts the subject site. | +| Onsite | An influence located on or coming directly from the subject site. | + +### Special Airport Hazard Zone (Choose one) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|----------------------------------| +| None (Not in a Special Airport Hazard Zone) | Select this answer if the property is not in a Special Airport Hazard Zone. | +| Civil Airport Runway Clear Zone | Areas immediately beyond the ends of runways for civil airports as established by Federal Aviation Administration for the purpose of enhancing protection of people and property on the ground in the event an aircraft lands or crashes beyond the runway end. | +| Military Airport Accident Potential Zone 1 | Areas beyond the Clear Zone for military airfields established by the United States Department of Defense as a planning tool for local planning agencies. Accident Potential Zones are areas where aircraft mishaps are most likely to occur near the airfields. | +| Military Airport Clear Zone | Areas immediately beyond the ends of runways for military airfields established by the United States Department of Defense. | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +--- + +Appendix F-1: URAR Reference Guide + +Page 61 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_62.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_62.md new file mode 100644 index 0000000000000000000000000000000000000000..f74b851122f032bf63c2bfb0a4d6051485d5542a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_62.md @@ -0,0 +1,39 @@ +```markdown +# Uniform Appraisal Dataset 04: Site + +## Apparent Environmental Conditions + +The appraiser must fully consider any apparent environmental conditions that impact the value and marketability of the property. Environmental conditions may be onsite or offsite, may not be visible on or from the property, or may even be located some distance away. + +There is one Apparent Environmental Condition row in the Site Influence table for each Apparent Environmental Condition. If there are no environmental conditions, this row does not display. + +### Site: Site Influence - Apparent Environmental Conditions + +| Field | Report Label | When to Include | +|-------|--------------|----------------| +| Always required | Choose one or more allowable answers from table (Apparent Environmental Condition) | Apparent Environmental Condition: A type of environmental condition identified during the analysis of a lot or structure. | +| Proximity Required for each identified Apparent Environmental Condition | Choose an allowable answer from table | Proximity of the environmental condition to the property. | +| Proximity Required if Proximity is Bordering or Offsite | Number of feet, meters, miles, or kilometers | Distance from Property: The approximate distance from the property to the environmental condition, as measured from the closest point of the apparent environmental condition to the subject property line. | +| Required for each identified Apparent Environmental Condition | Adverse, Beneficial, or Neutral | | +| Comment Required for each identified Apparent Environmental Condition | Free-form | Commentary on the nature of the environmental condition, and its impact to value and/or marketability. | + +### Apparent Environmental Condition (Choose all that apply) + +#### Allowable Answers + +- **None**: Select this answer if there are no apparent environmental conditions that influence the property, and the Apparent Environmental Condition row does not display. +- **Hazardous Above Ground Storage Tank**: Stationary storage tank above the surface grade with capacity of 1000 gallons or more of flammable or explosive material. +- **Hazardous Substances**: Any material that may be harmful to humans, the property, and/or the environment. +- **Landfill**: An area of land that is built up from deposits of solid refuse in layers covered by soil. +- **Radon**: A heavy radioactive gaseous element formed by the decay of radium. +- **Slush Pit** +- **Soil Contamination** +- **Superfund Site** +- **Underground Storage Tank** +- **Water Contamination** +- **Other (Describe)** + +Appendix F-1: URAR Reference Guide + +Page 62 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_63.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_63.md new file mode 100644 index 0000000000000000000000000000000000000000..e7d64a9772535e5dc5810bd7620f19af996fdb82 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_63.md @@ -0,0 +1,49 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Apparent Environmental Condition (Choose all that apply) + +### Allowable Answer Definition / Additional Guidance + +- **Slush Pit**: Earthen pit or basin excavated next to drilling rigs that are used for the collection and disposal of drilling muds and well cuttings. +- **Superfund Site**: A site established by the Federal Comprehensive Environmental Response, Compensation, and Liability Act of 1980 and administered by the Environmental Protection Agency, enabling it to investigate and clean up sites contaminated with hazardous substances. +- **Underground Storage Tank**: A storage tank that is below the surface grade. +- **Water Contamination**: Water that contains any foreign substance that can be harmful to humans, the property, and/or the environment (e.g., lead, arsenic). +- **Other (Describe)**: Select Other to enter an answer that is not in the above list. + +## Water Frontage with Private Access + +The appraiser must indicate whether the property has private access to each Body of Water Type that was indicated in the Site Influences subsection above. Private access is intended to mean that the access is either owned by the subject property or exclusively granted to the subject property through easement or right. + +This section is not intended for public or community waterfront access used as an amenity in projects, communities, or other housing developments. Instances where community waterfront access is included as an amenity in mandatory HOA fees must be reported in Common Amenities / Services (18.012) in the Project Information section. + +If the property does not have private access to any body of water, this subsection does not display. + +### Site: Water Frontage Report Allowable + +- **Report Label**: Property Has Private Access Rights to the Body of Water: Indicates whether the property has private access to the associated body of water. + +- **Field ID Answers / Format**: Always required for each Body of Water Type. Yes | No + +For private access, this represents private access from the property only, either through a community buffer or exclusive to the property. Do not select Yes to report on public, community, or project waterfront access and amenities. + +### For All Private Water Frontage on the Property + +This subsection includes information about all private water frontage on the property. + +#### Water Frontage with Private Access + +- **Total Linear Measurement**: Water Frontage Total Length: The approximate total linear measurement of all waterfront with private access, measured in front footage. +- **Permanent Waterfront Feature**: (Field ID 4.032) +- **Right to Build**: (Field ID 4.033) + +### Site: Information for all Private Water Frontage on the Property + +- **Report Label**: Total Linear Measurement + - **When to Include**: Required if Property Has Private Access Rights to the Body of Water is Yes for one or more bodies of water. + - **Definition / Additional Guidance**: Number of feet or meters + +--- + +Appendix F-1: URAR Reference Guide Page 63 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_64.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_64.md new file mode 100644 index 0000000000000000000000000000000000000000..e2076e9c619bd24929c848e19702d1c6b6274bcb --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_64.md @@ -0,0 +1,49 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Site: Information for all Private Water Frontage on the Property + +| LePEL Report Label | When to Include | Alerts | Definition / Additional Guidance | +|--------------------|-----------------|--------|---------------------------------| +| **Field ID** | **Answers / Format** | +| 4.032 | Permanent Waterfront Feature | +| Permanent | Required if `Property Has Private Access Rights to the Body of Water` is Yes for one or more bodies of water. Choose one or more allowable answers from table (Permanent Waterfront Feature). | +| Waterfront | - None | +| Feature | - Beach | +| | - Boat Lift | +| | - Boat Ramp | +| | - Boat Slip | +| | - Dock | +| | - Pier | +| | - Riprap | +| | - Seawall or Bulkhead | +| | - Other (Describe) | + +### Notes: + +- If there are multiple permanent waterfront features and bodies of water, provide further details in Water Frontage Commentary (4.038). +- Photos or images for the indicated permanent waterfront feature may be provided, which display in Site Exhibits with the caption “Permanent Waterfront Feature”. An additional caption must be provided, including the waterfront feature type(s) and any other descriptive information as appropriate. + +### Right to Build + +Required if Permanent Waterfront Feature is None: +- When there are no waterfront features on the property (`Permanent Waterfront Feature` is None), indicate whether the property has the right to improve the shoreline or build waterfront features. + +### Permanent Waterfront Feature (Choose all that apply) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|-------------------------------------------------------------------------------------------------------------------------------| +| Beach | A strip of land separating a body of water from inland areas, typically used for recreation or leisure purposes. | +| Boat Lift | A machine for raising and lowering watercraft to and from the water. | +| Boat Ramp | A form of access point, leading to a body of water, for boats or other watercraft. | +| Boat Slip | A docking point for boats or other watercraft. | +| Dock | A platform leading out from shore into a body of water that is not attached to pillars or girders. Can be permanently installed, or temporary to allow for removal due to seasonality. Note: Docks that are temporary or not permanently installed are considered personal property and are not reported here. | +| Pier | A permanent structure leading out from shore into a body of water, typically made of concrete, steel, or treated timbers and supported on pillars or girders. | +| Riprap | Rock or other material set in place to protect shorelines (e.g., shot rock, rock armor, or rubble). | +| Seawall or Bulkhead | A wall or structure designed to protect shorelines from wave loads and / or to retain soils and prevent erosion. Select this answer only when it is privately owned and maintained, and part of the real estate being valued. | +| Other (Describe) | Select Other to enter an answer that is not in the above list. Note: Boathouses must be reported in the Outbuilding section and are not reported here. | + +--- + +**Appendix F-1: URAR Reference Guide Page 64 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_65.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_65.md new file mode 100644 index 0000000000000000000000000000000000000000..f492c247e10fad5ba0d8569a2110ae80bb5b0485 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_65.md @@ -0,0 +1,89 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +### For each Body of Water with Private Access + +Indicate which bodies of water from above (Body of Water Type (4.027)) have private access from the property, either through a community buffer or exclusive to the property. If there are multiple bodies of water with private access, each displays in a separate row in the Water Frontage with Private Access table. + +| Frontage Name | Waterfront Access Rights | Access Depth | +|---------------|--------------------------|--------------| +| 4.034 | 4.035 | 4.036 | 4.037 | + +#### Water Frontage Commentary 4.038 + +### Site: Information for Each Body of Water with Private Access + +#### Report + +| Field ID | Report Label | +|----------|----------------------------| +| Frontage | | +| Waterfront Access Rights | | +| 4.037 | Access Depth | + +#### When to Include + +- If applicable +- If relevant +- Required for each body of water where Property Has Private Access Rights to the Body of Water is Yes +- Required for each body of water where Property Has Private Access Rights to the Body of Water is Yes + +#### Allowable Answers / Format + +- Choose one or more allowable answers from the Definition / Additional Guidance column +- Free-form +- Choose an allowable answer from table Waterfront Access Rights +- Choose an allowable answer from table (Access Depth + +#### Definition / Additional Guidance + +- Body of Water Type + - Bay + - Canal + - Cove + - Creek + - Gulf + - Lake + - Marsh + - Ocean + - Pond + - Reservoir + - River + - Sound + - Other (Describe) + +##### Notes: + +- Body of Water Type redisplays from 4.027. +- Photos or images for all water frontage with private access must be provided, which display in Site Exhibits with the caption “Water Frontage”. An additional caption must be provided, including the water frontage type(s) and any other descriptive information as appropriate. + +#### Body of Water Name + +- Type of access the subject property has to the waterfront. + - By Permit + - Deeded Access + - Privately Owned + - Other (Describe) + +- Classifies the water depth for the purpose of watercraft access. + - Deep Water + - Non-Navigable + - Shallow Water + - Other (Describe) + +Note: Water depth should be approximated considering typical and feasible water depths, whether by dock, pier, or shoreline. + +### Waterfront Access Rights (Choose one for each Body of Water with Private Access) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|------------------------------------------------------------------------------| +| By Permit | Temporary permissible use of the waterfront access granted by a recognized authority. | +| Deeded Access | Legally permissible use of the waterfront access written in the deed. | +| Privately Owned | Waterfront access as granted through private ownership of the water frontage. | + +--- + +Appendix F-1: URAR Reference Guide Page 65 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_66.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_66.md new file mode 100644 index 0000000000000000000000000000000000000000..4ef24eb4037efc1fdb49bffd3637957bdf2f38ce --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_66.md @@ -0,0 +1,48 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Waterfront Access Rights (Choose one for each Body of Water with Private Access) + +**Allowable Answer** +Definition / Additional Guidance + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +## Access Depth (Choose one for each Body of Water with Private Access) + +**Allowable Answer** +Definition / Additional Guidance + +- **Deep Water** + Water is four feet or deeper and can handle most types of recreational watercraft. +- **Non-Navigable** + Water is less than two feet deep and does not provide consistent ingress and egress for any watercraft. +- **Shallow Water** + Water is two to four feet deep and can handle most recreational watercraft. +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +## Water Frontage Commentary + +### Site: Information for Each Body of Water with Private Access + +| Report Allowable | + B Report Label | When to Include | Definition / Additional Guidance | +| ---------------- | ---------------- | --------------- | -------------------------------- | +| 4.038 | Water Frontage Commentary | If relevant | Free-form Overall commentary for all water frontage, which could include information that is not captured in the discrete data, or additional details to support the discrete data that is provided. | + +## View and Impact to Value / Marketability + +A key component of a property’s location is the view. This subsection contains information about the views associated with the subject property, the range and breadth of those views, and the overall impact the views have on the subject’s value and marketability. + +### View and Impact to Value/Marketability + +- **View Range of View Impact** + 4.039 [4.040 [4.041 +- **View Commentary** + 4.042 + +--- + +*Appendix F-1: URAR Reference Guide Page 66 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_67.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_67.md new file mode 100644 index 0000000000000000000000000000000000000000..323a8170e5954dae4d21b760d3f9bb1bf811fc94 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_67.md @@ -0,0 +1,76 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Site: View and Impact to Value / Marketability + +### Report All +- __Report Label:__ When to Include + + __Field ID: Answers / Format__ + + Always required. Choose one or more allowable answers from the list below. + +### Definition / Additional Guidance + +The specific view types as observed for valuation purposes that may affect market value. + +- Bay +- Canal +- City Street +- Commercial +- Cove +- Creek +- Golf Course +- Gulf +- High Density Residential +- Highway +- Industrial +- Lake +- Marsh +- Mountain +- Ocean +- Park +- Parking Lot +- Pastoral +- Pond +- Reservoir +- Residential +- River +- School +- Skyline +- Sound +- Traffic Wall Barriers +- Valley +- Woods +- Other (Describe) + +### Notes: + +- Views must be reported and analyzed based on what is readily visible from the property dwelling or unit(s). For high-rise, mid-rise, and low-rise properties, the view is reported at the unit level. + +- Photo(s) must be provided of all views that impact value or marketability, which display in Site Exhibits with the caption "View". An additional caption must be provided, including the view type and any other descriptive information as appropriate. + +### View (Primary) + +- Always required for each view. + - Indicates whether the view is the primary view. + - Select Yes for the view with the most impact, and if there is more than one view, "(Primary)" displays next to the view. + +### Range of View + +- Always required for each view. + - Choose an allowable answer from table (Range of View): Full, Partial, Seasonal, Other (Describe) + +### Impact + +- Always required for each view: Adverse, Beneficial, or Neutral + +### View Commentary + +- If relevant, provide details captured above that require additional support. + - Information pertinent to views impacting value and/or marketability that is not captured in the details above. + +--- + +Appendix F-1: URAR Reference Guide Page 67 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_68.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_68.md new file mode 100644 index 0000000000000000000000000000000000000000..679cb1c48c57a82155cb8470c47468afd5492653 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_68.md @@ -0,0 +1,42 @@ +# Uniform Appraisal Dataset 04 Site + +## Range of View (Choose one for each View) + +**Allowable Answer Definition / Additional Guidance** + +- **Full:** A generally unobstructed view. +- **Partial:** A significantly obstructed or limited view. +- **Seasonal:** A view that is obstructed during certain times of the year. +- **Other (Describe):** Select Other to enter an answer that is not in the above list. + +## Site Features and Impact to Value / Marketability + +The Site Features table provides information about relevant site factors that may impact the value and marketability of the property. + +- Non-Residential Property Use +- Hazard Zone +- Property Restrictions +- Easements +- Encroachments +- Site Characteristics + +The appearance of the Site Features table varies based on the details of the property being appraised. This sample shows all possible rows that may display. + +### Site Features and Impact to Value/Marketability + +| Feature | Detail | Impact | Comment | +|-----------------------------|-------------|--------|---------| +| Non-Residential Property Use| 4.043 \| 4.044 | 4.045 | 4.046 | +| Hazard Zone | 4.047 \| 4.048 | 4.049 | | +| Property Restriction | 4.050 \| 4.051 \| 4.052 | 4.053 | | +| Easement | 4.054 \| 4.055 \| 4.056 | 4.057 | | +| Encroachment | 4.058 \| 4.059 | 4.060 | 4.061 | +| Site Characteristic | 4.062 \| 4.063 | 4.064 | 4.065 | + +### Site Features Commentary + +4.066 + +--- + +Appendix F-1: URAR Reference Guide Page 68 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_69.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_69.md new file mode 100644 index 0000000000000000000000000000000000000000..c847893da779f97814d25d465590a6a9c1b3aab7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_69.md @@ -0,0 +1,42 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +### Non-Residential Property Use + +The appraiser must carefully analyze and report on any significant non-residential uses of the subject property in this section when Site Owned in Common (3.015) is No. This row only displays in the Site Features table when Site Owned in Common is No and Non-Residential Uses on Property (4.017) is Yes. + +- When Site Owned in Common is Yes, the details of non-residential use for a specific unit, including whether the property qualifies as live / work space, are reported in the Unit Interior section (10.026-10.028). +- Commercial space in project buildings is reported in the Project Information section (18.069). + +#### Site: Site Features - Non-Residential Property Use + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|-----------------------------|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------| +| | Non-Residential Property Use (Detail) | Required if Non-Residential Use is Yes | Choose one or more allowable answers from the Definition / Additional Guidance column | The type(s) of non-residential use observed on the property.
- Agricultural
- Commercial (e.g., retail, day care, elder care, beauty or barber shop, doctor’s office)
- Industrial
- Other (Describe)
Note: Redisplays from 4.017. | +| | Non-Residential Property Use (Impact) | Required if Non-Residential Use is Yes | Adverse, Beneficial, or Neutral | | + +- Non-Residential Property Use (Comment): When Adverse or Beneficial, describe the impact to value and / or marketability. Additional commentary may be provided to include details and other information. + +### Hazard Zone + +The appraiser must report all Hazard Zones that impact the subject property in this section. Examples such as Flood Zones and Lava Flow Zones are predefined and must be reported using the available selections. Select Other (Describe) to identify any zones that impact the subject property that are not predefined. + +The Hazard Zone row always displays in the Site Features table. + +#### Site: Site Features - Hazard Zone + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|-----------------|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| | Hazard Zone (Detail) | Always required | Choose one or more allowable answers from the Definition / Additional Guidance column | Hazard Zone: The geographic area, as specified by a government entity, documenting a potential risk to the property.
- FEMA Special Flood Hazard Area
- USGS Lava Flow Zone
- None (No Hazard Zone Noted)
- Other (Describe) | +| | Hazard Zone (Impact) | Required if Hazard Zone is USGS Lava Flow Zone
Required if property is in a hazard zone | USGS Lava Flow Zone 1 to 9
Adverse, Beneficial, or Neutral | Lava Flow Zone: Defined by the United States Geological Survey to identify the most dangerous Lava Flow Zone in which the property, in whole or in part, is located.
Note: If the property is in multiple Lava Flow Zones, report the most severe rating, and note the other Lava Flow Zones in Hazard Zone Comment. | + +--- + +**Appendix F-1: URAR Reference Guide** + +_Page 69 of 367_ + +_Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_7.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_7.md new file mode 100644 index 0000000000000000000000000000000000000000..d69af7193cfc6a040b4e76140ae7f362b2ed274a --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_7.md @@ -0,0 +1,22 @@ +```markdown +# Uniform Appraisal Dataset Introduction + +## Introduction + +The Uniform Appraisal Dataset (UAD) is a standardized industry dataset for appraisal information that is transmitted electronically through the Uniform Collateral Data Portal® (UCDP®). At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac (the government-sponsored enterprises or GSEs) jointly developed the first UAD in 2010 using the Mortgage Industry Standards Maintenance Organization (MISMO®) Reference Model 2.6, providing consistent data standards for the loans the GSEs purchase. + +The dataset is being updated to reflect changes to the appraisal industry, address future appraisal needs, and facilitate ongoing digitization in the appraisal process and the mortgage industry. + +In the legacy UAD, standardized data was the key to evaluating risk at a macro level. The new dataset will build on this advancement by: + +- Creating consistent enumerated fields. +- Keeping the related data together in each section for an easy-to-read report. +- Reducing subjectivity to enhance impartiality through discrete data versus free-form text. +- Having conditionality drive what sections appear on the final output, eliminating the need for multiple forms to support different property and assignment types. + +The updated UAD will help the appraiser more accurately report the characteristics of the subject property and comparables, be more scalable and flexible than the legacy forms, help appraisers comply with the Uniform Standards of Professional Appraisal Practice (USPAP), and better define the Scope of Work. + +In addition, appraisal data is currently submitted to the GSEs using the MISMO Reference Model 2.6, which is outdated and no longer supported by MISMO. As part of this update, the UAD will conform to the latest MISMO Reference Model (3.6). + +**Appendix F-1: URAR Reference Guide Page 7 of 367 Version 1.2** +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_70.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_70.md new file mode 100644 index 0000000000000000000000000000000000000000..68c3b578ad832e3a6598d36d5cd6a3388d242d72 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_70.md @@ -0,0 +1,76 @@ +# Uniform Appraisal Dataset + +## 04 Site + +### Site: Site Features - Hazard Zone + +#### Report + +| Field ID | Report Label | +|----------|-----------------| +| 4.049 | Hazard Zone (Comment) | + +**When to Include**: Required if Impact is Adverse, or as needed +**Definition / Additional Guidance**: When Adverse, describe the impact to value and/or marketability. Additional commentary may be provided to include details and other information. + +### Property Restriction + +The appraiser must identify property restrictions or encumbrances affecting the subject property in this subsection. Restrictions are identified using the most appropriate description from the list provided. If there are multiple restrictions, choose all that apply. + +There is one row in the Site Features table for each Property Restriction. If there are no property restrictions, this row does not display. + +### Site: Site Features - Property Restriction + +#### Report + +| Field ID | Report Label | +|------------------|---------------------------------------| +| Property | Restriction (Detail) | +| | Restriction (Impact) | +| | Restriction (Comment) | + +**Allowable Answers / Format**: + +- **When to Include**: If applicable +- **Definition / Additional Guidance**: Choose one or more allowable answers from table (Property Restriction: Limitation(s) on the use, development, or transfer of a property) + +**Property Restriction (Choose all that apply)** + +**Allowable Answer** + +- Age +- Historic Preservation +- Income +- Land Use +- Rental +- Sale Price +- Other (Describe) + +**Definition / Additional Guidance**: + +- **Required for each property restriction**: Adverse, Beneficial, or Neutral +- **Required for each property restriction if Impact is Adverse or Beneficial, or as needed** + +When Adverse or Beneficial, describe the impact to value and/or marketability. Additional commentary may be provided to include details and other information. + +#### Property Restriction (Choose all that apply) + +**Allowable Answer** + +- **Historic Preservation**: A restriction that prevents owner from altering the property in its entirety or specific portion of the property to preserve its historical relevance or character. + +- **Income**: A restriction that limits the conveyance and ownership of the property based on an individual meeting income requirements. + Note: For affordable housing programs, select both Income and Sale Price, if applicable. + +- **Land Use**: A restriction that controls use of the land. + +- **Rental**: A restriction on the amount of rent that can be charged or increased in a certain period (e.g., rental cap, rent control). + +- **Sale Price**: A restriction that places a sale price threshold on the property (e.g., minimum sale price, maximum sale price). + Note: For affordable housing programs, select both Income and Sale Price, if applicable. + +- **Other (Describe)**: Select Other to enter an answer that is not in the above list. + +--- + +Appendix F-1: URAR Reference Guide Page 70 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_71.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_71.md new file mode 100644 index 0000000000000000000000000000000000000000..8c54e8479b0be98bcef138d3048e30535f9cd659 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_71.md @@ -0,0 +1,39 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +### Easement + +Easements affecting the subject property are identified in this subsection. The appraiser must identify easements granted by neighboring properties to the subject property, in addition to any easements granted by the subject property to a neighboring property. Use the most appropriate description from the list provided. + +There is one row in the Site Features table for each Easement. If there are no easements, this row does not display. + +#### Site: Site Features - Easement + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +| --- | --- | --- | --- | --- | +| 4.054 | Easement (Detail) | If applicable | Choose one or more allowable answers from the Definition / Additional Guidance column | Easement: A nonpossessory right to cross or otherwise use a portion of another property for a specified purpose. Note: Do not report easements that are typical or common to the market. | +| 4.055 | Easement (Impact) | Required for each easement | Adverse, Beneficial, or Neutral | | +| Easement (Comment) | Required for each easement if Impact is Adverse or Beneficial, or as needed | Free-form | When Adverse or Beneficial, describe the impact on value and/or marketability. Additional commentary may be provided to include details and other information, including if the easement is on a neighboring property. | + +### Encroachment + +Encroachments affecting the subject property are identified in this subsection using the most appropriate description from the list provided. The appraiser must identify encroachments by neighboring properties on the subject property in addition to any encroachments of the subject property on a neighboring property. + +There is one row in the Site Features table for each Encroachment. If there are no encroachments, this row does not display. + +#### Site: Site Features - Encroachment + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +| --- | --- | --- | --- | --- | +| Encroachment (Detail) | If applicable | Choose one or more allowable answers from the Definition / Additional Guidance column | Encroachment: An intrusion on a property when a stationary object crosses a neighboring property line (e.g., fence, shed, garage, tree). Note: Photos or images may be provided for encroachments, which display in Site Exhibits with the caption “Encroachment”. An additional caption must be provided, including the encroachment type and any other descriptive information as appropriate. | + +--- + +*Appendix F-1: URAR Reference Guide* + +*Page 71 of 367* + +*Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_72.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_72.md new file mode 100644 index 0000000000000000000000000000000000000000..cb960aa928b7e4358a2caca19d69f13d067da27b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_72.md @@ -0,0 +1,51 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Site: Site Features - Encroachment + +### Report Label + +| Field ID | Answers / Format | +|----------|------------------| +| 4.059 | Required for each encroachment. Choose an allowable answer from the Definition / Additional Guidance column. | + +#### Encroachment (Detail) + +- Bordering Property Encroaching on Subject Property +- Subject Property Encroaching on Bordering Property + +#### Encroachment (Impact) + +- Required for each encroachment: Adverse, Beneficial, or Neutral + +| Field ID | Answers / Format | +|----------|------------------| +| 4.061 | Required for each encroachment if Impact is Adverse or Beneficial, or as needed. | + +#### Encroachment (Comment) + +- Free-form +- When Adverse or Beneficial, describe the impact to value and/or marketability. Additional commentary may be provided to include details and other information. + +## Site Characteristics + +The appraiser must report on all site characteristics that impact the value and marketability and report details as necessary in this subsection. + +There is one Site Characteristic row in the Site Features table for each Site Characteristic. If there are no significant site characteristics, this row does not display. + +### Example of multiple site characteristics: + +#### Site Features and Impact to Value/Marketability + +| Feature | Detail | Impact | Comment | +|------------------|----------------|---------|--------------------------------------------------------------------------------------------------| +| Hazard Zone | No Hazard Zone | | | +| Site Characteristic | Drainage | Standing Water | Adverse | Water is collecting at the point where the driveway meets the garage, causing icy conditions when the temperature drops near freezing. | +| Site Characteristic | Topography | Rolling | Adverse | Steep grade is less marketable. | + +## Appendix F-1 + +URAR Reference Guide +Page 72 of 367 +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_73.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_73.md new file mode 100644 index 0000000000000000000000000000000000000000..612ef52b1233ec641b475cba1a180d5d37dadb54 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_73.md @@ -0,0 +1,84 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Site Characteristics + +### Report All + +- **epo Report Label** + When to Include jowaire Definition / Additional Guidance + +#### Field ID Answers / Format + +- **Site Characteristic (Detail)** + Required for each site characteristic + Choose one or more allowable answers from the table: + - Coastal Barrier Resources System + - Site Drainage + - Excess Land + - Landlocked + - Landscaping + - Road Frontage + - Shape + - Soil Suitability + - Surplus Land + - Topography + - Wetlands + - Zero Lot Line + - Other (Describe) + +*Notes:* + +- Select the Site Characteristics that impact value and/or marketability, or as needed. +- Photos or images for the indicated site characteristic may be provided, which display in Site Exhibits with the caption “Site Characteristic.” An additional caption, including the site characteristic type and any other descriptive information as appropriate, must be provided. + +### Topography + +- **Required if Site Characteristic is Topography** + Choose one or more allowable answers from the Guidance column: + - Flat + - Rocky + - Rolling + - Sloping + - Other (Describe) + +### Drainage + +- **Required if Site Characteristic is Drainage** + Choose one or more allowable answers from the Guidance column: + - Evidence of Erosion (observable degradation of the site, such as water runoff or sinkhole) + - Improper Grading (water drains towards the foundation) + - Standing Water + - Other (Describe) + +### Site Impact + +- **Required for each site characteristic** + Adverse, Beneficial, or Neutral + +### Site Comment + +- **Required for each site characteristic if Impact is Adverse or Beneficial, or as needed** + Free-form + When Adverse or Beneficial, describe the impact to value and/or marketability. Additional commentary may be provided to include details and other information. + +## Site Characteristic (Choose all that apply) + +**Allowable Answer & Definition / Additional Guidance** + +- **Coastal Barrier Resources System** + Areas protected by the Coastal Barrier Resource Act (CBRA) of 1982, which encourages the conservation of hurricane-prone, biologically rich coastal barriers. + +- **Drainage** + The movement of water away from the site (e.g., slope, surface, subsurface). + + *Note: If applicable, Drainage 22.03.11 displays as a separate row in the Sales Comparison Approach section.* + +- **Excess Land** + Land beyond what is required to support the existing improvements of the site that can be subdivided and sold. + +- **Landlocked** + A site without legal access to a public thoroughfare (without easements). + +*Appendix F-1: URAR Reference Guide Page 73 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_74.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_74.md new file mode 100644 index 0000000000000000000000000000000000000000..a76eccc41a131894c6d1ee22d74980e99b1198a0 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_74.md @@ -0,0 +1,80 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Site Characteristic (Choose all that apply) + +### Allowable Answer Definition / Additional Guidance + +- **Landscaping** + External portions of the site improved for functionality or aesthetic quality (e.g., lawn coverage, vegetation, shrubs, trees, gardens, and paths). + +- **Road Frontage** + A strip or extent of land abutting a road that impacts value and / or marketability. + +- **Shape** + The outline of a site per legal boundaries. + +- **Physical Properties of the Soil** + Suitable to support the current or proposed property development and use. + +- **Surplus Land** + Land beyond what is required to support the existing improvements of the site that cannot be subdivided and sold (does not have a separate highest and best use). + +- **Topography** + The terrain or relative elevation of site surfaces (e.g., rolling, sloping, rocky, level). + *Note: If applicable, Topography 22.03.10 displays as a separate row in the Sales Comparison Approach section.* + +- **Wetlands** + Areas that are inundated or saturated by surface or groundwater at a frequency and duration sufficient to support, and that under normal circumstances do support, a prevalence of vegetation typically adapted for life in saturated soil conditions. Wetlands generally include swamps, marshes, bogs, and similar areas. + +- **Zero Lot Line** + Residential real estate in which the primary structure comes up to, or very near to, the edge of the property line (e.g., rowhouses, garden homes, patio homes, and townhomes). + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +## Site Features Commentary + +### Site Features Commentary + +- **Report Allowable** + - **Report Label** + When to Include + - **Definition / Additional Guidance** + +- **Site Features Commentary** + If applicable + *Free-form* + Overall commentary for all site features, which could include information pertinent to site features that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +## Utilities and Impact to Value / Marketability + +### Utilities and Impact to Value/Marketability + +- **Broadband Internet Available 4.067** +- **Dwelling/Improvement within Utility Easement 4.068** + +### Utilities + +#### Report Allowable + +- **Report Label** + When to Include + **Definition / Additional Guidance** + +- **4.067 Broadband Internet Available** + Always required + - **Yes** + Yes (high-speed internet access is available exclusively through a digital subscriber line, fiber-optic, or cable) + - **No** + No (high-speed internet access is unavailable or is only available through satellite) + +- **4.068 Dwelling / Improvement Within Utility Easement** + Required for FHA, USDA, and VA appraisals when guidelines + **Yes | No** + Indicates whether any part of an improvement is located within the boundary of a utility easement. Reference the appropriate government agency appraisal guidelines for more information. + +--- + +*Appendix F-1: URAR Reference Guide Page 74 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_75.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_75.md new file mode 100644 index 0000000000000000000000000000000000000000..8c9bd97f68f216a10f4acd96d26cbda62e04cb87 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_75.md @@ -0,0 +1,72 @@ +# UI + +## Uniform Appraisal Dataset + +### 04 Site + +#### Information for Each Utility + +The appraiser must indicate whether each of the following utilities are connected to the site, and whether the utility is public or private. + +- Electricity +- Gas +- Sanitary Sewer +- Water +- Other (Describe) - if applicable + +For private utilities and for government agency appraisals, additional information is required for each utility. + +**Example:** + +**Utilities and Impact to Value/Marketability** + +- Broadband Internet Available: Yes +- Private Utility + +| Utility | Public | Private | Detail | Impact | Comment | +|---------------|--------|---------|--------|---------|---------| +| Electricity | ✓ | ✓ | Solar | Neutral | Subject has solar power but has also maintained connection to public electrical lines. | +| Sanitary Sewer| ✓ | Septic | | Neutral | | +| Water | ✓ | ✓ | Well | Neutral | Public water service is the main source for the subject's dwelling. A private well is used for lawn irrigation and other external uses. | + +- Private Utility +- Public Private Detail Impact Comment + +| Utility | Public Detail | Private Detail | Impact | Comment | +|----------------|---------------|----------------|--------|---------| +| Electricity | 4.069 | 4.070 | 4.071 | 4.072 | +| Gas | 4.075 | 4.076 | 4.077 | 4.078 | +| Sanitary Sewer | 4.081 | 4.082 | 4.083 | 4.084 | +| Water | 4.087 | 4.088 | 4.089 | 4.090 | +| | | | 4.093 | 4.094 | + +**Site: Utilities** + +| Report All | Report Label | When to Include | Definition / Additional Guidance | +|----------------|--------------|---------------------------|----------------------------------| +| Electricity | Always | Always required | | +| Gas | Required | Always required | | +| Sanitary Sewer | For each | Utility that is connected | Choose one or more allowable | +| Water | Utility | to the site | answers from the Definition / | +| | | | Additional Guidance column | + +**Utility Type:** Utilities that are permanently connected to the site. + +- Electricity +- Gas +- Sanitary Sewer +- Water +- Other (Describe) + +**Utility Ownership:** Indicates whether the utility is a public utility or a non-public (private) utility. + +- If Public, a checkmark displays in the Public column for the indicated utility. +- If Non-Public, a checkmark displays in the Private column for the indicated utility. +- If neither public nor private, no checkmark displays for the row. +- If there is no Electricity, Sanitary Sewer, or Water, provide details in Site Commentary (4.116). + +**Appendix F-1: URAR Reference Guide** + +Page 75 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_76.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_76.md new file mode 100644 index 0000000000000000000000000000000000000000..7bfcd18c1c85cca722d6dfc0000ecf9a3b6c11c6 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_76.md @@ -0,0 +1,89 @@ +# Uniform Appraisal Dataset 04 Site + +### Report All + +- **epo Report Label**: When to Include +- **jowaire Definition / Additional Guidance** +- **Field ID Answers / Format** + +--- + +## Electricity + +### Required if Utility Type + +- **Choose one or more allowable answers from table** + _Detail_ is Electricity and Utility Ownership is Non-Public + - Electricity Source: The delivery method of electricity to the property. + - Battery Storage + - Permanent Generator + - Solar + - Wind + - Other (Describe) + +## Sanitary Sewer + +### Required if Utility Type + +- **Choose one or more allowable answers from the** + _Detail_ is Sanitary Sewer and Utility Ownership is Non-Public + - Sewer System + - Cesspool + - Septic + - Other (Describe) + +### Required for FHA appraisals when there is no public sanitary sewer connected to the site + +- Public Sewer Available Not Connected + - Yes (Public sewer available not connected) + - No (Public sewer not available) + +Reference the appropriate government agency appraisal guidelines for more information. + +--- + +## Water + +### Required if Utility Type + +- **Choose one or more allowable answers from table** + _Detail_ is Water and Utility Ownership is Non-Public + - Water Source: The source of water for the property. + - Cistern + - Hauled Water Holding Tank + - Lake or Spring + - Well + - Other (Describe) + +### Required for FHA appraisals when there is no public water connected to the site + +- Public Water Available Not Connected + - Yes (Public water available not connected) + - No (Public water not available) + +Reference the appropriate government agency appraisal guidelines for more information. + +### If available for FHA, USDA, and VA appraisals when Water Source is Well + +- **Choose an allowable value from table** + - Water Well Type: The type of individual water supply well. + - Artesian + - Drilled + - Dug + - Other (Describe) + +Reference the appropriate government agency appraisal guidelines for more information. + +### If applicable for FHA, USDA, and VA appraisals when Water Source is Well + +- Well Meets Distance Requirements: Indicates whether the well meets all applicable distance requirements as defined by the regulating agency. + - Yes (well meets distance requirements) + - No (well does not meet distance requirements) + +Reference the appropriate government agency appraisal guidelines for more information. + +--- + +### Appendix F-1: URAR Reference Guide + +Page 76 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_77.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_77.md new file mode 100644 index 0000000000000000000000000000000000000000..ee451ca6578fb1b8b539bab98892d5139033e30b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_77.md @@ -0,0 +1,66 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +### Site: Utilities + +#### Report + +| Field ID | Report Label | +|----------|--------------------------------------| +| 4.074 | Private Utility Impact | +| 4.080 | Required for each private utility | +| 4.086 | Adverse, Beneficial or Neutral | +| 4.092 | Required if Private Utility Impact is Adverse, or as needed | +| 4.098 | Free-form Private Utility Comment or Public Utility Comment | + +- **Comment**: When Adverse, describe the impact to value and/or marketability. Additional commentary may be provided to include details and other information. + +**Note**: Fees for private utilities are reported here and not in the Project Information section. + +#### Electricity Source (Choose all that apply) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|------------------------------------------------------------------------------------------------------------------------| +| Battery Storage | Permanent system designed to store energy that can be operated independently from the primary electricity source of the property. | +| Permanent Generator | Permanent backup electrical system that operates in the event of a power interruption. | +| Solar | | +| Wind | | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +#### Water Source (Choose all that apply) + +| Allowable Answer | Definition / Additional Guidance | +|---------------------------|-------------------------------------------------------------------------------------------------------| +| Cistern | An artificial reservoir used for collecting and storing rain water. | +| Hauled Water Holding Tank | Holding tank used in conjunction with water purchased and hauled to the site. | +| Lake or Spring | | +| Well | | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +#### Water Well Type (Choose one) + +| Allowable Answer | Definition / Additional Guidance | +|------------------|-----------------------------------------------------------------------------------------------------------------------------| +| Other (Describe) | Select Other to enter an answer that is not in the above list. | +| Artesian | A well bored perpendicularly into water-bearing strata lying at an angle, so that natural pressure produces a constant supply of water with little or no pumping. | +| Drilled | A well that is constructed by percussion or rotary-drilling machines. | +| Dug | A well dug by shovel or backhoe, also referred to as bored. | + +#### Apparent Defects, Damages, Deficiencies (Site) + +The appraiser must report any significant items pertaining to the site, and must associate any defect, damage, or deficiency with the most appropriate section. These defects, damages, and deficiencies are items that: + +- Rise to the level of recommending repair, replacement, or inspection by an individual with expertise in the industry, or +- Negatively affect the integrity / composition of the site itself, or +- Negatively affect the soundness or structural integrity of the improvements to the site, or +- Measurably impact the marketability or value of the property, or +- Require completion + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 77 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_78.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_78.md new file mode 100644 index 0000000000000000000000000000000000000000..1cac59ac7a7e620a1426cb894b35ca58f2566a80 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_78.md @@ -0,0 +1,50 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Apparent Defects, Damages, Deficiencies (Site) + +The items listed below represent the As Is condition as of the effective date of this report + +| Feature | Location | Description | Affects Soundness or Structural Integrity | Recommended Action | +|----------------|------------------|----------------------------------------------------------|------------------------------------------|--------------------| +| Downed Tree | Spanning Front Driveway | Oak tree in front yard was hit by lightning. It fractured, making the driveway impassable. | No | Repair | + +Any other items that do not require repair, replacement, or inspection may also be reported using the Recommended Action of None. + +Reference the appropriate government agency appraisal guidelines for specific requirements. + +### Apparent Defects, Damages, Deficiencies (Site) + +The items listed below represent the As Is condition as of the effective date of this report 4.099 + +| Affects Soundness or Structural Integrity | Recommended Action | +|------------------------------------------|--------------------| +| 4.100 | 4.101 | +| 4.102 | 4.103 | +| 4.104 | | + +## Apparent Defects, Damages, Deficiencies (Site) + +### Report Allowable + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|---------------------------|--------------------------|-----------------------------------------------------------------------------------------------------------------| +| | Always required | Site Defects Exist | Indicates whether there are apparent defects, damages, or deficiencies related to the Site section. | +| | | ° If No, "None" displays, and the Apparent Defects, Damages, Deficiencies (Site) table does not display. | +| 4.099 | N/A | Displays when Site | The items listed below represent the As Is condition as of the effective date of this report | +| | | Defects Exist is Yes | | + +### Information About Each Defect, Damage, or Deficiency + +#### Apparent Defects, Damages, Deficiencies (Site) + +| Report Allowable | Report Label | When to Include | Definition / Additional Guidance | +|------------------|-----------------|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Feature | Required for each defect, damage, or deficiency | Other (Describe) | Notes: For the Site section, choose Other and briefly describe the feature with the defect, damage, or deficiency. | +| | | | Photos or images must be provided for each physical defect, damage, or deficiency. These display in Site Exhibits as “Apparent Defects, Damages, Deficiencies” with the indicated Feature. An additional caption may be provided. | +| 4.101 | Location | Required for each defect, damage, or deficiency | Other (Describe) For the Site section, choose Other and briefly describe the location of the defect, damage, or deficiency. | +| 4.102 | Description | Required for each defect, damage, or deficiency | Free-form Description of the defect, damage, or deficiency. | +| 4.103 | Affects Soundness or Structural Integrity | Required for each defect, damage, or deficiency | Yes | No Indicates whether the defect, damage, or deficiency affects the soundness and structural integrity of the improvement. | + +*Appendix F-1: URAR Reference Guide Page 78 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_79.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_79.md new file mode 100644 index 0000000000000000000000000000000000000000..c703562553dbdd134c3184ff5e006b4a497cc3ea --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_79.md @@ -0,0 +1,94 @@ +# Uniform Appraisal Dataset + +## 04 Site + +### Apparent Defects, Damages, Deficiencies (Site) + +#### Report + +**Report Label Field ID |** "Port bane + +**Recommended Action** + +- **When to Include:** Required for each defect, damage, or deficiency +- **Site Valuation Methodology** + +**Allowable** + +- **Definition / Additional Guidance Answers / Format** + +Choose an allowable answer: + +- Completion +- Inspection +- Repair (includes replacement) +- None (does not require repair, replacement, completion, or inspection) + +**Note:** +- If Completion, Inspection, or Repair is reported for any defect, damage, or deficiency, the report must be made subject to the resolution of the item (Market Value Condition 26.009 cannot be As Is). The Condition Status for the item must reflect the future "resolved" condition. If Repair is selected, the estimated cost to repair may be provided in the Reconciliation section. + +This subsection enables Opinion of Site Value (and land comparables if applicable) to be included in the URAR when there is no Cost Approach section. It displays here when Site Value Developed by Appraiser is Yes. + +## Site: Site Valuation Methodology + +**Report Allowable: Report Label When to Include Definition / Additional Guidance Field ID Answers / Format** + +- **Not on Report:** This is an appraiser input that does not display: + - **Required when there is no Cost Approach:** Yes | No + - **Site Value Developed by Appraiser:** Yes (The Site Valuation Methodology subsection is included in the Site section) + - No (The Site Valuation Methodology subsection is not included in the Site section) + +## Site Value and Site Valuation Method + +### Site Valuation Methodology + +#### Opinion of Site Value + +**Field ID |** 4.105 + +#### Primary Site Valuation Method + +**Field ID |** 4.106 + +### Site Value and Site Valuation Method + +#### Report + +**Report Label Field ID |** "°Port hae + +**Opinion of Site Value** + +- **4.106 Primary Site Valuation Method** + +**When to Include** + +- Required if Site Value Developed by Appraiser is Yes + +**Allowable** + +- **Definition / Additional Guidance Answers / Format** + +Dollar amount: The dollar value estimated for the property site (e.g., land that is improved so that it is ready to be used for a specific purpose). Can be 0, such as when Property Rights Appraised is Leasehold. + +Choose an allowable answer: + +- Allocation +- Extraction +- Sales Comparison +- Other (Describe) + +### Primary Site Valuation Method (Choose one) + +#### Allowable Answer + +- **Allocation** + +**Definition / Additional Guidance** + +An estimation of land value in which sales of improved properties are analyzed to establish a typical ratio of land value to total property value. This ratio is applied to the property being appraised to arrive at an estimated value for the land. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 79 of 367 Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_8.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_8.md new file mode 100644 index 0000000000000000000000000000000000000000..2adb959760429d59529e7e2c9cca18b09b10eda7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_8.md @@ -0,0 +1,39 @@ +```markdown +# Uniform Appraisal Dataset Overview + +The primary purpose of Appendix F-1: URAR Reference Guide is to provide guidance on how to enter information and how the data will be displayed in the Uniform Residential Appraisal Report (URAR). The URAR is a dynamic report, output as a PDF document, that replaces the following legacy forms: + +| Legacy Appraisal Form Name | Fannie Mae Form | Freddie Mac Form | +|--------------------------------------------------------------|-----------------|------------------| +| Uniform Residential Appraisal Report | 1004 | 70 | +| Uniform Residential Appraisal Report (Desktop) | 1004 Desktop | 70D | +| Uniform Residential Appraisal Report (Hybrid) | 1004 Hybrid | 70H | +| Individual Condominium Unit Appraisal Report | 1073 | 465 | +| Individual Condominium Unit Appraisal Report (Desktop) | 1073 Desktop | 465D | +| Individual Condominium Unit Appraisal Report (Hybrid) | 1073 Hybrid | 465H | +| Exterior-Only Inspection Individual Condominium Unit Appraisal Report | 1075 | 466 | +| Exterior-Only Inspection Residential Appraisal Report | 2055 | 2055 | +| Manufactured Home Appraisal Report | 1004C | 70B | +| Individual Cooperative Interest Appraisal Report | 2090 | - | +| Exterior-Only Individual Cooperative Interest Appraisal Report | 2095 | - | +| Small Residential Income Property Appraisal Report | 1025 | 72 | +| Single Family Comparable Rent Schedule | 1007 | 1000 | + +## URAR Section Organization + +The URAR is a dynamic report with sections (black tabs) that vary based on information provided in the appraisal. This table shows the sections of the URAR and when they display or repeat. For more information about a section, reference the appropriate chapter in this document. + +| Section | Section Name | Always Displays | When Section Displays | When Section Displays Multiple Times | +|---------|------------------------------------------------------|-----------------|----------------------------------------------------------|---------------------------------------------------------------------------------------------| +| 1 | Summary | ✓ | | | +| 2 | Assignment Information | ✓ | | | +| 3 | Subject Property | ✓ | | | +| 4 | Site | ✓ | | | +| 5 | Disaster Mitigation | | When there are disaster mitigation features | | +| 6 | Energy Efficient and Green Features | | When there are known renewable energy components, building certifications, or efficiency ratings | | +| 7 | Sketch | ✓ | | | +| 8 | Dwelling Exterior | ✓ | For properties with multiple dwellings, the section repeats for each dwelling. | | +| 9 | Manufactured Home | | When there is a manufactured home on the property | If the manufactured home is a dwelling, the section displays after the applicable Dwelling Exterior section. If the manufactured home is an ADU, the section displays after the applicable Outbuilding section for the ADU. Repeats for each manufactured home. | + +*Appendix F-1: URAR Reference Guide Page 8 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_80.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_80.md new file mode 100644 index 0000000000000000000000000000000000000000..c21f0ceeb966b69283c77ad12630cc5991108c2d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_80.md @@ -0,0 +1,40 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Primary Site Valuation Method (Choose one) + +### Allowable Answer Definition / Additional Guidance + +- **Extraction** + An estimation of land value in which the depreciated cost of the improvements on the improved property is estimated and deducted from the total sale price to arrive at an estimated value for the land. + +- **Sales Comparison** + Identifies sales of vacant land and/or sites and applies an adjustment process to the sale price to determine an indicated value or range of value for the subject site. + _Note: If this answer is selected, land comparables (4.107-4.114) must be provided._ + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +## Information for each Land Comparable + +The Land Comparables table displays if Primary Site Valuation Method is Sales Comparison, and the “When to Include” column in this table reflects this. + +| Assessor Parcel # | Address | County | Data Source | Number (APN) | Site Size | Sale Date | Price | +|--------------------|---------|--------|-------------|--------------|----------|----------|-------| +| 4.107 | 4.108 | 4.109 | 4.110 | 4111 | 4112 | 4.113 | 4.114 | + +## Reconciliation of Site Value 4.115 + +### Site: Site Valuation Methodology - Land Comparables + +| Report Field ID | Allowable Answers / Format | Report Label | When to Include | Definition / Additional Guidance | +|-----------------|----------------------------|--------------|-----------------|----------------------------------| +| 4.107 | # | Required for each land comparable | 1, 2, 3... | Land Comparable # | +| 4.108 | Address | If available for each land comparable | Free-form | Land Comparable Street Address. If the street address is unavailable or has not yet been assigned, provide any information necessary to identify the property. | +| 4.108 | Address | Required for each land comparable | Free-form | Land Comparable City, State, ZIP Code | +| 4.109 | County | Required for each land comparable | Free-form | Name of the county or parish as defined by the state. _Note: If the land comparable is not located in any county (e.g., located in an independent city), enter the name of the local municipality or district in which the property is located._ | +| 4.110 | Data Source | Required for each land comparable | Choose one or more allowable answers from the Definition / Additional Guidance column | Land Comparable Data Source: | +| 4.110 | Data Source | Required when Land Comparable Data Source is MLS, or if applicable | Free-form | Data Source Identifier: A unique number or identifier assigned to the comparable by the Data Source. Examples: | + +_Appendix F-1: URAR Reference Guide Page 80 of 367 Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_81.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_81.md new file mode 100644 index 0000000000000000000000000000000000000000..697ee23e5e97e3be14695ce038727f5fe3cc9c82 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_81.md @@ -0,0 +1,93 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +### Site: Site Valuation Methodology - Land Comparables + +#### Report + +**Report Label** +FieldID| "Port bane + +**Assessor Parcel Number (APN)** + +- **When to Include:** + If available for each land comparable + +- **Allowable Answers / Format:** + Free-form + +- **Definition / Additional Guidance:** + A number assigned to parcels of real property by the tax assessor of a particular jurisdiction for purposes of identification and record-keeping. + +#### 4.112 Site Size + +- **Required for each land comparable** +- **Number of acres, square feet, hectares, or square meters** + + - The total area of the site, including all parcels. + - For area less than 1 acre, use square feet in whole numbers (e.g., 27,840 sq. ft.). + - For area that is 1 acre or more, use acres to 2 decimals (e.g., 1.25 acres). + - If using the metric system, for area less than 1 hectare, use square meters in whole numbers (e.g., 7,500 sq. m.). + - If using the metric system, for area that is 1 hectare or more, use hectares to 2 decimals (e.g., 1.25 hectares). + +#### 4.113 Sale Date + +- **Required for each land comparable** +- **Format:** mm/dd/yyyy + +#### 4.114 Price + +- **Required for each land comparable** +- **Dollar amount** + +### Sale Price + +## Reconciliation of Site Value + +### Reconciliation of Site Value + +#### Report + +**Report Label** +FieldID | "°POrF hae + +- **When to Include:** + Required if Site Value Developed by Appraiser is Yes + +- **Allowable Answers / Format:** + Free-form + +- **Definition / Additional Guidance:** + Commentary should include information pertinent to the Opinion of Site Value that is not captured in the discrete data, or additional details to support the discrete data that is provided, including access, utilities, zoning, views, or site influences of the land comparables in relation to the subject. + +**See Map of Land Comparables** +- **When relevant** +- **Format:** Image + + A map of the subject and land comparables should be included, which displays with the caption "Map of Land Comparables". An additional caption may be provided to further identify the image. + +Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. + +### Site Commentary + +#### Site Commentary + +- **Report Label** +Field ID | Allowable Answers / Format + +- **4.116 Site Commentary** +- **When to Include:** If applicable +- **Allowable Answers / Format:** Free-form + + Commentary could include information pertinent to the Site section that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +--- + +Appendix F-1: URAR Reference Guide + +Page 81 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_82.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_82.md new file mode 100644 index 0000000000000000000000000000000000000000..db3be4f1b621610a208a19960eab4985f4158e2b --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_82.md @@ -0,0 +1,15 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Site Exhibits + +All photos or images related to the Site section are displayed in the Site Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Site Exhibits + +| Report Allowable | P Report Label | When to Include | Definition / Additional Guidance | Field ID Answers / Format | +|------------------|---------------|----------------|---------------------------------|--------------------------| +| Site Exhibits | If applicable | An image of the property (site) boundaries, such as a Plat Map, may be provided which displays in Site Exhibits with the caption "Property Boundaries". An additional caption to further identify the image may be provided. | See Site Exhibits | If applicable | Photos or images relevant to the Site section may be provided, which display in iGuide Site Exhibits. If the photo or image is not specifically indicated above, provide a caption to further identify the photo or image. | + +Appendix F-1: URAR Reference Guide Page 82 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_83.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_83.md new file mode 100644 index 0000000000000000000000000000000000000000..e0684c8ce6b2bc37e4a89623bcefe8aaea6c3581 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_83.md @@ -0,0 +1,74 @@ +```markdown +# Uniform Appraisal Dataset + +## 04 Site + +## 05 Disaster M + +The Disaster Mitigation section provides information about disaster mitigation features that exist on the property. This section provides space for additional commentary and exhibits. + +If the property does not have any disaster mitigation features (Mitigation Feature is None), the Disaster Mitigation section does not display. + +### Disaster Mitigati + +#### Mitigation Feature + +5.000 + +#### Disaster Mitigation Commentary + +5.001 + +#### Disaster Mitigation Exhibits + +### Disaster Mitigation Feature + +**Report** + +- **Field ID:** Report Label +- **Mitigation Feature:** Always required + +**Allowable** + +- **Definition / Additional Guidance:** Answers / Format +- **When to Include:** A feature added to, or a modification made to, the property that is designed to prevent or reduce the impacts and risks of hazards caused by natural disasters. + +**Disaster Mitigation:** Mitigation Feature (Choose all that apply) + +#### Allowable Answer + +- **None** + - **Definition / Additional Guidance:** If there are no disaster mitigation features, select None and the Disaster Mitigation section does not display. +- **Enclosed Soffits** + - A soffit designed to prevent embers from making contact with the interior joints, rafters, or trusses. +- **Fire Resistant Decking** + - Decking made of materials that are designed to avoid igniting and potentially fueling a fire. +- **Fire Resistant Exterior Walls** + - Exterior wall cladding made of materials that are designed to avoid igniting and potentially fueling a fire. +- **Flood Vents** + - An opening in an enclosed structure intended to allow the free passage of water between the interior and exterior. +- **Fortified Roof** + - A roof designed or modified to give increased strength and protection from severe weather. +- **Framing Anchoring or Bracing** + - A structural system designed to resist wind and earthquake forces in which frames are secured and are designed to not sway laterally. +- **Impact Resistant Glass** + - Windows or glass designed to withstand high winds and impact from objects, making them far less likely to shatter, even from direct blows. +- **Impact Resistant Shingles** + - Note: This answer is specific to roof shingles. +- **Noncombustible Perimeter** + - Entire outer edge of the property boundary has been designed to mitigate or stop fire from spreading. +- **Storm Shelter** + - A structure designed to protect the occupants from severe weather. +- **Storm Shutters** + - Permanently attached material used to protect windows or doors that can be stored when not in use (e.g., hurricane shutters). +- **Water Heater Strapping** + - System designed to secure the water heater in place in the event of an earthquake. +- **Other (Describe)** + - Select Other to enter an answer that is not in the above list. + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 83 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_84.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_84.md new file mode 100644 index 0000000000000000000000000000000000000000..81753c7281fc750835a44fd7d5893046dec34d02 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_84.md @@ -0,0 +1,31 @@ +```markdown +# Uniform Appraisal Dataset 04 Site + +## Disaster Mitigation Commentary + +### Disaster Mitigation Commentary + +**Report Allowable** +. P Report Label When to Include w Definition / Additional Guidance +Field ID Answers / Format + +**Disaster Mitigation Commentary** +Required if the Disaster Mitigation section displays +Free-form Commentary could include information pertinent to the Disaster Mitigation section that is not captured in the discrete data, or additional details to support the discrete data that is provided. + +## Disaster Mitigation Exhibits + +All photos or images related to the Disaster Mitigation section are displayed in the Disaster Mitigation Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Disaster Mitigation Exhibits + +**Report Allowable** +. P Report Label When to Include w Definition / Additional Guidance +Field ID Answers / Format + +**Disaster Mitigation Exhibits** +If applicable +Photos or images | Photos or images relevant to the Disaster Mitigation section may be provided, which display in Disaster Mitigation Exhibits. A caption must be provided to further describe the photo or image. + +_Appendix F-1: URAR Reference Guide Page 84 of 367 Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_85.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_85.md new file mode 100644 index 0000000000000000000000000000000000000000..e03a13f4f3245f5e6311a709a8dac886ef99702e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_85.md @@ -0,0 +1,52 @@ +```markdown +# Uniform Appraisal Dataset + +## 06 Energy Efficient and Green Features + +### 6 Energy Efficient and Green Features + +The Energy Efficient and Green Features section provides information about the following, and their impacts to value and/or marketability. + +- Renewable energy components, such as solar panels +- Building certifications, such as Leadership in Energy and Environmental Design (LEED), and National Green Building Standard (NGBS Green™) +- Green efficiency ratings, such as HERS® and WaterSense + +This section provides space for additional commentary and exhibits, such as photos of components or images of rating certifications. + +If there are no known renewable energy components, building certifications, or efficiency ratings, the Energy Efficient and Green Features section does not display. + +### Renewable Energy Components + +**Known Renewable Energy Components** +6.000 + +**Renewable Energy Component Ownership Financing Arrangement** +6.001 6.002 6.003 + +#### Energy Efficient and Green Features: Renewable Energy Components + +**Report Allowable** + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|-----------|---------------------------------------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Known | Renewable Energy Components | Always required | Indicates whether the property has renewable energy components that are known to the appraiser. Note: If No, the Renewable Energy Components subsection does not display. | +| 6.001 | Renewable Energy Component | Required if Known | Renewable Energy Components is Yes: Choose one or more allowable answers from the Definition / Additional Guidance column: Geothermal, Solar, Wind Turbine, Other (Describe) | +| 6.002 | Ownership | If available | Renewable Energy Component Ownership: The type of ownership for the renewable energy component. Leased, Owned, Power Purchase Agreement (PPA), Other | +| 6.003 | Financing Arrangement | Required | Indicates whether there is a financing arrangement specific to the renewable energy component. | + +**Renewable Energy Ownership (Choose one for each Renewable Energy Component)** + +Allowable Answer + +- **Leased**: Indicates use of the renewable energy component is granted through a signed lease agreement. + +- **Owned**: Indicates the renewable energy component has been purchased by the homeowner, including when subject to a financing arrangement. + +--- + +Appendix F-1: URAR Reference Guide + +*Page 85 of 367* + +*Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_86.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_86.md new file mode 100644 index 0000000000000000000000000000000000000000..0729013d075263b0fb346a2ef74f19f144d7a511 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_86.md @@ -0,0 +1,44 @@ +```markdown +# Uniform Appraisal Dataset 06: Energy Efficient and Green Features + +## Renewable Energy Ownership (Choose one for each Renewable Energy Component) + +| Allowable Answer | Definition / Additional Guidance | +|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Power Purchase Agreement | Indicates the renewable energy component is not owned by the property owner and is governed by a contract between (PPA) the owner of the renewable energy component (e.g., solar, wind turbine) and the property owner for the sale of electricity generated by the component. | +| Other (Describe) | Select Other to enter an answer that is not in the above list. | + +## Building Certifications + +### Known Building Certifications 6.004 + +| Building Certification Organization | Certification Year | Version | Rating | +|-------------------------------------|--------------------|---------|--------| +| 6.005 | 6.006 | 6.007 | 6.008 | 6.009 | + +### Energy Efficient and Green Features: Building Certifications + +| Report Allowable 7 | Field 1p | Report Label | When to Include | Definition / Additional Guidance | +|--------------------|---------------------------|----------------------|----------------------|-----------------------------------------------------------------------------------------------------------------------| +| Known Building | Always required | Indicates whether the property has obtained building / green certifications including health or wellness certifications that are known to the appraiser. Note: If No, the Building Certification subsection does not display. | +| Certifications | | | | | + +- **6.005 Building Certification Organization** + Required for each building certification if Known Building Certifications is Yes. Free-form. The full name of the association or program providing the building / green certification. + +- **Certification** + Required for each building certification if Known Building Certifications is Yes. Free-form. Building Certification Name. The full name or commonly-used acronym of the building / green certification that was awarded. + +- **Certification Year** + If available, for each building certification if Known Building Certifications is Yes. The calendar year the building / green certification was obtained for the property. + +- **Version** + If applicable, for each building certification if Known Building Certifications is Yes. Free-form. The building / green certification version as defined by the certification organization. + +- **Rating** + If applicable, for each building certification if Known Building Certifications is Yes. Free-form. Building Certification Rating. The level or rating from the certification organization. + +--- + +Appendix F-1: URAR Reference Guide Page 86 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_87.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_87.md new file mode 100644 index 0000000000000000000000000000000000000000..d69c5f58aabe75dc519df292473ad52ab55318a2 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_87.md @@ -0,0 +1,45 @@ +```markdown +# Uniform Appraisal Dataset 06 Energy Efficient and Green Features + +## Green Efficiency Ratings + +### Known Efficiency Ratings 6.010 + +#### Green/Energy Efficiency Rating +- Organization +- Rating +- Score + +6.011 6.012 6.013 + +### Energy Efficient and Green Features: Green Efficiency Ratings + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|--------------|-----------------|---------------------------------| +| Known Efficiency Ratings | Always required | Indicates whether the property has obtained an efficiency rating that is known to the appraiser. Note: If No, the Green Efficiency Ratings subsection does not display. | + +6.011 Green / Energy +| Required for each Free-form +| Efficiency Rating Organization: The full name of the organization providing the efficiency rating if Known Efficiency Ratings is Yes | + +6.013 Score | Required for each Free-form +| The specific value of the rating score. +| Efficiency Rating if Known Efficiency Ratings is Yes | + +## Energy Efficient and Green Features Impact to Value / Marketability + +### Impact to Value/Marketability 6.014 + +#### Energy Efficient and Green Features Impact to Value / Marketability + +| Field ID | Report Label | When to Include | Definition / Additional Guidance | +|----------|--------------|-----------------|---------------------------------| +| Impact to Value / Marketability | Required if Known Adverse, Renewable Energy Components, Building Certifications, or Efficiency Ratings is Yes | Adverse, Beneficial or Neutral | Note: If the impact is unmeasurable, select Neutral and explain why in Description. | + +6.015 Description | If Impact is Adverse, or applicable +| Free-form | Description of the impact on value and/or marketability. | + +--- + +_Appendix F-1: URAR Reference Guide Page 87 of 367 Version 1.2_ +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_88.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_88.md new file mode 100644 index 0000000000000000000000000000000000000000..7d98c860b8a0a2804ded8cc38fe1ae3c72d94c97 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_88.md @@ -0,0 +1,25 @@ +```markdown +# Uniform Appraisal Dataset 06 Energy Efficient and Green Features + +## Energy Efficient and Green Features Commentary + +### Energy Efficient and Green Features Commentary +**6.016** +**Energy Efficient and Green Features Commentary** + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------|----------------|----------------------------------|----------|------------------| +| Energy Efficient and Green Features Commentary | If applicable | Free-form commentary could include information pertinent to the Energy Efficient and Green Features section that is not captured in the discrete data, or additional details to support the discrete data that is provided. | + +## Energy Efficient and Green Features Exhibits + +All photos or images related to the Energy Efficient and Green Features section are displayed in the Energy Efficient and Green Features Exhibits subsection. If there are no photos or images, this subsection does not display. + +### Energy Efficient and Green Features Exhibits + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------|----------------|----------------------------------|----------|------------------| +| See Energy Efficient and Green Features Exhibits | If applicable | Photos or images relevant to the Energy Efficient and Green Features section may be provided, which display in Energy Efficient and Green Features Exhibits. A caption must be provided to further describe the photo or image. | P 4 | | + +*Appendix F-1: URAR Reference Guide Page 88 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_89.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_89.md new file mode 100644 index 0000000000000000000000000000000000000000..46c46f271c62221351fdab1df2fd064ed33d6510 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_89.md @@ -0,0 +1,58 @@ +# Uniform Appraisal Dataset + +## 07 Sketch + +### 07 Sketc + +The Sketch section always displays and contains a sketch or floor plan that represents the dwellings and outbuildings on the subject property, and provides space for additional commentary. + +Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance regarding measurement standards and the sketch or floor plan. + +### Sketch or Floor Plan Not Available 7.000 + +#### Measurement Standard + +**7.001** + +**Sketch** + +- **Report Field ID**: 7.001 +- **See**: iGuide +- **Report Label**: Measurement Standard +- **Sketch**: Floor Plan + +**When to Include** + +- Always required +- Required if Sketch or Floor Plan Provided is Yes +- Either a sketch or floor plan is required if Sketch or Floor Plan Provided is Yes + +**Allowable Answers / Format** + +- Choose an allowable answer from the Definition / Additional Guidance column + +**Definition / Additional Guidance** + +- **Sketch or Floor Plan Provided** + - If No, “Sketch or Floor Plan Not Available” displays. + - An explanation is required in Sketch Commentary. + +- **The standard used for measurement calculations.** + - ANSI (American National Standards Institute) + - AMS (American Measurement Standard) + - Other (Describe) + - If not applicable due to property type, choose Other and enter “Not Applicable due to property type”. + - Examples: low-rise, mid-rise, and high-rise condos and “apartment style” buildings. + - If a standard applies but cannot be used and an exception is needed, choose Other and enter “Exception”, and provide the explanation for the exception in Sketch Commentary. + - Examples: Where the exterior measurement is not possible, or berm homes with their entire square footage below grade. + +**Note**: When state law requires a standard other than ANSI, apply the standard to the appropriate finished and nonfinished areas. + +- If a sketch is provided, it is displayed with the caption “Sketch”. An additional caption may be provided. +- If a floor plan is provided, it is displayed with the caption “Floor Plan”. An additional caption may be provided. + +## Appendix F-1: URAR Reference Guide + +Page 89 of 367 + +Version 1.2 \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_9.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_9.md new file mode 100644 index 0000000000000000000000000000000000000000..930a05739cb76ae122a0e125e10b28c0355742a5 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_9.md @@ -0,0 +1,54 @@ +```markdown +# Uniform Appraisal Dataset + +## Overview + +### URAR Section Organization + +#### The Certifications Black Tab + +- **Section # (Black Tab) Displays** + - **Section Name**: Always + - **When Section Displays Multiple Times**: + - **Pets**: If the unit is in a dwelling, the section displays after the applicable Dwelling. + - For properties with more than one unit, or Exterior section. + - **10 Unit Interior**: For properties with ADU(s), the section repeats for each unit or ADU. + - If the unit is in an outbuilding, the section displays after the applicable Outbuilding section. + - **Functional Obsolescence** + - **11 Outbuilding**: When there is an outbuilding on the property, the section repeats for each outbuilding. + - **12 Vehicle Storage** + - **Subject Property** + - **13 Amenities** + - **Overall Quality and Condition** + - **14 Highest and Best Use** + - **15 Market** + - **16 Project Information**: When the property is in a project (condominium, condop, cooperative) or in a PUD. + - **17 Subject Listing Information** + - **18 Sales Contract**: When there is an active sales contract. + - **Prior Sale and Transfer History**: When applicable. + - **19 Sales Comparison Approach**: Although the majority of appraisals include the Sales Comparison Approach, there are cases where this section would not be included. + - **20 Rental Information**: When applicable. + - **21 Income Approach**: When applicable. + - **22 Cost Approach**: When applicable. + - **23 Reconciliation** + - **24 Revision History**: When applicable. + - **25 Supplemental Information**: When applicable. + - **26 Certifications and Scope of Work, which includes** + +## Table Column Headings + +In this document, tables are used to define the fields in the URAR. Column headings are as follows: + +- **Report Field ID**: A red number identifying the specific location of the field on the URAR. +- **Report Label**: The name of the field as shown on the URAR. +- **When to Include**: The conditionality for when the information is required, expressed in business terms. Examples: Always required, Required if there is more than one unit, If relevant, If applicable, If available. + + Note: When information is required is not always the same as when it displays. + +- **Allowable Answers / Format**: Examples: Yes | No, Free-form, Number, Choose allowable answer(s) from a list or table. + +## Appendix F-1: URAR Reference Guide + +- Page 9 of 367 +- Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_90.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_90.md new file mode 100644 index 0000000000000000000000000000000000000000..11f5015b3abc883fa9eb0d0559e7b0b667afdb44 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_90.md @@ -0,0 +1,20 @@ +```markdown +# Uniform Appraisal Dataset 07 Sketch + +## Sketch Commentary + +### Sketch Commentary 7.003 + +#### Sketch Commentary + +- **Report All bl** +- **Repo! Report Label When to Include jowanle Definition / Additional Guidance** + +#### Field ID Answers / Format + +- **Sketch Commentary**: If applicable, free-form commentary could include information pertinent to the sketch or floor plan. If a sketch or floor plan was not provided or an exception was used, provide the explanation here. If an ANSI declaration is required, include it here. + +--- + +*Appendix F-1: URAR Reference Guide Page 90 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_91.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_91.md new file mode 100644 index 0000000000000000000000000000000000000000..0183307936a2cdc32fac63b23fe87b8d6d6b40ff --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_91.md @@ -0,0 +1,32 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Dwelling Exterior + +The Dwelling Exterior section provides information about the exterior of each dwelling, and mechanical system details. This includes style, construction method, and features (exterior walls and trim, foundation, roof and windows). The section repeats for each dwelling on the property. The Dwelling Exterior section provides space for additional commentary, exhibits, and any apparent defects, damages, or deficiencies related to the dwelling exterior or mechanical systems. + +- The conditionality of this section is limited to each structure that is identified as a dwelling. +- Outbuilding information is captured in the Outbuilding section. +- Some information displays for both dwellings and outbuildings. The “When to Include” column in this chapter only references dwellings. + +### Information that May Display in Black Tab + +When there are multiple dwellings, the Dwelling Exterior black tab provides information about the dwelling. Examples: + +- A single-family property would display “Dwelling Exterior”. + +#### Dwelling Exterior + +- A 2-to 4-unit property with multiple dwellings would display “Dwelling Exterior — Building 2”, depending on appraiser inputs. + - Structure Identifier is Building 2 + +#### Dwelling Exterior - Building 2 + +### Dwelling Exterior: Black Tab + +| Report ID | Allowable Answers / Format | Report Label | When to Include | Definition / Additional Guidance | +|-----------|----------------------------|--------------|----------------|---------------------------------| +| Dwelling Exterior (black tab) | Required if Living Units Excluding ADUs is more than 1 | Free-form Structure Identifier | An identifier (building name) created by the appraiser to differentiate among multiple dwellings on the property. Displays in a black tab as a report label throughout the URAR, and provides context for 2- to 4-unit properties, particularly in the Sales Comparison Approach section. Examples: Building 1, Building 2, Front, Rear | + +Appendix F-1: URAR Reference Guide Page 91 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_92.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_92.md new file mode 100644 index 0000000000000000000000000000000000000000..438df38bf0c560a6159d915f20d1c0d79acf545d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_92.md @@ -0,0 +1,66 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## General Information + +### Dwelling Exterior + +8.000 + +#### Subject Property Units in + +- **Structure 8.001** + +- **Structure Design 8.002** + +- **Floors in Building 8.003** + +- **Dwelling Style 8.004** + +- **Front Door Elevation 8.005** + +## Dwelling Exterior: General Information + +**Report All** + +| Report Label | When to Include | Definition / Additional Guidance | +|--------------|----------------|-----------------------------------------------------------------------------------------------------------------------------------| +| **Field ID** | **Answers / Format** | + +### Subject Property + +- **Units in Structure: Always required** + + - Units in Structure: The number of separate living units in or attached to the dwelling that are attributable to the subject property, including any accessory dwelling units. + + **Notes:** + + - Includes ADUs that are in dwellings. ADUs that are in outbuildings are captured in the Outbuilding section. This applies for the subject property only. + + - If in a low-rise, mid-rise, or high-rise, this is specific to the subject unit only, and not the total number of units in the building. + + - The total number of units in a condominium or cooperative project is reported in the Project Information section. + + Additional information about each living unit or ADU is captured in the Unit Interior section that displays after the associated Dwelling Exterior section. + +### Structure Design + +- **Required if Attachment Type is Attached** + + - Choose an allowable answer from table: + + - High-rise + - Mid-rise + - Low-rise + - Rowhouse / Townhouse + - Semi-Detached + - Other (Describe) + +### Floors in Building + +- **Required if Structure Design is Mid-rise or High-rise** + + - Number: The total number of floors in a high-rise or mid-rise building. + +*Appendix F-1: URAR Reference Guide Page 92 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_93.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_93.md new file mode 100644 index 0000000000000000000000000000000000000000..9267b7d04f14a21e7c16315faa0438b6b1c3bd0d --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_93.md @@ -0,0 +1,57 @@ +# Uniform Appraisal Dataset + +## 08 Dwelling Exterior + +### Dwelling Exterior: General Information + +**Report All** +*epo Report Label When to Include* +jowaire Definition / Additional Guidance + +**Field ID** | **Answers / Format** +---|--- +8.004 Dwelling Style | Required if Attachment Type is Detached. Choose an allowable answer from the Definition / Additional Guidance column. The type of design for detached dwellings, as defined by local markets. + +**Allowable Answers:** + +- A-Frame +- Barn +- Bi-Level +- Bungalow +- Cape Cod +- Chalet +- Colonial +- Contemporary +- Cottage +- Craftsman +- Earth / Berm +- Farmhouse +- Geodesic Dome +- Georgian +- Log +- Mediterranean +- Modern +- Neo-Eclectic +- Raised Ranch +- Rambler +- Ranch +- Southwest +- Spanish +- Split Foyer or Entry +- Split Level +- Stilt +- Traditional +- Tudor +- Victorian +- Other (Describe) + +**Note:** + +Select the most applicable Dwelling Style that fits the description of the home. + +--- + +*Appendix F-1: URAR Reference Guide* +Page 93 of 367 + +*Version 1.2* \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_94.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_94.md new file mode 100644 index 0000000000000000000000000000000000000000..91b57d6835b37d40149afd005a05252c2acd1d4e --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_94.md @@ -0,0 +1,56 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Dwelling Exterior: General Information + +### Front Door Elevation + +- **Always required** + Choose an acceptable answer for the approximate elevation from grade to the bottom of the front door. + + - Ground Level (ground level or below) + - Up to 1 foot + - 1-2 Ft. + - 2-3 Ft. + - 3-4 Ft. + - 4-5 Ft. + - 5-6 Ft. + - 6-7 Ft. + - 7-8 Ft. + - 8-9 Ft. + - 9-10 Ft. + - 10 or more feet + + For properties with multiple units in a building, choose the answer for the unit door with the lowest elevation from grade. For high-rise, mid-rise, and low-rise buildings, this reflects the front door of the unit, not the building. + + **Examples:** + - If the elevation is exactly 2 feet, choose 1-2 Ft. + - If the elevation is 2 feet, 1 inch, choose 2-3 Ft. + - If the elevation is exactly 3 feet, choose 2-3 Ft. + +### Structure Design (Choose one) + +- **Allowable Answer** + + - **High-rise** + - A multi-unit condominium or cooperative property with eight or more stories in the building. + + - **Mid-rise** + - A multi-unit condominium or cooperative property with four to seven stories in the building. + - Note: Do not select this answer for rowhouses or townhouses. + + - **Low-rise** + - A multi-unit condominium or cooperative property with one to three stories in the building. Sometimes referred to as a “garden style” dwelling. + - Note: Do not select this answer for rowhouses or townhouses. + + - **Rowhouse / Townhouse** + - One dwelling in a series of more than two attached dwellings, all of which have at least one common wall with another dwelling. + + - **Semi-Detached** + - One dwelling of only two separately parceled, single-family dwellings sharing a common wall or otherwise attached on one side (e.g., twin home, side-by-side, duplex). + + - **Other (Describe)** + - Select "Other" to enter an answer that is not in the above list. + +*Appendix F-1: URAR Reference Guide Page 94 of 367 Version 1.2* +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_95.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_95.md new file mode 100644 index 0000000000000000000000000000000000000000..7ce92fecd2576d94f8e4ac5af2108945d4bf94b8 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_95.md @@ -0,0 +1,40 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Rowhouses and Townhouses + +Additional information is required for rowhouses and townhouses. If the building is not a rowhouse or townhouse these questions do not display. + +- **Townhouse End Unit 8.006** +- **Townhouse Back to Back 8.007** +- **Units Above or Below 8.008** +- **Townhouse Location 8.009** + +### Dwelling Exterior: Rowhouses and Townhouses + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|-----------------------|----------------------------------------------------|--------------------------------------------------------------------------------------------------|----------|----------------------------------------------| +| Townhouse End Unit | Required if Structure Design is Rowhouse / Townhouse | Indicates whether the rowhouse / townhouse is located at the end of a row of attached properties.| | | +| 8.007 Townhouse Back | Required if Structure Design is Rowhouse / Townhouse | Indicates whether the rowhouse / townhouse shares a rear wall with a rear wall of another property.| Yes \| No | | +| to Back | | | | | +| Units Above or Below | Required if Structure Design is Rowhouse / Townhouse | Indicates whether there are other properties above and / or below the rowhouse / townhouse. | | Yes (e.g., piggyback or stacked) \| No | +| 8.009 Townhouse | Required if Units Above or Below is Yes | The location of the rowhouse / townhouse when there are other properties above or below. | Choose an allowable answer from the column | Top Unit \| Middle Unit \| Bottom Unit | + +## Year Built and Construction Method + +- **Year Built 8.010** +- **Construction Method 8.011** + +### Dwelling Exterior: Year Built and Construction Method + +| Report Label | When to Include | Definition / Additional Guidance | Field ID | Answers / Format | +|--------------------|--------------------------|----------------------------------------------------------------------------------------------------------------------------------|----------|----------------------------------------------------| +| Year Built | Always required | Year Built: The calendar year in which the construction of the structure was completed. | | | +| Year Built | Always required | Year Built Estimated: Indicates whether Year Built is an estimate. | | | + +**Note:** +If Year Built is unknown or unavailable to the appraiser in the normal course of business, estimate the year the structure was built. +If Yes, Year Built displays with a tilde (~). + +| Construction Method | Required if Structure Design is not High-rise, Mid-rise, or Low-rise | Choose one or more allowable answers from the table | | Container \| Manufactured \| Modular \| On-Frame Modular \| Site Built \| 3D Technology \| Other (Describe) | +``` diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_96.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_96.md new file mode 100644 index 0000000000000000000000000000000000000000..e2c0fd0521e80e633a1c1a693ff3e0603f4c86d7 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_96.md @@ -0,0 +1,62 @@ +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Construction Method (Choose one or more allowable answers) + +### Allowable Answer Definition / Additional Guidance + +- **Container** + A structure that was built using repurposed shipping containers as the core construction method, also referred to as an Intermodal Steel Building Unit (ISBU). + +- **Manufactured** + A factory-built dwelling built in compliance with the Federal Manufactured Home Construction and Safety Standards in effect at the time the home was manufactured as evidenced by the HUD label. (HUD Code Home) + *Note: Selecting this answer triggers the Manufactured Home section for the dwelling.* + +- **Modular** + A factory-built dwelling not on a permanent chassis, which is built to state or local guidelines and does not have a HUD label. + +- **On-Frame Modular** + A factory-built dwelling on a permanent chassis, which is built to state or local guidelines and does not have a HUD label. + +- **Site Built** + Describes the construction process, indicating that most elements are created at the home’s permanent site, also referred to as stick built. May include some prefabricated components. + +- **3D Technology** + A structure that was built using three-dimensional printing technologies as a core method in the fabrication process. + *Note: This includes 3D technology that was completed on site or in a factory. Also select either Site Built, Modular, or On-Frame Modular depending on where the dwelling was assembled.* + +- **Other (Describe)** + Select Other to enter an answer that is not in the above list. + +## Converted Area + +The display of the URAR varies depending on whether or not there is an area in the structure that has been converted to living area from its original use. + +- **Converted Area 8.012** +- **Converted Area and Similarity to Rest of Living Area 8.013** + +### Example: No Converted Area + +#### Dwelling Exterior - Building 1 + +- **Subject Property Units in Structure**: 1 +- **Dwelling Style**: Ranch +- **Front Door Elevation**: Up to 1 foot +- **Year Built**: 1985 +- **Construction Method**: Site Built +- **Converted Area**: None + +### Example: Converted Area + +#### Dwelling Exterior - Building 1 + +- **Subject Property Units in Structure**: 1 +- **Dwelling Style**: Ranch +- **Front Door Elevation**: Up to 1 foot +- **Year Built**: 1985 +- **Construction Method**: Site Built +- **Converted Area and Similarity to Rest of Living Area**: Garage | Similar + Porch | Inferior + +--- + +**Appendix F-1: URAR Reference Guide Page 96 of 367 Version 1.2** \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_97.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_97.md new file mode 100644 index 0000000000000000000000000000000000000000..6ebc35d23140dade3f1f9df2a2386d7e6f23a1fe --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_97.md @@ -0,0 +1,65 @@ +```markdown +# Uniform Appraisal Dataset + +## 08 Dwelling Exterior + +### Dwelling Exterior: Converted Area + +#### Report + +| Field ID | Report Label | +|------------------|-------------------------------------------------------| +| Converted Area | Converted Area and Similarity to Rest of Living Area | + +#### When to Include + +- Always required +- Required if Converted Area Exists is Yes +- Required for each converted area if Converted Area Exists is Yes + +#### Allowable Answers / Format + +- Choose one or more allowable answers from the Definition / Additional Guidance column +- Superior, Similar, or Inferior + +#### Definition / Additional Guidance + +- **Converted Area Exists**: Indicates whether an area within the structure has been improved from its original use, such as a garage or porch that has been converted into living area (e.g., family room, office, bedroom). + - Yes (Converted Area Exists does not display) + - No (“None” displays) + +> **Note**: +> +> - Does not include finished basements. Below grade area is reported in the Unit Interior section. + +- The original purpose of the area that has been improved from its original use to living area. + - Garage + - Patio + - Porch + - Other (Describe) + +- The converted area's quality of finish compared to the rest of the living area. + +### Factory Built Certification, Volume, and Window Surface Area + +| Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-------------------|---------------------|-----------------------------------------------|-----------------------------|------------------------------------------------------------------------------------------------------------------------| +| Factory Built | Certification 8.014 | Required if Construction Method is Modular or On-Frame Modular | | Indicates whether a factory built certification is present and has been examined for the modular home. | +| Structure Volume | 8.015 | When requested by client | Number of cubic feet | The total volume of the structure, including finished and unfinished areas. | +| Window Surface Area | 8.016 | When requested by client | Number of square feet | The combined surface area for all windows in the structure. | + +> **Note**: +> +> - See Construction Method for definitions of Modular and On-Frame Modular. +> - Photo(s) of the certification may be provided, which display in Dwelling Exterior Exhibits. A caption (such as “Factory Built Certification”) must be provided to further identify the photo. +> - When applicable, report the volume provided. +> - When applicable, report the area provided. + +--- + +### Appendix F-1: URAR Reference Guide + +Page 97 of 367 + +Version 1.2 +``` diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_98.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_98.md new file mode 100644 index 0000000000000000000000000000000000000000..876c0639c58c9173408c97da83265a32b5d68127 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_98.md @@ -0,0 +1,48 @@ +```markdown +# Uniform Appraisal Dataset + +## 08 Dwelling Exterior + +### Attic + +#### 8.017 + +Reference the appropriate government agency appraisal guidelines for more information. + +**Dwelling Exterior: Attic** + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|--------------|-----------------|----------------------------|---------------------------------| +| 8.017 | Attic | - Required for FHA, USDA, and VA appraisals when Structure Design is not High-rise, Mid-rise, or Low-rise
- Required for FHA and USDA appraisals when Attic Exists is Yes
- Required for FHA and USDA appraisals when Attic Accessible for Observation is Yes | Yes | No | Attic Exists: Indicates whether the structure has an attic.

Notes:
- For VA appraisals, “Yes” or “No” displays and no additional attic information is required.
- For FHA and USDA appraisals:
- When there is no attic, “No” displays.
- When there is an attic, additional attic information is required.
Attic Accessible for Observation: Indicates whether the attic is accessible for visual observation.
- Yes
- No (Inaccessible)
Visual Observation Completed: Indicates whether a visual observation of the attic, as defined by the applicable organization, was completed.
- Yes (Visual Observation Completed)
- No (No Visual Observation Completed) | + +**Remaining Economic Life and Effective Age display in the Dwelling Exterior section for government agency appraisals when there is no Cost Approach section. Reference the appropriate government agency appraisal guidelines for more information.** + +--- + +### Remaining Economic Life and Effective Age + +**Dwelling Exterior: Remaining Economic Life and Effective Age** + +| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance | +|-----------------|---------------------|----------------------------------------------------------------------|----------------------------|---------------------------------| +| 8.018 | Remaining Economic Life | Displays for FHA, USDA, and VA appraisals when Cost Approach Developed by Appraiser is No | Number of years | The estimated number of years of the structure's remaining economic life. | +| 8.019 | Effective Age | Displays for FHA, USDA, and VA appraisals when Cost Approach Developed by Appraiser is No | Number of years or range of years | The estimated age of a structure based on its utility and physical wear and tear. | + +--- + +## Commentary + +### Commentary on Remaining Economic Life + +- **Commentary on Effective Age** + - 8.020 + - 8.021 + +--- + +**Appendix F-1: URAR Reference Guide** + +Page 98 of 367 + +Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_99.md b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_99.md new file mode 100644 index 0000000000000000000000000000000000000000..840b6a75ef17107aecdcb89b3420cfa68632a247 --- /dev/null +++ b/Markdown_files/Appendix F-1 URAR Reference Guide v1.2/page_99.md @@ -0,0 +1,19 @@ +```markdown +# Uniform Appraisal Dataset 08 Dwelling Exterior + +## Dwelling Exterior: Remaining Economic Life and Effective Age + +| Beate Report Label | When to Include | Alternative Definition / Additional Guidance | Answers / Format | +|--------------------|-----------------|---------------------------------------------|------------------| +| **Field ID** | | | | + +### Photo of Dwelling Front + +| Dwelling Front Photo | Report Allowable | Field ID | Report Label | Additional Definition / Guidance | +|----------------------|------------------|----------|--------------|----------------------------------| +| See | Always required | | Dwelling Front Photo | iGuide A photo of the front of the dwelling must be provided, which displays at the top of the Dwelling Exterior section. | + +Additional photo(s) of the front of the dwelling may be provided, which display in Dwelling Exterior Exhibits with the caption “Dwelling Front”. An additional caption may be provided to further identify each photo. + +Appendix F-1: URAR Reference Guide Page 99 of 367 Version 1.2 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1156.md b/Markdown_files/FHA handbook/page_1156.md new file mode 100644 index 0000000000000000000000000000000000000000..da643f22c05ac508368f6813656c8affafdb70d6 --- /dev/null +++ b/Markdown_files/FHA handbook/page_1156.md @@ -0,0 +1,41 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## E. Title I Insured Programs + +### 4. Manufactured Home Loan Program + +Referral fees or similar charges are not allowed to be paid or collected by any party involved in the transaction, to include the manufacturer, Dealer, contractor, supplier, real estate broker, loan broker, or any other party involved in the transaction. + +A Lender may not allow the Dealer, or any party, other than the Borrower, to pay any Discount Points or other financing charges in connection with the loan transaction. + +#### viii. Fees and Charges that May be Collected and Financed + +##### (A) Standard + +The fees and charges listed below that are incurred in connection with a Manufactured Home Loan may be included in the loan amount. Their inclusion must not increase the total principal loan balance beyond the maximum loan limit permitted. + +The fees and charges that may be collected are limited to the following and amounts where indicated: + +- UFIP; +- Origination fees, not to exceed 2 percent of the Base Loan Amount, before adding UFIP; +- A fee for the services of a qualified third-party closing agent to act on behalf of a Lender in closing a Direct Loan transaction; +- State and local sales taxes paid by the Borrower; +- Premiums paid by the Borrower for hazard insurance for the first year of the loan term, including premiums for Flood Insurance where applicable; +- Credit report costs; +- The appraisal fee if required by FHA; +- Fees for determining whether the Property is in an SFHA; +- A lender inspection fee up to $125; +- Reasonable and customary state or local government-imposed inspection fees, as required during the site placement of a Manufactured Home, but no more than $500 may be financed into the Loan; +- Recording fees, recording taxes, filing fees, and documentary stamp taxes; and +- Such other items as may be specified by HUD. + +The collection of Discount Points may not be financed and is not permitted unless the loan documents indicate that the Discount Point(s) resulted in a decrease to the interest rate. + +##### (B) Required Documentation + +The case binder must identify the fees and charges collected and financed into the Loan. The Lender must include the invoice(s) for the inspection fee, together with documentation supporting the government requirement for the inspection in the loan package for both any pre-endorsement review that may be required and any insurance claim submission. + +**Handbook 4000.1 1127** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1157.md b/Markdown_files/FHA handbook/page_1157.md new file mode 100644 index 0000000000000000000000000000000000000000..aeff32f08a22a808b780c3a5d3adeb00536bff98 --- /dev/null +++ b/Markdown_files/FHA handbook/page_1157.md @@ -0,0 +1,40 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## E. Title I Insured Programs + +### 4. Manufactured Home Loan Program + +#### ix. Fees and Charges that May be Collected, but May Not be Financed + +##### (A) Standard + +The following fees and charges, incurred by a Lender in connection with a Manufactured Home Loan, may be collected from a Borrower, but may not be included in the loan amount or otherwise financed or advanced by a Dealer, a manufacturer, or any other party to the loan transaction. + +Discount Points may be paid by the Borrower, but only if the Lender can demonstrate a clear relationship between the Discount Points being charged and a compensating decrease in the interest rate on the Loan. + +The fees and charges that may be collected and not financed are limited to the following and amounts where indicated: + +- A fee for the services of a qualified Closing Agent to act on behalf of the Lender in closing a Dealer Loan transaction; +- Premiums for credit life insurance or credit disability insurance; +- Other fees necessary to establish the validity of a lien; +- Title insurance costs for Manufactured Home Lot Loans or Combination Loans; +- Survey costs for Manufactured Home Lot Loans or Combination Loans; +- Escrows: + - Payments into an insurance escrow account for the current year for all Title I Manufactured Homes; and + - Tax escrows for the current year, only for Manufactured Home Lot Loans and Combination Loans; +- A lender inspection fee greater than $125 may be charged but not financed so long as the Lender can document that the fee is reasonable and customary; +- A site placement inspection fee conducted by a state or local government that is reasonable or customary, but no more than $500 may be financed into the Loan; +- Costs for the following are permitted to be charged only for Manufactured Home Lot Loans, and Combination Loans, where applicable: + - Title insurance; + - Survey; and + - Payments into a tax escrow account for the current year; and +- Such other items as may be specified by HUD. + +##### (B) Required Documentation + +The case binder must identify the fees and charges collected and not financed into the Loan. The Lender must include the invoice(s) for the inspection fee, together with documentation supporting the government requirement for the inspection in the loan package for both any pre-endorsement review that may be required and any insurance claim submission. + +**Handbook 4000.1 1128** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1158.md b/Markdown_files/FHA handbook/page_1158.md new file mode 100644 index 0000000000000000000000000000000000000000..48051ec9e4ade8d3ef138444d12ae131f80133d6 --- /dev/null +++ b/Markdown_files/FHA handbook/page_1158.md @@ -0,0 +1,47 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### E. Title I Insured Programs + +#### 4. Manufactured Home Loan Program + +##### x. Disbursement Date + +Disbursement Date refers to the date the proceeds of the Loan are made available to the Borrower. + +The Disbursement Date must occur before the expiration of the credit documents. + +##### xi. Disbursement of Loan Proceeds + +###### (A) Standard + +####### (1) Dealer Loan + +The Lender must disburse the loan proceeds: + +- solely to the Dealer or to the Borrower; or +- jointly to the Borrower and the Dealer or other parties to the transaction, including the property seller(s) or the financial institution that holds an existing loan that will be paid off with the new Loan. + +The Lender must verify that loan proceeds are disbursed in the proper amount. + +####### (2) Direct Loan + +The Lender must disburse the loan proceeds solely to the Borrower or jointly to the Borrower and other parties to the transaction. The Lender must verify that loan proceeds are disbursed in the proper amount. + +###### (B) Required Documentation + +The Lender must obtain and include in the case binder the final Settlement Statement or other legal documentation detailing the transaction including fees, charges, and Disbursement. + +##### xii. Per Diem Interest and Interest Credit + +The Lender may collect per diem interest from the Disbursement Date to the date amortization begins. + +Per diem interest must be computed using a factor of 1/365th of the annual rate. + +##### xiii. Signatures + +The Lender must ensure that the Loan, Note, and all closing documents are signed by all required parties in accordance with the Borrower Eligibility. + +**Handbook 4000.1 1129** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1159.md b/Markdown_files/FHA handbook/page_1159.md new file mode 100644 index 0000000000000000000000000000000000000000..001a6ab7d04f614aa9f420e51bfe16888d72c664 --- /dev/null +++ b/Markdown_files/FHA handbook/page_1159.md @@ -0,0 +1,48 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## E. Title I Insured Programs + +### 4. Manufactured Home Loan Program + +#### (A) Use of Power of Attorney at Closing + +A Borrower may designate an attorney-in-fact to use a POA to sign documents on their behalf at closing, including the Disclosure Notice to Borrower. + +Unless required by applicable state law, as stated below, or they are the Borrower’s Family Member, none of the following persons connected to the transaction may sign the security instrument or Note as the attorney-in-fact under a POA: + +- The Lender, or any employee or Affiliate; +- The loan originator, or employer or employee; +- The title insurance company providing the title insurance policy, the title agent closing the Loan, or any of their Affiliates; or +- Any real estate agent or any person affiliated with such real estate agent. + +**Exception** + +Closing documents may be signed by an attorney-in-fact who is connected to the transaction if the POA expressly authorizes the attorney-in-fact to execute the required documents on behalf of a Borrower, only if the Borrower, to the satisfaction of the attorney-in-fact in a recorded interactive session conducted via the Internet has: + +- Confirmed their identity; and +- Reaffirmed, after an opportunity to review the required loan documents, their agreement to the terms and conditions of the required loan documents evidencing such transaction and to the execution of such required Loan by such attorney-in-fact. + +The Lender must obtain a copy of form HUD-56001-MH signed by the Borrower or POA in accordance with Signature Requirements for All Application Forms. + +#### (B) Electronic Signatures + +See Policy on Use of Electronic Signatures. + +## xiv. Note + +#### (A) Definition + +Note refers to any form of credit instrument commonly used in a jurisdiction to evidence a Loan. + +#### (B) Standard + +##### (1) Form + +The Lender must ensure that the Note complies with all applicable state and local requirements for creating a recordable and enforceable Loan, and an enforceable Note. HUD does not provide Note forms or prescribe a particular Note format. + +--- + +**Handbook 4000.1 1130** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1160.md b/Markdown_files/FHA handbook/page_1160.md new file mode 100644 index 0000000000000000000000000000000000000000..61f9d3e85a1561e712c8f7a08acc98764d8d99d2 --- /dev/null +++ b/Markdown_files/FHA handbook/page_1160.md @@ -0,0 +1,40 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## E. Title I Insured Programs + +### 4. Manufactured Home Loan Program + +The Lender must ensure that the Note and all other documents evidencing the loan transaction are in compliance with applicable federal, state, and local laws. + +The Note must: + +- State the principal amount of the Loan and the annual rate of interest; +- Bear the signature of each Borrower and of any co-maker or Co-signer; and +- Be valid and enforceable against the Borrower and any co-maker or Co-signer. + +#### (2) Interest Rate + +The interest rate is negotiated between the Lender and the Borrower. The interest rate must be fixed for the full term of the Loan and must be stated in the Note or retail sales installment contract. Interest on the Loan must accrue from the date of the Loan, and be calculated on a simple interest basis. + +Adjustable Rate Mortgage products are not permitted for FHA Title I Manufactured Home Loans. + +#### (3) Temporary Interest Rate Buydown Requirements + +Temporary interest rate buydowns are not permitted. + +#### (4) Signature + +The Borrower and any co-maker or Co-signer must execute the Note for the full amount of the loan obligation. Although the Borrower(s) may sign the Note on an earlier date, the date of the Loan must be the date that the loan proceeds are disbursed by the Loan. Such date should be entered on the Note when Disbursement occurs. + +#### (5) Payments on the Loan + +The Note must provide for equal installment payments that are due monthly. The first scheduled Loan Payment must be due no later than two months from the date of the Loan. The Note may provide for the first and/or final payments to vary in amount but not to exceed 1.5 times the regular installment. + +#### (6) Default Provision + +The Note must contain a provision for acceleration of maturity, at the option of the holder, upon a monetary Default by the Borrower. + +**Handbook 4000.1 1131** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1161.md b/Markdown_files/FHA handbook/page_1161.md new file mode 100644 index 0000000000000000000000000000000000000000..28c3c3017544dc8948b6c1a4084eafc1e0bf7128 --- /dev/null +++ b/Markdown_files/FHA handbook/page_1161.md @@ -0,0 +1,41 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### E. Title I Insured Programs + +#### 4. Manufactured Home Loan Program + +##### (7) Late Charges + +The Note may provide for a Late Charge unless specifically precluded by state law. The Late Charge may be imposed only for a payment which is in arrears for the greater of 15 Days or the number of Days required by applicable state law. Late Charges must be billed to the Borrower or reflected in the payment coupon. Evidence of Late Charges paid by the Borrower must be in the case binder if an insurance claim is made. + +###### (a) Amount of Late Charge + +The Late Charge must not exceed the lesser of 4 percent for each installment of P&I, or the maximum amount permitted by applicable state law. + +###### (b) Method of Payment + +Payment of any Late Charge cannot be deducted from the monthly payment of P&I. Late payment fees must be calculated and shown as an additional charge to the Borrower. + +###### (c) Daily Interest in Lieu of Late Charges + +In lieu of Late Charges, the Note may provide for interest to accrue on installments in arrears, continuing daily, based on the interest rate in the Note. + +##### (8) Prepayment Provision + +Borrowers cannot be charged a prepayment penalty on any FHA Title I Manufactured Home Loan product. + +##### (9) Recourse from Dealer + +The Dealer and Title I Lender may agree to require partial or full recourse of a provision in the loan documents against the Dealer, to reduce or eliminate the Lender’s loss in the event of foreclosure or repossession. Recourse provisions in the loan documents may provide for: + +- A Default occurring within a period of not more than three years from the date of the Loan; +- Reimbursement from the Dealer for: + - A fixed percentage of the unpaid amount of the loan obligation, after deducting the proceeds from the sale of the Property; and + - Any amounts received or retained by the Lender after the date of Default; or +- A maximum liability to the Dealer of 100 percent of the unpaid amount of the loan obligation prior to such deductions. + +**Handbook 4000.1** +Last Revised: 01/1132 +10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1162.md b/Markdown_files/FHA handbook/page_1162.md new file mode 100644 index 0000000000000000000000000000000000000000..b6d8818eeedaf1bea236fc1e6a805a5ceec8c74e --- /dev/null +++ b/Markdown_files/FHA handbook/page_1162.md @@ -0,0 +1,36 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### E. Title I Insured Programs + +#### 4. Manufactured Home Loan Program + +##### xv. Security Instrument + +###### (A) Definition + +Security Instrument refers to any legal instrument that is commonly used in a jurisdiction in connection with a Loan secured by a Manufactured Home and/or Real Property. + +###### (B) Standard + +A Manufactured Home Loan must be secured by a recorded lien on the home (or lot or home and lot, as appropriate), its furnishings, equipment, accessories, and appurtenances. + +The lien must be a first lien, superior to any other lien on that Property, and evidenced by a properly recorded financing statement, a properly recorded security instrument executed by the Borrower and any other owner of the Property, or another acceptable instrument, such as a certificate of title issued by the state and containing a recitation of the Lender’s lien interest in the Manufactured Home. + +The Lender must ensure that the description of the Manufactured Home as cited in the security instrument is accurate and that the security instrument creates a valid and enforceable lien on the Manufactured Home in the jurisdiction in which the Property is located. The security instrument must be recorded and perfected in the manner specified by applicable state law in the state where the Property is located. + +For a Combination Loan, the Lender may take a security interest in the Manufactured Home as Personal Property and concurrently place a real property lien on the land. FHA permits Manufactured Homes to be split from the land and secured separately. + +##### xvi. Post-Disbursement Unit Inspection + +###### (A) Inspection Requirements for Dealer-Originated Sales + +Dealer-originated sales of Manufactured Homes require the Lender, or an agent of the Lender who is not a Dealer, to conduct an inspection of the Manufactured Home after it has been delivered and installed at the home site. This inspection must be completed within 60 Days after the Disbursement Date. The inspection is to verify and document the following: + +- The terms and conditions of the sales contract have been met. +- The Manufactured Home and any itemized options and appurtenances included in the purchase price of the home or financed with the loan proceeds have been delivered and installed. +- The Manufactured Home has been properly installed on the home site without any apparent structural damage or other serious defects resulting from the transportation or installation of the unit, and all plumbing, mechanical and electrical systems are fully operational. + +**Handbook 4000.1 1133** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1716.md b/Markdown_files/FHA handbook/page_1716.md new file mode 100644 index 0000000000000000000000000000000000000000..6d006f60035021aa82a10bc1fd9032e12ce830ae --- /dev/null +++ b/Markdown_files/FHA handbook/page_1716.md @@ -0,0 +1,48 @@ +```markdown +# IV. CLAIMS AND DISPOSITION + +## B. Title II Disposition + +### 2. REO Property Disposition + +#### (b) Maximum Commission + +- For sales of vacant lots, HUD will pay commissions totaling not more than 10 percent of the bid price. +- For all other sales, HUD will pay commissions totaling not more than 6 percent of the bid price. + +#### (c) Hard-to-Sell Properties + +- For sales of Properties designated as hard-to-sell, HUD will pay up to a total sales commission of $2,000, to be split between the listing broker and selling broker. + +##### (2) Split of Sales Commission + +- Listing brokers and selling brokers will split sales commissions. The selling broker’s acceptance of a lower commission does not affect the amount the listing broker will receive. + +##### (3) Calculating Commission on Discounted Sales + +- For discounted sales to buyers other than Governmental Entities or HUD-approved Nonprofits, the listing broker and selling broker may calculate commission based on the bid price before any discounts are deducted. + +#### (B) Required Documentation + +- The listing broker and selling broker must enter on form HUD-9548 the actual commissions to be paid. + +### iv. Closing Costs + +#### (A) Costs Automatically Paid by HUD + +HUD will pay the following closing costs: + +- Proration of property taxes and any special assessments such as Homeowners’ Association (HOA) fees and utility bills; +- Condominium or HOA transfer fee, if applicable; +- The cost to provide condominium documents to the buyer; +- The repair escrow inspection fee of $200, if applicable; +- Recording fees and charges for the deed; +- The overnight mailing fee for the final Closing Disclosure or similar legal document, signed by the buyers and the Closing Agent, and sent to the AM contractor; and +- State and local transfer taxes that are reasonable and customary in the jurisdiction where the Property is located. + +--- + +**Handbook 4000.1** +**1687** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1717.md b/Markdown_files/FHA handbook/page_1717.md new file mode 100644 index 0000000000000000000000000000000000000000..bbc55d0d351fc149fa963750fdfdc811f02eb8a1 --- /dev/null +++ b/Markdown_files/FHA handbook/page_1717.md @@ -0,0 +1,43 @@ +```markdown +# IV. CLAIMS AND DISPOSITION + +## B. Title II Disposition + +### 2. REO Property Disposition + +For closing costs claimed on discount sales to Governmental Entities and HUD-approved Nonprofits, HUD will deduct any closing costs paid from the total discount amount. + +#### (B) Other Financing and Closing Costs for Properties in Competitive Sales + +##### (1) Standard + +For Properties sold in competitive sales and not in GNND transactions, HUD will pay the buyer’s actual financing and closing costs as requested on Line 5 of form HUD-9548 in an amount up to 3 percent of the Property’s gross purchase price, provided that the costs are reasonable and customary in the jurisdiction where the Property is located. The gross purchase price is the bid price before any subtractions requested by the buyer for financing and closing costs, and the broker’s sales commission. + +No assistance for financing and loan closing costs or for broker’s sales commission will be provided to Investor Buyers. + +HUD will retain any Line 5 funds not used at closing. + +##### (2) Required Documentation + +The buyer must identify on Line 5 of form HUD-9548 their requested financing and closing costs. + +## v. Closing Process + +### (A) Closing Agent Assignments + +The AM will provide the Closing Agent with the following items: + +- fully ratified sales contract and addenda; +- title evidence (when available); +- wire instructions; +- pre-closing and post-closing instructions; +- HOA documents, if applicable; +- all outstanding property bills; and +- any other documentation deemed necessary by the COR. + +The AM will provide these documents within two business days of the AM’s ratification of the sales contract, the issuance of the HUD-issued Title Identification (ID) Number, or, for ACA sales, receipt of the fully executed Notice of Acquisition from the ACA participant. + +**Handbook 4000.1** +Last Revised: 01/1688 +10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_1756.md b/Markdown_files/FHA handbook/page_1756.md new file mode 100644 index 0000000000000000000000000000000000000000..b1067bcdf0318d04d1dfd9884b4be783c216c90f --- /dev/null +++ b/Markdown_files/FHA handbook/page_1756.md @@ -0,0 +1,52 @@ +```markdown +# V. QUALITY CONTROL, OVERSIGHT, AND COMPLIANCE + +## A. Quality Control of Lenders and Mortgagees + +### 2. Institutional + +#### Quality Control Program Requirements + +- **(B)** + An officer, senior staff person, or underwriter with sufficient approval authority. + +- **(C)** + - The requirements of the ECOA are met and documented in each file. + - No civil rights violations were committed in the denial of the application. + + Where possible discrimination is noted, the Mortgagee must take immediate corrective action to ensure its operations comply with applicable state and federal fair lending laws. + +##### (2) Required Documentation + +The Mortgagee must document the methodology used to review denied applications, the results of each review, and any corrective actions taken as a result of review findings. The procedures used to review denied applications must be included in the Mortgagee’s QC Plan. + +--- + +### Fair Housing Poster and Equal Housing Opportunity Logo + +#### (1) Standard + +The Mortgagee must verify that a fair housing poster is prominently displayed in the Mortgagee’s home office and any branch offices that deal with Borrowers and the general public. The Mortgagee must verify that the equal housing opportunity logo is prominently displayed on all documents, including both hard copy and electronic documents, distributed by the Mortgagee to the public. + +#### (2) Required Documentation + +The Mortgagee must confirm that a fair housing poster is prominently displayed in the Mortgagee’s offices. The Mortgagee must be able to demonstrate that all documents distributed by the Mortgagee to the public contain the equal housing opportunity logo. + +--- + +### Fair Housing or Discrimination Violations + +#### (1) Standard + +Potential fair housing violations or instances of discrimination must be reported to HUD’s Office of Fair Housing and Equal Opportunity (FHEO) immediately. + +#### (2) Required Documentation + +Fair housing violations and complaints may be reported online using the HUD Form 903 Online Complaint, contacting HUD’s local FHEO Regional Office, or by calling the Fair Housing Complaint Hotline at 1-800-669-9777. + +--- + +**Handbook 4000.1** +Last Revised: 01/1727 +10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_187.md b/Markdown_files/FHA handbook/page_187.md new file mode 100644 index 0000000000000000000000000000000000000000..1faaa6b47c175464f641ddc0c8c6f08903c75982 --- /dev/null +++ b/Markdown_files/FHA handbook/page_187.md @@ -0,0 +1,47 @@ +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## A. Title II Insured Housing Programs Forward Mortgages + +### 1. Origination/Processing + +#### (B) Secondary Residence + +##### (1) Definition + +Secondary Residence refers to a dwelling that a Borrower occupies in addition to their Principal Residence, but less than a majority of the calendar year. A Secondary Residence does not include a Vacation Home. + +##### (2) Standard + +Secondary Residences are only permitted with written approval from the Jurisdictional HOC after a determination that: + +- The Borrower has no other Secondary Residence; +- The Secondary Residence will not be a Vacation Home or be otherwise used primarily for recreational purposes; +- The commuting distance to the Borrower’s workplace creates an undue hardship on the Borrower and there is no affordable rental housing meeting the Borrower’s needs within 100 miles of the Borrower’s workplace; and +- The maximum mortgage amount is 85 percent of the lesser of the appraised value or sales price. + +##### (3) Required Documentation + +The Mortgagee must demonstrate the lack of affordable rental housing, and include: + +- A satisfactory explanation of the need for a Secondary Residence and the lack of available rental housing; and +- Written evidence from local real estate professionals who verify a lack of acceptable housing in the area. + +#### (C) Investment Property + +##### (1) Definition + +An Investment Property refers to a Property that is not occupied by the Borrower as a Principal or Secondary Residence. + +##### (2) Standard + +Investment Properties are not eligible for FHA insurance. + +**Exception** + +Investment Properties are eligible if the borrower is a HUD-approved Nonprofit Borrower, or a state and local government agency, or an Instrumentality of Government. + +--- + +**Handbook 4000.1** +**Page 159** +**Last Revised: 01/10/2025** diff --git a/Markdown_files/FHA handbook/page_188.md b/Markdown_files/FHA handbook/page_188.md new file mode 100644 index 0000000000000000000000000000000000000000..c7da407b3d91abeb1ebdb2a91aa1048409ae4c3a --- /dev/null +++ b/Markdown_files/FHA handbook/page_188.md @@ -0,0 +1,38 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### A. Title II Insured Housing Programs Forward Mortgages + +#### 1. Origination/Processing + +**Policy Eligibility Requirements** + +**Exceptions** + +**Relocation** +A Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA-insured Mortgage if the Borrower is: +- Relocating or has relocated for an employment-related reason; and +- Establishing or has established a new Principal Residence in an area more than 100 miles from the Borrower’s current Principal Residence. + +If the Borrower moves back to the original area, the Borrower is not required to live in the original house and may obtain a new FHA-insured Mortgage on a new Principal Residence, provided the relocation meets the two requirements above. + +**Increase in Family Size** +A Borrower may be eligible for another house with an FHA-insured Mortgage if the Borrower provides satisfactory evidence that: +- The Borrower has had an increase in legal dependents and the Property now fails to meet family needs; and +- The Loan-to-Value (LTV) ratio on the current Principal Residence is equal to or less than 75% or is paid down to that amount, based on the outstanding Mortgage balance and a current residential appraisal. + +**Vacating a Jointly-Owned Property** +A Borrower may be eligible for another FHA-insured Mortgage if the Borrower is vacating (with no intent to return) the Principal Residence which will remain occupied by an existing co-Borrower. + +**Non-Occupying Co-Borrower** +- A non-occupying co-Borrower on an existing FHA-insured Mortgage may qualify for another FHA-insured Mortgage on a new Property to be their own Principal Residence. +- A Borrower with an existing FHA-insured Mortgage on their own Principal Residence may qualify as a non-occupying co-Borrower on other FHA-insured Mortgages. + +**(3) Required Documentation** +The Borrower must indicate on the URLA (Fannie Mae Form 1003/Freddie Mac Form 65) that the Property will be the Borrower’s Principal Residence and certify to that fact on form HUD-92900-A. + +**Handbook 4000.1** +Last Revised: 01/10/2025 + +**158** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_217.md b/Markdown_files/FHA handbook/page_217.md new file mode 100644 index 0000000000000000000000000000000000000000..f24decc8fb625db076763d347047356d0048db49 --- /dev/null +++ b/Markdown_files/FHA handbook/page_217.md @@ -0,0 +1,63 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### A. Title II Insured Housing Programs Forward Mortgages + +#### 3. Underwriting the Property + +##### (b) Required Documentation + +The Mortgagee must obtain a valid water test from the local health authority +or a lab qualified to conduct water testing in the jurisdictional state or local +authority. When a well test is required, the report may not be more than 180 +Days old from the Disbursement Date. + +###### (3) Shared Wells + +The Mortgagee must confirm that a Shared Well: + +- serves Properties that cannot feasibly be connected to an acceptable public + or Community Water supply System; + +- is capable of providing a continuous supply of water to involved Dwelling + Units so that each Existing Construction Property simultaneously will be + assured of at least three gallons per minute (five gallons per minute for + Proposed Construction) over a continuous four-hour period. (The well + itself may have a lesser yield if pressurized storage is provided in an + amount that will make 720 gallons of water available to each connected + existing dwelling during a continuous four-hour period or 1,200 gallons of + water available to each proposed dwelling during a continuous four-hour + period. The shared well system yield must be demonstrated by a certified + pumping test or other means acceptable to all agreeing parties.); + +- provides safe and potable water. An inspection is required under the same + circumstances as an individual well. This may be evidenced by a letter + from the health authority having jurisdiction or, in the absence of local + health department standards, by a certified water quality analysis + demonstrating that the well water complies with the EPA’s National + Interim Primary Drinking Water Regulations; + +- has a valve on each dwelling service line as it leaves the well so that water + may be shut off to each served dwelling without interrupting service to the + other Properties; and + +- serves no more than four living units or Properties. + +##### (a) Requirements for Well Water Testing + +A well water test is required for, but not limited to, Properties: + +- that are newly constructed; + +- where an Appraiser has reported deficiencies with a well or the well + water; + +- where water is reported to be unsafe or known to be unsafe; or + located in close proximity to dumps, landfills, industrial sites, farms + (pesticides) or other sites that could contain hazardous wastes. + +**Handbook 4000.1** +**Last Revised: 01/10/2025** + +188 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_218.md b/Markdown_files/FHA handbook/page_218.md new file mode 100644 index 0000000000000000000000000000000000000000..835dbe9a27301d21cd264ccfdf80835da17a72ad --- /dev/null +++ b/Markdown_files/FHA handbook/page_218.md @@ -0,0 +1,35 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### A. Title II Insured Housing Programs Forward Mortgages + +#### 3. Underwriting the Property + +All testing must be performed by a disinterested third party. This includes the +collection and transport of the water sample collected at the water supply +source. The sample must be collected and tested by the local health authority, +a commercial testing laboratory, a licensed sanitary engineer, or other party +that is acceptable to the local health authority. At no time will the +Borrower/owner or other Interested Party collect and/or transport the sample. + +For both New and Existing Construction, the Mortgagee must ensure that the +shared well agreement complies with the guidance provided in the following +table. + +| Item | Provisions that must be reflected in any acceptable shared well agreement include the following: | +|------|------------------------------------------------------------------------------------------------| +| 1 | Require that the agreement is binding upon signatory parties and their successors in title, recorded in local deed records when executed and recorded, and reflects joiner by any Mortgagee holding a Mortgage on any Property connected to the Shared Well. | +| 2 | Permit well water sampling and testing by the local authority at the request of any party at any time. | +| 3 | Require that corrective measures be implemented if testing reveals a significant water quality deficiency, but only with the consent of a majority of all parties. | +| 4 | Ensure continuity of water service to “supplied” parties if the “supplying” party has no further need for the shared well system. (“Supplied” parties normally should assume all costs for their continuing water supply.) | +| 5 | Prohibit well water usage by any party for other than bona fide domestic purposes. | +| 6 | Prohibit connection of any additional living unit to the shared well system without:
- the consent of all parties;
- the appropriate amendment of the agreement; and
- compliance with item 3. | +| 7 | Prohibit any party from locating or relocating any element of an individual sewage disposal system within 75 feet (100 feet for Proposed Construction) of the Shared Well. | +| 8 | Establish Easements for all elements of the system, ensuring access and necessary working space for system operation, maintenance, improvement, inspection and testing. | +| 9 | Specify that no party may install landscaping or improvements that will impair use of the Easements. | + +*Handbook 4000.1* +*Last Revised: 01/10/2025* + +189 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_815.md b/Markdown_files/FHA handbook/page_815.md new file mode 100644 index 0000000000000000000000000000000000000000..916cb2c8cc4fa145058d7adadfafef00b66fca09 --- /dev/null +++ b/Markdown_files/FHA handbook/page_815.md @@ -0,0 +1,46 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +- **Gut Rehab (completed)** +- **Non-Gut Rehab** + - Two- to Four-Unit Condominium Project; + - Manufactured Housing; and + - Leasehold Interest. + +##### ii. Ineligible Characteristics + +FHA will not approve Condominium Projects with the following characteristics: + +- Cooperative ownership; +- Condominium hotel or condotel; +- Mandatory rental pooling agreements that require Unit owners to either rent their Units or give a management firm control over the occupancy of the Units; +- Timeshare or segmented ownership projects; +- Multi-dwelling condominiums (more than one dwelling per Condominium Unit); +- Houseboat project; +- Continuing care facility; +- Coastal Barrier Resources System location; or +- Subject to adverse determination for significant issues as identified by FHA. + +#### b. Phasing (10/15/2019) + +##### i. Definition + +Phasing refers to Condominium Projects that are legally declared in separate stages by amending and recording the governing documents. + +Legal Phases refer to specific phases of a Condominium Project that allow additions to the Condominium Project and are defined by state authority. + +##### ii. Standard + +- Condominium Projects may be approved in stages as Legal Phases are completed; however, all completed Legal Phases must be evaluated. +- Each Legal Phase must be complete as demonstrated by the Certificate of Occupancy (CO) or its equivalent prior to submission of a Legal Phase. +- Legal Phases may be submitted for New Construction and Conversion (both Gut and Non-Gut Rehabilitation) Condominium Projects. +- The submitted Legal Phases must be independently sustainable without future planned Legal Phases, as demonstrated by the budget and financial documentation, such that the submitted Legal Phases of the Condominium Project will not be jeopardized by the failure to complete additional Legal Phases. + +**Handbook 4000.1 786** + +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_816.md b/Markdown_files/FHA handbook/page_816.md new file mode 100644 index 0000000000000000000000000000000000000000..20ba38f07059346233a89ae5a9cca3343803dda8 --- /dev/null +++ b/Markdown_files/FHA handbook/page_816.md @@ -0,0 +1,50 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## C. Condominium Project Approval + +### 2. Project Eligibility + +#### vii. Insurance Coverage + +The Condominium Project must be insured to FHA standards as well as any applicable state and local condominium requirements. + +The insurance policies must list the Condominium Association as the named insured, or in the case of an affiliated Condominium Project or Condominium Association, the name of the affiliated Condominium Project or Condominium Association may be listed as a named insured. + +##### (A) + +##### (B) + +#### Hazard Insurance + +##### (1) Definition + +Hazard Insurance refers to insurance coverage that compensates for physical damage by fire, wind, or natural occurrences. + +##### (2) Standard + +The Condominium Association must have a master or blanket Hazard Insurance policy in place for the entire Condominium Project. The Condominium Association’s master or blanket Hazard Insurance policy must be in an amount to fully cover the insurable replacement cost of all Units and all insurable Common Elements in the Approved Condominium Project. + +Any policy with a coinsurance clause must include an agreed amount endorsement, selection of the agreed value option, or an amount of coverage to fully cover the insurable replacement cost of all Units and all insurable Common Elements in the Approved Condominium Project. + +Any pooled insurance policy must satisfy the insurance coverage standard for each Condominium Project insured under the policy. + +##### (3) Required Documentation + +The following documentation must be submitted: +- Form HUD-9992; +- Certificate of insurance or a complete copy of the insurance policy; and +- If applicable, acceptable evidence of the replacement cost value. + +#### Liability Insurance + +##### (1) Definition + +Liability Insurance refers to insurance that protects against legal claims. + +--- + +**Handbook 4000.1** +Last Revised: 01/795 +10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_817.md b/Markdown_files/FHA handbook/page_817.md new file mode 100644 index 0000000000000000000000000000000000000000..ed24c0070c20cbf6f614fbbec8c60d565e0b9333 --- /dev/null +++ b/Markdown_files/FHA handbook/page_817.md @@ -0,0 +1,44 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +##### (2) Standard + +The Condominium Association must maintain comprehensive Liability Insurance for the entire Condominium Project, including all Common Elements and areas, public ways, and other areas that are under its supervision, in the amount of at least $1 million for any single occurrence. + +##### (3) Required Documentation + +The following documentation must be submitted: +- Form HUD-9992; and +- Certificate of insurance or a complete copy of the insurance policy. + +### (C) Fidelity Insurance + +#### (1) Definition + +Fidelity Insurance refers to insurance that protects the Condominium Association against employee dishonesty, crime, or other fraudulent acts conducted by one or more employees. + +#### (2) Standard + +For all Condominium Projects with more than 20 Units, the Condominium Association must maintain Fidelity Insurance for all officers, directors, and employees of the Condominium Association and all other persons handling or responsible for funds administered by the Condominium Association. + +This insurance coverage must be the greater of either: +- Three months of aggregate (12-month) assessments on all Units plus reserve funds (up to the maximum permitted by state law); or +- The minimum amount required by state law. + +For existing policies, an uninsured amount within 3 percent of the above calculation or $10,000, whichever is less, is acceptable. + +If the Condominium Project engages a management company, it must have a policy that covers both or separate policies. The policy or policies must demonstrate that they specifically meet the standard for both the Condominium Association and the management company. + +#### (3) Required Documentation + +The following documentation must be submitted: +- Form HUD-9992; and +- Certificate of insurance or a complete copy of the insurance policy from the Condominium Association and/or from the management company. + +**Handbook 4000.1 796** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_818.md b/Markdown_files/FHA handbook/page_818.md new file mode 100644 index 0000000000000000000000000000000000000000..889261cdbc767f39b3282e82475a0e32f396edf6 --- /dev/null +++ b/Markdown_files/FHA handbook/page_818.md @@ -0,0 +1,42 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +##### (D) Flood Insurance (Existing Construction) + +###### (1) Standard + +Flood Insurance for Condominiums must meet the requirements in Flood Insurance. + +The Condominium Association must have Flood Insurance in place for property improvements in the Condominium Project that are located within Special Flood Hazard Areas (SFHA) including “A” or “V” zones, which are determined by the Federal Emergency Management Agency (FEMA). + +The Condominium Association must have Flood Insurance for all Condominium Units in buildings that are located in an SFHA. + +The Condominium Project must be located in a community that participates in the National Flood Insurance Program (NFIP) and has NFIP available, regardless of whether the Condominium Association obtains NFIP coverage. Coverage must be equal to the replacement cost of the covered improvements or the NFIP maximum per Condominium Unit multiplied by the number of Condominium Units, whichever is less. + +###### (2) Required Documentation + +The following documentation must be submitted: + +- Form HUD-9992; +- FEMA flood map with the Condominium Project location clearly marked; if applicable, the Letter of Map Amendment (LOMA), Letter of Map Revision (LOMR), or FEMA NFIP Elevation Certificate (FEMA Form FF-206-FY-22-152); and +- If applicable, the certificate of insurance or a complete copy of the Flood Insurance policy. + +##### (E) Exception for FHA Insurance Requirements + +This exception applies to Manufactured Home Condominium Projects, Detached Condominium Housing Projects, and Common Interest Housing Developments unable to satisfy the current insurance requirements. + +###### (1) Standard + +The Unit owners and Condominium Association or HOA of the Condominium Project must comply with FHA insurance coverage requirements. + +###### (a) Manufactured Housing Condominium Project + +MHCPs are eligible for this exception if the: + +**Handbook 4000.1 797** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_819.md b/Markdown_files/FHA handbook/page_819.md new file mode 100644 index 0000000000000000000000000000000000000000..f3dcf4af0989410bac856a9425cba4174ec8dd4b --- /dev/null +++ b/Markdown_files/FHA handbook/page_819.md @@ -0,0 +1,39 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +- Governing documents designate the insurance coverage maintained by the Unit owners and the Condominium Association; and +- MHCP is unable to satisfy FHA insurance requirements. + +If the governing documents require the Unit owners to maintain all applicable property insurance coverage for the dwelling, site area, and any Personal Property contained within, the MHCP is not required to maintain: + +- A blanket Hazard Insurance policy, provided the governing documents require the Unit owners to maintain individual Hazard Insurance; +- A Liability Insurance policy, provided the governing documents require the Unit owners to maintain individual Liability Insurance; and +- A Flood Insurance policy, provided that the governing documents require the Unit owners to maintain individual Flood Insurance if the Unit has been identified as located in a Special Flood Hazard Area (SFHA). + +##### (b) Detached Condominium Housing Project + +If the governing documents require the Unit owners to maintain all applicable property insurance coverage for the dwelling, site area, and any Personal Property contained within, the DCHP Condominium Association or HOA is not required to maintain: + +- A blanket Hazard Insurance policy, provided the governing documents require the Unit owners to maintain individual Hazard Insurance; +- A Liability Insurance policy, provided the governing documents require the Unit owners to maintain individual Liability Insurance; and +- A Flood Insurance policy, provided the governing documents require the Unit owners to maintain individual Flood Insurance. + +The Condominium Association or HOA must carry master or blanket insurance for Structures/improvements that are considered common areas of the project outside the footprint of the individual site. + +##### (c) Common Interest Housing Development + +If the governing documents require the Unit owners of the detached Single Family homes, Site Condominiums, duplex, or two- to-four units within the project to maintain and carry property insurance for the dwelling, site area, and any Personal Property contained therein, the Condominium Association or HOA is not required to maintain: + +- A blanket Hazard Insurance policy, provided the governing documents require the Unit owners to maintain individual Hazard Insurance; +- A Liability Insurance policy, provided the governing documents require the Unit owners to maintain individual Liability Insurance; and +- A Flood Insurance policy, provided the governing documents require the Unit owners to maintain individual Flood Insurance. + +**Handbook 4000.1** +**Last Revised: 01/10/2025** + +798 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_820.md b/Markdown_files/FHA handbook/page_820.md new file mode 100644 index 0000000000000000000000000000000000000000..c69130d86e28708f5212330e0a977bcd75c25f7c --- /dev/null +++ b/Markdown_files/FHA handbook/page_820.md @@ -0,0 +1,40 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +The Condominium Association or HOA must maintain and carry master/blanket Hazard, Flood, and Liability Insurance for the Structures that contain the attached units and the common areas of the project. + +##### (2) Required Documentation + +The Condominium Project must have form HUD-9992 and certificates of insurance or complete copies of the insurance policies from the Unit owners and Condominium Association. + +### viii. Projects in the Coastal Barrier Resources System and Special Flood Hazard Areas + +#### (A) All Projects in the Coastal Barrier Resources System + +If any part of the Condominium Project is located within the Coastal Barrier Resources System (CBRS), the Condominium Project is not eligible for FHA project approval. + +#### (B) Special Flood Hazard Areas + +##### (1) Complete Condominium Project + +If any portion of the Structures or equipment essential to the value of the Condominium Project is located within an SFHA, then the Condominium Project is not eligible for Condominium Project Approval, unless the Condominium Project: + +- Obtains a final LOMA or final LOMR from FEMA that removes the Property from the SFHA; or +- Obtains a FEMA NFIP Elevation Certificate (FEMA Form FF-206-FY-22-152). The Elevation Certificate must document that the lowest floor, including the basement of the residential building(s), and all related improvements/equipment essential to the value of the Property is built at or above the 100-year flood elevation in compliance with the NFIP criteria, and Flood Insurance is obtained. + +##### (2) Manufactured Housing + +If any portion of the Structures or equipment essential to the value of the Manufactured Housing Condominium Project for both new and existing Manufactured Homes is located within an SFHA, the Property is not eligible for FHA mortgage insurance unless the following is submitted: + +- A FEMA issued LOMA or LOMR that removes the Property from the SFHA; or +- A FEMA NFIP Elevation Certificate (FEMA Form FF-206-FY-22-152) showing that the finished grade beneath the Manufactured Home is at or above the 100-year flood elevation. + +--- + +**Handbook 4000.1** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_821.md b/Markdown_files/FHA handbook/page_821.md new file mode 100644 index 0000000000000000000000000000000000000000..9aecf2aad964207ec8978486eb5a24f2083e5474 --- /dev/null +++ b/Markdown_files/FHA handbook/page_821.md @@ -0,0 +1,51 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +Above the 100-year return frequency flood elevation, and Flood Insurance is obtained. + +##### (3) Required Documentation + +The following documentation must be submitted: + +- If applicable, FEMA LOMA; +- If applicable, FEMA LOMR; or +- If applicable, FEMA NFIP Elevation Certificate FEMA Form FF-206-FY-22-152. + +##### ix. Commercial/Nonresidential Space + +###### (A) Definitions + +**Commercial/Nonresidential Space** refers to floor area allocated to: + +- Retail and commercial square footage (excludes Live/Work Units); +- Multilevel parking garage square footage that is separate from multilevel parking garage square footage allocated to residential Unit owners; +- Building common areas not reserved for the exclusive use of residential Unit owners; and +- Any square footage that is owned by a private individual or entity outside of the Condominium Association. + +**Residential Space** refers to floor area allocated to: + +- All Unit square footage; +- All building common area square footage exclusively for the use of residential Unit owners; and +- All parking garage square footage allocated to residential Unit owners. + +Parking lot square footage is not considered Residential or Commercial/Nonresidential Space. + +**Total Floor Area** refers to all Residential Space and Commercial/Nonresidential Space. + +###### (B) Standard + +The Condominium Project’s Commercial/Nonresidential Space must not exceed 35 percent of the Condominium Project’s Total Floor Area. + +###### (C) Exception + +The Condominium Project’s Commercial/Nonresidential Space may exceed 35 percent of the Condominium Project’s Total Floor Area up to a maximum of 49 percent if it is determined that the residential character of the Condominium Project is maintained. To determine that the residential character is maintained, the economy. + +--- + +**Handbook 4000.1 800** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_822.md b/Markdown_files/FHA handbook/page_822.md new file mode 100644 index 0000000000000000000000000000000000000000..06f7ec3184c165b48327ec54d7fc74cca3c6b116 --- /dev/null +++ b/Markdown_files/FHA handbook/page_822.md @@ -0,0 +1,49 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +For the locality of the Condominium Project or specific to the Condominium Project, the total number of residential Units in the Condominium Project must be considered. + +The following documentation must be reviewed and analyzed by the Mortgagee under DELRAP to support its decision or submitted for HRAP: + +- An opinion from a certified residential appraiser that addresses market acceptance of the Condominium Project as residential in character; +- A current market study performed by an independent third party that addresses factors relating to the economy for the locality of the Condominium Project or specific to the Condominium Project; and +- The total number of residential Units in the Condominium Project. + +#### (D) Required Documentation + +The following documentation must be submitted for Commercial/Nonresidential Space: + +- Form HUD-9992; +- Budget and financials; +- Recorded condominium site plans; +- CC&Rs; or +- If applicable, exception documentation. + +### X. Live/Work Units + +#### (A) Definitions + +- A **Live/Work Condominium Project** refers to a Condominium Project that allows space within the individual Unit to be used jointly for nonresidential and residential purposes. +- A **Live/Work Unit** refers to a Unit in a Live/Work Condominium Project. + +#### (B) Standard + +- The Condominium Project’s governing documents must allow Live/Work arrangements. +- All individual Live/Work Units must not contain more than 49 percent Commercial/Nonresidential Space. + +#### (C) Required Documentation + +The following documentation must be submitted: + +- Form HUD-9992; and +- Recorded CC&Rs. + +--- + +**Handbook 4000.1 801** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_823.md b/Markdown_files/FHA handbook/page_823.md new file mode 100644 index 0000000000000000000000000000000000000000..9d093de6497e8f30b78261d49ea251ced762d46b --- /dev/null +++ b/Markdown_files/FHA handbook/page_823.md @@ -0,0 +1,46 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## C. Condominium Project Approval + +### 2. Project Eligibility + +#### xi. Leasehold Interest + +##### (A) Definition + +Leasehold Interest refers to real estate where the residential improvements are located on land that is subject to long-term lease from the underlying fee owner, creating a divided estate in the Property. + +##### (B) Standard + +Condominium Projects with Common Elements owned under a Leasehold Interest are eligible if the Condominium Project meets the following requirements: + +- The Condominium Association must be the lessee under the lease; +- The lease of the Common Elements provides that a default of the Condominium Association does not result in a disturbance of any rights of the Unit owners; +- The lease provides that the Mortgagees receive notice of any monetary or Non-Monetary Default by the Condominium Association and be given the right to cure any defaults on behalf of the Condominium Association; +- The lease provides for the payment of taxes and insurance related to the land, in addition to those being paid for the improvements; +- The Condominium Association must not be in default under any provisions of the lease; and +- The lease does not include any default provisions that could result in forfeiture or termination of the lease except for nonpayment of the lease rents. + +##### (C) Required Documentation + +- The lease must be submitted. + +#### xii. Additional Requirements + +##### (A) Management Agreement + +###### (1) Definition + +A Management Agreement refers to an agreement between a third-party company and the Condominium Association to manage the Condominium Project. + +###### (2) Standard + +If the Condominium Association employs the services of a management company, the Management Agreement must give the Condominium Association the right to terminate the Management Agreement with no more than 90 Days’ notice. + +--- + +**Handbook 4000.1** +**802** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_824.md b/Markdown_files/FHA handbook/page_824.md new file mode 100644 index 0000000000000000000000000000000000000000..636e091b51c0fd57157c180a5f13c19b11812885 --- /dev/null +++ b/Markdown_files/FHA handbook/page_824.md @@ -0,0 +1,52 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +##### (B) + +##### (C) + +###### (3) Required Documentation + +- The current, executed Management Agreement must be submitted. + +#### Existing Contracts + +##### (1) Definition + +Existing Contracts refer to contracts executed prior to the Transfer of Control to the Condominium Association. + +##### (2) Standard + +Any contracts entered into by the builder/developer prior to the Transfer of Control and subsequently assigned to the Condominium Association, must give the Condominium Association the right to terminate the contracts with no more than 90 Days’ notice. This does not apply to ground leases or contracts in which the Condominium Association or Unit owners are granted a possessory or ownership interest in real estate. + +##### (3) Required Documentation + +The following documents must be submitted: + +- Form HUD-9992; and +- Copies of contracts entered into by the builder/developer prior to the Transfer of Control. + +#### Recreational Leases/Easement + +##### (1) Definitions + +- **Recreational Leases** refer to separate ownership of recreational facilities at a Condominium Project with the owner leasing its use to the Unit owners. +- **Easement** refers to an interest in land owned by another person, consisting of the right to use or control the land, or an area above or below it, for a specific limited purpose. + +##### (2) Standard + +Condominium Projects with Recreational Leases/Easements are acceptable under the following circumstances: + +- If the Recreational Lease or Easement holder is a nonprofit entity under the Control of the Condominium Association; or +- If each Unit owner has the right to cancel the membership with no more than 90 Days’ notice and without penalty. + +--- + +**Handbook 4000.1** +Last Revised: 01/803 +10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_825.md b/Markdown_files/FHA handbook/page_825.md new file mode 100644 index 0000000000000000000000000000000000000000..7a2e70b889bfc8b4cc149c4f5eb26524b57d68a5 --- /dev/null +++ b/Markdown_files/FHA handbook/page_825.md @@ -0,0 +1,46 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## C. Condominium Project Approval + +### 2. Project Eligibility + +#### (3) Required Documentation + +The following documents must be submitted: + +- Form HUD-9992; and +- Recreational Leases, Easements, or contracts for use of recreational facilities. + +## (D) Litigation + +### (1) Definition + +Litigation refers to a current or pending lawsuit or proceedings in a court, arbitration, or mediation involving the Condominium Project or Condominium Association, or those concluded within 12 months of the application date. Litigation does not include foreclosure or actions to collect past due assessments brought by the Condominium Association or Condominium Project as plaintiff. + +### (2) Standard + +The Condominium Project or Condominium Association must not be subject to pending Litigation in which the project sponsor is named as a party that relates to the safety, structural soundness, habitability, or functional use of the Condominium Project. + +The Condominium Project or Condominium Association must not be subject to any other Litigation risk not covered by insurance or that exceeds the amount of insurance coverage relating to the potential losses for that matter. + +### (3) Required Documentation + +The following documents must be submitted: + +- Form HUD-9992; +- A signed and dated explanation from the Condominium Association, management company, or an attorney representing the Condominium Association that includes at least the following information: + - Reason(s) for the Litigation; + - Risk of the Litigation; + - Anticipated settlement/judgment date, if any; + - Sufficiency of insurance coverage to pay out a settlement/judgment, if applicable; and + - Impact of the Litigation on the future solvency of the Condominium Association; and +- The following documents, which must be attached to the signed and dated explanation, if applicable: + - Complaint filed with the court, arbitrator, or mediator. + +--- + +**Handbook 4000.1** +**804** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_826.md b/Markdown_files/FHA handbook/page_826.md new file mode 100644 index 0000000000000000000000000000000000000000..b1150a1fa2790c2ee5cce38d497ad7a621a0d6ea --- /dev/null +++ b/Markdown_files/FHA handbook/page_826.md @@ -0,0 +1,50 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## C. Condominium Project Approval + +### 2. Project Eligibility + +#### (A) Vertical Buildings + +For vertical buildings, legal Phasing is acceptable if: + +- All Units in the phase are built out; and +- At least a temporary CO or its equivalent has been obtained for the Units. + +#### (B) Detached and Semi-detached Buildings + +For a detached or semi-detached development, Phasing is acceptable if: + +- All Units in the phase are built out; and +- At least a temporary CO or its equivalent has been obtained for the Units. + +#### (C) Required Documentation + +Form HUD-9992, FHA Condominium Project Approval Questionnaire, must be submitted along with: + +- The CO or its equivalent for each Unit in the Legal Phase; or +- A temporary CO or its equivalent. + +### c. General Condominium Project Approval Requirements (08/19/2024) + +These general requirements apply to all construction types, including Existing Construction Condominium Projects. Additional or different standards may apply for certain construction types. + +To be eligible for Condominium Project Approval, the Condominium Project must: + +- Be primarily residential in nature and not be intended for Rental for Transient or Hotel Purposes; +- Consist only of one-family Dwelling Units; +- Be in full compliance with all applicable federal, state, and local laws with respect to zoning, fair housing, and accessibility; +- Be complete and ready for occupancy; and +- Be reviewed and approved by the local jurisdiction. + +#### i. Form HUD-9992, FHA Condominium Project Approval Questionnaire + +##### (A) Definition + +Form HUD-9992, FHA Condominium Project Approval Questionnaire, refers to a set of questions designed to collect pertinent Condominium Project and Unit information for Condominium Project Approval and FHA insurance endorsement. + +**Handbook 4000.1** +Last Revised: 01/10/2025 +Page 787 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_827.md b/Markdown_files/FHA handbook/page_827.md new file mode 100644 index 0000000000000000000000000000000000000000..7ae734249d1a2dd8ee9c527307e9ed61f5be0bb6 --- /dev/null +++ b/Markdown_files/FHA handbook/page_827.md @@ -0,0 +1,33 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +- All engineering or expert reports commissioned by the Condominium Association or their attorneys, which must include evidence of the safety, structural soundness, habitability, or functional use of the Condominium Project and evidence of the cost of the repair of any construction defect and status of the repairs. + +##### (E) Legal Restrictions on Conveyance (Free Assumability) + +###### (1) Definitions + +Legal restrictions on conveyance have the same meaning as defined in 24 CFR § 203.41. + +###### (2) Standard + +The Condominium Project must not contain Units encumbered by restrictions on conveyance in violation of the requirements contained in 24 CFR § 203.41, subject to certain enumerated exceptions provided below. The Condominium Project’s organizing documents may contain one or more of the following provisions: + +- All leases must be in writing and subject to the declaration and bylaws of the Condominium Project. +- The Condominium Association may request and receive a copy of the sublease or rental agreement. +- The Condominium Association may request the name(s) of all tenants including the tenants’ Family Members who will occupy the Unit. +- Unit owners are prohibited from leasing their Units for an initial term of less than 30 Days. +- The Condominium Association may establish a maximum allowable lease term. +- The Condominium Association may establish a maximum number of rental Units within the project; however, the percentage of rental Units may not exceed the current FHA Condominium Project owner-occupancy requirement. +- The Condominium Association may not require that a prospective tenant be approved by the Condominium Association and/or its agent(s), including but not limited to meeting creditworthiness standards. +- The Condominium Association may have the right of first refusal to purchase or lease any Unit only if it does not violate discriminatory conduct prohibitions under the Fair Housing Act regulations at 24 CFR Part 100. It is the responsibility of the submitter to address any questions regarding eligibility issues with their attorney or the appropriate agency. + +**Handbook 4000.1** +Last Revised: 01/10/2025 + +805 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_828.md b/Markdown_files/FHA handbook/page_828.md new file mode 100644 index 0000000000000000000000000000000000000000..33e2c28f6e5beb6e3d7f1cf10c3944b70523a454 --- /dev/null +++ b/Markdown_files/FHA handbook/page_828.md @@ -0,0 +1,45 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## C. Condominium Project Approval + +### 2. Project Eligibility + +#### (a) Exceptions for Affordable Housing Units + +Legal restrictions on conveyance for eligible government or nonprofit affordable housing programs are acceptable if: + +- The government or eligible nonprofit program restriction meets the exceptions defined in 24 CFR § 203.41(c)-(d); and +- The affordable housing units are identified by recorded legal documents, specifying the Units that are covered under the program. + +In accordance with 24 CFR § 203.41(d)(1)(ii), FHA considers a reasonable share of appreciation to be at least 50 percent. HUD does not object to affordable housing programs whereby the homeowner’s share of appreciation is on a sliding scale beginning at zero, provided that within two years the homeowner would be permitted to retain 50 percent of the appreciation. If the program sets a maximum sales price restriction, the Borrower must be permitted to retain 100 percent of the appreciation. + +#### (b) Exceptions for Private Transfer Fees + +Notwithstanding the policy of free assumability with no exceptions contained in 24 CFR § 203.41, properties with private transfer fee covenants are acceptable provided such covenants are Excepted Transfer Fee Covenants as provided in 12 CFR § 1228. + +##### (3) Required Documentation + +The following documents must be submitted: + +- Form HUD-9992; and +- Recorded legal documents. + +### d. Construction Types (02/16/2021) + +#### i. New Construction + +##### (A) Definition + +New Construction refers to Proposed Construction, Properties (or Condominium Projects) Under Construction, and Properties Existing Less than One Year as defined below: + +- **Proposed Construction** refers to a Property where no concrete or permanent material has been placed. Digging of footing is not considered permanent. +- **Under Construction** refers to the stage from the first placement of permanent material to 100 percent completion with no CO or equivalent. +- **Existing Less than One Year** refers to a Property that is 100 percent complete and has been completed less than one year from the date of issuance of the CO or equivalent. The Property must have never been occupied. + +**Handbook 4000.1** + +806 + +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_829.md b/Markdown_files/FHA handbook/page_829.md new file mode 100644 index 0000000000000000000000000000000000000000..10c32273f696725e0e33ea290a72b1ded55e1189 --- /dev/null +++ b/Markdown_files/FHA handbook/page_829.md @@ -0,0 +1,43 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## C. Condominium Project Approval + +### 2. Project Eligibility + +**Complete Condominium Project** refers to a Condominium Project consisting of Units that are Existing Less than One Year and that are ready for occupancy, including completion of all the Infrastructure of the Condominium Project, and not subject to further rehabilitation or construction. + +**Complete Legal Phase** refers to a Legal Phase in which all Units are built out and all Units have a CO or the equivalent. + +#### (B) Standard + +The Condominium Project, or Legal Phase, as applicable, must be either a Complete Condominium Project or a Complete Legal Phase. + +Form HUD-92541, Builder's Certification of Plans, Specifications, and Site, must be signed and dated. The completed form must show any issues noted by the builder/developer and proposed mitigation plans. + +#### (C) New Construction Additional Requirements + +##### (1) Financial Condition + +If no Units have closed in the Condominium Project, a proposed budget is required. + +All Financial Condition — Required Documentation is required if any Unit has closed. + +Financial condition documentation for Condominium Projects operating less than one year must cover the operating period since the sale of the first Unit. + +##### (2) Minimum Insurance Coverage + +If no Units have closed in the Condominium Project, a builder’s policy is acceptable in lieu of Hazard Insurance, Liability Insurance, and Fidelity Insurance. + +All minimum Insurance Coverage is required if any Unit has closed. + +#### (D) Required Documentation + +The following documents must be submitted: + +- Form HUD-92541, signed and dated; +- Additional documentation demonstrating mitigation of any issues noted in form HUD-92541 including the State Licensed engineers’ (soil and structural) reports, designs, and/or certifications to ensure the structural soundness of the improvements and the health and safety of the occupants; + +**Handbook 4000.1 807** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_830.md b/Markdown_files/FHA handbook/page_830.md new file mode 100644 index 0000000000000000000000000000000000000000..a42a2123601363f0b8fecd2cd3d286cad27b5de5 --- /dev/null +++ b/Markdown_files/FHA handbook/page_830.md @@ -0,0 +1,50 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +- A copy of the builder’s policy or the required documentation in Insurance Coverage; +- A CO or its equivalent; and +- Photographs of each building. + +##### ii. Newly Converted + +A Condominium Project is considered newly converted if the Date of Conversion is within 24 months of the time of Condominium Project submission. + +**Date of Conversion** refers to the date that the legal documents were recorded. Newly converted Condominium Projects can only be processed under the HRAP option. + +###### (A) Gut Rehabilitation Conversion + +###### (1) Definition + +Gut Rehabilitation (Gut Rehab) refers to the renovation of a Property down to the shell of the structure, including the replacement of all Heating, Ventilation and Air Conditioning (HVAC) and electrical components. + +###### (2) Standard + +Gut Rehabs must meet the general FHA Condominium Project approval requirements and New Construction standards. + +###### (3) Required Documentation + +The following documents must be submitted: + +- Form HUD-9992; +- An engineering or architectural inspection, dated within 12 months, evidencing all rehabilitation work/repairs have been completed; and +- A CO or its equivalent. + +###### (B) Non-Gut Rehabilitation + +###### (1) Definition + +Non-Gut Rehabilitation (Non-Gut Rehab) refers to rehabilitation work that is not structural and is limited to minor property repairs and improvements. + +###### (2) Standards + +Non-Gut Rehabs must meet the standards for Existing Construction. + +--- + +**Handbook 4000.1 808** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_831.md b/Markdown_files/FHA handbook/page_831.md new file mode 100644 index 0000000000000000000000000000000000000000..918949d2538c00531180779c6becff448b3d1ac3 --- /dev/null +++ b/Markdown_files/FHA handbook/page_831.md @@ -0,0 +1,42 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +- A reserve study must be 36 months old or less and have been prepared by an independent third party that has demonstrated knowledge of and experience in completing reserve studies. The reserve study must include analysis of the Non-Gut Rehab. +- All Non-Gut Rehab work/repairs must be completed. + +##### (3) Required Documentation + +The following documents must be submitted: +- Form HUD-9992; +- Reserve study; and +- Evidence that all rehabilitation work/repairs have been completed. + +### e. Two- to Four-Unit Condominium Project (10/15/2019) + +#### i. Definition + +A Two- to Four-Unit Condominium Project refers to a Condominium Project that comprises of at least two, but no more than four, one-family dwelling Units that are each separately owned with separate legal descriptions. + +#### ii. Standard + +All general FHA Condominium Project Approval requirements are applicable except: + +- If state law does not require the creation of an annual budget or annual financial statements, a signed and recorded memorandum of understanding may be provided in lieu of the financial documents. The memorandum of understanding must define the individual Unit owner’s responsibilities for maintenance/repair/replacement of common areas including sidewalks, driveways, and common walls (includes side by side or vertical type Units) and must provide for a procedure for splitting any shared maintenance costs; +- The project must have an Owner Occupancy Percentage of 75 percent owner-occupied; and +- No Units in Arrears. + +#### iii. Required Documentation + +The following documents must be submitted: +- Documentation of the verification of compliance with the Two-to Four Unit Condominium Project requirements; +- Annual budget, financial statements or memorandum of understanding if applicable; and +- Documented evidence that each Unit is separately owned with a separate legal description. + +**Handbook 4000.1** +**809** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_832.md b/Markdown_files/FHA handbook/page_832.md new file mode 100644 index 0000000000000000000000000000000000000000..f2284db90f1dd66dac9de8a0f8b8d624039f75ed --- /dev/null +++ b/Markdown_files/FHA handbook/page_832.md @@ -0,0 +1,47 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## C. Condominium Project Approval + +### 3. Project Approval Submission + +#### f. Manufactured Home Condominium Projects (10/15/2019) + +##### i. Definition + +A Manufactured Home Condominium Project (MHCP) refers to a Condominium Project that consists of two or more Manufactured Homes. + +##### ii. Standard + +To be eligible, MHCPs must: +- Be processed under the HRAP option; and +- Comply with the general FHA Condominium Project Approval requirements. + +##### iii. Required Documentation + +Form HUD-9992 must be submitted for MHCPs. + +### 3. Project Approval Submission + +To be eligible for Condominium Project Approval, the application must establish that the Condominium Project meets the requirements listed in the Project Eligibility section and complies with state and local law. + +#### a. Condominium Project Approval (10/15/2019) + +There are three types of review processes: +- Full Review; +- Recertification Review; and +- Phasing Review. + +##### i. Definitions + +- **Full Review** refers to the verification and analysis of all required Condominium Project Approval documentation. +- **Recertification Review** refers to the verification and analysis of updated Condominium Project Approval documentation. +- **Phasing Review** refers to the review of an additional Legal Phase of a previously Approved Condominium Project. + +##### ii. Standard + +The application must indicate the review type as a Full, Recertification, or Phasing Review. + +**Handbook 4000.1 810** +*Last Revised: 01/10/2025* +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_833.md b/Markdown_files/FHA handbook/page_833.md new file mode 100644 index 0000000000000000000000000000000000000000..9f7016bcd0009f614959aa385faf061c228794b7 --- /dev/null +++ b/Markdown_files/FHA handbook/page_833.md @@ -0,0 +1,45 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## C. Condominium Project Approval + +### 3. Project Approval Submission + +#### (A) Full Review + +Full Review is required for a Condominium Project that has never been approved by FHA, or that has been previously approved, but the Condominium Project Approval has been expired for more than six months. + +All required documentation must be submitted as specified in Condominium Project Approval. + +#### (B) Recertification Review + +Recertification Review is performed no earlier than six months prior to the Approved Condominium Project expiration date or no later than six months after the Approved Condominium Project expiration date. + +If not submitted within the stated time frames, the Condominium Project is not eligible for recertification but must re-apply for Full Review. + +All required documentation must be submitted as specified in Condominium Project Approval, except the following documents: + +- Recorded CC&Rs, declaration, and/or master deed, and all amendments; +- Recorded plat map or condominium site plans; +- Signed and adopted bylaws; and +- Articles of incorporation, articles of association, declaration of trust, or other governing documents, if applicable and as required by state law. + +If amendments have been made to the foregoing documents, they must be submitted. + +#### (C) Phasing + +All required documentation must be submitted as specified in Phasing. + +### b. HUD Review and Approval Process (11/07/2023) + +#### i. Definition + +HUD Review and Approval Process (HRAP) refers to the submission of project applications to FHA for approval. + +#### ii. Standard + +HRAP may be used for Full Review, Recertification Review, or Phasing Review. HRAP must be used for newly converted Condominium Projects, MHCPs or any Condominium Projects that have completed a Resolution of Financial Distress Event within the past 36 months. + +**Handbook 4000.1 811** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_834.md b/Markdown_files/FHA handbook/page_834.md new file mode 100644 index 0000000000000000000000000000000000000000..5fa78a87bb6a68ea0de36e677d1bef5d93efc4be --- /dev/null +++ b/Markdown_files/FHA handbook/page_834.md @@ -0,0 +1,50 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## C. Condominium Project Approval + +### 3. Project Approval Submission + +#### iii. Eligible Submission Sources + +Requests for Condominium Project approval must be submitted to the Jurisdictional Homeownership Center (HOC) by one of the following: + +- Mortgagee; +- builder; +- developer; +- Condominium Association; +- management company; +- project consultant; or +- attorney acting as an agent for the developer/builder, Condominium Association, or management company. + +FHA will not pay for any fees associated with the Condominium Project Approval process. + +#### iv. Submission Process + +The application package must be submitted to the Jurisdictional HOC as a single Portable Document Format (PDF) file via email to the FHA Resource Center at `answers@hud.gov`. Emails must be broken into 25 MB or less. Multiple emails may be sent, and subject lines should include the name of the project. Incomplete packages will not be processed. + +All application packages must be submitted in English. If the original document was drafted in a language other than English, the original may be submitted accompanied by an English translation. + +The Condominium Project Approval application must be arranged in the stacking order as presented in the chart below. + +**Condominium Project Approval Stacking Order** + +| # | Documentation | +|----|---------------------------------------------| +| 1 | Cover Letter | +| 2 | Form HUD-9992, FHA Condominium Project Approval Questionnaire | +| 3 | Legal Documents | +| 4 | Financial Documents | +| 5 | Contracts | +| 6 | Insurance | +| 7 | Flood Insurance and Related Documentation | +| 8 | Special Flood Hazard Area | +| 9 | Commercial/Nonresidential | +| 10 | Live/Work | +| 11 | Litigation | +| 12 | Other Required Documents | + +**Handbook 4000.1 812** + +**Last Revised:** 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_835.md b/Markdown_files/FHA handbook/page_835.md new file mode 100644 index 0000000000000000000000000000000000000000..9bb8bd21dd5eb40f86c9bee9fc96b82084c08193 --- /dev/null +++ b/Markdown_files/FHA handbook/page_835.md @@ -0,0 +1,49 @@ +```markdown +# YOR + +## ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### Condominium Project Approval + +#### Project Approval Submission + +#### Direct Endorsement Lender Review and Approval Process (10/15/2019) + +##### i. Definition + +Direct Endorsement Lender Review and Approval Process (DELRAP) refers to the review of a Condominium Project by a Mortgagee that has been granted DELRAP authority. + +##### ii. Standard + +DELRAP may be used for the Full Review, Recertification Review, or Phasing Review. The Recertification Review or Phasing Review must be completed by the same Mortgagee that previously approved the Condominium Project. DELRAP may not be used for MHCPs, newly converted Condominium Projects, or any project that has completed a Resolution of Financial Distress Event within the past 36 months. + +If the DELRAP review indicates that the Condominium Project is ineligible, the Mortgagee must complete the review and enter the denial decision and data into FHAC. + +If the Mortgagee starts a review for a Condominium Project, the Mortgagee must complete the review. + +A Mortgagee with DELRAP authority may submit a Condominium Project for approval under HRAP. + +##### iii. Submission Process + +FHAC is the system used to record, list, and track all data for Condominium Projects that have been processed. FHAC is used for data entry, processing, and reporting. + +Mortgagees must use FHAC to: +- Determine the existing approval status of a Condominium Project; +- Enter the Condominium Project information; +- Assign the approval status after the Condominium Project has been reviewed; and +- Upload required Condominium Project documents in a PDF. + +The Mortgagee must retain all documentation related to the Condominium Project’s DELRAP review for a period of seven years and must provide the Condominium Project information and documentation to HUD/FHA upon request. + +Mortgagees with Conditional DELRAP Authority must also follow the guidance in Conditional DELRAP Authority. + +##### d. Reconsideration of Rejected or Withdrawn Condominium Projects (10/15/2019) + +If the Condominium Project was rejected or withdrawn under HRAP within the previous 12 months, FHA will reconsider the Condominium Project upon submission of corrected or additional information. + +--- + +**Handbook 4000.1** +**Page 813** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_836.md b/Markdown_files/FHA handbook/page_836.md new file mode 100644 index 0000000000000000000000000000000000000000..df0f52bc03be91f954a054b7c4660ae0d0f43307 --- /dev/null +++ b/Markdown_files/FHA handbook/page_836.md @@ -0,0 +1,16 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### C. Condominium Project Approval + +#### 3. Project Approval Submission + +Updated documentation. If the Condominium Project was rejected or withdrawn under HRAP more than 12 months ago, a Full Review is required. + +If the Condominium Project was rejected under DELRAP, a Full Review is required under HRAP. + +If the Condominium Project was subject to adverse determination for significant issues as identified by FHA, ([link to new FHA website identifying Condominium Projects that have been reviewed and are not eligible](link)), a Full Review is required under HRAP. + +**Handbook 4000.1 814** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_837.md b/Markdown_files/FHA handbook/page_837.md new file mode 100644 index 0000000000000000000000000000000000000000..338a294a2a4f89b7e34b89438b845d10a9cc3cd9 --- /dev/null +++ b/Markdown_files/FHA handbook/page_837.md @@ -0,0 +1,58 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +##### ii. + +##### iii. + +##### iv. + +###### (B) Standard + +Form HUD-9992 must be completed, signed, and dated by an eligible submission source or a DELRAP Mortgagee. + +--- + +### Recorded Documents + +#### (A) Definition + +Recorded Documents refer to the Condominium Project’s legal, project, and governing documents that are required to operate legally as required by state and local law. + +#### (B) Standard + +The Condominium Project’s Recorded Documents must be recorded in accordance with applicable state and local law to ensure the Condominium Project meets the legal and operational requirements in the local jurisdiction. + +#### (C) Required Documentation + +Copies of Recorded Documents must be submitted. + +--- + +### FHA Insurance Concentration + +#### (A) Definition + +FHA Insurance Concentration refers to the number of FHA-insured Mortgages within a Condominium Project. + +#### (B) Standard + +FHA may suspend project eligibility of Condominium Projects where the FHA Insurance Concentration is greater than 50 percent of the total number of Units in the Condominium Project. + +--- + +### Owner Occupancy Percentage + +#### (A) Definition + +Owner Occupancy Percentage refers to the percentage of Units considered owner-occupied as shown in the calculation. + +--- + +**Handbook 4000.1 788** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_838.md b/Markdown_files/FHA handbook/page_838.md new file mode 100644 index 0000000000000000000000000000000000000000..458063a9d8662eabc788aca664e0e2269c629792 --- /dev/null +++ b/Markdown_files/FHA handbook/page_838.md @@ -0,0 +1,34 @@ +```markdown +# Origination Through Post-Closing/Endorsement + +## Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +### Commencement of the Appraisal + +#### D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +The appraisal process provides the Mortgagee with necessary information to determine if a property meets the minimum requirements and eligibility standards for a Federal Housing Administration (FHA)-insured Mortgage and will serve as adequate security for a specific FHA-insured Mortgage. Mortgagees bear primary responsibility for determining eligibility and the sufficiency of collateral; however, the Appraiser provides preliminary verification that the Property Acceptability Criteria have been met and an appraised value for the property. + +**Property** refers to the real estate entity that will serve as adequate security for a specific FHA-insured Mortgage. + +The requirements in this section of the FHA Single Family Housing Policy Handbook (Handbook 4000.1) contain the Property Acceptability Criteria for FHA mortgage insurance, which include Minimum Property Requirements (MPR) and Minimum Property Standards (MPS), and include by reference, associated rules and regulations. The criteria apply to residential Properties containing one- to four-family housing units, individual Condominium Units, and Manufactured Housing units, and related property improvements and the sites on which they are located, as well as the immediate environment for the dwelling, including streets and other services or facilities associated with the site. Manufactured Housing Properties have additional requirements contained in the Property Acceptability Criteria for Manufactured Housing for Title II Insured Mortgages section. This section also provides requirements for Appraisers in establishing a credible appraised value for a Property that is to serve as security for an FHA-insured Mortgage. + +### 1. Commencement of the Appraisal + +#### a. Information Required before Commencement of Appraisal (04/10/2025) + +The Appraiser must obtain all of the following from the Mortgagee before beginning an appraisal: + +- A complete copy of the executed sales contract for the subject, if a purchase transaction; +- The land lease, if applicable (see Leasehold Interest); +- Surveys or legal descriptions, if available; +- Any other AE tool documents contained in the loan file; and +- A point of contact and contact information for the Mortgagee so that the Appraiser can communicate any noncompliance issues. + +The effective date of the appraisal cannot be before the FHA case number assignment date unless the Mortgagee certifies that the appraisal was ordered for conventional lending or government-guaranteed loan purposes and was performed pursuant to FHA guidelines. + +When using an appraisal ordered originally for conventional lending or government-guaranteed loan purposes before the case number assignment date: + +**Handbook 4000.1 815** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_839.md b/Markdown_files/FHA handbook/page_839.md new file mode 100644 index 0000000000000000000000000000000000000000..10541dfcdae131e931f3250bef0b09d496b56b4c --- /dev/null +++ b/Markdown_files/FHA handbook/page_839.md @@ -0,0 +1,32 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +#### 1. Commencement of the Appraisal + +- The appraisal must be in full compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), which requires that this be classified as a new assignment. The intended use of the appraisal must indicate that it is solely to assist FHA in assessing the risk of the Property securing the FHA-insured Mortgage. Additionally, FHA and the Mortgagee must be indicated as the intended users of the appraisal report. + +- If the Appraiser determines that the scope of work is met with regard to FHA policy including MPR, MPS, and USPAP compliance, and further determines that a reinspection of the Property is not necessary, the effective date of the appraisal may be the date of the original inspection. + +- If an FHA-compliant inspection is required, the date of the new inspection will become the effective date of the new appraisal. + +#### b. Additional Information Required before Commencement of an Appraisal on New Construction (09/14/2015) + +The Appraiser must obtain, from the Mortgagee, a fully executed form HUD-92541, Builder's Certification of Plans, Specifications, and Site, dated no more than 30 Days prior to the date of the appraisal order and documents related to New Construction, including plans, specifications, and any exhibits provided that will assist the Appraiser in determining what is to be built, or, if now Under Construction, what will be built when finished. + +#### c. Additional Information Required before Commencement of an Appraisal on a Property with an Exception from the Lead-Based Paint Poisoning Prevention Act (HECM Only) (04/29/2024) + +A Property’s ability to serve as collateral for the HECM program may qualify for an exception from the remediation of defective lead-based paint surfaces. To qualify for the exception under the Lead-Based Paint Poisoning Prevention Act (LPPPA), as amended by the Residential Lead-Based Paint Hazard Reduction Act of 1992, the Mortgagee must obtain the Borrower’s certification that the Property qualifies as housing for the elderly and that no child under six years of age resides, or is expected to reside, in the home. + +When performing an appraisal for a Property that meets the LPPPA exception requirements: + +- The Appraiser must receive from the Mortgagee a copy of the Borrower certification that the Property qualifies for the exception; + +- The repair of defective interior and exterior lead-based paint surfaces is not required to meet MPR and the appraisal report must reflect the impact of the Property’s defective lead-based paint surfaces; and + +- The appraisal report must prominently include the statement: “The mortgagee has identified that they have obtained borrower certification that this property qualifies for the exception from mitigating lead-based paint hazards under the Lead-Based Paint Poisoning Prevention Act.” + +**Handbook 4000.1 816** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_840.md b/Markdown_files/FHA handbook/page_840.md new file mode 100644 index 0000000000000000000000000000000000000000..60121f00166f4e46bd841e0fa1138a9f2e01e0b3 --- /dev/null +++ b/Markdown_files/FHA handbook/page_840.md @@ -0,0 +1,28 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 2. General Appraiser Requirements + +##### a. Nondiscrimination Policy (11/07/2023) + +The Appraiser must be knowledgeable of and fully comply with all federal, state, and local laws, including any antidiscrimination laws, rules applicable to the appraisal of the subject Property, or any provisions of the Fair Housing Act. + +No part of the appraisal analysis or reporting may be based on the race, color, religion, sex (including sexual orientation or gender identity), age, national origin, familial status, disability, marital status, or because an applicant has in good faith exercised any right under the Consumer Credit Protection Act of either the prospective owners or occupants of the Property, present owners or occupants of the Property, or the present owners or occupants of the properties in the vicinity of the Property, or on any other basis prohibited by federal, state, or local law. + +##### b. Compliance with FHA Guidelines and USPAP (04/10/2025) + +The Appraiser must follow FHA guidance and comply with the Uniform Standards of Professional Appraisal Practice (USPAP) when completing appraisals of Property used as security for FHA-insured Mortgages. The Appraiser must observe, analyze, and report whether the Property meets HUD’s Property Acceptability Criteria, including Minimum Property Requirements (MPR) and Minimum Property Standards (MPS). + +MPR refers to general requirements that all homes insured by FHA be safe, sound, and secure. + +MPS refers to regulatory requirements relating to the safety, soundness, and security of New Construction. + +Every Property must be safe, sound, and secure so that the Mortgagee can determine eligibility. The Appraiser must note every instance where the Property is not safe, sound, and secure and does not comply with HUD’s MPR and MPS, or they must clearly state when no deficiencies with HUD’s Property Acceptability Criteria have been observed or are known. + +--- + +**Handbook 4000.1 817** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_841.md b/Markdown_files/FHA handbook/page_841.md new file mode 100644 index 0000000000000000000000000000000000000000..af782263c0834d05f4d7f46854d66534f0322634 --- /dev/null +++ b/Markdown_files/FHA handbook/page_841.md @@ -0,0 +1,39 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### c. Appraiser Conduct (08/19/2024) + +The Appraiser must perform all FHA appraisal assignments in a competent, independent, impartial, and objective manner. The Appraiser must avoid practices that could affect the reliability of the appraisal report opinions and conclusions. In addition to compliance with USPAP, including the Competency Rule, the Appraiser must not: + +- Discriminate in developing and reporting any part of the appraisal or value conclusion based on characteristics that are protected by federal, state, or local laws; +- Misrepresent the scope of work performed in the completion of the FHA appraisal; or +- Develop or communicate an appraisal report to FHA that is knowingly misleading or fraudulent. + +#### d. Underwriter Requests for a Reconsideration of Value (09/02/2024) + +In the event the underwriter requests a Reconsideration of Value (ROV) and provides additional information material to the value of the Property, the Appraiser must: + +- Review all information and market data received from the underwriter; and +- Summarize the analysis of all information provided by the underwriter within a revised version of the appraisal report regardless of whether the Appraiser determines that changes are not needed to address the issues identified in the ROV. + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +FHA only accepts appraisals in the Mortgage Information Standards Maintenance Organization (MISMO) 2.6 with embedded PDF format, as created directly by the appraiser (first generation). FHA does not accept private or proprietary data formats or appraisal reports that have been manipulated or “translated” by anyone or any process. + +Forms to be used in the completion of an FHA appraisal are as follows: + +| Property/Assignment Type | Acceptable Reporting Form | +|--------------------------|---------------------------| +| Single Family, Detached, Attached or Semi-Detached Residential Property (One-Unit Property or a One-Unit Property with a Single Accessory Dwelling Unit (ADU)) | Fannie Mae Form 1004/Freddie Mac Form 70, Uniform Residential Appraisal Report (URAR) | +| Single Family Comparable Market Rent Analysis | Fannie Mae Form 1007/Freddie Mac Form 1000, Single Family Comparable Rent Schedule | +| Single Unit Condominium | Fannie Mae Form 1073/Freddie Mac Form 465, Individual Condominium Unit Appraisal Report | +| Manufactured (HUD Code) Housing (One-Unit Property or a One-Unit Property with a Single ADU) | Fannie Mae Form 1004C/Freddie Mac Form 70B, Manufactured Home Appraisal Report | +| Small Residential Income Properties (Two- to Four-Units) | Fannie Mae Form 1025/Freddie Mac Form 72, Small Residential Income Property Appraisal Report | + +**Handbook 4000.1** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_842.md b/Markdown_files/FHA handbook/page_842.md new file mode 100644 index 0000000000000000000000000000000000000000..913cf16bbe5323348879cf770510bc87d907c07a --- /dev/null +++ b/Markdown_files/FHA handbook/page_842.md @@ -0,0 +1,43 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +| Property/Assignment Type | Acceptable Reporting Form | +|--------------------------|---------------------------| +| Appraisal Update Summary (All Property Types) | Appraisal Update Report Section of Fannie Mae Form 1004D/Freddie Mac Form 442, Appraisal Update and/or Completion Report | +| Certification of Completion | Certification of Completion Section of Fannie Mae Form 1004D/Freddie Mac Form 442, Appraisal Update and/or Completion Report | + +Instructions for reporting the results of the appraisal, including data and file format and delivery, are found in the FHA Single Family Housing Appraisal Report and Data Delivery Guide. + +#### a. Application of Minimum Property Requirements and Minimum Property Standards by Construction Status (02/16/2021) + +##### i. Existing Construction + +###### (A) Definition + +Existing Construction refers to a Property that has been 100 percent complete for over one year or has been completed for less than one year and was previously occupied. + +###### (B) Standard + +For Existing Construction, the Appraiser must notify the Mortgagee of the deficiencies when the Property does not comply with HUD’s MPR. + +##### ii. New Construction + +###### (A) Definition + +New Construction refers to Proposed Construction, Properties Under Construction, and Properties Existing Less than One Year as defined below: + +- **Proposed Construction** refers to a Property where no concrete or permanent material has been placed. Digging of footing is not considered permanent. +- **Under Construction** refers to the period from the first placement of permanent material to 100 percent completion with no Certificate of Occupancy (CO) or equivalent. +- **Existing Less than One Year** refers to a Property that is 100 percent complete and has been completed less than one year from the date of the issuance of the CO or equivalent. The Property must have never been occupied. + +###### (B) Standard + +For New Construction, the Appraiser must notify the Mortgagee of the deficiencies when the Property does not comply with HUD’s MPR and MPS, including 24 CFR §§ 200.926a—200.926e. + +**Handbook 4000.1 819** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_843.md b/Markdown_files/FHA handbook/page_843.md new file mode 100644 index 0000000000000000000000000000000000000000..950c33f41147008f4fed21d0b80bcce51fec5ee3 --- /dev/null +++ b/Markdown_files/FHA handbook/page_843.md @@ -0,0 +1,46 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +##### iii. Determination of Defective Conditions + +###### (A) Definition + +Defective Conditions refer to defective construction, evidence of continuing settlement, excessive dampness, leakage, decay, termites, environmental hazards, or other conditions affecting the health and safety of occupants, collateral security, or structural soundness of the dwelling. + +###### (B) Standard + +The Appraiser must identify readily observable defective conditions. + +**Defective Conditions Requiring Repair** + +The Appraiser must identify defective conditions that are curable and will make the Property comply with HUD’s MPR or MPS when cured, and provide an estimated cost to cure. + +##### iv. Inspection by a Qualified Individual or Entity + +If the Appraiser cannot determine that a Property meets HUD’s MPR or MPS, an inspection by a qualified individual or entity may be required. + +**Conditions that require an inspection by qualified individuals or entities include:** + +- Standing water against the foundation and/or excessively damp basements; +- Hazardous materials on the site or within the improvements; +- Faulty or defective mechanical systems (electrical, plumbing, or heating/cooling); +- Evidence of possible structural failure (e.g., settlement or bulging foundation wall, unsupported floor joists, cracked masonry walls or foundation); +- Evidence of possible pest infestation; +- Leaking or worn-out roofs; or +- Any other condition that in the professional judgment of the Appraiser warrants inspection. + +Appraisers may not recommend inspections only as a means of limiting liability. The reason or indication of a particular problem must be given when requiring an inspection. + +**Required Analysis and Reporting** + +The Appraiser must observe, analyze, and report defective conditions and must also provide photographic documentation of those conditions in the appraisal report. + +If inspection is required, the Appraiser must cite the reason for requiring an inspection. + +**Handbook 4000.1 820** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_844.md b/Markdown_files/FHA handbook/page_844.md new file mode 100644 index 0000000000000000000000000000000000000000..3101fea86471f7b88104295aa51bcebe2ea8cfec --- /dev/null +++ b/Markdown_files/FHA handbook/page_844.md @@ -0,0 +1,45 @@ +```markdown +# Pos + +## ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +#### Acceptable Reporting Forms and Protocols (04/10/2025) + +##### b. Minimum Property Requirements and Minimum Property Standards (08/19/2024) + +MPR and MPS form the basis for identifying the deficiencies of the Property that the Appraiser must note within the appraisal report. + +###### i. Legal Requirements + +####### (A) Real Estate Entity + +The Appraiser must contact the Mortgagee if the subject Property is not a single, marketable real estate entity, and/or does not consist of a primary plot with a secondary plot contributing to the use and marketability of the Property as a single marketable real estate entity. + +####### (B) Property Rights + +######## (1) Definition + +- **Fee Simple** refers to an absolute ownership unencumbered by any other interest or estate. +- **Leasehold** refers to the right to hold or use Property for a fixed period of time at a given price, without transfer of ownership, on the basis of a lease contract. + +######## (2) Standard + +An Appraiser must contact the Mortgagee if the property rights to be appraised are not on real estate held in Fee Simple or Leasehold that comply with HUD’s requirements below. + +####### (C) Planned Unit Development + +######## (1) Definition + +A **Planned Unit Development (PUD)** refers to a residential development that contains, within the overall boundary of the subdivision, common areas and facilities owned by a Homeowners’ Association (HOA), to which all homeowners must belong and to which they must pay lien-supported assessments. A unit in a PUD consists of the fee or leasehold title to the real estate represented by the land and the improvements thereon plus the benefits arising from ownership of an interest in the HOA. + +######## (2) Required Analysis and Reporting + +The Appraiser must identify the name of the PUD and indicate that the subject is located in a PUD by checking the PUD box on the appraisal form. The Appraiser must also enter the dollar amount of the HOA fee and mark the box indicating if the fees are paid “per year” or “per month.” + +--- + +**Handbook 4000.1** +*Last Revised: 01/10/2025* +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_845.md b/Markdown_files/FHA handbook/page_845.md new file mode 100644 index 0000000000000000000000000000000000000000..0eec8264fe07b36cc5bd44c15f1c668910a7fea4 --- /dev/null +++ b/Markdown_files/FHA handbook/page_845.md @@ -0,0 +1,50 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### (D) Leasehold Interest + +##### (1) Definition + +Leasehold Interest refers to real estate where the residential improvements are located on land that is subject to long-term lease from the underlying fee owner, creating a divided estate in the Property. + +##### (2) Standard + +###### (a) Forward Mortgage Requirements + +A Mortgage secured by real estate under Leasehold requires a renewable lease with a term of not less than 99 years, or a lease that will extend not less than 10 years beyond the maturity date of the Mortgage. + +###### (b) Reverse Mortgage (HECM) Requirements + +A reverse mortgage, or Home Equity Conversion Mortgage (HECM), secured by real estate on a Leasehold that is under a renewable lease for not less than 99 years, or a lease with the actuarial life expectancy of the Mortgagor. Sub-Leasehold Estates are not eligible for FHA mortgage insurance. + +##### (3) Required Analysis and Reporting + +An Appraiser must contact the Mortgagee if the Leasehold Interest does not meet this requirement. + +### ii. Legal and Land Use Considerations + +#### (A) Party or Lot Line Wall + +##### (1) Standard + +A building constructed on or next to a property line must be separated from the adjoining building by a wall extending the full height of the building from the foundation to the ridge of the roof. + +##### (2) Required Analysis and Reporting + +The Appraiser must note if the party or lot line wall does not extend to the ridge of the roof or beyond. + +#### (B) Nonresidential Use of Property + +##### (1) Standard + +The nonresidential portion of the Total Floor Area may not exceed 49 percent. + +--- + +**Handbook 4000.1 822** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_846.md b/Markdown_files/FHA handbook/page_846.md new file mode 100644 index 0000000000000000000000000000000000000000..77dbb37f0c59615f62d043dc2dd75a199418b659 --- /dev/null +++ b/Markdown_files/FHA handbook/page_846.md @@ -0,0 +1,41 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +Any nonresidential use of the Property must be subordinate to its residential use, character, and appearance. Nonresidential use may not impair the residential character or marketability of the Property. The nonresidential use of the Property must be legally permitted and conform to current zoning requirements. + +#### (2) Required Analysis and Reporting + +- The Appraiser must calculate the nonresidential portion of any residential Property. Storage areas or similar spaces that are integral parts of the nonresidential portion must be included in the calculation of the nonresidential area. +- The Appraiser must comment on any nonresidential use within the Property and state the percentage of the Total Floor Area that is utilized as nonresidential. The Appraiser must report whether the nonresidential usage is legal and in compliance with current zoning requirements. +- The Appraiser must contact the Mortgagee if the nonresidential portion of the Property exceeds 49 percent. + +### (C) Zoning + +#### (1) Standard + +FHA requires the Property to comply with all applicable zoning ordinances. + +#### (2) Required Analysis and Reporting + +- The Appraiser must determine if current use complies with zoning ordinances. +- If the existing Property does not comply with all of the current zoning ordinances but is accepted by the local zoning authority, the Appraiser must report the Property as “Legal Non-Conforming” and provide a brief explanation. The Appraiser must analyze and report any adverse effect that the nonconforming use has on the Property’s value and marketability, and state whether the Property may be legally rebuilt if destroyed. + +### (D) Encroachments + +#### (1) Definition + +An Encroachment refers to an interference with or intrusion onto another’s property. + +#### (2) Standard + +The Appraiser must report the presence of any Encroachments so that the Mortgagee can determine eligibility. + +--- + +**Handbook 4000.1 823** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_847.md b/Markdown_files/FHA handbook/page_847.md new file mode 100644 index 0000000000000000000000000000000000000000..faf66b510b090f3a88e940ea9cb6344911cef40d --- /dev/null +++ b/Markdown_files/FHA handbook/page_847.md @@ -0,0 +1,42 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +##### (3) Required Analysis and Reporting + +The Appraiser must identify any Encroachments of the subject’s dwelling, garage, or other improvement onto an adjacent Property, right-of-way, utility Easement, or building restriction line. The Appraiser must also identify any Encroachments of a neighboring dwelling, garage, other physical Structure or improvements onto the subject Property. + +The Appraiser must notify the Mortgagee if, upon observation, it appears that an Encroachment affects the subject Property. + +### (E) Easements and Deed Restrictions + +#### (1) Definition + +An Easement refers to an interest in land owned by another person, consisting of the right to use or control the land, or an area above or below it, for a specific limited purpose. + +A Deed Restriction refers to a private agreement that restricts the use of real estate in some way, and is listed in the deed. + +#### (2) Standard + +The Appraiser must note the presence of any Easements and Deed Restrictions to assist the Mortgagee in determining eligibility. + +#### (3) Required Analysis and Reporting + +The Appraiser must analyze and report the effect that Easements and other legal restrictions, such as Deed Restrictions, may have on the use, value and marketability of the Property. The Appraiser must review recorded subdivision plats when available through the normal course of business. + +### iii. Externalities + +#### (A) Definition + +Externalities refer to off-site conditions that affect a Property’s value. + +#### (B) Standard + +The Appraiser must report the presence of Externalities so that the Mortgagee can determine eligibility. + +**Handbook 4000.1 824** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_848.md b/Markdown_files/FHA handbook/page_848.md new file mode 100644 index 0000000000000000000000000000000000000000..0838059d290e35f1517182bccab6f134272be221 --- /dev/null +++ b/Markdown_files/FHA handbook/page_848.md @@ -0,0 +1,39 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +##### (B) Standard + +###### (1) Existing Construction + +The acceptable level of Owner Occupancy Percentage is at least 50 percent of the total number of Units. + +###### (2) New Construction - Complete Condominium Projects + +For Complete Condominium Projects and Gut Rehab conversions, the acceptable level of Owner Occupancy Percentage is at least 30 percent of the total number of declared Units in the Condominium Project. + +##### (C) Exception for Existing Construction + +Existing Construction Condominium Projects that are greater than 12 months old, with an Owner Occupancy Percentage of at least 35 percent and less than 50 percent are eligible for approval with the following conditions: + +- Applications must be submitted for processing and review under the HRAP option; and +- No more than 10 percent of the total Units are Units in Arrears (does not include late fees or other administrative expenses). + +##### (D) Required Documentation + +Form HUD-9992 must be submitted. + +##### (E) Calculation + +For the sole purposes of calculating the Owner Occupancy Percentage, the numerator of the calculation for a multi-phased Condominium Project includes the total number of the following Units in the first declared Legal Phase and cumulatively in subsequent Legal Phases, or for a single-phased Condominium Project, all of the following Units in the numerator of the calculation: + +- Any Unit that is occupied by the owner as their place of abode for any portion of the calendar year and that is not rented for a majority of the calendar year; +- Any Unit listed for sale, and not listed for rent, that was previously occupied by the owner as their place of abode for any portion of the calendar year and that is not rented for a majority of the calendar year; or +- Any Unit sold to an owner who intends to occupy the Unit as their place of abode for any portion of the calendar year and has no intent to rent the Unit for a majority of the calendar year. + +**Handbook 4000.1 789** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_849.md b/Markdown_files/FHA handbook/page_849.md new file mode 100644 index 0000000000000000000000000000000000000000..f5aaa0b7172c380a2ad33540f89f5cba1c8b6c9d --- /dev/null +++ b/Markdown_files/FHA handbook/page_849.md @@ -0,0 +1,36 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### (C) Required Analysis and Reporting + +The Appraiser must consider how Externalities affect the marketability and value of the Property, report the issue and the market’s reaction, and address any positive or negative effects on the value of the subject Property within the approaches to value. + +##### (1) Heavy Traffic + +The Appraiser must analyze and report if close proximity to heavily traveled roadways or railways has an effect on the marketability and value of a site because of excess noise and safety issues. + +##### (2) Airport Noise and Hazards + +The Appraiser must identify if the Property is affected by noise and hazards of low flying aircraft because it is near an airport. The Appraiser must review airport contour maps and analyze accordingly. The Appraiser must determine and report the marketability of the Property based on this analysis. + +##### (3) Special Airport Hazards + +The Appraiser must identify if the Property is located within a Runway Clear Zone (also known as a Runway Protection Zone) at a civil airport or Clear Zone military airfield and consider the effect of the airport hazards on the marketability when valuing the subject Property. + +For Properties located in an Accident Potential Zone 1 (APZ 1) at military airfields, including New Construction, the Appraiser must report the hazard and consider the effect on the marketability when valuing the subject Property and must require compliance with the Department of Defense (DoD) Guidelines. + +If the Property is New Construction and is located within a Runway Clear Zone (also known as a Runway Protection Zone) at a civil airport or Clear Zone military airfield, the Appraiser must note that the Property is ineligible for FHA insurance and notify the Mortgagee. + +##### (4) Proximity to High Pressure Gas Lines + +The Appraiser must identify if the dwelling or related property improvement is near high-pressure gas or liquid petroleum pipelines or other volatile and explosive products, both aboveground and subsurface. The Appraiser must determine and report the marketability of the Property based on this analysis. + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the dwelling or related property improvement is not located more than 10 feet from the nearest boundary of the pipeline Easement. + +**Handbook 4000.1 825** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_850.md b/Markdown_files/FHA handbook/page_850.md new file mode 100644 index 0000000000000000000000000000000000000000..05e78197e1eb337831ded6e007507ef24a712eeb --- /dev/null +++ b/Markdown_files/FHA handbook/page_850.md @@ -0,0 +1,32 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +##### (5) Overhead Electric Power Transmission and Local Distribution Lines + +###### (a) Definitions + +- **Overhead Electric Power Transmission Lines** refer to electric lines that supply power from power generation stations to Local Distribution Lines. +- **Local Distribution Lines** refer to electric lines that commonly supply power to residential housing developments, similar facilities, and individual Properties. + +###### (b) Required Analysis and Reporting + +- The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the Overhead Electric Power Transmission Lines or the Local Distribution Lines pass directly over any dwelling, Structure, or related property improvement, including pools, spas, or water features. +- The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the dwelling or related property improvements are located within an Easement or if they appear to be located within an unsafe distance of any power line or tower. +- The Appraiser must note and comment on the effect on marketability resulting from the proximity to such site hazards and nuisances. The Appraiser must also determine if the guidelines for Encroachments apply. + +##### (6) Smoke, Fumes, and Offensive or Noxious Odors + +- The Appraiser must notify the Mortgagee if excessive smoke, chemical fumes, noxious odors, stagnant ponds or marshes, poor surface drainage, or excessive dampness threaten the health and safety of the occupants or the marketability of the Property. +- The Appraiser must consider the effect of the condition in the valuation of the Property if the conditions exist but do not threaten the occupants or marketability. + +##### (7) Stationary Storage Tanks + +- If the subject property line is located within 300 feet of an aboveground, stationary storage tank with a capacity of more than 1,000 gallons of flammable or explosive material, then the Property is ineligible for FHA insurance, and the Appraiser must notify the Mortgagee of the deficiency of MPR or MPS. + +**Handbook 4000.1 826** +*Last Revised: 01/10/2025* +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_851.md b/Markdown_files/FHA handbook/page_851.md new file mode 100644 index 0000000000000000000000000000000000000000..99cfddbaf972f81116af5e04b726c7c33243201f --- /dev/null +++ b/Markdown_files/FHA handbook/page_851.md @@ -0,0 +1,44 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### iv. Site Conditions + +##### (A) Access to Property + +###### (1) Definition + +Adequate Vehicular Access to Property refers to an all-weather road surface over which emergency and typical passenger vehicles can pass at all times. + +###### (2) Required Analysis and Reporting + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the Property does not have safe pedestrian access and Adequate Vehicular Access from a public street or private street that is protected by a permanent recorded Easement, ownership interest, or is owned and maintained by an HOA. Shared driveways that are not part of an HOA must also meet these requirements. + +The Appraiser must note whether there is safe pedestrian access and Adequate Vehicular Access to the site and analyze any effect on value or marketability. + +The Appraiser must report evidence of a permanent Easement. + +The Appraiser must ask if a maintenance agreement exists and comment on the condition of the private road or lane. + +##### (B) Onsite Hazards and Nuisances + +###### (1) Definition + +Onsite Hazards and Nuisances refer to conditions that may endanger the health and safety of the occupants or the structural integrity or marketability of the Property. + +###### (2) Standard + +The Appraiser must report the presence of all onsite hazards and nuisances so that the Mortgagee can determine eligibility and any corrective work that may be necessary to mitigate potential adverse effects from the special conditions. + +###### (3) Required Analysis and Reporting + +The Appraiser must note and comment on all onsite hazards and nuisances affecting the Property. The Appraiser must also provide photographs of potential problems or issues to assist the Mortgagee in understanding the problem. + +--- + +**Handbook 4000.1 827** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_852.md b/Markdown_files/FHA handbook/page_852.md new file mode 100644 index 0000000000000000000000000000000000000000..f9424665f8e1cc534f6a2e3d4c83268187a53fd3 --- /dev/null +++ b/Markdown_files/FHA handbook/page_852.md @@ -0,0 +1,36 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +**Proposed and Under Construction** + +The Appraiser must report any special conditions that may exist or arise during construction and necessitate precautionary or hazard mitigation measures. + +#### (C) Topography + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the surface and subsurface water is not diverted from the dwelling to ensure positive drainage away from the foundation. + +The Appraiser must make the appraisal subject to an inspection by a qualified individual or entity if the sales contract or any other documentation indicates, or if the Appraiser observes dampness because of a foundation issue. + +The Appraiser must report to the Mortgagee any danger due to topographic conditions (e.g., earth and mudslides from adjoining properties, falling rocks and avalanches) to the subject Property or the adjoining land. + +#### (D) Grading and Drainage + +The Appraiser must check for readily observable evidence of grading and drainage problems. Proper drainage control measures may include gutters and downspouts or appropriate grading or landscaping to divert the flow of water away from the foundation. + +The Appraiser must make the appraisal subject to repair if the grading does not provide positive drainage away from the improvements. The Appraiser must note any readily observable evidence of standing water adjacent to the foundation that indicates improper drainage. The Appraiser must report this in the "Site" section of the report, if the standing water is problematic. + +#### (E) Suitability of Soil + +The Appraiser must consider the readily observable soil and subsoil conditions of the site, including the type and permeability of the soil, the depth of the water table, surface drainage conditions, compaction, rock formations and other physical features that affect the value of the site, or its suitability for development or support of the existing improvements. + +The Appraiser should also consider events and published reports regarding the instability of the soil and surface support of the land as related to the subject and proximate properties. + +The Appraiser must analyze and report how this would affect the Property. + +**Handbook 4000.1 828** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_853.md b/Markdown_files/FHA handbook/page_853.md new file mode 100644 index 0000000000000000000000000000000000000000..63ab2eb67679ba1296c7ba97d2b8586eb1ecac40 --- /dev/null +++ b/Markdown_files/FHA handbook/page_853.md @@ -0,0 +1,40 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +##### (F) Land Subsidence and Sinkholes + +###### (1) Definition + +Land Subsidence refers to the lowering of the land-surface elevation from changes that take place underground, including damage caused by sinkholes. + +###### (2) Standard + +Danger of Land Subsidence may be encountered where buildings are constructed on uncontrolled fill or unsuitable soil containing foreign matter such as a high percentage of organic material, areas of mining activity or extraction of subsurface minerals, or where the subsoil or subsurface is unstable and subject to slippage or expansion. Typical signs include fissures or cracks in the terrain, damaged foundations, sinkholes or settlement problems. + +###### (3) Required Analysis and Reporting + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if there is probable or imminent danger of Land Subsidence so that the Mortgagee can determine eligibility or the need to require the purchase of subsidence insurance. + +The Appraiser must analyze and report any readily observable conditions of the surface of the land that indicate potential problems from subsidence or the potential for lack of support for the surface of the land or building foundations. + +In mining areas, the Appraiser must analyze and report the depth or extent of mining operations and the site of operating or abandoned shafts or tunnels to determine if the danger is imminent, probable or negligible. + +##### (G) Oil or Gas Wells + +###### (1) Operating or Proposed + +The Appraiser must examine the site for the existence of any readily observable evidence of an oil or gas well and report the distance from the dwelling. + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the dwelling is located within 75 feet of an operating or proposed well. The distance is measured from the dwelling to the site boundary, not to the actual well site. + +###### (2) Abandoned + +If the Appraiser notes an abandoned gas or oil well on the subject site or an adjacent Property, the Appraiser must stop work and notify the Mortgagee. + +**Handbook 4000.1 829** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_854.md b/Markdown_files/FHA handbook/page_854.md new file mode 100644 index 0000000000000000000000000000000000000000..7587da1f80b53980881117fc0bb43eb2f2b03987 --- /dev/null +++ b/Markdown_files/FHA handbook/page_854.md @@ -0,0 +1,36 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +The Appraiser may resume work when the Mortgagee provides a letter from local jurisdiction or the appropriate state agency, stating that the subject well was permanently abandoned in a safe manner. + +The Appraiser may only complete the appraisal on a Property located near a gas well that emits hydrogen sulfide if the minimum clearance has been established by a petroleum engineer. The Appraiser must assess any impact that the location of the well has on the value and marketability of the Property. + +#### Hydrogen Sulfide + +Hydrogen sulfide gas emitted from petroleum product wells is toxic and extremely hazardous. Minimum clearance from sour gas wells may be established only after a petroleum engineer has assessed the risk and state authorities have concurred on clearance recommendations for petroleum industry regulation and for public health and safety. + +The Appraiser may only complete an appraisal on a Property if the Mortgagee has required an inspection by a qualified person and provided evidence that the minimum clearance has been established. + +### (H) Slush Pits + +#### (1) Definition + +A Slush Pit refers to a basin in which drilling “mud” is mixed and circulated during drilling to lubricate and cool the drill bit and to flush away rock cuttings. + +#### (2) Required Analysis and Reporting + +If the Property has a Slush Pit, the Appraiser must make the appraisal subject to the removal of all unstable and toxic materials and the site made safe. + +### (D) Property Eligibility in Special Flood Hazard Areas + +The Appraiser must review the Federal Emergency Management Agency (FEMA) Flood Insurance Rate Map (FIRM) and make appropriate notations on the applicable appraisal reporting form. If the Property appears to be located within a Special Flood Hazard Area (SFHA), the Appraiser must attach a copy of the flood map panel to the appraisal report. + +The Appraiser must enter the FEMA zone designation on the reporting form, and identify the map panel number and map date. If the Property is not shown on any map, the Appraiser must enter “not mapped.” The Appraiser must quantify the effect on value, if any, for Properties situated within a designated SFHA. + +**Handbook 4000.1 830** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_855.md b/Markdown_files/FHA handbook/page_855.md new file mode 100644 index 0000000000000000000000000000000000000000..af865a1fef88d62a2ebf762d511e4415160118e9 --- /dev/null +++ b/Markdown_files/FHA handbook/page_855.md @@ -0,0 +1,40 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +##### (J) Coastal Barrier Resources System + +The Appraiser must stop work and notify the Mortgagee of the deficiency of MPR or MPS if the Property is located within a Coastal Barrier Resources System (CBRS) designated area. + +The Appraiser must review the FEMA FIRM to determine if a Property is located within a CBRS. The FIRM will identify CBRS boundaries through patterns of backward-slanting diagonal lines, both solid and broken. If it appears that the Property is located in a CBRS, the Appraiser must review CBRS location maps to confirm. + +##### (K) Lava Zones + +When a Property is located in Hawaii, the Appraiser must review the U.S. Geological Survey (USGS) Lava Flow Hazard Zone maps. The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the Property is located in Zones 1 or 2. + +The Appraiser must report in the “Comments” section that the Property is in the Lava Flow Hazard Zone and provide the Zone Number. + +##### (L) Mineral, Oil, and Gas Reservations or Leases + +The Appraiser must analyze and report the degree to which the residential benefits may be impaired or the Property damaged by the exercise of the rights set forth in oil, gas, and mineral reservations or leases. + +The Appraiser should consider the following: +- The infringement on the property rights of the fee owner caused by the rights granted by the reservation or lease; and +- The hazards, nuisances, or damages that may arise or accrue to the subject Property from exercise of reservation or lease privileges on neighboring properties. + +##### (M) Soil Contamination + +###### (1) Definition + +Soil Contamination refers to the presence of manmade chemicals or other alterations to the natural soil environment. + +###### (2) Standard + +Conditions that indicate Soil Contamination include the existence of underground storage tanks used for heating oil, pools of liquid, pits, ponds, lagoons, stressed vegetation, stained soils or pavement, drums or odors. + +**Handbook 4000.1 831** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_856.md b/Markdown_files/FHA handbook/page_856.md new file mode 100644 index 0000000000000000000000000000000000000000..f69818e890a1ef3910fe6669d879d787d06ab0ee --- /dev/null +++ b/Markdown_files/FHA handbook/page_856.md @@ -0,0 +1,40 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### (3) Required Analysis and Reporting + +The Appraiser must check readily observable evidence of Soil Contamination and hazardous substances in the soil. The Appraiser must report the proximity to dumps, landfills, industrial sites, or other sites that could contain hazardous wastes that may have a negative influence on the marketability and/or value of the subject Property. + +#### (N) Residential Underground Storage Tanks + +The Appraiser must note any readily observable surface evidence of residential underground storage tanks, such as fill pipes, pumps, ventilation caps, etc. If there is readily observable evidence of leakage or onsite contamination, the Appraiser must make a requirement for further inspection. + +### v. New Construction Site Analysis + +The Appraiser must obtain a fully executed form HUD-92541, Builder’s Certification of Plans, Specifications, and Site, signed and dated no more than 30 Days prior to the date the appraisal was ordered, before performing the appraisal on Proposed Construction, Properties Under Construction, or Properties Existing Less than One Year. + +The Appraiser must review the form and analyze and report any discrepancies between the information provided by the builder and the Appraiser’s observations. + +### vi. Excess and Surplus Land + +#### (A) Definition + +- **Excess Land** refers to land that is not needed to serve or support the existing improvement. The highest and best use of the Excess Land may or may not be the same as the highest and best use of the improved parcel. Excess Land may have the potential to be sold separately. + +- **Surplus Land** refers to land that is not currently needed to support the existing improvement but cannot be separated from the Property and sold off. Surplus Land does not have an independent highest and best use and may or may not contribute to the value of the improved parcels. + +#### (B) Required Analysis and Reporting + +The Appraiser must include the highest and best use analysis in the appraisal report to support the Appraiser’s conclusion of the existence of Excess Land. The Appraiser must include Surplus Land in the valuation. + +If the subject of an appraisal contains two or more legally conforming platted lots under one legal description and ownership, and the second vacant lot is capable of... + +--- + +**Handbook 4000.1 832** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_857.md b/Markdown_files/FHA handbook/page_857.md new file mode 100644 index 0000000000000000000000000000000000000000..2c4475145ef56401d370d652dcd24f04b43863bc --- /dev/null +++ b/Markdown_files/FHA handbook/page_857.md @@ -0,0 +1,35 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +Being divided and/or developed as a separate parcel where such a division will not result in a nonconformity in zoning regulations for the remaining improved lot, the second vacant lot is Excess Land. The value of the second lot must be excluded from the final value conclusion of the appraisal and the Appraiser must provide a value of only the principal site and improvements under a hypothetical condition. + +### vii. Characteristics of Property Improvements + +#### (A) Minimum Requirements for Living Unit + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if each living unit does not contain any one of the following: + +- A continuing and sufficient supply of safe and potable water under adequate pressure and of appropriate quality for all household uses; +- Sanitary facilities and a safe method of sewage disposal. Every living unit must have at least one bathroom, which must include, at a minimum, a water closet, lavatory, and a bathtub or shower; +- Space adequate for healthful and comfortable living conditions; +- Heating adequate for healthful and comfortable living conditions; +- Domestic hot water; +- Electricity adequate for lighting and for mechanical equipment used in the living unit; and +- Kitchen facilities adequate for the preparation and cooking of food. Every living unit must have at least one area with kitchen facilities, which must include, at a minimum, a sink with potable running water and a stove utility hookup. + +FHA does not have a minimum size requirement for one- to four-family dwellings and Condominium Units. For Manufactured Housing requirements, see the Manufactured Housing section. + +#### (B) Access to Living Unit + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if access to the living unit is not provided without passing through any other living unit or access to the rear yard is not provided without passing through any other living unit. For attached dwellings, the access may be by means of alley, Easement, common area, or passage through the dwelling. + +The Appraiser must report when the Property has security bars on bedroom windows or doors. + +**Handbook 4000.1 833** + +*Last Revised: 01/10/2025* +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_858.md b/Markdown_files/FHA handbook/page_858.md new file mode 100644 index 0000000000000000000000000000000000000000..65399c0d304780d6b5f1f32a34257940d24be302 --- /dev/null +++ b/Markdown_files/FHA handbook/page_858.md @@ -0,0 +1,40 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### (C) Nonstandard House Styles + +##### (1) Definition + +Nonstandard House Style refers to unique Properties in the market area, including log houses, earth sheltered housing, dome houses, houses with lower than normal ceiling heights, and other houses that in the Appraiser’s professional opinion, are unique. + +##### (2) Required Analysis and Reporting + +The Appraiser must provide a comment that the nonstandard house style appears structurally sound and readily marketable and must apply appropriate techniques for analysis and evaluation. In order for such a Property to be fully marketable, the Appraiser must demonstrate that it is located in an area of other similar types of construction and blend in with the landscape. + +The Appraiser may require additional education, experience, or assistance for these types of Properties. + +#### (D) Modular Housing + +##### (1) Definition + +Modular Housing refers to Structures constructed according to state and local codes off-site in a factory, transported to a building lot, and assembled by a contractor into a finished house. Although quality can vary, all of the materials — from framing, roofing and plumbing to cabinetry, interior finish and electrical — are identical to what is found in comparable quality conventional “stick-built” housing. + +##### (2) Required Analysis and Reporting + +The Appraiser must treat Modular Housing the same as stick-built housing, including reporting the appraisal on the same form. The Appraiser must select and analyze appropriate comparable sales, which may include conventionally built housing, Modular Housing or Manufactured Housing. + +#### (E) Accessory Dwelling Unit + +##### (1) Identification of an Accessory Dwelling Unit + +An Accessory Dwelling Unit (ADU) is subordinate in size, location, and appearance to the primary Dwelling Unit and may or may not have separately metered utilities. The ADU must comport with zoning requirements, which may include a legal nonconforming use. + +--- + +**Handbook 4000.1 834** +*Last Revised: 01/10/2025* +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_859.md b/Markdown_files/FHA handbook/page_859.md new file mode 100644 index 0000000000000000000000000000000000000000..88a95ca19a36b720808d1897d8497e5065fa67eb --- /dev/null +++ b/Markdown_files/FHA handbook/page_859.md @@ -0,0 +1,53 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +For the sole purposes of calculating the Owner Occupancy Percentage, the following Units are included in the denominator of the calculation for a: + +- Multi-phased Condominium Project, the total number of Units in the first declared Legal Phase and cumulatively on subsequent Legal Phases; or +- Single-phased Condominium Project, all Units. + +A Unit owned by the builder/developer is not an owner-occupied Unit. + +### v. Transfer of Control + +#### (A) Definition + +Transfer of Control refers to the shift of existing control over the Condominium Association from the developer/builder to the Unit owners. + +Control of the Condominium Association refers to the ability to directly or indirectly control, direct, modify, or veto any action of the Condominium Association. + +#### (B) Standard + +The legal documents must: + +- Require Transfer of Control from the developer/builder to the Unit owners; +- Specify the conditions for Transfer of Control; +- Indicate the number of Units in the Condominium Project; and +- Be recorded, as applicable, in the CC&R, declaration, master deed, condominium plat, and/or condominium site plans. + +The developer/builder must relinquish control to the Condominium Association no later than the latest of the following events: + +- 120 Days after the date 75 percent of the Units in the Condominium Project have been conveyed to Unit owners; or +- Three years after completion of the Condominium Project as evidenced by the first conveyance to a Unit owner. + +Any time frame regarding Transfer of Control established under state or local condominium laws takes precedence. + +Any contracts entered into by the builder/developer prior to the Transfer of Control and subsequently assigned to the Condominium Association, must give the right to Condominium Association to terminate the contracts with no more than 90 Days’ notice. + +#### (C) Required Documentation + +The following documentation must be submitted for Transfer of Control: + +- Form HUD-9992; +- Recorded CC&Rs, declaration, and/or master deed, and all amendments; + +--- + +**Handbook 4000.1** +**790** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_860.md b/Markdown_files/FHA handbook/page_860.md new file mode 100644 index 0000000000000000000000000000000000000000..06b6f7f42ce6c78d74cab05e90eca070b46f8774 --- /dev/null +++ b/Markdown_files/FHA handbook/page_860.md @@ -0,0 +1,43 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### (2) Required Analysis and Reporting Protocols + +As part of the highest and best use analysis, the Appraiser must make the determination to classify the Property as a Single Family dwelling with an ADU, or a two-family dwelling. The conclusion of the highest and best use analysis will then determine the classification of the Property and the required analysis reporting. + +##### (a) One-Unit Single Family Dwelling with an Accessory Dwelling Unit + +When the highest and best use analysis determines the Property to be a Single Family dwelling with an ADU, the Appraiser must: + +- Provide a description of the ADU characteristics; +- Summarize the ADU’s market acceptance; +- Report the Gross Living Area of the ADU separate from the primary dwelling; +- State whether the ADU can be legally rented without restrictions; and +- Report the current ADU occupancy and the relevant details of any known lease agreements. + +##### (b) Optional Accessory Dwelling Unit Market Rent Analysis + +The Mortgagee may request an opinion of the ADU market rent in the scope of work. The Appraiser may provide the ADU market rent only if: + +- The highest and best use is determined to be a one-unit Single Family dwelling with an ADU; +- The ADU is legally rentable without restrictions; and +- The Appraiser determines that a non-transient (see Restriction on Investment Properties for Hotel and Transient Use) monthly market rent can be credibly developed. + +The analysis of the rental data must include support for the ADU comparable rental selections, the adjustments applied, and the opinion of the ADU market rent. The Appraiser must include the ADU opinion of market rent on Fannie Mae Form 1007/Freddie Mac Form 1000, Single Family Comparable Rent Schedule, as an attachment to the appraisal and include the following supplemental statement: + +> “This form is completed to provide FHA an opinion of the market rent of the subject's legally rentable Accessory Dwelling Unit (ADU). Sufficient competitive market data exists to develop credible results.” + +Appraisers completing the optional ADU market rent analysis must comply with FHA’s Appraiser Competency Requirement. + +The Appraiser must contact the Mortgagee if unable to fulfill a request for ADU market rent analysis. + +**Handbook 4000.1** + +**835** + +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_861.md b/Markdown_files/FHA handbook/page_861.md new file mode 100644 index 0000000000000000000000000000000000000000..57a5b67edce2a2bbc1e45d3a27f154ace0aef309 --- /dev/null +++ b/Markdown_files/FHA handbook/page_861.md @@ -0,0 +1,37 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### (c) Comparable Selection for Optional Accessory Dwelling Unit Market Rent Analysis + +The Appraiser must include a sufficient number of comparable rents to produce a credible ADU market rent estimate. The comparables used to develop the ADU market rent must not include properties rented for hotel or transient purposes, or for periods less than 30 Days. The Appraiser must include at least one comparable rental that is a Single Family dwelling with a rented ADU. If a Single Family dwelling with a rented ADU is not available, the Appraiser must supplement with the most appropriate rental available and summarize the reason for the selection and how the marketability of the ADU was determined. + +#### (F) Additional Manufactured Home on Property + +The Appraiser may consider a Manufactured Home to be an ADU if it meets the highest and best use and FHA requirements. + +The Appraiser may value a Manufactured Home on the Property that physically or legally may not be used as a dwelling and does not pose any health and safety issues by its continued presence as a storage unit. + +#### (G) Leased Equipment, Components, and Mechanical Systems + +The Appraiser must not include the value of leased mechanical systems and components in the Market Value of the subject Property. This includes furnaces, water heaters, fuel or propane storage tanks, solar or wind systems (including power purchase agreements), and other mechanical systems and components that are not owned by the property owner. The Appraiser must identify such systems in the appraisal report. + +### ce. Gross Living Area (04/18/2023) + +#### i. Definition + +Gross Living Area (GLA) refers to the total area of finished, above-grade residential space calculated by measuring the outside perimeter of the Structure. It includes only finished, habitable, above-grade living space. + +#### ii. Required Analysis and Reporting + +The Appraiser must: +- identify noncontiguous living area and analyze its effect on functional utility; +- ensure that finished basements and unfinished attic areas are not included in the total GLA; and +- use the same measurement techniques for the subject and comparable sales, and report the building dimensions in a consistent manner. + +**Handbook 4000.1 836** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_862.md b/Markdown_files/FHA handbook/page_862.md new file mode 100644 index 0000000000000000000000000000000000000000..0b54260f253aa2375508f0d98751d21ae2586b39 --- /dev/null +++ b/Markdown_files/FHA handbook/page_862.md @@ -0,0 +1,38 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +When any part of a finished level is below grade, the Appraiser must report all of that level as below-grade finished area, and report that space on a different line in the appraisal report, unless the market considers it to be Partially Below-Grade Habitable Space. + +In the case of nonstandard Properties and floor plans, the Appraiser must observe, analyze, and report the market expectations and reactions to the unique Property. + +The Appraiser may apply a supplemental measurement standard if it does not conflict with these requirements and the Appraiser discloses the use of the standard. + +### iii. Additions and Converted Space + +The Appraiser must treat room additions and garage conversions as part of the GLA of the dwelling, provided that the addition or conversion space: + +- Is accessible from the interior of the main dwelling in a functional manner; +- Has a permanent and sufficient heat source; and +- Was built in keeping with the design, appeal, and quality of construction of the main dwelling. + +Room additions and garage conversions that do not meet the criteria listed above are to be addressed as a separate line item in the Sales Comparison Approach (SCA) Grid, not in the GLA. The Appraiser must address the impact of inferior quality garage conversions and room additions on marketability as well as Contributory Value, if any. + +The Appraiser must analyze and report differences in functional utility when selecting comparable properties of similar total GLA that do not include converted living space. If the Appraiser chooses to include converted living spaces as GLA, the Appraiser must include an explanation detailing the composition of the GLA reported for the comparable sales, functional utility of the subject and comparable properties, and market reaction. + +Alternatively, the Appraiser may consider and analyze converted living spaces on a separate line within the SCA Grid, including the functional utility line to demonstrate market reaction. + +The Appraiser must not add an ADU or secondary living area to the GLA. + +### iv. Partially Below-Grade Habitable Space + +#### (A) Definition + +Partially Below-Grade Habitable Space refers to living area constructed partially below grade, but has the full utility of GLA. + +**Handbook 4000.1 837** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_863.md b/Markdown_files/FHA handbook/page_863.md new file mode 100644 index 0000000000000000000000000000000000000000..298203a30376acbb04b5eb39b4955ff03220f613 --- /dev/null +++ b/Markdown_files/FHA handbook/page_863.md @@ -0,0 +1,42 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### (B) Required Analysis and Reporting + +The Appraiser must report the design and measurements of the subject, the market acceptance or preference, how the levels and areas of the dwelling are being calculated and compared, and the effect that this has on the analysis. + +Regardless of the description of the rooms, bedrooms or baths as above grade or below grade, the Appraiser must analyze all components of the subject Property in the valuation process. + +##### v. Bedrooms + +The Appraiser must not identify a room as a bedroom that cannot accommodate ingress or egress in the event of an emergency, regardless of location above or below grade. + +#### d. Appliances (09/14/2015) + +##### i. Definition + +Appliances refer to refrigerators, ranges/ovens, dishwashers, disposals, microwaves, and washers/dryers. + +##### ii. Standard + +Appliances that are to remain and that contribute to the market value opinion must be operational. + +##### iii. Required Analysis and Reporting + +The Appraiser must note all appliances that remain and contribute to the Market Value. + +#### e. Swimming Pools (09/14/2015) + +The Appraiser must report readily observable defects in a noncovered pool that would render the pool inoperable or unusable. If the pool water contains algae and is aesthetically unappealing, but the Appraiser has no evidence that the pool is otherwise contaminated, no cleaning is required. Swimming pools must be operational to provide full Contributory Value. + +The Appraiser must condition the appraisal report for pools with unstable sides or structural issues to be repaired or permanently filled in accordance with local guidelines, and the surrounding land regraded if necessary. + +If the swimming pool has been winterized, or the Appraiser cannot determine if the pool is in working order, the Appraiser must complete the appraisal with the extraordinary assumption that the pool and its equipment can be restored to full operating condition at normal costs. + +**Handbook 4000.1 838** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_864.md b/Markdown_files/FHA handbook/page_864.md new file mode 100644 index 0000000000000000000000000000000000000000..54d5db87956c72a0ab45d0adf6fe2cb901174f21 --- /dev/null +++ b/Markdown_files/FHA handbook/page_864.md @@ -0,0 +1,41 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +##### f. Utilities — Mechanical Components (02/16/2021) + +The Appraiser must notify the Mortgagee if mechanical systems do not appear: +- to have reasonable future utility, durability, and economy; +- to be safe to operate; +- to be protected from destructive elements; or +- to have adequate capacity. + +The Appraiser must observe the physical condition of the plumbing, heating, and electrical systems. The Appraiser must operate the applicable systems and observe their performance. If the systems appear to be damaged or do not appear to function properly, the Appraiser must condition the appraisal for repair or further inspection. + +If the Property is vacant, the Appraiser must note in the report whether the utilities were on or off at the time of the appraisal. + +If the utilities are off at the time of the inspection, the Appraiser must ask to have them turned on and complete all requirements under Mechanical Components. However, if it is not feasible to have the utilities turned on, then the appraisal must be completed without the utilities turned on or the mechanical systems functioning. + +If the utilities are not on at the time of observation and the systems could not be operated, the Appraiser must: +1. render the appraisal as subject to reobservation; +2. condition the appraisal upon further observation to determine if the systems are in proper working order once the utilities are restored; and +3. complete the appraisal under the extraordinary assumption that utilities and mechanical systems, and appliances are in working order. + +The Appraiser must note that the reobservation may result in additional repair requirements once all the utilities are on and fully functional. + +If systems could not be operated due to weather conditions, the Appraiser must clearly note this in the report. The Appraiser should not operate the systems if doing so may damage equipment or when outside temperatures will not allow the system to operate. + +Electrical, plumbing, or heating/cooling certifications may be required when the Appraiser cannot determine if one or all of these systems are working properly. + +###### i. Heating and Cooling Systems + +The Appraiser must examine the heating system to determine if it is adequate for healthful and comfortable living conditions, regardless of design, fuel, or heat source. + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the permanently installed heating system does not: + +**Handbook 4000.1 839** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_865.md b/Markdown_files/FHA handbook/page_865.md new file mode 100644 index 0000000000000000000000000000000000000000..a0a60ca8d628243cd1b45031d053618ca71a4380 --- /dev/null +++ b/Markdown_files/FHA handbook/page_865.md @@ -0,0 +1,34 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +- Automatically heat the living areas of the house to a minimum of 50 degrees Fahrenheit in all GLAs, as well as in non-GLAs containing building or system components subject to failure or damage due to freezing. +- Provide healthful and comfortable heat or is not safe to operate. +- Rely upon a fuel source that is readily obtainable within the subject’s geographic area. +- Have market acceptance within the subject’s marketplace. +- Operate without human intervention for extended periods of time. + +Central air conditioning is not required but, if installed, must be operational. If the air conditioning system is not operational, the Appraiser must indicate the level of deferred maintenance, analyze and report the effect on marketability, and include the cost to cure. + +#### ii. Electrical System + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the electrical system is not adequate to support the typical functions performed in the dwelling without disruption, including appliances adequate for the type and size of the dwelling. + +The Appraiser must examine the electrical system to ensure that there is no visible frayed wiring or exposed wires in the dwelling, including garage and basement areas, and report if the amperage and panel size appears inadequate for the Property. The Appraiser must operate a sample of switches, lighting fixtures, and receptacles inside the house and garage, and on the exterior walls, and report any deficiencies. The Appraiser is not required to insert any tool, probe or testing device inside the electrical panel or to dismantle any electrical device or control. + +#### iii. Plumbing System + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the plumbing system does not function to supply water pressure, flow and waste removal. + +The Appraiser must flush the toilets and operate a sample of faucets to observe water pressure and flow, to determine that the plumbing system is intact, that it does not emit foul odors, that faucets function appropriately, that both cold and hot water run, and that there are no readily observable evidence of leaks or structural damage under fixtures. + +The Appraiser must examine the water heater to ensure that it has a temperature and pressure-relief valve with piping to safely divert escaping steam or hot water. + +If the Property has a septic system, the Appraiser must visually observe it for any signs of failure or surface evidence of malfunction. If there are readily observable deficiencies, the Appraiser must require repair or further inspection. + +**Handbook 4000.1 840** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_866.md b/Markdown_files/FHA handbook/page_866.md new file mode 100644 index 0000000000000000000000000000000000000000..fd09d57a4d9e44a4d59fbfa72d7d54fc8aac82ea --- /dev/null +++ b/Markdown_files/FHA handbook/page_866.md @@ -0,0 +1,38 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +##### g. Roof Covering (09/14/2015) + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the roof covering does not prevent entrance of moisture or provide reasonable future utility, durability, and economy of maintenance and does not have a remaining physical life of at least two years. + +The Appraiser must observe the roof to determine whether there are deficiencies that present a health and safety hazard or do not allow for reasonable future utility. The Appraiser must identify the roofing material type and the condition observed in the “Improvements” section of the report. + +The Appraiser must report if the roof has less than two years of remaining life, and make the appraisal subject to inspection by a professional roofer. + +When the Appraiser is unable to view the roof, the Appraiser must explain why the roof is unobservable and report the results of the assessment of the underside of the roof, the attic, and the ceilings. + +##### h. Structural Conditions (09/14/2015) + +The Appraiser must report on structural conditions so that the Mortgagee can determine if the foundation and Structure of the Property will be serviceable for the life of the Mortgage. + +The Appraiser must perform a visual observation of the foundation and Structure of the improvements and report those results. If the Appraiser notes any structural issues, the Appraiser must address the nature of the deficiency in the appraisal where physical deficiencies or adverse conditions are reported and require inspection. + +##### i. Defective Paint (04/10/2025) + +If the dwelling or related improvements were built in or after 1978, the Appraiser must report all defective paint surfaces on the exterior and require repair of any defective paint that exposes the subsurface to the elements. + +##### j. Attic Observation Requirements (04/18/2023) + +The Appraiser must visually observe the interiors of attic spaces to the extent these areas are safely accessible. The Appraiser is not required to disturb insulation or move items that obstruct access or visibility. + +If the observation reveals evidence of a deficient condition (such as a water-stained ceiling, insufficient ventilation, or smell of mold, etc.), the Appraiser must report this condition. + +--- + +**Handbook 4000.1** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_867.md b/Markdown_files/FHA handbook/page_867.md new file mode 100644 index 0000000000000000000000000000000000000000..9fd841109fe3f56f3e1a7d71ec064cd4310fb225 --- /dev/null +++ b/Markdown_files/FHA handbook/page_867.md @@ -0,0 +1,35 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +Render the appraisal subject to inspection or subject to repairs in compliance with the Repair Requirements. + +The Appraiser must report when the attic space is not safely accessible. The Appraiser must complete the appraisal subject to inspection by a qualified third party only if further observation of inaccessible attic area(s) is necessary to determine compliance with MPR and MPS. + +#### k. Foundation (04/10/2025) +[Text was deleted in this section.] + +The Appraiser must examine the foundation for readily observable evidence of safety or structural deficiencies that may require repair. If a deficiency is noted, the Appraiser must describe the nature of the deficiency and report necessary repairs, alterations, or required inspections in the appraisal where physical deficiencies or adverse conditions are reported. + +##### i. Basement + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the basement is not free of dampness, wetness, or obvious structural problems that might affect the health and safety of occupants or the soundness of the Structure. + +##### ii. Sump Pumps + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the sump pump is not properly functioning at the time of appraisal. A sump pump may be hard-wired by an acceptable wiring method or may have a factory electrical cord that is to be connected to a receptacle suitable for such use. + +#### 1. Crawl Space Observation Requirements (04/18/2023) + +The Appraiser must visually observe areas of the crawl space to the extent these areas are safely accessible. The Appraiser is not required to disturb insulation or move items that obstruct access or visibility. + +If the observation reveals evidence of a deficient condition (such as excessive dampness, insufficient ventilation, or smell of mold, etc.), the Appraiser must render the appraisal subject to inspection or subject to repairs, in compliance with the Repair Requirements. + +The Appraiser must report when the crawl space is not safely accessible. The Appraiser must complete the appraisal subject to inspection by a qualified third party only if further observation of inaccessible crawl space area is necessary to determine compliance with MPR and MPS. + +**Handbook 4000.1 842** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_868.md b/Markdown_files/FHA handbook/page_868.md new file mode 100644 index 0000000000000000000000000000000000000000..64b230bc197736abfad77f363aa4dc5ee6d5f818 --- /dev/null +++ b/Markdown_files/FHA handbook/page_868.md @@ -0,0 +1,34 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### m. Environmental and Safety Hazards (01/24/2022) + +The Appraiser must report known environmental and safety hazards and adverse conditions that may affect the health and safety of the occupants, the Property’s ability to serve as collateral, and the structural soundness of the improvements. + +Environmental and safety hazards may include defective lead-based paint, mold, toxic chemicals, radioactive materials, other pollution, hazardous activities, and potential damage to the Structure from soil or other differential ground movements, subsidence, flood, and other hazards. + +##### i. Lead-Based Paint + +###### (A) Improvements Built Before 1978 + +The Appraiser must note the condition and location of all defective paint and require repair in compliance with 24 CFR § 200.810(c) and any applicable EPA requirements. The Appraiser must observe all interior and exterior surfaces, including common areas, stairs, deck, porch, railings, windows and doors, for defective paint (cracking, scaling, chipping, peeling, or loose). Exterior surfaces include those surfaces on fences, detached garages, storage sheds, and other outbuildings and appurtenant Structures. + +###### (B) Condominium Units Built Before 1978 + +The Appraiser must observe the interior of the unit, common unit and exterior surfaces and appurtenant Structures of the specific unit being appraised; and address the overall condition, maintenance and appearance of the Condominium Project. The Appraiser must note the condition and location of all defective paint in the unit, common area and exterior, and require repair in compliance with 24 CFR § 200.810(c) and any applicable EPA requirements. + +##### ii. Methamphetamine Contaminated Property + +If the Mortgagee notifies the Appraiser or the Appraiser has evidence that a Property is contaminated by the presence of methamphetamine (meth), either by its manufacture or by consumption, the Appraiser must render the appraisal subject to the Property being certified safe for habitation. + +If the effective date of the appraisal is prior to certification that the Property (site and dwelling) is safe for habitation, the Appraiser will complete the appraisal subject to certification that the Property is safe for habitation. + +If the effective date of the appraisal is after certification that the Property (site and dwelling) is safe for habitation, and the Mortgagee has provided a copy of the certification by the certified hygienist, the Appraiser must include a copy of the certification in the appraisal report. + +**Handbook 4000.1 843** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_869.md b/Markdown_files/FHA handbook/page_869.md new file mode 100644 index 0000000000000000000000000000000000000000..52e337fa2a1309e58265b9eaf1568c086c1dc5ca --- /dev/null +++ b/Markdown_files/FHA handbook/page_869.md @@ -0,0 +1,37 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +The Appraiser must analyze and report any long-term stigma caused by the Property’s contamination by meth and the impact on value or marketability. + +### iii. Wood Destroying Insects/Organisms/Termites + +The Appraiser must observe the foundation and perimeter of the buildings for evidence of wood destroying pests. The Appraiser’s observation is not required to be at the same level as a qualified pest control specialist. + +If there is evidence or notification of infestation, including a prior treatment, the Appraiser must mark the evidence of infestation box in the “Improvements” section of the appraisal and make the appraisal subject to inspection by a qualified pest control specialist. + +## n. Repair Requirements (09/14/2015) + +When examination of New or Existing Construction reveals noncompliance with MPR and MPS, the Appraiser must report the repairs necessary to make the Property comply, provide an estimated cost to cure, provide descriptive photographs, and condition the appraisal for the required repairs. + +If compliance can only be effected by major repairs or alterations, the Appraiser must report all readily observable property deficiencies, as well as any adverse conditions discovered performing the research involved in completion of the appraisal, within the reporting form. + +Regardless of the Appraiser’s suggested repairs, the Mortgagee will determine which repairs are required. + +### i. Limited Required Repairs + +The Appraiser must limit required repairs to those repairs necessary to: +- Maintain the safety, security, and soundness of the Property; +- Preserve the continued marketability of the Property; and +- Protect the health and safety of the occupants. + +### ii. As-Is Condition and Cosmetic Repairs + +The Appraiser may complete an as-is appraisal for existing Properties when minor property deficiencies, which generally result from deferred maintenance and normal wear and tear, do not affect the health and safety of the occupants or the security and soundness of the Property. Cosmetic or minor repairs are not required, but the Appraiser must report and consider them in the overall condition when rating and valuing the Property. Cosmetic repairs include missing handrails that do not pose a threat to safety, holes in window screens, cracked window glass, defective interior paint surfaces in housing constructed after 1978, minor plumbing leaks that do not cause damage (such as a dripping faucet), and other inoperable or damaged components that in the Appraiser’s professional judgment do not pose a health and safety issue to the occupants of the house. + +**Handbook 4000.1 844** +*Last Revised: 01/10/2025* +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_870.md b/Markdown_files/FHA handbook/page_870.md new file mode 100644 index 0000000000000000000000000000000000000000..aa11d672126c95f9b14ae080eaa4468c6f03d40b --- /dev/null +++ b/Markdown_files/FHA handbook/page_870.md @@ -0,0 +1,46 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +- Signed and adopted bylaws; and +- Articles of incorporation, articles of association, declaration of trust, or other governing documents, if applicable and in accordance with state law. + +##### vi. Financial Stability and Controls + +###### (A) Definitions + +- **Financial Stability** refers to the ability of the Condominium Association to meet the Condominium Project’s needs in the future through positive cash flow and adequately funded reserves. + +- **Financial Controls** refer to the financial policies and procedures that a Condominium Association has in place to protect its funds from fraud and mismanagement. + +- **A Financial Distress Event** refers to a Condominium Project or builder/developer that has: + - Sought protection under bankruptcy laws; + - Been placed into receivership (mandated or voluntary); + - Been subject to foreclosure or any seizure of assets by creditors; or + - Offered a DIL of Foreclosure. + +- **Resolution of Financial Distress Event** refers to: + - Bankruptcy discharge; + - Termination of receivership; + - Issuance of foreclosure judgment; or + - Execution of DIL of Foreclosure. + +###### (B) Standard + +####### (1) All Projects + +To demonstrate Financial Stability, FHA requires Condominium Projects to have financial documents that itemize and address income and expenditures that are sufficient and pertinent to the Condominium Project including: + +- An operating income that demonstrates a stable income stream over the past two years with decreases of no higher than 15 percent; +- Ability to cover the cost of insurance coverage and deductibles; +- A reserve account for capital expenditures and deferred maintenance that is funded with at least 10 percent of the aggregate of 12 months of Unit assessments, unless a lower amount is deemed sufficient based upon an acceptable reserve study; +- Evidence that the budget provides for the periodic funding to maintain the reserve account balance of at least 10 percent of the aggregate of 12 months of Unit assessments, unless a lower amount is deemed sufficient based upon an acceptable reserve study. + +--- + +**Handbook 4000.1** +*Last Revised: 01/10/2025* +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_871.md b/Markdown_files/FHA handbook/page_871.md new file mode 100644 index 0000000000000000000000000000000000000000..aba08129b85883af1f16fad63fa53569e78d84b5 --- /dev/null +++ b/Markdown_files/FHA handbook/page_871.md @@ -0,0 +1,38 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +If an element is functioning well but has not reached the end of its useful life, the Appraiser should not recommend replacement because of age. + +##### iii. Defective Conditions Requiring Repair + +The nature and degree of any noted deficiency will determine whether the Appraiser must address the deficiency in the narrative comments area of the report under “condition of the property” or “physical deficiencies” affecting livability or structural soundness. + +##### iv. Conditions Requiring Inspection by a Qualified Individual or Entity + +The Appraiser must notify the Mortgagee and make the appraisal subject to an inspection by a qualified individual or entity when the observation reveals evidence of a potential safety, soundness, or security issue beyond the Appraiser’s ability to assess. The Appraiser must report and describe the indication of a particular problem when requiring an inspection of any mechanical system, structural system, or other component requiring a repair. + +### o. Utility Services (04/18/2023) + +#### i. Definition + +Utility Services refer to those services consumed by the public such as individual electric, water, natural gas, sewage, and telephone. + +#### ii. Required Analysis and Reporting + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if the subject Property is an attached, detached, or manufactured Single Family dwelling and the utilities are not independent for each living unit. This does not apply to ADUs. + +The Appraiser must also notify the Mortgagee of the deficiency of MPR or MPS if utilities are not located on Easements that have been permanently dedicated to the local government or appropriate public utility body. + +##### (A) Multiple Living Units Under Single Ownership + +A Property may contain multiple living units under a single Mortgage or ownership (two- to four-family Properties) that utilize common services, such as water, sewer, gas and electricity and is served by one meter in jurisdictions that allow single meter rental properties. In such cases, the Appraiser should note a deficiency of MPR or MPS if separate utility service shut-offs are not provided for each living unit. + +The Appraiser must notify the Mortgagee of the deficiency of MPR or MPS if utilities or services are not provided with independent shut-offs for each living unit, except common services such as laundry, storage space or heating, in two- to four-living unit buildings under a single Mortgage. + +**Handbook 4000.1 845** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_872.md b/Markdown_files/FHA handbook/page_872.md new file mode 100644 index 0000000000000000000000000000000000000000..a19943ee674c38334964b25fc111ba304434b37c --- /dev/null +++ b/Markdown_files/FHA handbook/page_872.md @@ -0,0 +1,46 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +##### iii. + +###### (B) Living Units Under Separate Ownership + +The Appraiser should not note the deficiency of MPR or MPS if the Property contains living units under separate ownership and part of a larger planned community, that utilize common utility services provided from the main to the building line when protected by an Easement or covenant and maintenance agreement, unless individual utilities serving a living unit pass over, under, or through another living unit without provision for repair and maintenance of utilities without trespass on adjoining properties, or legal provision for permanent right of access for maintenance and repair of utilities. + +If a single drain line in the building serves more than one unit, and the building drain clean-outs are not accessible from the exterior, the Appraiser must note the deficiency of MPR or MPS to the Mortgagee. + +##### Public Water Supply Systems + +###### (A) Definition + +A Public Water Supply System refers to a system that is owned by a governmental authority or by a utility company that is controlled by a governmental authority. + +###### (B) Standard + +When a public water supply system is present, the water quality is considered to be safe and potable and to meet the requirements of the health authority with jurisdiction unless: + +- The Appraiser indicates deficiencies with the water or notifies the Mortgagee that the water is unsafe; or +- The health authority with jurisdiction issues a public notice indicating the water is unsafe. + +###### (C) Required Analysis and Reporting + +The Appraiser must: + +- Report any readily observable or known deficiencies with the water; +- Notify the Mortgagee when water is determined to be unsafe, report, and provide a cost to cure; and +- Address any impact on value and marketability, and make the appropriate adjustments. + +##### iv. Community Water Systems + +###### (A) Definition + +A Community Water System refers to a central system that is owned, operated, and maintained by a private corporation or a nonprofit property owners’ association. + +**Handbook 4000.1 846** + +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_873.md b/Markdown_files/FHA handbook/page_873.md new file mode 100644 index 0000000000000000000000000000000000000000..8d94f3d99a2cf46182d88b3731469560a9d9cb57 --- /dev/null +++ b/Markdown_files/FHA handbook/page_873.md @@ -0,0 +1,39 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +#### (B) Standard +A Community Water System must comply with local jurisdiction requirements. + +#### (C) Required Analysis and Reporting +If the Property is on a Community Water System, the Appraiser must note the name of the water company on the appraisal report. + +### v. Individual Water Supply Systems + +#### (A) Definition +An Individual Water Supply System refers to a potable water source providing water to an individual Property. + +#### (B) Standard +When an Individual Water Supply System is present, water quality must meet the requirements of the health authority with jurisdiction. If there are no local (or state) water quality standards, then water quality must meet the standards set by the EPA, as presented in the National Primary Drinking Water regulations in 40 CFR §§ 141-142. + +#### (C) Required Analysis and Reporting +The Appraiser must report on the availability of connection to a public and/or Community Water System and any jurisdictional conditions requiring connection. + +When the Appraiser obtains evidence that any of the water quality requirements are not met, the Appraiser must notify the Mortgagee and provide an estimated cost to cure. + +The Appraiser must note the deficiency of MPR or MPS if the subject Property contains a well located within the foundation walls of an existing dwelling, unless there is evidence that: + +- The local jurisdiction recognizes and permits such a location; +- It is common for the market area; and +- It does not adversely affect marketability. + +A well located within the foundation walls of a dwelling is not acceptable for New Construction except in arctic or subarctic regions. + +The Appraiser must report when water to a Property is supplied by dug wells, cisterns, or holding tanks used in conjunction with water purchased and hauled to the site. The Appraiser must report whether such systems are readily accepted by local market participants. + +**Handbook 4000.1 847** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_874.md b/Markdown_files/FHA handbook/page_874.md new file mode 100644 index 0000000000000000000000000000000000000000..5526dc300f25e037a22ba776aa192b4cde92b671 --- /dev/null +++ b/Markdown_files/FHA handbook/page_874.md @@ -0,0 +1,37 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 3. Acceptable Reporting Forms and Protocols (04/10/2025) + +##### vi. + +The Appraiser must note the deficiency of MPR or MPS if the subject Property has a water source that includes a mechanical chlorinator or is served by springs, lakes, rivers, sand-point wells, or artesian wells. + +A pressure tank with a minimum capacity of 42 gallons must be provided. However, pre-pressured tanks and other pressurizing devices are acceptable if delivery between pump cycles equal or exceed that of a 42-gallon tank. Tanks must be equipped with a clean-out plug at the lowest point and a suitable pressure relief valve. + +The Appraiser must note any readily observable deficiencies regarding the well and require test or inspection if any of the following apply: + +- The water supply relies upon a water purification system due to the presence of contaminants; +- Corrosion of pipes (plumbing); +- Areas of intensive agricultural uses within one quarter mile; +- Coal mining or gas drilling operations within one quarter mile; +- A dump, junkyard, landfill, factory, gas station, or dry cleaning operation within one quarter mile; or +- An unusually objectionable taste, smell, or appearance of well water. + +The Appraiser must also be familiar with the minimum distance requirements between private wells and sources of pollution and, if discernible, comment on them. The Appraiser is not required to sketch or note distances between the well, property lines, septic tanks, drain fields, or building Structures but may provide estimated distances where they are comfortable doing so. When available, the Appraiser should obtain from the homeowner or Mortgagee a copy of a survey or other documents attesting to the separation distances between the well and septic system or other sources of pollution. + +#### Shared Wells + +##### (A) Definition + +A Shared Well refers to a well that services two to four homes where there is a binding Shared Well Agreement between the property owners that meets FHA requirements. + +##### (B) Required Analysis and Reporting + +If the Property has a Shared Well, the Appraiser must report it and note any readily observable deficiencies. The Appraiser must also obtain a Shared Well Agreement and include it in the appraisal report so that the Mortgagee may review the agreement to determine eligibility. The Appraiser must also require an inspection and water testing under the same circumstances as an individual well. + +**Handbook 4000.1 848** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_875.md b/Markdown_files/FHA handbook/page_875.md new file mode 100644 index 0000000000000000000000000000000000000000..0d81b0b6a87e48e76a0d1c8d6f29c246a2d953c2 --- /dev/null +++ b/Markdown_files/FHA handbook/page_875.md @@ -0,0 +1,42 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +#### 4. Valuation and Reporting Protocols + +##### vii. Individual Residential Water Purification Systems + +###### (A) Definition + +An Individual Residential Water Purification System refers to equipment, either point-of-entry or point-of-use, installed on Properties that otherwise do not have access to a continuous supply of safe and potable water. + +###### (B) Required Analysis and Reporting + +If a Property is served by an individual residential water purification system, the Appraiser must indicate which type of system is installed on the Property, either point-of-entry or point-of-use. + +The Appraiser must report on the conditions requiring connection of the individual residential water purification system. + +### p. Onsite Sewage Disposal Systems (09/14/2015) + +#### i. Definition + +An Onsite Sewage Disposal System refers to wastewater systems designed to treat and dispose of effluent on the same Property that produces the wastewater. + +#### ii. Required Analysis and Reporting + +The Appraiser must note the deficiency of MPR or MPS and notify the Mortgagee if the Property is not served by an off-site sewer system and any living unit is not provided with an Onsite Sewage Disposal System adequate to dispose of all domestic wastes in a manner that will not create a nuisance, or in any way endanger the public health. + +The Appraiser must visually observe the Onsite Sewage Disposal System and its surrounding area. The Appraiser must require an inspection to ensure that the system is in proper working order if there are readily observable signs of system failure. The Appraiser must report on the availability of public sewer to the site. + +The Appraiser must note the deficiency of MPR or MPS and notify the Mortgagee if the Appraiser has evidence that the Onsite Sewage Disposal System is not sufficient. + +### 4. Valuation and Reporting Protocols + +#### a. Photograph, Exhibits, and Map Requirements (04/10/2025) + +The Appraiser must include a legible street map showing the location of the subject and each of the comparable properties, including sales, rentals, listings, and other data points utilized. If substantial distance exists between the subject and comparable properties, additional legible maps must be included. + +**Handbook 4000.1 849** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_876.md b/Markdown_files/FHA handbook/page_876.md new file mode 100644 index 0000000000000000000000000000000000000000..5a354085a891d70997bfc36201be1b4bac4ccfe9 --- /dev/null +++ b/Markdown_files/FHA handbook/page_876.md @@ -0,0 +1,52 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 4. Valuation and Reporting Protocols + +The Appraiser must include a building sketch showing the GLA, all exterior dimensions of the house, patios, porches, decks, garages, breezeways, and any other attachments or outbuildings contributing value. The Appraiser must show the calculations used to arrive at the estimated GLA. The Appraiser must provide an interior sketch or floor plan for Properties exhibiting functional obsolescence attributable to the floor plan design. + +The Appraiser must provide photographs as required in the table below and any additional exterior and interior photographs, reports, studies, analysis, or copies of prior listings in support of the Appraiser’s observation and analysis. + +### FHA Minimum Photograph Requirements + +#### Photograph Exhibit Minimum Photograph Requirements + +- **Front and rear at opposite angles to show all sides of the dwelling** +- **Improvements with Contributory Value not captured in the front or rear photographs** +- **Street scene photograph to include a portion of the subject site** +- **For New Construction, include photographs that depict the subject’s grade and drainage** +- **For Proposed Construction, a photograph that shows the grade of the vacant lot** + +#### Subject Property Exterior + +- Kitchen, main living area, bathrooms, and bedrooms +- Any other rooms representing overall condition +- Basement, attic, and crawl space +- Recent updates, such as restoration, remodeling and renovation +- For two- to four-unit Properties, also include photographs of hallways, foyers, laundry rooms and other common areas + +#### Subject Property Interior + +- Front view of each comparable utilized + - Photographs must be taken at an angle to depict both the front and the side during the required exterior viewing of the comparable from the street when possible + - Multiple Listing Service (MLS) photographs are acceptable to comparable condition at the time of sale. However, Appraisers must include their own photographs as well, to document compliance + +#### View Influences + +- Photographs of any negative or positive view influences that substantially affect value or marketability + +#### Subject Property Deficiencies or Repair + +- Photographs of the deficiency or condition requiring inspection + +#### Condominium Projects + +- Additional photographs of the common areas and shared amenities of the Condominium Project + +**Handbook 4000.1** +Last Revised: 01/10/2025 + +850 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_877.md b/Markdown_files/FHA handbook/page_877.md new file mode 100644 index 0000000000000000000000000000000000000000..f7a7c3d1a6323ec08605b77e995dbfb9224c7008 --- /dev/null +++ b/Markdown_files/FHA handbook/page_877.md @@ -0,0 +1,38 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 4. Valuation and Reporting Protocols + +##### b. Intended Use and Intended Users of Appraisal (09/14/2015) + +The intended use of the appraisal is solely to assist FHA in assessing the risk of the Property securing the FHA-insured Mortgage (24 CFR § 200.145(b)). + +FHA and the Mortgagee are the intended users of the appraisal report. + +The FHA Appraiser does not guarantee that the Property is free from defects. The appraisal establishes the value of the Property for mortgage insurance purposes only. + +##### c. Development of the Market Value (04/10/2025) + +###### i. Value Required + +####### (A) Definition of Market Value + +Market Value refers to the most probable price which a Property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: + +1. Buyer and seller are typically motivated; +2. Both parties are well informed or well advised, and each acting in what they consider their own best interest; +3. A reasonable time is allowed for exposure in the open market; +4. Payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and +5. The price represents the normal consideration for the Property sold unaffected by special or creative financing or Sales Concessions granted by anyone associated with the sale. + +Adjustments to the comparables must be made for special or creative financing or Sales Concessions. No adjustments are necessary for those costs, which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable Property by comparisons to financing terms offered by a third-party institutional lender that is not already involved in the Property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market’s reaction to the financing or concessions based on the Appraiser’s judgment. + +####### (B) Standard + +The Appraiser must determine the Market Value of the subject Property. + +**Handbook 4000.1 851** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_878.md b/Markdown_files/FHA handbook/page_878.md new file mode 100644 index 0000000000000000000000000000000000000000..5b0d1bd1763425a29fd357b0d5b220582356c485 --- /dev/null +++ b/Markdown_files/FHA handbook/page_878.md @@ -0,0 +1,46 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 4. Valuation and Reporting Protocols + +#### ii. + +##### (C) Required Analysis and Reporting + +The Appraiser must analyze all data researched and collected prior to reporting the value. The Appraiser must include all components of the real estate in the analysis. The Appraiser must not include the value of Personal Property in the appraisal. + +--- + +## Appraisal Conditions + +### (A) Definition + +Appraisal Conditions refer to anything the Appraiser requires to occur or be known before the value of conclusion can be considered valid. + +### (B) Standard + +Conclusions about the observed conditions of the Property provide the rationale for the opinion of Market Value. + +The completed appraisal form, together with the required exhibits, constitutes the reporting instrument for FHA-insured Mortgages. Conditions of the Property, mortgage type, and the market will determine if the appraisal is to be performed as-is, or if the value opinion needs to be conditioned upon an extraordinary assumption(s), a hypothetical condition(s), subject to an additional inspection, or completion of construction, repairs, or alterations. + +### (C) Required Analysis and Reporting + +The Appraiser must state in the appraisal report whether repairs, alterations, or inspections are necessary to eliminate conditions threatening the continued use, security, and marketability of the Property. + +The following table illustrates property conditions under which an Appraisal Condition must be made. + +| **Report Conclusion** | **Appraisal Condition** | +|------------------------|-------------------------| +| Establishing the As-Is Value for a 203(k). | | +| The Property is being recommended for rejection. | | +| Intended use is for Pre-Foreclosure Sale (PFS) in accordance with 24 CFR § 203.370 or Claims Without Conveyance of Title (CWCOT) in accordance with 24 CFR § 203.368. | | +| Intended use is for Real Estate Owned (REO) in accordance with 24 CFR § 291.100. | | +| There is/are no repair(s), alteration(s), or inspection “As-is” condition(s) noted by the Appraiser. | | + +--- + +**Handbook 4000.1 852** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_879.md b/Markdown_files/FHA handbook/page_879.md new file mode 100644 index 0000000000000000000000000000000000000000..33c78f1be6b58d7a44528f408dbfa22b213761b7 --- /dev/null +++ b/Markdown_files/FHA handbook/page_879.md @@ -0,0 +1,63 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 4. Valuation and Reporting Protocols + +#### Report Conclusion Appraisal Condition + +1. **Proposed Construction where construction has not started.** + “Subject to completion per plans and specifications.” + +2. **Under Construction but not yet complete (less than 90%).** + “Subject to completion per plans and specifications.” + +3. **Certain Section 203(k) Rehabilitation Mortgages depending on scope of work.** + “Subject to completion per plans and specifications.” + +#### Repair or Alteration Condition(s) noted by the Appraiser to: + +- Protect the health and safety of the occupants; +- Protect the security of the Property; +- Correct physical deficiencies or conditions affecting structural integrity. + + “Subject to the following repairs or alterations.” + +#### Certain Section 203(k) Rehabilitation Mortgages depending on scope of work. + +#### Under Construction, 90% or more complete with only minor finish work remaining (buyer preference items e.g., floor coverings, appliances, fixtures, landscaping, etc.). +This eliminates the need for plans and specifications. + +#### Required inspection(s) to meet HUD’s Minimum Property Requirements and Minimum Property Standards as noted by the Appraiser. +“Subject to the following required inspection.” + +#### When New Construction is less than 90 percent complete at the time of the appraisal: + +The Appraiser must document the floor plan, plot plan, and exhibits necessary to determine the size and level of finish. + +#### When New Construction is 90 percent or more complete: + +The Appraiser must document a list of components to be installed or completed after the date of appraisal. + +### iii. Valuation Development + +#### (A) Standard + +There are three valuation approaches as applied to one-to four-residential unit Properties: + +- Sales comparison approach; +- Cost approach; +- Income approach to value. + +#### (B) Required Analysis and Reporting + +The Appraiser must obtain credible and verifiable data to support the application of the three approaches to value. + +The Appraiser must perform a thorough analysis of the characteristics of the market, including the supply of properties that would compete with the subject and the corresponding demand. + +--- + +**Handbook 4000.1 853** +Last Revised: 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_880.md b/Markdown_files/FHA handbook/page_880.md new file mode 100644 index 0000000000000000000000000000000000000000..f3f13a5be3e5ffe8a3bd7e2cceaefaa8a56e4af3 --- /dev/null +++ b/Markdown_files/FHA handbook/page_880.md @@ -0,0 +1,44 @@ +```markdown +# II. Origination Through Post-Closing/Endorsement + +## D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +### 4. Valuation and Reporting Protocols + +The Appraiser must perform a highest and best use of the Property, using all four tests and report the results of that analysis. + +#### (C) FHA Data Requirements for the Subject and Comparable Properties + +The Appraiser must verify the characteristics of the transaction (such as sale price, date, seller concessions, conditions of sale) and the characteristics of the comparable property at the time of sale through reliable data sources. + +The Appraiser must verify transactional data via public records and the parties to the transaction: agents, buyers, sellers, Mortgagees, or other parties with relevant information. If the sale cannot be verified by a party to the transaction, the Appraiser may rely on public records or another verifiable impartial source. + +MLS records and property site visits alone are not acceptable verification sources. + +#### (D) Effective Age and Remaining Economic Life + +##### (1) Standard + +The effective age reflects the condition of a Property relative to similar competitive properties. The effective age may be greater than, less than, or equal to the actual age. Any significant difference between the actual and effective ages requires an explanation. + +##### (2) Required Analysis and Reporting + +The Appraiser must state the remaining economic life as a single number or as a range for all property types, including condominiums. The Appraiser must provide an explanation if the remaining economic life is less than 30 years. + +The Appraiser must apply the appropriate technique to estimate the economic life of the subject and not just report a number without analysis. + +#### (E) Approaches to Value + +The Appraiser must consider and attempt all approaches to value and must develop and reconcile each approach that is relevant. + +##### (1) Cost Approach to Value + +The Appraiser may use any of the credible and recognized methods to complete the cost approach (unit in place, segregated costs, price per unit, detailed builder’s cost method, or any other credible source that can be duplicated by the reader). + +If the Appraiser uses cost estimates provided by the contractor or builder of the Property, the cost estimates must be reasonable and independently verified. + +--- + +**Handbook 4000.1 854** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_881.md b/Markdown_files/FHA handbook/page_881.md new file mode 100644 index 0000000000000000000000000000000000000000..87ce63e568a575192c97079c476882898932d56f --- /dev/null +++ b/Markdown_files/FHA handbook/page_881.md @@ -0,0 +1,42 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +- Evidence that no more than 15 percent of the total Units are Units in Arrears (does not include late fees or other administrative expenses); and +- Financial records that are consistent with the application package, including special assessments, loans, or other financial variations. + +If a reserve study is required to justify a reserve account funded less than 10 percent, it must: + +- Be 36 months old or less; +- Include a site visit; +- Demonstrate that the Condominium Project has adequate funded reserves that provide financial protection for the Condominium Project equivalent to the reserve requirements; +- Demonstrate that the Condominium Project’s funded reserves meet or exceed the recommendations included in the reserve study; and +- Be prepared by an independent third party that has demonstrated knowledge of and experience in completing reserve studies. + +The Condominium Project demonstrates Financial Controls by: + +- Maintaining separate accounts for operating and reserve funds; +- Requiring the Condominium Association’s management company to maintain separate records and bank accounts for the Condominium Association; and +- Restricting the management company from drawing checks on, or transferring funds from, the reserve account of the Condominium Association without approval from the Condominium Association. + +##### (2) Financial Distress + +- A Condominium Project or builder/developer that has completed a Resolution of Financial Distress Event within 12 months prior to the application date is not eligible for initial approval or recertification. If the Resolution of Financial Distress Event was completed more than 12 months but less than 36 months, the application package must be submitted through HRAP for evaluation. +- If there has been a Resolution of Financial Distress Event within the last 36 months, the Condominium Project or builder/developer must demonstrate the cause has been resolved and a Financial Distress Event is unlikely to recur. + +##### (3) Individual Owner Concentration + +###### (a) Definition + +- Individual Owner Concentration refers to the percentage of Units owned by a single owner or Related Party. + +--- + +**Handbook 4000.1** +Last Revised: 01/10/2025 + +792 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_882.md b/Markdown_files/FHA handbook/page_882.md new file mode 100644 index 0000000000000000000000000000000000000000..d3372ff6671f1224bee6319fb791bfb724850441 --- /dev/null +++ b/Markdown_files/FHA handbook/page_882.md @@ -0,0 +1,41 @@ +```markdown +## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +### D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +#### 4. Valuation and Reporting Protocols + +##### (a) Land Valuation + +###### (@) Standard + +If the cost approach is applicable, the Appraiser must estimate the site value. Acceptable methodology used to estimate land value include sales comparison, allocation, and extraction. + +###### (ii) Required Analysis and Reporting + +The Appraiser must include a summary of the supporting documentation and analysis in the appraisal. The Appraiser must maintain comparable land sales data and analysis or other supporting information in the Appraiser’s file and include it by reference in the appraisal. For Properties with Excess Land, the Appraiser must include all comparable land sale data and analysis in the report. + +##### (b) Estimate of Cost New for Housing + +###### @ Standard + +The Appraiser may use either the replacement cost or the reproduction cost. + +###### (ii) Required Analysis and Reporting + +The Appraiser must state the method used and the source of the data. + +The Appraiser must use the current version of a published cost data source recognized by the industry. The Appraiser must report the quality rating selected and utilized, as well as identify the source of the data, and its publication and/or effective date. The Appraiser is expected to be aware of local cost data from builders, contractors, building supply firms, and other building industry participants as a check against the published cost data. + +The Appraiser must also provide a supporting explanation when applying adjustments to the published cost data, such as adjustments for: + +- transportation and labor in remote areas; +- entrepreneurial profit; or +- fees and charges unique to the area. + +Instructions for the cost approach as applied to Manufactured Homes are addressed in the Manufactured Home Appraisal Report section of the FHA Single Family Housing Appraisal Report and Data Delivery Guide. + +**Handbook 4000.1** +Last Revised: 01/10/2025 +855 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_883.md b/Markdown_files/FHA handbook/page_883.md new file mode 100644 index 0000000000000000000000000000000000000000..9d9101bc761740980b3b815555c9eb710bb49c5e --- /dev/null +++ b/Markdown_files/FHA handbook/page_883.md @@ -0,0 +1,36 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### D. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages + +#### 4. Valuation and Reporting Protocols + +##### (2) Income Approach to Value for Residential Properties + +###### (a) Standard + +The Appraiser should apply the income approach to a Single Family residential Property when there is evidence of recently rented and then sold data pairs. + +The Appraiser must verify if the subject or the comparable rentals and sales are subject to rent control restrictions. If comparable sales do not have rent control restrictions similar to those of the subject, an appropriate adjustment should be applied. + +###### (b) Required Analysis and Reporting + +The Appraiser must analyze rental data and provide support for the estimated market rents and adjustments applied to the comparable rentals in the reconciliation of this approach. + +The Appraiser must derive the Gross Rent Multiplier (GRM) factor from market data and support it prior to applying it to the market rent for the subject. + +##### (3) Sales Comparison Approach + +###### (a) Standard + +The sales comparison approach is required for all appraisals. + +###### (b) Required Analysis and Reporting + +The Appraiser must present the data, points of comparison, and analysis; provide support for the Appraiser’s choice of comparable properties, and the adjustments for dissimilarities to the subject; and include sufficient description and explanation to support the facts, analyses and the Appraiser’s conclusion. + +If the data from the market area is insufficient to support some of these requirements, the Appraiser must provide the best information available and include an explanation of the issue, the data available, the conclusions reached and the steps taken by the Appraiser to attempt to meet the guidelines. + +**Handbook 4000.1 856** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_884.md b/Markdown_files/FHA handbook/page_884.md new file mode 100644 index 0000000000000000000000000000000000000000..a8d4f58025b432ebdca190e2104839e091340706 --- /dev/null +++ b/Markdown_files/FHA handbook/page_884.md @@ -0,0 +1,50 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## D. Appraiser and Property Requirements for Title If Forward and Reverse Mortgages + +### 4. Valuation and Reporting Protocols + +#### (c) Comparable Sale Selection + +##### (i) Characteristics of the Property + +Comparable sale selection must be based on properties having the same or similar locational characteristics, physical characteristics and the priority the market assigns to each factor, including: + +- Site; +- Site view; +- Location; +- Design; +- Appeal; +- Style; +- Age; +- Size; +- Utility; +- Quality; +- Condition; and +- Any other factor that in the Appraiser’s professional judgment is recognized as relevant in the subject market. + +##### (ii) Characteristics of the Transaction + +###### Definition + +An Arm’s Length Transaction refers to a transaction between unrelated parties and meets the requirements of Market Value. + +###### Standard + +The Appraiser must utilize Arm’s Length Transactions for comparable properties except when there is evidence that REO sales or short sale/Pre-Foreclosure Sale (PFS) transactions are so prevalent that normal Arm’s Length Transactions are not present or supported by the market trend. + +A transaction involving a foreclosure transfer to a Mortgagee is not evidence of the Market Value, and is not a valid type of comparable sale for an FHA-insured Mortgage. + +The common types of property transfers listed below require investigation and analysis to ensure that they meet the definition of an Arm’s Length Transaction: + +- REO sale — transfer from Mortgagee to new owner; +- Short sale/PFS; +- Estate sale; +- Court-ordered sale; + +--- + +**Handbook 4000.1 857** +*Last Revised: 01/10/2025* +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_885.md b/Markdown_files/FHA handbook/page_885.md new file mode 100644 index 0000000000000000000000000000000000000000..142df205e89f857d8ac15764bbbf36aedb601d74 --- /dev/null +++ b/Markdown_files/FHA handbook/page_885.md @@ -0,0 +1,38 @@ +```markdown +# II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT + +## C. Condominium Project Approval + +### 2. Project Eligibility + +**Related Party** includes, but is not limited to: +- An individual serving as the Unit owners’ officer, director, or employee; or +- A Unit owner’s direct parent company, subsidiary, or any related entity with which the Unit owner shares a common officer or director. + +#### (b) Standard + +- For Condominium Projects with 20 or more Units, the Individual Owner Concentration must be 10 percent or less. +- For Condominium Projects with fewer than 20 Units, the Unit owner may not own more than one Unit. No Related Party may own a Unit. + +**Exception** + +Affordable housing Units owned by an eligible governmental or nonprofit program defined in 24 CFR § 203.41 are not subject to the Individual Owner Concentration requirements. The affordable housing Units must be identified by recorded legal documents. + +#### (c) Calculation + +For the Individual Owner Concentration calculation: +- For a multi-phased Condominium Project, the Individual Owner Concentration is calculated based on the total number of Units in the first declared Legal Phase and cumulatively on subsequent Legal Phases; or +- For a single-phased Condominium Project, all Units are used in the denominator when calculating the Individual Owner Concentration, except that unoccupied and unsold Units owned by a builder/developer are excluded from the numerator and denominator in the Individual Owner Concentration calculation. + +The total number of declared Units in the Condominium Project for Complete Condominium Projects and Gut Rehab must be used to calculate the Individual Owner Concentration. + +#### (d) Required Documentation + +Form HUD-9992 and, if applicable, the recorded legal documents identifying the affordable housing Units must be submitted. + +**Handbook 4000.1** + +793 + +**Last Revised:** 01/10/2025 +``` \ No newline at end of file diff --git a/Markdown_files/FHA handbook/page_886.md b/Markdown_files/FHA handbook/page_886.md new file mode 100644 index 0000000000000000000000000000000000000000..b5e167d0c8bb29d00e755c9eb8d6f050dc5255cd --- /dev/null +++ b/Markdown_files/FHA handbook/page_886.md @@ -0,0 +1,40 @@ +```markdown +## II. Origination Through Post-Closing/Endorsement + +### C. Condominium Project Approval + +#### 2. Project Eligibility + +##### (4) Phasing + +For Condominium Projects that are subject to additional Phasing, the Condominium Project must contain arrangements that guarantee the future completion of all facilities and Common Elements. + +The Condominium Project must demonstrate positive cash flow from the revenue and expenditures of the completed Legal Phases and Common Elements. + +##### (5) Projects with Commercial/Nonresidential Space + +###### (a) Definition + +Commercial/Nonresidential Financial Independence refers to the ability of the Residential Space and Commercial/Nonresidential Space of the Condominium Project to be independently sustainable such that neither portion of the Condominium Project is financially reliant on the other. + +###### (b) Standard + +For projects with Commercial/Nonresidential Space, the Mortgagee must verify there is Commercial/Nonresidential Financial Independence. + +###### (c) Required Documentation + +The following documentation must be submitted: + +- Form HUD-9992; +- Current year’s budget approved by the Condominium Association board; +- Year-to-date income and expense statement dated within 90 Days if the prior year-to-date actuals are more than 90 Days old; +- Income and expense statement(s) for the previous two years actual year end results; +- Current balance sheet dated within 90 Days prior to the date of submission; +- If applicable, documentation supporting any loans or special assessments, including information regarding the purpose, term, payment status, total amount of the assessment, amount of the assessment per Unit and overall impact on marketability and value of the Property; +- If applicable, a dated legal document evidencing Resolution of Financial Distress Event and a letter of explanation describing the cause of the event and measures taken by the Condominium Association to prevent a future Financial Distress Event; and +- Evidence of financial arrangements that guarantee the future completion of all facilities and Common Elements, as applicable. + +**Handbook 4000.1** +**794** +**Last Revised: 01/10/2025** +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_520.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_520.md new file mode 100644 index 0000000000000000000000000000000000000000..060cc654508da83fff4e2b653b2e61441017d34f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_520.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +For DU loan casefiles, if a revolving debt is provided on the loan application without a monthly payment amount, DU will use the greater of $10 or 5% of the outstanding balance as the monthly payment when calculating the total debt-to-income ratio. + +## Student Loans + +If a monthly student loan payment is provided on the credit report, the lender may use that amount for qualifying purposes. If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student loan statement) to qualify the borrower. + +If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment, the lender must determine the qualifying monthly payment using one of the options below. + +- If the borrower is on an income-driven payment plan, the lender may obtain student loan documentation to verify the actual monthly payment is $0. The lender may then qualify the borrower with a $0 payment. + +- For deferred loans or loans in forbearance, the lender may calculate: + - A payment equal to 1% of the outstanding student loan balance (even if this amount is lower than the actual fully amortizing payment), or + - A fully amortizing payment using the documented loan repayment terms. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements and Release Notes | Issue Date | +|---------------------------------|------------------| +| Announcement SEL-2022-04 | May 04, 2022 | +| Announcement SEL-2020-07 | December 16, 2020| +| Announcement SEL-2020-01 | February 05, 2020| +| Announcement SEL-2019-09 | December 04, 2019| +| Announcement SEL-2019-08 | October 02, 2019 | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_521.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_521.md new file mode 100644 index 0000000000000000000000000000000000000000..1d1525429be652d68b7b59ab5b44003b299a30f2 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_521.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +## B3-6-06, Qualifying Impact of Other Real Estate Owned (06/30/2015) + +### Introduction +This topic describes the qualifying impact of other real estate owned, including: + +- Qualifying Considerations +- Mortgage Assumption +- Property Settlement Buyout +- Current Principal Residence Pending Sale + +### Qualifying Considerations + +When the borrower owns mortgaged real estate, the status of the property determines how the existing property's PITIA must be considered in qualifying for the new mortgage transaction. If the mortgaged property owned by the borrower is: + +- **An existing investment property or a current principal residence converting to investment use**, the borrower must be qualified in accordance with, but not limited to, the policies in topics B3-3.1-08, Rental Income, B3-4.1-01, Minimum Reserve Requirements, and, if applicable, B2-2-03, Multiple Financed Properties for the Same Borrower; + +- **An existing second home or a current principal residence converting to a second home**, the PITIA of the second home must also be counted as part of the borrower's recurring monthly debt obligations; or + +- **The borrower's current principal residence that is pending sale but will not close (with title transfer to the new owner) prior to the subject transaction**, the lender must comply with the policies in this topic. + +In conjunction with the policies in this topic, the lender must also comply with the policies in B2-2-03, Multiple Financed Properties for the Same Borrower, B3-3.1-08, Rental Income, and B3-4.1-01, Minimum Reserve Requirements, as applicable. + +### Mortgage Assumption + +When a borrower sells a mortgaged property and the property purchaser assumes the outstanding mortgage debt without a release of liability, the borrower has a contingent liability. + +The lender is not required to count this contingent liability (PITIA) as part of the borrower’s recurring monthly debt obligations if the lender verifies that the property purchaser has at least a 12-month history of making regular, timely payments for the mortgage. The lender can document this by obtaining: + +- Evidence of the transfer of ownership; +- A copy of the formal, executed assumption agreement; and +- A credit report indicating that consistent and timely payments were made for the assumed mortgage. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_522.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_522.md new file mode 100644 index 0000000000000000000000000000000000000000..d84b84e70b1bc73187358a301a99ad82f783bcb5 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_522.md @@ -0,0 +1,38 @@ +```markdown +# Fannie Mae + +If the lender cannot document timely payments during the most recent 12-month period, the applicable mortgage payment must be counted as part of the borrower’s recurring monthly debt obligations. + +## Property Settlement Buyout + +When a borrower's interest in a property is bought out by another co-owner of the property, as often happens in a divorce settlement, but the lender does not release the borrower from liability under the mortgage, the borrower has a contingent liability. + +If the lender obtains documentation to confirm the transfer of title to the property, this liability does not have to be considered as part of the borrower’s recurring monthly debt obligations. + +## Current Principal Residence Pending Sale + +If the borrower's current principal residence is pending sale, but the transaction will not close with title transfer to the new owner prior to the subject transaction, and the borrower is purchasing a new principal residence, the current PITIA and the proposed PITIA must be used in qualifying the borrower for the new mortgage loan. + +However, Fannie Mae will not require the current principal residence's PITIA to be used in qualifying the borrower as long as the following documentation is provided: + +- The executed sales contract for the current residence, and +- Confirmation that any financing contingencies have been cleared. + +## Recent Related Announcements + +There are no recently issued Announcements related to this topic. + +## B3-6-07, Debts Paid Off At or Prior to Closing (04/05/2023) + +### Introduction + +This topic contains information on debts paid off at or prior to closing, including: + +- Payoff or Paydown of Debt for Qualification +- Open 30-Day Charge Accounts +- Collections, Charge-Offs of Non-Mortgage Accounts, Judgments, and Liens + +### Payoff or Paydown of Debt for Qualification + +Payoff or paydown of debt solely to qualify must be carefully evaluated and considered in the overall loan analysis. The borrower's history of credit use should be a factor in determining whether the appropriate +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_523.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_523.md new file mode 100644 index 0000000000000000000000000000000000000000..a275af958fc0dc0231403f3b41fa10b209be97ba --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_523.md @@ -0,0 +1,31 @@ +```markdown +# Fannie Mae + +## Debt Qualification Approach + +The approach is to include or exclude debt for qualification. Generally: + +- Installment loans that are being paid off or paid down to 10 or fewer remaining monthly payments do not need to be included in the borrower’s long-term debt. + +- If a revolving account balance is to be paid off at or prior to closing, a monthly payment on the current outstanding balance does not need to be included in the borrower's long-term debt, i.e., not included in the debt-to-income (DTI) ratio. Such accounts do not need to be closed as a condition of excluding the payment from the DTI ratio. + +See [B3-6-02, Debt-to-Income Ratios](#) for additional guidance on calculating total monthly obligations for qualifying purposes. + +## Open 30-Day Charge Accounts + +For open 30-day charge accounts that do not reflect a monthly payment on the credit report, or 30-day accounts that reflect a monthly payment that is identical to the account balance, lenders must verify borrower funds to cover the account balance. The verified funds must be in addition to any funds required for closing costs and reserves. + +**Note:** DU will include the balance of the 30-day charge accounts on the loan application in the Reserves Required to be Verified amount shown on the DU Underwriting Findings report. However, for transactions that do not require the verification of reserves, the balance of 30-day charge accounts in the Reserves Required to be Verified amount will be reduced by any cash out the borrower will receive through the transaction. + +If the borrower paid off the account balance prior to closing, the lender may provide proof of payoff in lieu of verifying funds to cover the account balance. + +## Collections, Charge-Offs of Non-Mortgage Accounts, Judgments, and Liens + +Delinquent credit—including taxes, judgments, charge-offs of non-mortgage accounts (see below for exceptions), tax liens, mechanic's or materialmen’s liens, and liens that have the potential to affect Fannie Mae’s lien position or diminish the borrower's equity—must be paid off at or prior to closing. + +Delinquent federal income taxes that are approved to be paid by a monthly installment agreement with the IRS must be paid in full at or prior to closing if there is any indication that a Notice of Federal Tax Lien has been recorded against the borrower in the county in which the subject property is located. For additional information about federal income tax installment agreements, see [B3-6-05, Monthly Debt Obligations](#). + +For details regarding delinquent federal income taxes that the IRS has approved to be paid through an installment agreement that can be included as a monthly debt obligation, rather than being paid in full, also see [B3-6-05, Monthly Debt Obligations](#). + +For manually underwritten loans, non-medical collection accounts and charge-offs on non-mortgage accounts do not have to be paid off at or prior to closing if the balance of an individual account is less than $250 or the total balance of all accounts is $1,000 or less. Non-medical collection accounts and charge-offs on non-mortgage accounts that exceed these limits must be paid off at or prior to closing. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_524.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_524.md new file mode 100644 index 0000000000000000000000000000000000000000..7b1039d541b41aaae9c70487c5ac9c80c1b40eed --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_524.md @@ -0,0 +1,33 @@ +```markdown +# Fannie Mae + +For DU underwritten loans, refer to B3-5.3-09, DU Credit Report Analysis. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2023-03 | April 05, 2023 | +| B3-6-08, DU: Requirements for Liability Assessment | 01/27/2015 | + +## Introduction + +This topic contains information on DU requirements for liability assessment, including: + +- Reconciling the Loan Application with the Credit Report +- Auto-Populating DU Liabilities from the Credit Report + +### Reconciling the Loan Application with the Credit Report + +DU uses liabilities from the loan application, not debts from the credit report, to calculate the debt-to-income ratio. + +To help ensure that all appropriate liabilities are included in the debt-to-income ratio, DU performs a series of reasonableness tests comparing loan application balances and payments with the credit report balances and payments. If the values on the loan application are less than the values on the credit report by more than selected tolerances, the lender must justify the discrepancies between the two. The lender must update the loan application values if the values are needed to calculate accurate ratios. The information must be updated either with verified values from the credit report or with independent, outside verifications. + +### Auto-Populating DU Liabilities from the Credit Report + +The lender can automatically copy the borrower's liabilities from the credit report to the loan application by selecting the auto-populate liabilities option from DU when the credit report is ordered. If the lender’s loan origination system does not offer this option, or if the lender elects not to use it, the liabilities must be entered manually into the loan application. + +When the auto-populate option is selected, it is not necessary to obtain additional borrower disclosure for tradelines appearing on the credit report. The lender is still required to obtain full disclosure from all borrowers, including borrowers who do not have traditional credit, of all existing credit obligations. Liabilities that do not +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_525.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_525.md new file mode 100644 index 0000000000000000000000000000000000000000..03bc8f8d7ec92d9e5a4e96d26e657351cf6be915 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_525.md @@ -0,0 +1,39 @@ +```markdown +# Fannie Mae + +Appear on the credit report, such as monthly housing expenses for taxes, insurance, must be disclosed in the loan application prior to final submission to DU. + +## Auto-Populate Liabilities Option + +### Selected BEFORE Liabilities Have Been Manually Entered + +- Open accounts will be automatically copied to the loan application. +- Closed accounts on the credit report are not automatically copied to the loan application. If the account has an outstanding balance, the lender must manually enter the liability in the loan application and include the monthly payment in the debt-to-income ratio. +- Collection accounts on the credit report are not automatically copied to the loan application. + +### Selected AFTER Liabilities Have Been Manually Entered + +- DU will attempt to match existing liability accounts listed on the loan application to the credit report liabilities by using a combination of account name and account number. +- Open accounts from the credit report that were not manually entered on the loan application will be automatically copied to the loan application. +- DU will use the information on the loan application to calculate the debt-to-income ratio. + +### Handling Duplicate or Incorrect Accounts + +If duplicate accounts or accounts that do not belong to the borrower were copied to the loan application and included in the debt-to-income ratio, they may be omitted (or deleted) from the loan application. Debts that are omitted will not be counted in the debt-to-income ratio. + +## Recent Related Announcements + +There are no recently issued Announcements related to this topic. + +# Subpart B4, Underwriting Property + +## Introduction + +This subpart contains property underwriting and appraisal requirements for conventional loans. + +## Chapter B4-1, Property Assessment and Valuation + +### Introduction + +This chapter explains Fannie Mae’s property assessment and valuation requirements, including documentation, appraisal, and data collection requirements. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_526.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_526.md new file mode 100644 index 0000000000000000000000000000000000000000..6e0d2cf1f0d21f6f622706da0059caf2fe8a3b3a --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_526.md @@ -0,0 +1,25 @@ +```markdown +# Fannie Mae + +## Section B4-1.1, General Appraisal Requirements + +### B4-1.1-01, Definition of Market Value (04/15/2014) + +#### Introduction +This topic contains information on the definition of market value. + +#### Definition of Market Value + +**Market value** is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: + +- buyer and seller are typically motivated; +- both parties are well informed or well advised, and each acting in what they consider to be in their own best interest; +- a reasonable time is allowed for exposure in the open market; +- payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and +- the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. + +**Note:** Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs that are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable because the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third-party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession, but the dollar amount of any adjustment should approximate the market’s reaction to the financing or concessions based on the appraiser’s judgment. + +#### Recent Related Announcements +There are no recently issued Announcements related to this topic. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_527.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_527.md new file mode 100644 index 0000000000000000000000000000000000000000..6b9efe40988debc6304acb6e26c08bd858e4447d --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_527.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +## B4-1.1-02, Lender Responsibilities (11/06/2024) + +### Introduction +This topic contains information on lender requirements, including: + +- **Lender Responsibilities** +- **Confirmation and Documentation of the Current Owner** +- **Objective and Unbiased Appraisals** +- **Reporting Unfavorable Conditions** + +### Lender Responsibilities + +The lender is responsible for ensuring that the subject property provides adequate collateral for the mortgage. For most loans, Fannie Mae requires that the lender obtain a signed and complete appraisal report that accurately reflects the market value, condition, and marketability of the property. Some loans may be eligible for a value acceptance option, and an appraisal is not required if the lender exercises the option and complies with the related requirements. (See B4-1.4-10, Value Acceptance (Appraisal Waiver) and B4-1.4-11, Value Acceptance + Property Data, for additional information.) + +If an appraisal is obtained, the lender is responsible for: + +- Providing the borrower disclosures and requirements described in B4-1.3-12, Appraisal Quality Matters; +- Compliance with the Appraiser Independence Requirements; +- Selection of the appraiser (see B4-1.1-03, Appraiser Selection Criteria); +- Compliance with the Uniform Appraisal Dataset (UAD) when applicable (see B4-1.1-06, Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP)); +- Ensuring the appraiser has utilized sound reasoning and provided evidence to support the methodology chosen to develop the value opinion, particularly in cases that are not covered by Fannie Mae policy; +- Successful submission of the appraisal through the UCDP prior to delivery (see B4-1.1-06, Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP)); +- Continually evaluating the appraiser’s work through the quality control process (see B4-1.3-12, Appraisal Quality Matters and D1-3-04, Lender Post-Closing Quality Control Review of Appraisers, Appraisals, Property Data Collectors, and Property Data Collection); and +- Ensuring the appraisal does not contain subjective and prohibited language relating to discriminatory practices and appraisal bias. + +If the transaction involves property data collection, the lender is responsible for: + +- Compliance with the Property Data Collector Independence Requirements; +- Selection of the property data collector (see B4-1.4-11, Value Acceptance + Property Data); +- Successful submission of the data to Fannie Mae's Property Data API prior to loan delivery; and +- Continually evaluating the property data collector's work through the quality control process (see B4-1.3-12, Appraisal Quality Matters and D1-3-04, Lender Post-Closing Quality Control Review of Appraisers, Appraisals, Property Data Collectors, and Property Data Collection). +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_528.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_528.md new file mode 100644 index 0000000000000000000000000000000000000000..325e149373b111d134cfa26a6b143caf4b4acf12 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_528.md @@ -0,0 +1,33 @@ +```markdown +# Fannie Mae + +## D1-3-04, Lender Post-Closing Quality Control Review of Appraisers, Appraisals, Property Data Collectors, and Property Data Collection + +### Confirmation and Documentation of the Current Owner + +Publicly available information helps to identify property flipping schemes, which typically involve various combinations of transactions and result in a sale of recently acquired property for significant profit based on a misleading or fraudulent appraisal with an inflated property value. The lender must confirm that the property seller in a purchase transaction (or the borrower in a refinance transaction) is the owner of the subject property. + +Lenders must confirm and document in the mortgage file that the property seller in a purchase money transaction or the borrower in a refinance transaction is the owner of the subject property when an appraisal is required. Examples of acceptable documentation include, but are not limited to: + +- A copy of a recorded deed, mortgage, or deed of trust, +- A recent property tax bill or tax assessment notice, +- A title report, +- A title commitment or binder, or +- A property sale history report. + +This documentation is especially important for transactions involving an assignment (or sale) of a contract for sale and back-to-back, simultaneous, double transaction closings, or double escrows to support the property acquisition, financing, and closing. + +When the transaction is part of an employee relocation, the relocation company may be the assignee of the seller, which should be indicated on the sales contract. Additionally, the appraiser must comment on this condition in the appraisal report. + +### Objective and Unbiased Appraisals + +A lender must ensure the appraiser: + +- Described the property and the market area in factual, unbiased, and specific terms; +- Considered all factors that have an effect on value; and +- Was objective and unbiased in the development of the opinion of market value in the appraisal report. + +A number of federal, state, and local laws prohibit discrimination in the appraisal of housing. Fannie Mae expects professional appraisers to fully understand that discriminatory valuation and appraisal reporting practices are not only illegal, but also unethical. Unintentional discrimination can occur in the appraisal report as the result of what an appraiser states, or fails to state. The lender and appraiser must ensure the appraisal is not in violation of any unacceptable appraisal practices (see B4-1.1-04, Unacceptable Appraisal Practices). + +### Reporting Unfavorable Conditions +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_529.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_529.md new file mode 100644 index 0000000000000000000000000000000000000000..1d4a3a70af2eefdc2ab16881b75160dc0f927dd2 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_529.md @@ -0,0 +1,30 @@ +```markdown +# Fannie Mae + +The lender must ensure that appraiser comments regarding unfavorable conditions, such as the existence of an adverse environmental or economic factor, also discuss how the condition affects the value or marketability of the property being appraised and explain how the condition was taken into consideration in the valuation process. In such cases, the appraiser’s analysis must reflect and include comparable sales that are similarly affected whenever possible. The appraiser must address the impact these factors may have, if any, on the value and marketability of the subject property. (See B4-1.3-06, Property Condition and Quality of Construction of the Improvements, for further information). + +## Recent Related Announcements + +The table below provides references to the Announcements that have been issued that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-07 | November 06, 2024 | +| Announcement SEL-2024-06 | September 04, 2024 | +| Announcement SEL-2024-03 | May 01, 2024 | +| Announcement SEL-2023-07 | August 02, 2023 | +| Announcement SEL-2023-02 | March 01, 2023 | +| Announcement SEL-2021-10 | November 03, 2021 | + +## B4-1.1-03, Appraiser Selection Criteria (10/05/2022) + +### Introduction + +This topic contains general information on appraiser selection, including: + +- Appraiser License and Certification +- Appraiser Trainees +- Knowledge and Experience +- Selection of the Appraiser +- Supervisory Appraiser +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_530.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_530.md new file mode 100644 index 0000000000000000000000000000000000000000..b428ebf926bb0cc97bf531cb88df9ada12c202ea --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_530.md @@ -0,0 +1,28 @@ +```markdown +# Fannie Mae + +## Appraiser License and Certification + +Fannie Mae requires a lender (or its authorized agent) to use appraisers or supervisory appraisers that are state-licensed or state-certified (in accordance with the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and all applicable state laws). The lender (or its authorized agent) must document that the appraisers it uses are licensed or certified as appropriate under the applicable state law. The lender must ensure that the state license or state certification is active as of the effective date of the appraisal report. The appraiser must note their license or certification number on the individual appraisal report forms, in compliance with the Uniform Appraisal Dataset Specification, Appendix D: Field-Specific Standardization Requirements. + +Fannie Mae’s appraisal report forms identify the appraiser as the individual who: + +- Performed the analysis, and +- Prepared and signed the appraisal report as the appraiser. + +This does not preclude appraisers from relying on individuals who are not state-licensed or state-certified to provide significant professional assistance, such as an appraiser trainee or an employee of the appraiser doing market data research or data verification in the development of the appraisal. Under some state laws, a lender’s use of an unlicensed or uncertified appraiser that is working as an employee or sub-contractor of a licensed or certified appraiser will satisfy the state’s licensing and certification requirement, as long as the appraisal report is signed by a state-licensed or state-certified supervisory or review appraiser. The state-licensed or state-certified appraiser that signs the appraisal report must acknowledge in the report the extent of the professional assistance provided by others and the specific tasks performed by each individual, and must certify that each named individual is qualified to perform the tasks. + +## Appraiser Trainees + +Fannie Mae allows an unlicensed or uncertified appraiser, or trainee (or other similar classification) to perform a significant amount of the appraisal (or the entire appraisal if they are qualified to do so). If an unlicensed or uncertified individual provides significant professional assistance, they must sign the left side of the appraiser certification as the Appraiser if: + +- They are working under the supervision of a state-licensed or state-certified appraiser as an employee or sub-contractor, +- The right side of the appraiser certification is signed by that supervisory appraiser, and +- It is acceptable under state law. + +If the jurisdiction does not provide license numbers for trainees, the term “Trainee” should be entered in the “Other” field in the Appraiser Certification section. + +## Knowledge and Experience + +Lenders must use appraisers that... +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_531.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_531.md new file mode 100644 index 0000000000000000000000000000000000000000..90c87fcc06333c6910f0a5464c6ffac0e314a8b1 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_531.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +We have the requisite knowledge required to perform a professional quality appraisal for the specific geographic location and particular property type; and + +We have the requisite knowledge about, and access to, all necessary and appropriate local data sources for the subject property's geographic area, including multiple listing service(s) and government records. + +Appraisers that are not familiar with specific real estate markets may not have adequate information available to perform a reliable appraisal. Although the Uniform Standards of Professional Appraisal Practice (USPAP) allows an appraiser that does not have the appropriate knowledge and experience to accept an appraisal assignment by providing procedures with which the appraiser can complete the assignment, Fannie Mae does not allow the USPAP flexibility. + +## Selection of the Appraiser + +The lender: + +- Is responsible for the selection of appraisers and for the qualifications and quality of work provided by the appraisers that are selected; +- May not use appraisals ordered or received by borrowers or other parties with an interest in the transaction, such as the property seller or real estate agent. Fannie Mae does allow lenders to use third-party vendors (for example, appraisal management companies) to manage the appraiser selection process. However, it should be noted that if a lender enters into a contract with any vendor, contractor, or third-party service provider, the lender is accountable for the quality of the work performed as if it was performed by an employee of the lender. + +The lender (or its authorized agent): + +- Must establish policies and procedures to ensure that qualified individuals are being selected in accordance with Fannie Mae requirements, including the Appraiser Independence Requirements. +- Must ensure that an appraiser has demonstrated the ability to perform high-quality appraisals before using an appraiser’s services. The quality of an appraiser’s work is a key criterion that must be used in determining which appraiser the lender (or its authorized agent) uses for its assignments. The requirement for an appraiser to produce a high-quality work product must always outweigh fee or turnaround time considerations. + +Delegating these responsibilities to a third party does not relieve the lender of its responsibilities related to the appraisal or the value, condition, and marketability of the property. See B4-1.3-12, Appraisal Quality Matters, for information related to ongoing review of appraisals. + +**Note:** Fannie Mae does not approve appraisers. Therefore, when selecting appraisers, lenders must not give any consideration to an appraiser’s representation that they are approved or qualified by Fannie Mae. + +## Supervisory Appraiser + +As noted in the License and Certification section in this topic, Fannie Mae allows an unlicensed or uncertified appraiser, or trainee (or other similar classification) that works as an employee or subcontractor of a licensed or certified appraiser. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_532.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_532.md new file mode 100644 index 0000000000000000000000000000000000000000..27da3a591e221a31119f57e43d76c4995d014743 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_532.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +A certified appraiser may perform a significant amount of the appraisal (or the entire appraisal if they are qualified to do so), as long as the appraisal report is signed by a licensed or certified supervisory or review appraiser and is acceptable under state law. + +If a supervisory appraiser is used, the supervisory appraiser does not need to physically inspect the subject property or comparables, but must sign the right side of the report and certify that they: + +- Directly supervised the appraiser that prepared the appraisal report, +- Have reviewed the appraisal report, +- Agree with the statements and conclusions of the appraiser, +- Agree to be bound by certifications as set forth in Fannie Mae’s appraisal report forms, and +- Take full responsibility for the appraisal report. + +A supervisory appraiser may not sign the left-hand side of the appraisal report unless they have met the requirements of the appraiser as noted in the License and Certification section in this topic. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|-----------------------|------------------| +| Announcement SEL-2022-09 | October 05, 2022 | +| Announcement SEL-2022-01 | February 02, 2022 | + +**B4-1.1-04, Unacceptable Appraisal Practices (12/11/2024)** + +## Introduction + +This topic contains examples of unacceptable practices, many of which are reflected in the appraiser's certifications on the appraisal reports. + +### Unacceptable Appraisal Practices + +The following are examples of unacceptable appraisal practices: +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_533.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_533.md new file mode 100644 index 0000000000000000000000000000000000000000..0d2fad737379d751bb117570a80b1a8b7fdc742e --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_533.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +- Development of or reporting an opinion of market value (including responses to requests for an ROV) that is not supportable by market data or is misleading. +- Development of a valuation conclusion based either partially or completely on the sex, race, color, religion, disability, national origin, familial status, or including a reference to any protected class of either the prospective owners or occupants of the subject property or the present owners or occupants of the properties in the vicinity of the subject property. +- Reference to crime rate or related data. +- Use of unsupported assumptions, interjections of personal opinion, or perceptions about factors in the valuation process and the use of subjective terminology, including, but not limited to: + - "pride of ownership," "no pride of ownership," and "lack of pride of ownership"; + - "poor neighborhood"; + - "good neighborhood"; + - "crime" (and its variants); + - "desirable neighborhood or location"; or + - "undesirable neighborhood or location". +- Development of a valuation conclusion based on factors that local, state, or federal law designate as discriminatory, and thus, prohibited. +- Misrepresentation of the physical characteristics of the subject property, improvements, or comparable sales. +- Failure to comment on negative factors with respect to the subject neighborhood, the subject property, or proximity of the subject property to adverse influences. +- Failure to adequately analyze and report any current contract of sale, option, offering, or listing of the subject property and the prior sales of the subject property and the comparable sales. +- Selection and use of inappropriate comparable sales. +- Failure to use comparable sales that are the most locationally and physically similar to the subject property. +- Creation of comparable sales by combining vacant land sales with the contract purchase price of a home that has been built or will be built on the land. +- Failure to personally inspect the exterior of the comparable property when required by the scope of work in the appraisal report. +- Use of adjustments to comparable sales that do not reflect market reaction to the differences between the subject property and the comparable sales. +- Not supporting adjustments in the sales comparison approach. +- Failure to make market-derived adjustments, including time adjustments, when they are clearly indicated. +- Use of data, particularly comparable sales data, provided by parties that have a financial interest in the sale or in the financing of the subject property without the appraiser’s verification of the information from a disinterested source. +- Development of an appraisal or reporting an appraisal in a manner or direction that favors the cause of either the client or any related party, the amount of the opinion of value, the attainment of a specific result, or the occurrence of a subsequent event in order to receive compensation or employment. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_534.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_534.md new file mode 100644 index 0000000000000000000000000000000000000000..40e2a997a735ce3fba453390591cd3c0f8d2ab96 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_534.md @@ -0,0 +1,33 @@ +```markdown +# Fannie Mae + +- Performing the appraisal or in anticipation of receiving future assignments; or +- Development of or reporting an appraisal in a manner that is inconsistent with the requirements of USPAP. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-08 | December 11, 2024 | +| Announcement SEL-2024-03 | May 01, 2024 | +| Announcement SEL-2024-01 | February 07, 2024 | +| Announcement SEL-2022-01 | February 02, 2022 | +| Announcement SEL-2021-10 | November 03, 2021 | + +## B4-1.1-05, Disclosure of Information to Appraisers (09/04/2024) + +### Introduction + +This topic contains information on lender disclosure of information to appraisers, including: + +- Overview +- Sales Contract Information +- Information Disclosed to the Appraiser +- Contract Changes After the Appraisal is Completed + +### Overview + +All information about the subject property the lender is aware of must be disclosed to the appraiser and the details provided must comply with B4-1.1-04, Unacceptable Appraisal Practices. The appraiser must determine if the information could affect either the marketability of the property or the opinion of the market value of the property. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_535.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_535.md new file mode 100644 index 0000000000000000000000000000000000000000..ce594639038befa8d22aa1e18e255a8340a017fd --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_535.md @@ -0,0 +1,37 @@ +```markdown +# Fannie Mae + +## Sales Contract Information + +All financing data and sales concessions for the subject property that will be or have been granted by anyone associated with the transaction must be disclosed to the appraiser, as appropriate. Typically, this information is provided in the sales contract. Therefore, the lender must provide, or ensure that the appraiser is provided with, a copy of the complete, ratified sales contract and all addenda for the property that is to be appraised. + +## Information Disclosed to the Appraiser + +### Financial Information + +The list below includes items that must be disclosed to the appraiser on purchase transactions, if applicable: + +- settlement charges, +- loan fees or charges, +- discounts to the sales price, +- interest rate buydowns, +- below-market-rate financing, +- terms of any subordinate financing provided by interested parties, +- credits or refunds of borrower expenses, +- absorption of monthly payments, +- assignment of rent payments, and +- any other information not listed above that impacts property value. + +### Property Information + +The list below includes items that must be disclosed, if applicable: + +- condo or PUD fees; +- non-realty items included in the transaction; +- any environmental hazard in or on the subject property or in the vicinity of the property that the lender is aware of or learns from the borrower, the real estate agent, or any other party to the transaction (see B4-1.4-08, Environmental Hazards Appraisal Requirements); and +- any other items that affect the safety, soundness, or structural integrity of a property of which the lender may be aware. + +## Contract Changes After the Appraisal is Completed + +If the contract is amended after the effective date of the appraisal in a way that does not affect the description of the property, then the lender is not required to provide the amended contract to the appraiser nor obtain a revised appraisal. Some examples of amendments that do not require the lender to provide the amended contract include: +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_536.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_536.md new file mode 100644 index 0000000000000000000000000000000000000000..9004b01fa65542b7538cf51894d96710b11571d0 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_536.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +The contract nor obtain revisions to the already-completed appraisal report include: + +- Sale price, +- Transaction terms, +- Financing concessions, +- Seller-paid closing costs, +- Names or initials, +- Closing date, and +- Correction of minor clerical errors such as misspellings. + +## Recent Related Announcements + +The table below provides references to the Announcements that have been issued that are related to this topic. + +| Announcements | Issue Date | +|------------------------|------------------| +| Announcement SEL-2024-06 | September 04, 2024 | +| B4-1.1-06, Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP) | 02/02/2022 | + +## Introduction + +This topic contains information on the Uniform Appraisal Dataset and the Uniform Collateral Data Portal, including: + +- Uniform Appraisal Dataset (UAD) +- Uniform Collateral Data Portal (UCDP) + +### Uniform Appraisal Dataset (UAD) + +The UAD standardizes appraisal data elements for a subset of fields on specific appraisal report forms and includes all data elements required to complete these forms. Fannie Mae requires that the following appraisal report forms are completed utilizing Appendix D of the UAD Specification when reporting the results of an appraisal for a conventional loan: + +- Uniform Residential Appraisal Report (Form 1004), and +- Individual Condominium Unit Appraisal Report (Form 1073). +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_537.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_537.md new file mode 100644 index 0000000000000000000000000000000000000000..3a98750501cb09c35e6dabc9ea710ccab1372769 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_537.md @@ -0,0 +1,28 @@ +```markdown +# Fannie Mae + +**Note:** Uniform Residential Appraisal Report (Desktop) (Form 1004 Desktop) should adhere to the UAD specification for Form 1004. + +Other appraisal report forms may be completed using the standards contained in the UAD Specification to the extent those standards are applicable to that particular form. Lenders may obtain the most recent version of Appendix D of the Uniform Appraisal Dataset Specification and additional information on Fannie Mae's website. + +## Uniform Collateral Data Portal (UCDP) + +The UCDP is a portal through which lenders are required to electronically submit appraisal reports for conventional loans delivered to Fannie Mae. The following appraisal report forms including all exhibits, addenda, and photographs, must be submitted through the UCDP and receive a “Successful” status from the UCDP prior to the delivery date of the loan: + +- Uniform Residential Appraisal Report (Form 1004), +- Uniform Residential Appraisal Report (Desktop) (Form 1004 Desktop), +- Manufactured Home Appraisal Report (Form 1004C), +- Small Residential Income Property Appraisal Report (Form 1025), +- Individual Condominium Unit Appraisal Report (Form 1073), and +- Individual Cooperative Interest Appraisal Report (Form 2090). + +If there are subsequent revisions to the appraisal report, the final version of the report that was utilized in making the underwriting decision must be submitted through the UCDP and receive a “Successful” status from the UCDP prior to the delivery of the loan. When submitting an appraisal report through the UCDP, lenders must ensure that it is the unaltered report submitted by the identified appraiser. + +Additionally, for loans that require an appraisal, lenders must ensure that the appraised value as indicated on the appraisal submitted in UCDP matches the appraised value as reported at delivery. An exception is allowed for this requirement when the appraisal used to underwrite the loan is a desk or field review of an existing appraisal because those types of reports cannot be uploaded to UCDP. In those instances, the appraised value reported at delivery will reflect the value as stated in the desk or field review. However, the original appraisal that was the subject of review must have been submitted to UCDP. + +Appraisal report forms not listed above cannot be delivered through UCDP with the exception of the Appraisal Update and/or Completion Certificate (Form 1004D), which is optional. Lenders must maintain the applicable appraisal report and attachments in the loan file as part of the underwriting documents in accordance with A2-4.1-02, Ownership and Retention of Loan Files and Records. Lenders may obtain detailed information on the UCDP page on Fannie Mae’s website. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_538.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_538.md new file mode 100644 index 0000000000000000000000000000000000000000..de4b417d0eaf113b468473508ded2ad1a30ab8ec --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_538.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## Announcements + +| Issue Date | Announcement | +|---------------------|----------------------| +| February 02, 2022 | SEL-2022-01 | +| July 03, 2019 | SEL-2019-06 | + +## Section B4-1.2, Documentation Standards + +### Introduction + +This topic contains information on appraisal report forms and exhibits, including: + +- Scope of Work +- List of Appraisal Report Forms +- Exhibits for Appraisals +- Appraiser Certifications and Limiting Conditions + +### Scope of Work + +Appraisers must use the most recent version of the appraisal report forms and include any other information, either as an attachment or addendum to the appraisal report form, needed to adequately support the opinion of market value. Although the scope of work for the appraisal or the extent of the appraisal process is guided by Fannie Mae’s appraisal report forms, the forms do not limit or control the appraisal process. The appraiser's analysis should go beyond any limitations of the forms, with additional comments and exhibits being used if they are needed to adequately describe the subject property, document the analysis and valuation process, or support the appraiser’s conclusions. The extent of the appraiser’s data collection, analysis, and reporting must be determined by the complexity of the appraisal assignment. + +### List of Appraisal Report Forms + +Appraisal reports must be completed on one of the following Fannie Mae appraisal forms. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_539.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_539.md new file mode 100644 index 0000000000000000000000000000000000000000..58ae4fb68199e6b6f7657243cbdf7a93fb65c780 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_539.md @@ -0,0 +1,33 @@ +```markdown +# Form + +- **Uniform Residential Appraisal Report (Form 1004)** +- **Uniform Residential Appraisal Report (Desktop) (Form 1004 Desktop)** +- **Uniform Residential Appraisal Report (Hybrid) (Form 1004 Hybrid)** +- **Manufactured Home Appraisal Report (Form 1004C)** +- **Individual Condominium Unit Appraisal Report (Form 1073)** + +# Fannie Mae + +## Purpose + +### Uniform Residential Appraisal Report (Form 1004) + +For traditional appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) based on an interior and exterior on-site physical inspection of the property by the appraiser. Form 1004 also may be used for two-unit properties, if each of the units is occupied by one of the co-borrowers as their principal residence or if the value of the legal second unit is relatively insignificant in relation to the total value of the property (as might be the case for a basement unit or a unit over a garage). In addition, appraisals for units in condo projects that consist solely of detached dwellings may be documented on Form 1004, if the appraiser includes an adequate description of the project and information about the homeowners’ association fees and the quality of the project maintenance. Appraisals reported on Form 1004 must be completed in accordance with the UAD Specification. + +### Uniform Residential Appraisal Report (Desktop) (Form 1004 Desktop) + +For appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) that are not based on an interior and exterior on-site physical inspection of the property by the appraiser. The property data may be collected through secondary data sources or by someone other than the appraiser. This form is not designed to report an appraisal for a manufactured home, or for a unit in a condo or co-op project. Appraisals reported on Form 1004 Desktop must be completed in accordance with the UAD Specification. + +### Uniform Residential Appraisal Report (Hybrid) (Form 1004 Hybrid) + +For appraisals of one-unit properties and units in PUDs (including those that have an illegal second unit or accessory dwelling unit) that are based on interior and exterior property data collection. This form is not designed to report an appraisal for a manufactured home, or for a unit in a condo or co-op project. Appraisals reported on Form 1004 Hybrid must be completed in accordance with the UAD Specification. + +### Manufactured Home Appraisal Report (Form 1004C) + +For traditional appraisals of one-unit manufactured homes (including manufactured homes in a PUD, condo, or co-op project, and MH Advantage properties) based on interior and exterior property inspections. + +### Individual Condominium Unit Appraisal Report (Form 1073) + +For traditional appraisals of one-unit properties in condo projects based on interior and exterior property inspections. Appraisals reported on Form 1073 must be completed in accordance with the UAD Specification. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_540.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_540.md new file mode 100644 index 0000000000000000000000000000000000000000..7862c804119613b3d7503820208c998adbf5173d --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_540.md @@ -0,0 +1,21 @@ +```markdown +# Form + +- **Individual Condominium Unit Appraisal Report (Hybrid)** (Form 1073 Hybrid) +- **Individual Cooperative Interest Appraisal Report** (Form 2090) +- **Small Residential Income Property Appraisal Report** (Form 1025) +- **Appraisal Update and/or Completion Report** (Form 1004D) + +# Fannie Mae + +## Purpose + +- **Form 1073 Hybrid**: For appraisals of one-unit (attached and detached) properties in condo projects that are based on interior and exterior property data collection. Appraisal reports on Form 1073 Hybrid must be completed in accordance with the UAD Specification. +- **Form 2090**: For traditional appraisals of one-unit properties in co-op projects based on interior and exterior property inspections. +- **Form 1025**: For traditional appraisals of two- to four-unit properties (including two- to four-unit properties in PUD, condo, or co-op projects) based on interior and exterior property inspections. +- **Form 1004D**: For appraisal updates and/or completion reports for all one- to four-unit properties. + +See **B4-1.2-05**, Requirements for Verifying Completion and Postponed Improvements for information about completion alternative methods for the Form 1004D. + +The exhibits in the following table must accompany the appraisal report. It should be noted that, in addition to these requirements, the appraiser is expected to provide any additional attachments or addenda to the appraisal report necessary to provide an adequately supported opinion of market value. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_541.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_541.md new file mode 100644 index 0000000000000000000000000000000000000000..6191cc04b625981cdabb27ec889f9c25db107a92 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_541.md @@ -0,0 +1,12 @@ +```markdown +# Exhibit + +- Building footprint sketch or floor plan and calculations +- Street map +- Exterior photographs + +# Fannie Mae Requirements + +- Clear, descriptive color photographs showing the front, back, and a street scene of the subject property and the front of each comparable. The subject and all comparables must be appropriately identified. +- Photographs of comparable rentals utilized in the Small Income Residential Appraisal Report (Form 1025) are not required. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_542.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_542.md new file mode 100644 index 0000000000000000000000000000000000000000..0419b5e247b5d51d1be389a30ae1618d5bc9a544 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_542.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Exhibit Requirements + +At a minimum, the appraisal report must include photographs of the following: + +- The kitchen; +- All bathrooms; +- Main living areas of the property (such as living room, family room, dining room, all bedrooms, etc.); +- Basement, including all finished and unfinished rooms; +- Examples of physical deterioration, if present; and +- Examples of recent updates, such as restoration, remodeling, and renovation, if present. + +**Note:** Interior photographs on proposed or under construction properties may be taken at the time of the completion inspection and included with Form 1004D. + +## Appraisal Update and/or Completion Report (Form 1004D) + +At a minimum, when completing the Appraisal Update portion of the report, a photograph of the front of the subject property must be included. + +## Single-Family Comparable Rent Schedule (Form 1007) + +Required if the property is a one-unit investment property and the borrower is using rental income to qualify. Otherwise, Form 1007 is not required. (The lender may obtain this form for the purpose of reporting gross monthly rent at delivery. See Reporting of Gross Monthly Rent in B3-3.1-08, Rental Income.) + +## Appraiser Certifications and Limiting Conditions + +Each Fannie Mae appraisal report form includes an appraiser's certification (and, if applicable, a supervisory appraiser's certification) and a statement of assumptions and limiting conditions. Appraisers may not add limiting conditions. + +The appraiser may not make changes or deletions to the existing certifications; however, the appraiser may make additional certifications that can be included on a separate page or form. Acceptable additional certifications might include: + +- Those required by state law; +- Those related to the appraiser’s continuing education or membership in an appraisal organization; or +- Those related to the appraiser’s compliance with privacy laws and regulations in the development, reporting, and storage of an appraisal and the information on which it is based. + +Lenders are responsible for reviewing any additional certifications made by appraisers to ensure that they do not conflict with Fannie Mae’s policies or standard certifications on Fannie Mae appraisal forms. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_543.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_543.md new file mode 100644 index 0000000000000000000000000000000000000000..e0b98dbf259c5714d78a9c9b55691bc258ed1b8f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_543.md @@ -0,0 +1,24 @@ +```markdown +# Fannie Mae + +The appraiser’s certification #23 is an acknowledgment by the appraiser that certain parties to a mortgage finance transaction that are not the lender/client and/or intended user may rely on the appraisal report. This certification clarifies that such other parties include the borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government-sponsored enterprises, and other secondary market participants. + +Fannie Mae will accept the following additional notice or statement when appraisers believe the lender/client is the only intended user: + +> “The intended user of this appraisal report is the lender/client. The intended use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated scope of work, purpose of the appraisal, reporting requirements of this appraisal report form, and definition of market value. No additional intended users are identified by the appraiser.” + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2025-01 | February 05, 2025 | +| Announcement SEL-2024-01 | February 07, 2024 | +| Announcement SEL-2023-02 | March 01, 2023 | +| Announcement SEL-2022-09 | October 05, 2022 | +| Announcement SEL-2022-03 | April 06, 2022 | +| Announcement SEL-2022-01 | February 02, 2022 | +| Announcement SEL-2021-11 | December 15, 2021 | +| Announcement SEL-2019-06 | July 03, 2019 | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_544.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_544.md new file mode 100644 index 0000000000000000000000000000000000000000..cf3be39e9a9a06550a7b9a1e73bf0478f2f2665a --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_544.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +## Introduction +This topic contains information on desktop appraisals, including: + +- Overview +- Completing the Form 1004 Desktop +- Eligible Transactions +- Ineligible Transactions +- Representations and Warranties + +## Overview +A desktop appraisal reported on the Uniform Residential Appraisal Report (Desktop) (Form 1004 Desktop) is permitted for certain transactions. The minimum scope of work for Form 1004 Desktop does not include a current inspection of the subject property or comparable sales by the appraiser; the appraiser relies on data obtained from alternative methods or sources to identify property characteristics and condition. + +Subject property information may be obtained from one or more data sources. The appraiser can accept data, photos, floor plans, and other information from a party who has a financial interest in the sale or financing of the property if the appraiser verifies such data from a disinterested source. The appraiser must determine if the information is accurate and reliable to produce a credible report, which includes the features, quality, and condition of the subject property. + +Virtual inspection methods (including digital photos or videos) or other technological solutions (such as a machine-generated floor plan) can augment the data and imagery used for a desktop appraisal. Information provided by the homeowner, potential borrower, or a third party can be used to develop the description of the interior and exterior of the improvements. Extraordinary assumption(s) or appraisals made "subject to" verification of the subject property's condition, quality, or physical characteristics are not permitted. + +The lender remains responsible for the description of the property, and the accuracy and of all data on the appraisal that pertains to the property. This includes the property's condition and quality ratings. The lender is also responsible for ensuring the property meets the property eligibility requirements in this Selling Guide. Lastly, the lender remains responsible for any life-of-loan representations and warranties that may apply to the property or the appraisal. + +## Exhibits +Form 1004 Desktop requires the same exhibits as traditional appraisals, plus a floor plan. The Square Footage-Method for Calculating: ANSI Z765-2021 standard and exception code (GXX001- in the Additional Features field) is not required for desktop appraisals but encouraged when feasible. See B4-1.2-01, Appraisal Report Forms and Exhibits for additional information. + +## Entry of Appraisal Assignment Type +The appraiser must provide the Appraisal Assignment Type and supporting details (located in the Additional Comments section of the appraisal report) as shown in the following. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_545.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_545.md new file mode 100644 index 0000000000000000000000000000000000000000..0713c58e448114417ba2688b79275df2944fc865 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_545.md @@ -0,0 +1,42 @@ +```markdown +# ® Fannie Mae + +## Table + +| Field Labels | Required Entry | +|---------------------------------------|-------------------------| +| Appraisal Assignment Type | "DesktopAppraisal" | +| Subject Property Data Collection Method| "Other" | +| Subject Property Data Collection Date | "Null" | +| Subject Property Data Workforce | "Null" | + +## DU Messaging + +For loan casefiles that are eligible for a desktop appraisal option, DU will issue a message informing the lender they can choose to obtain an appraisal reported on Form 1004 Desktop. DU will also issue messages for other appraisal options. The lender may select from any of the options presented, which may include a desktop appraisal, hybrid appraisal, or traditional appraisal. + +## Eligible Transactions + +To be eligible for a desktop appraisal, transactions must meet the following criteria: + +- One-unit property (including those with an ADU and units in a PUD), +- Principal residence, +- Purchase transaction (including new construction), +- LTV ratio less than or equal to 90%, and +- DU loan casefile that receives an Approve/Eligible recommendation. + +## Ineligible Transactions + +The following transactions are not eligible for a desktop appraisal: + +- Two- to four-unit properties; +- Condo and co-op units; +- Manufactured homes; +- Construction-to-permanent loans (single-close and two-close); +- Second homes and investment properties; +- All refinances; +- HomeReady, HomeStyle Renovation, and HomeStyle Energy loans; +- Community Seconds with a subsidized sales price; +- Community land trusts, or other properties with resale price restrictions, which include loan casefiles using the Affordable LTV feature; +- DU loan casefiles that receive an Ineligible recommendation; and +- Manually underwritten loans. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_546.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_546.md new file mode 100644 index 0000000000000000000000000000000000000000..4138dae8887f3bfb1bc90565db932f7a83cca2f1 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_546.md @@ -0,0 +1,33 @@ +```markdown +# Fannie Mae + +## Representations and Warranties + +When a desktop appraisal is reported on Form 1004 Desktop and submitted through the UCDP, the appraisal will be scored by Collateral Underwriter (CU). All eligible loans with a desktop appraisal that receive a CU risk score of 2.5 or less are eligible for enforcement relief of certain representations and warranties related to the appraisal value of the subject property (See A2-2-06, Representations and Warranties on Property Value for complete requirements and additional information). + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2025-01 | February 05, 2025 | +| Announcement SEL-2022-10 | December 14, 2022 | +| Announcement SEL-2022-03 | April 06, 2022 | +| Announcement SEL-2022-01 | February 02, 2022 | + +## Introduction + +This topic contains information on hybrid appraisals, including: + +- Overview +- Completing the Hybrid Appraisal +- Eligible Transactions +- Ineligible Transactions +- Exercising Hybrid Appraisals +- Representations and Warranties + +### Overview + +For certain loan casefiles, DU offers hybrid appraisals - an appraisal option requiring a property data collection. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_547.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_547.md new file mode 100644 index 0000000000000000000000000000000000000000..77fc6ade087edfdf79fad1720d1b3bd79278c725 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_547.md @@ -0,0 +1,25 @@ +```markdown +# Fannie Mae + +A hybrid appraisal reported on the Uniform Residential Appraisal Report (Hybrid) (Form 1004 Hybrid) or Individual Condominium Unit Appraisal Report (Hybrid) (Form 1073 Hybrid) must conform to B4-1.1-04, Unacceptable Appraisal Practices. The minimum scope of work for hybrid appraisals includes consideration by the appraiser of interior and exterior property data collection by a trained and vetted third party (such as a real estate agent, insurance inspector, appraiser, etc.). The appraiser relies on the data collected (and other sources if needed) to identify property characteristics including condition. The property data collection must comply with the Uniform Property Dataset and be delivered to the Fannie Mae Property Data API. + +Property data collection and the appraisal report are separate assignments and may be performed by different people. If the appraiser does not perform the data collection, the lender must share the property data collection with the appraiser at the time of engagement. The appraiser will use the data along with other third-party sources to develop the appraisal. The effective date of the hybrid appraisal is the date that the appraiser arrives at their opinion of value. + +**Note:** If the appraiser is engaged as a property data collector and at a later date engaged as an appraiser, this is still considered a hybrid appraisal. + +The lender remains responsible for verifying the accuracy of the property description and the completeness of the data including the condition and quality ratings as determined by the appraiser. The lender is also responsible for ensuring the property meets the property eligibility requirements in this Selling Guide. Lastly, the lender remains responsible for any life-of-loan representations and warranties that may apply to the property or the appraisal. + +## Exhibits + +Form 1004 Hybrid and Form 1073 Hybrid require the same exhibits as traditional appraisals with the inclusion of a floor plan conforming to the ANSI standard. See B4-1.2-01, Appraisal Report Forms and Exhibits for additional information on exhibits and B4-1.3-05, Improvements Section of the Appraisal Report for additional information on the ANSI standard. + +## Entry of Appraisal Assignment Type + +The appraiser must provide the Appraisal Assignment Type and supporting details (located in the Additional Comments section of the appraisal report) as shown in the following table. + +| Field Labels | Required Entry | +|----------------------------------|----------------------| +| Appraisal Assignment Type | "Hybrid" | +| Subject Property Data Collection Method | "Physical" | +| Subject Property Data Collection Date | "YYYY-MM-DD" | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_548.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_548.md new file mode 100644 index 0000000000000000000000000000000000000000..a5c27cd8c173b9c272ec46a8ecd9fdace4d589cd --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_548.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## Appraiser + +- Appraiser +- AppraiserTrainee +- RealEstateAgent +- Homelnspector +- InsInspector (*Insurance Inspector) +- Other + +## Subject Property Data Workforce + +**Note:** For the Subject Property Data Collection Date, the appraiser must enter the date that the property data collection was performed. For the Subject Property Data Workforce, the appraiser must enter the Workforce indicated in the property data that is one of the six Required Entry enumerations listed above. + +## Ineligible Transactions for Hybrid Appraisal + +The following transactions are not eligible for a hybrid appraisal: + +- Two- to four-unit properties; +- Co-op units; +- Manufactured homes; +- Proposed construction; +- Construction-to-permanent loans (single-close and two-close); +- HomeStyle Renovation and HomeStyle Energy loans; +- DU loan casefiles that receive an Ineligible recommendation; and +- Manually underwritten loans. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_549.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_549.md new file mode 100644 index 0000000000000000000000000000000000000000..8934aab864cd45b3142e91cdc77b9a29a8517651 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_549.md @@ -0,0 +1,18 @@ +```markdown +# Fannie Mae + +## Representations and Warranties + +When a hybrid appraisal is reported on Form 1004 Hybrid or Form 1073 Hybrid and submitted through the UCDP, the appraisal will be scored by Collateral Underwriter (CU). All eligible loans with a hybrid appraisal receiving a CU risk score of 2.5 or less are eligible for enforcement relief of certain representations and warranties related to the appraisal value of the subject property (see A2-2-06, Representations and Warranties on Property Value for complete requirements and additional information). + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Dates | +|---------------------|-------------------| +| Announcement SEL-2025-01 | February 05, 2025 | +| Announcement SEL-2024-06 | September 04, 2024 | +| Announcement SEL-2024-01 | February 07, 2024 | +| Announcement SEL-2023-02 | March 01, 2023 | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_550.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_550.md new file mode 100644 index 0000000000000000000000000000000000000000..e37b1f757ee56a9b4ac14175d0d345b6682d2cc8 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_550.md @@ -0,0 +1,31 @@ +```markdown +# Fannie Mae + +## B4-1.2-04, Appraisal Age and Use Requirements (03/01/2023) + +### Introduction +This topic contains information about the following: + +- Age of Appraisal and Appraisal Update Requirements +- Multiple Appraisals of the Subject Property +- Use of an Appraisal for a Subsequent Transaction + +--- + +### Age of Appraisal and Appraisal Update Requirements + +When an appraisal is obtained, the property must be appraised within the 12 months prior to the date of the note and mortgage. + +When the effective date of the original appraisal report is more than four months but less than 12 months from the date of the note and mortgage, the appraiser must perform an appraisal update that includes inspecting the exterior of the property and reviewing current market data to determine whether the property has declined in value since the date of the original appraisal report. This policy applies regardless of whether the property was appraised as proposed or existing construction. The appraisal update must occur within four months prior to the date of the note and mortgage. + +The original appraiser should complete the appraisal update; however, lenders may use substitute appraisers. When updates are completed by substitute appraisers, the substitute appraiser must review the original appraisal report and express an opinion about whether the original appraiser's opinion of market value was reasonable on the date of the original appraisal report. The lender must note in the file why the original appraiser was not used. + +The inspection and results of the appraisal update must be reported on the Appraisal Update and/or Completion Report (Form 1004D). + +- If the appraiser indicates on the Form 1004D that the property value has declined, then the lender must obtain a new appraisal for the property. +- If the appraiser indicates on the Form 1004D that the property value has not declined, then the lender may proceed with the loan in process without requiring any additional fieldwork. + +When the effective date of the original appraisal report is more than 12 months from the date of the note and mortgage (with or without an appraisal update), a new appraisal report is required. Except for single-close construction-to-permanent financing loans, these policies apply to all appraisals, including those that receive appraisal and value representation and warranty enforcement relief (see B5-3.1-02, Conversion of Construction-to-Permanent Financing: Single-Closing Transactions). + +See B4-1.3-12, Appraisal Quality Matters, for information concerning changes to the appraised value. See B2-1.5-02, Loan Eligibility, for information regarding property valuation requirements for mortgage loans sold to Fannie Mae more than four months from the note date. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_551.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_551.md new file mode 100644 index 0000000000000000000000000000000000000000..02490565297c825e6412a5f276aeba0915cb2587 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_551.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Desktop Appraisals + +When the effective date of the original desktop appraisal report is more than four months from the date of the note and mortgage, a new appraisal is required. + +## Multiple Appraisals of the Subject Property + +If the lender obtains more than one appraisal for a loan due to applicable law, regulation, lender policy, or otherwise, the lender must: + +- Adhere to a policy of selecting the most reliable appraisal rather than the appraisal that states the highest value. +- Document the reasons for relying on the appraisal. +- Submit the appraisal selected by the lender through the UCDP prior to delivery. + +These requirements also apply if the lender considers an appraisal to be deficient (See B4-1.3-12, Appraisal Quality Matters). + +## Use of an Appraisal for a Subsequent Transaction + +Fannie Mae will allow the use of an origination appraisal for a subsequent transaction if the following requirements are met: + +- The subsequent transaction may only be a limited cash-out refinance. +- The age of the appraisal report must be less than 12 months from the note date of the subsequent transaction. If the appraisal report is greater than four months from the date of the note and mortgage, then an appraisal update is required. See preceding section, Age of Appraisal and Appraisal Update Requirements, for requirements for completing an appraisal update. +- The lender must ensure that the property has not undergone any significant remodeling, renovation, or deterioration to the extent that the improvement or deterioration of the property would materially affect the market value of the subject property. +- The borrower and the lender/client must be the same on the original and subsequent transaction. + +**Note:** The appraisal must comply with all other requirements in the Underwriting Property section of the Selling Guide. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2023-02 | March 01, 2023 | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_552.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_552.md new file mode 100644 index 0000000000000000000000000000000000000000..2a208b8637a1db40e4892fae028be05e9217bb2a --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_552.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +## Announcements + +| Issue Date | Announcement | +|---------------------|---------------------| +| April 06, 2022 | SEL-2022-03 | +| March 02, 2022 | SEL-2022-02 | +| July 07, 2021 | SEL-2021-06 | + +## B4-1.2-05, Requirements for Verifying Completion and Postponed Improvements (03/01/2023) + +### Introduction + +This topic contains information on requirements for verifying completion of construction and repairs, and requirements for postponed improvements, including: + +- Overview +- Form 1004D and Completion Alternatives +- Verification of Completion: New or Proposed Construction +- Verification of Completion: Existing Construction +- Postponed Improvements + +### Overview + +Generally, improvements, alterations, and repairs on the subject property must be complete when the mortgage is sold to Fannie Mae. Lenders must obtain evidence of completion, and Fannie Mae allows for a variety of methods depending on the type of valuation method and condition (completion, alteration, or repair) that must be confirmed. + +Additionally, in some circumstances, Fannie Mae allows a loan to be sold prior to improvements or repairs being completed if the lender complies with the requirements related to postponed improvements. + +### Form 1004D and Completion Alternatives + +#### Form 1004D + +The Appraisal Update and/or Completion Report (Form 1004D) is used to update an appraisal or provide confirmation that the requirements or conditions in an appraisal report have been met (such as completion of... +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_553.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_553.md new file mode 100644 index 0000000000000000000000000000000000000000..113ccfb421aee3064bda1ee61b9636a6eff8cda8 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_553.md @@ -0,0 +1,45 @@ +```markdown +# Fannie Mae + +## Construction or Repairs + +The appraiser can complete the Completion Report section of Form 1004D based on an on-site visual inspection of the property. The appraiser may also complete the form based on alternative methods, such as virtual inspections, digital photos, site videos, or other technological solutions. All completion documentation must include one or more visually verifiable exhibits. A link to the digital exhibits from within the form is acceptable but must be accessible by Fannie Mae for the life of the loan. These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. + +See **B4-1.2-04, Appraisal Age and Use Requirements**, for certifications completed by substitute appraisers. + +## Attestation Letters + +Fannie Mae also permits other completion alternative methods - attestation letters - to verify completion of construction, alteration, or repairs in lieu of Form 1004D. + +### Borrower/Builder Attestation Letter + +For new or proposed construction, a letter is permitted to confirm the property was completed and constructed in conformity with the plans and specifications, amendments, and change orders. The borrower/builder attestation letter must include (at a minimum) the following items: + +- Borrower name, +- Property address or legal description if the address is not available, +- Certification language that the property was constructed in conformity with the plans and specifications including any amendments or changes, +- Signatures and dates by the borrower(s) and builder, and +- Exterior and interior photos of the property (See **B4-1.2-01, Appraisal Report Forms and Exhibits**). + +If a letter signed by both parties is not obtainable, then a Form 1004D completed by the appraiser is required. + +### Borrower Attestation Letter + +A letter is permitted to confirm completion of certain alterations or repairs for existing construction. The letter must include (at a minimum) the following: + +- Borrower name; +- Property address; +- Certification language that the alteration or repair was satisfactorily completed; +- Signatures and date of the borrower; +- Visually verifiable exhibits of the completed work; and +- One of the following: + - Signature of the qualified professional, + - A professionally prepared report, or + - Paid invoices for the alterations or repairs. + +When either of these attestation letter options is used, a link within the letter to any digital exhibits is acceptable but must be accessible by Fannie Mae for the life of the loan. These exhibits must be unaltered and able to be authenticated using metadata and the geocode for the subject property. The letter and all documentation must be retained in the loan file. + +## Criteria for Use of Form 1004D and Completion Alternatives + +Use of Form 1004D and completion alternatives varies depending on the type of valuation method and condition (completion, alteration, inspection, or repair) that must be verified. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_554.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_554.md new file mode 100644 index 0000000000000000000000000000000000000000..1f0166741c3de7366b6a61f24c425fa35faeaf12 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_554.md @@ -0,0 +1,45 @@ +```markdown +# Fannie Mae + +## Appraisals + +(Any appraisal report form including Hybrid and Desktop) + +### Appraisal "Subject to" Condition Performer Documentation Options + +- **Appraiser Form 1004D with site visit** +- **New or proposed construction - completion** + - Appraiser Form 1004D with virtual inspection + - Per plans and specifications + - Borrower and builder + - Borrower/builder attestation letter with supporting evidence +- **Appraiser Form 1004D with site visit** +- **Existing construction - repairs or alterations** + - Appraiser Form 1004D with virtual inspection + - Borrower attestation letter with supporting evidence + - Professionally prepared inspection report + +### Property Data Collection + +#### Condition Performer Documentation + +- **Existing construction - repairs or alterations** + - Borrower attestation letter with supporting evidence + - Professionally prepared inspection report +- **Existing construction - inspection requiring** + - The lender must determine if repairs are required as a result of the inspection, verification per above requirements. + - Qualified professional + - Professionally prepared report + +**Note:** The alternative Form 1004D completion method and attestation letters are not permitted for verifying completion for HomeStyle Renovation transactions. + +### Verification of Completion: New or Proposed Construction + +When the property securing the mortgage is new or proposed construction, the appraisal must be based on either plans and specifications, an existing model home, or other information sufficient to identify the quality and character to accurately report the interior features of the proposed improvements. + +Verification of completion of construction is required (in accordance with the requirements above) before sale of the loan to Fannie Mae, unless the lender complies with the postponed improvements policies described below. + +### Verification of Completion: Existing Construction + +Lenders must review the appraisal to ensure that the property does not have minor conditions or deferred maintenance items that affect the safety, soundness, or structural integrity of the subject property. See B4-1.3-06, Property Condition and Quality of Construction of the Improvements, for information concerning property condition and quality of construction ratings. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_555.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_555.md new file mode 100644 index 0000000000000000000000000000000000000000..015cc47433a9ec0e3175c515951d9cd8e66d6440 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_555.md @@ -0,0 +1,21 @@ +```markdown +# Fannie Mae + +The tables below provide requirements related to existing properties that have physical deficiencies, minor conditions, or deferred maintenance items that may or may not affect the safety, soundness, or structural integrity of the property. + +## Requirements for Existing Construction When There are Minor Conditions or Deferred Maintenance Items that Do Not Affect the Safety, Soundness, or Structural Integrity of the Property + +When the appraisal shows the existence of minor conditions or deferred maintenance that does not affect the safety, soundness, or structural integrity of the property, these items must be reflected in the appraiser's opinion of value and the appraisal report must be completed "as-is." Items meeting these criteria require the appraiser to report and comment on the effect these items may have on the subject property's value and marketability. The lender will then evaluate and determine if any additional course of action is required to comply with Fannie Mae's safety, soundness, and structural integrity requirements. Minor conditions and deferred maintenance items include, but are not limited to, worn floor finishes or carpet, minor plumbing leaks, holes in window screens, missing handrails, or cracked window glass and are typically due to normal wear and tear. The lender is not required to ensure that the borrower has had these items repaired prior to sale of the loan to Fannie Mae when the appraisal is completed "as-is." + +If there are minor conditions or deferred maintenance items to be remedied or completed after closing, the lender may escrow for these items at its own discretion and still sell the loan to Fannie Mae prior to the release of the escrow as long as the lender can ensure that these items do not affect the safety, soundness, or structural integrity of the property. + +Lenders must ensure the escrow account is a custodial account that satisfies Fannie Mae’s criteria for custodial accounts and depositories as outlined in Servicing Guide topic A4-1-02, Establishing Custodial Bank Accounts. + +## Requirements for Existing Construction When There are Incomplete Items or Conditions that Affect the Safety, Soundness, or Structural Integrity of the Property + +When an appraisal is required and there are incomplete items, physical deficiencies, or items affecting the safety, soundness, or structural integrity of the improvements, the appraisal must be "subject to" completion of the specific repairs or alterations. This may include but is not limited to foundation settlement, water seepage, active roof leaks, worn roof shingles, inadequate electrical service or plumbing fixtures, etc. + +Incomplete items, physical deficiencies, or items affecting safety, soundness, or structural integrity may also be identified through the property data collection process. + +In all cases, the lender must verify completion before the loan is sold to Fannie Mae. See Form 1004D and Completion Alternatives above for the specific requirements. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_556.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_556.md new file mode 100644 index 0000000000000000000000000000000000000000..6791c47361707c6bfb478c3a5ddc70a683fa814a --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_556.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## Postponed Improvements + +Fannie Mae allows the sale of a loan before construction or energy improvements are complete if certain requirements are met. + +The table below describes requirements related to properties that are new or proposed construction that are not complete when the loan is sold to Fannie Mae. + +### Requirements for New or Proposed Construction + +Loans may be delivered before postponed items are complete; however, the postponed improvements must be completed within 180 days of the date of the note. Acceptable postponed items include items that: + +- Are part of the sales contract (third-party contracts are not permissible); +- Are postponed for a valid reason, such as inclement weather or a shortage of building materials; and +- Do not affect the ability to obtain an occupancy permit. + +Completion must be confirmed using Form 1004D or an acceptable completion alternative as described above. All documentation must be retained in the loan file. + +The cost of completing improvements must not represent more than 10% of the “as completed” appraised value of the property. + +Lenders must establish a completion escrow for the postponed improvements, by withholding from the purchase proceeds funds equal to 120% of the estimated cost for completing the improvements. However, if the contractor or builder offers a guaranteed fixed-price contract for completion of the improvements, the funds in the completion escrow only need to equal the full amount of the contract price. + +Lenders must ensure the escrow account is a custodial account that satisfies Fannie Mae’s criteria for custodial accounts and depositories as outlined in Servicing Guide topic A4-1-02, Establishing Custodial Bank Accounts. + +Lenders and borrowers must execute an escrow agreement that states how the escrow account will be managed and how funds from the escrow account will be disbursed. + +The completion escrow may not adversely affect the mortgage insurance or title insurance. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_557.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_557.md new file mode 100644 index 0000000000000000000000000000000000000000..b681a76ed7da308b0e91aba2b01644c3246264b0 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_557.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +## Requirements for New or Proposed Construction + +After a satisfactory Form 1004D or completion alternative is obtained, the lender must release the final draw from the escrow account, which should include any funds in excess of the amount needed to pay for completion of the postponed items. + +Lenders must obtain a final title report, which must not show any outstanding mechanic’s liens, take any exceptions to the postponed improvements, or take any exceptions to the escrow agreement. If the final title report is issued before the completion of the improvements, lenders must obtain an endorsement to the title policy that ensures the priority of Fannie Mae’s lien. + +## Requirements for HomeStyle Energy Improvements on Existing Construction + +The table below provides the postponed improvement requirements for a HomeStyle Energy loan. (These requirements are not applicable when energy improvements are included in HomeStyle Renovation loan). + +### Requirements for HomeStyle Energy Improvements on Existing Construction + +Mortgages may be delivered before the energy-related improvements are complete; however, the postponed improvements must be completed within 180 days of the date of the mortgage note. Acceptable postponed items include items that will not prevent the issuance of an occupancy permit. + +A certification of completion must be obtained to verify the work was completed and must: + +- Be completed by the appraiser, +- State that the improvements were completed in accordance with the requirements and conditions in the original appraisal report, and +- Be accompanied by photographs of the completed improvements. + +Lenders must establish a completion escrow for the postponed energy-related improvements by withholding funds equal to 120% of the estimated cost for completing the improvements. However, if the contractor offers a guaranteed fixed-price contract for completion of the improvements, the funds in the completion escrow only need to equal the full amount of the contract price. + +Lender must ensure the escrow account is a custodial account that satisfies Fannie Mae’s criteria for custodial accounts and depositories as outlined in Servicing Guide topic A4-1-02, Establishing Custodial Bank Accounts. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_558.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_558.md new file mode 100644 index 0000000000000000000000000000000000000000..4d0aeb04dae9ca3bda01762bd41f1edf7fd977b7 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_558.md @@ -0,0 +1,26 @@ +```markdown +# Fannie Mae + +## Requirements for HomeStyle Energy Improvements on Existing Construction + +Lenders and borrowers must execute an escrow agreement that states how the escrow account will be managed and how funds from the escrow account will be disbursed. + +The completion escrow may not adversely affect the mortgage insurance or title insurance. + +Once a certificate of completion is obtained, the lender must release the final draw from the escrow account, which should include any funds in excess of the amount needed to pay for completion of the postponed items. Any funds remaining in the escrow account after the work is completed must be applied to reduce the unpaid principal balance of the mortgage loan. The value of sweat equity and “Do It Yourself” improvements are not reimbursable. + +Lenders must obtain a final title report, which must not show any outstanding mechanic’s liens, take any exceptions to the postponed improvements, or take any exceptions to the escrow agreement. If the final title report is issued before the completion of the improvements, lenders must obtain an endorsement to the title policy that ensures the priority of Fannie Mae’s lien. + +See **B5-3.3-01, HomeStyle Energy for Improvements on Existing Properties**, for other requirements related to loans with energy-related improvement features. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|-----------------------|------------------| +| Announcement SEL-2023-02 | March 01, 2023 | +| Announcement SEL-2019-01 | February 06, 2019 | + +### Section B4-1.3, Appraisal Report Assessment +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_559.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_559.md new file mode 100644 index 0000000000000000000000000000000000000000..b5e33fb8020d376b1bdfc892542c88bbce7b2388 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_559.md @@ -0,0 +1,38 @@ +```markdown +# Fannie Mae + +## B4-1.3-01, Review of the Appraisal Report (09/04/2024) + +### Introduction + +This topic contains information on reviewing the appraisal report, including: + +- Overview +- Appraisal Report Analysis + +### Overview + +Fannie Mae’s appraisal report forms and the appraisal review requirements for one- to four-unit properties have been developed with the intent that the USPAP standards are followed and that Fannie Mae’s policies are supportive of fair lending practices. This topic provides lender requirements related to the transaction details and the property and appraisal eligibility analysis. + +### Appraisal Report Analysis + +When an appraisal is obtained, the lender must analyze the: + +- current contract for sale for purchase money transactions, +- current offering or listing for sale for both purchase and refinance transactions when the home was listed for sale, +- comparable sales for both purchase and refinance transactions, and +- current ownership for the subject property (see B4-1.1-02, Lender Responsibilities, for further information). + +The lender is responsible for validating that: + +- the property meets Fannie Mae’s eligibility criteria (see B2-3-01, General Property Eligibility, for eligibility requirements); +- the appraiser has provided an accurate and reliable opinion of value that reflects the market value, condition, and marketability of the subject property in compliance with Fannie Mae’s Selling Guide requirements. (See B4-1.3-12, Appraisal Quality Matters, for further information); and +- the appraisal conforms with B4-1.1-04, Unacceptable Appraisal Practices. + +### Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------|------------| +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_560.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_560.md new file mode 100644 index 0000000000000000000000000000000000000000..bf303ec7ca45d249af137dbefbc77d79b6c80a86 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_560.md @@ -0,0 +1,32 @@ +```markdown +# Fannie Mae + +**Announcement SEL-2024-06** +**September 04, 2024** + +**B4-1.3-02, Subject and Contract Sections of the Appraisal Report** +*(04/15/2014)* + +## Introduction + +This topic contains information on reviewing the Subject and Contract sections of the appraisal report form, including: + +- **Subject Section** +- **Contract Section** + +## Subject Section + +The appraiser must identify the subject property by its complete property address and legal description. The appraiser must enter the physical property address, including the unit number for a condo, in a format that conforms to the United States Postal Service (USPS) address standards in Publication 28 - Postal Addressing Standards (pub28) for complete addresses. Address standards can be found at [usps.com](https://usps.com). The subject address must be populated consistently throughout the form. + +When the legal description is lengthy, the appraiser may attach the full legal description as an addendum to the appraisal report. The appraiser must also identify the property rights to be appraised. (For eligibility requirements, see **B2-3-01, General Property Eligibility**.) + +Fannie Mae's appraisal report forms require the appraiser to research and identify whether the subject property is currently for sale or if it has been offered for sale in the 12 months prior to the effective date of the appraisal by selecting either the ‘Yes’ or the ‘No’ checkbox. If the answer is ‘No,’ the data source(s) used must be provided. If the answer is ‘Yes,’ the appraiser must report on each occurrence or listing and provide the following information: + +- Offering price(s), +- Offering date(s), and +- Data source(s) used. + +For example, if the subject property is currently listed for sale and was previously listed eight months ago, the appraiser must report on both offerings. + +> **Note:** For appraisals required to be UAD compliant, Days on Market (DOM) must be reported. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_561.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_561.md new file mode 100644 index 0000000000000000000000000000000000000000..21def7e253f3969415eb0e00b2bcacf921562397 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_561.md @@ -0,0 +1,30 @@ +```markdown +# Fannie Mae + +See [Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specification, Appendix D: Field-Specific Standardization Requirements](), and the associated FAQ’s, for additional information and examples regarding these topics. + +## Contract Section + +The lender must provide the appraiser with a copy of the complete, ratified contract. The appraiser must indicate whether an analysis was or was not performed on the contract for sale. If an analysis was performed, the appraiser must provide the results of the analysis. If an analysis was not performed, the appraiser must provide an explanation why the analysis was not performed. + +For appraisals required to be UAD compliant, the appraiser must also indicate the type of sale for the transaction. The appraiser may report any other relevant information in this field or elsewhere in the report regarding the sale type, including whether more than one sale type applies. + +The appraiser must: + +- Enter an amount in the **Contract Price** field if the Assignment Type is a purchase transaction. Contract price must be the same as the sales price for the subject property in the **Sales Comparison Approach** section. +- Enter a contract date if the Assignment Type is a purchase transaction. +- Indicate if the property seller is the owner of record. + +The appraiser must indicate if there is any financial assistance such as loan charges, sales concessions or gift, or down payment assistance to be paid by any party on behalf of the borrower, including any closing costs or other payments from the seller or other third party. If there is financial assistance, the appraiser must: + +- Report the total dollar amount of the loan charges or concessions that will be paid (if the appraiser is not able to determine a dollar amount for all or part of the financial assistance, the number must reflect the total known dollar amount). +- Provide a description of the items being paid. + +**Note:** Financial assistance or concessions paid by any party on behalf of the borrower includes both monetary and non-monetary items, including below-market-rate mortgage financing, gifts of personal property, and payment of property taxes or HOA dues for a period of time. + +See [Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specification, Appendix D: Field-Specific Standardization Requirements]() for additional information regarding the Contract Section, and [B4-1.3-09, Adjustments to Comparable Sales]() for additional information regarding evaluating sales or financing concessions for comparables. + +## Recent Related Announcements + +There are no recently issued Announcements related to this topic. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_562.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_562.md new file mode 100644 index 0000000000000000000000000000000000000000..a41a425c9982d531800c140a21c04b4bcbbdd73c --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_562.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## B4-1.3-03, Neighborhood Section of the Appraisal Report +*(11/06/2024)* + +### Introduction +This topic contains information on reviewing the Neighborhood section of the appraisal report form, including: + +- Overview +- Neighborhood Analysis +- Degree of Development and Growth Rate +- Trend of Neighborhood Property Values, Demand/Supply, and Marketing Time +- Price Range and Predominant Price +- Over-Improvements +- Age Range and Predominant Age +- Present Land Use + +--- + +### Overview +Neighborhood characteristics and trends influence the value of one- to four-unit residences, and an analysis of the subject property’s neighborhood is a key element in the appraisal process. A neighborhood is defined as a congruous group of complementary land uses. + +--- + +### Neighborhood Analysis +Fannie Mae requires the appraiser to perform an objective neighborhood analysis by identifying neighborhood boundaries, neighborhood characteristics, and the factors that affect the value and marketability of properties in the neighborhood. + +- **Neighborhood boundaries**: The appraiser should provide an outline of the neighborhood boundaries, which should be clearly delineated using ‘North’, ‘South’, ‘East’, and ‘West’. These boundaries may include, but are not limited to, streets, legally recognized neighborhood boundaries, waterways, or other natural boundaries that define the separation of one neighborhood from another. Appraisers should not reference a map or other addendum as the only example of the neighborhood boundaries. + +- **Neighborhood characteristics**: These can be addressed by the types of structures (detached, attached) and architectural styles in the neighborhood (such as row or townhouse, colonial, ranch, or Victorian); current land use (such as single-family residential, commercial, or industrial); typical site size (such as 10,000 sf or 2.00 ac); or street patterns or design (such as one-way street, cul-de-sac, or court). + +- **Factors that affect the value and marketability of properties in the neighborhood**: These can be addressed by such things as the proximity of the property to employment and amenities, appeal to the market, changes in land use, access to public transportation, and adverse environmental influences. + +The appraiser must fully consider all of the value-influencing characteristics in the neighborhood and arrive at an appropriate neighborhood description and opinion of value for the property, even if this requires more. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_563.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_563.md new file mode 100644 index 0000000000000000000000000000000000000000..1a8449634da77a2e168ce449e717a22673690c74 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_563.md @@ -0,0 +1,21 @@ +```markdown +# Fannie Mae + +Extensive research for particular property types or for properties in certain geographic locations. + +An appraiser must perform a neighborhood analysis in order to identify the area that is subject to the same influences as the property being appraised, based on the actions of typical buyers. The results of a neighborhood analysis enable the appraiser not only to identify the factors that influence the value of properties in the neighborhood, but also to define the area from which to select the market data needed to perform a sales comparison analysis. + +In performing a neighborhood analysis, the appraiser: + +- Collects pertinent data, +- Researches the neighborhood to identify physical characteristics and determine its boundaries, and +- Identifies land uses and any signs that the land uses are changing. + +Fannie Mae expects the appraiser and the lender's underwriter to be aware of the varying conditions that characterize different types of neighborhoods. Conditions that are typical in certain neighborhoods may not be present in other neighborhoods. This does not mean that the existence of certain types of conditions or characteristics are unacceptable; rather, it is an indication that they must be viewed in context with the nature of the neighborhood in which the security property is located. For example, some neighborhoods consist of a variety of property types that have different uses. It is not uncommon to find properties that have mixed-uses, such as residential properties that also have child-care facilities, doctor or dental offices, and other types of business or commercial uses. The presence of mixed-use properties or a variety of property types within a neighborhood should be viewed as a neighborhood characteristic that the appraiser considers when performing the neighborhood analysis and describing the neighborhood boundaries. + +The appraiser must consider the influence of market forces, including economic, governmental, and environmental factors on property values in the neighborhood. Economic forces that must be considered include such things as the existence of vacant or boarded-up properties in the neighborhood and the level of essential local support services. Examples of governmental forces that should be taken into consideration include the regulations, laws, and taxes that are imposed on properties. Environmental forces that must be considered include, among other things, the existence of a hazardous waste site on or near the property, the proximity of a property to an airport, or the Federal Emergency Management Agency (FEMA) designated flood zone in which the property is located. Characteristics that are not appraisal factors must not be considered in the valuation process either partially or completely. These characteristics include a person's sex, race, color, religion, disability, national origin, or familial status. Also, no reference to any protected class of either the prospective owners or occupants of the subject property or the present owners or occupants of the properties in the vicinity of the subject property should be considered or reported. + +The appraiser must determine, analyze, and consider factors in the valuation process based on their identification of all forces or factors that have the potential to influence the value of the property. The appraiser must report neighborhood conditions in factual, specific terms and be impartial and specific in describing favorable or unfavorable factors in a neighborhood. If an appraiser can demonstrate by market evidence that a characteristic has an effect on the value or marketability of the properties in the neighborhood, they must consider it in the valuation process. The appraiser must not make unsupported assumptions or interject personal opinion or perceptions about market forces or other factors that may or may not affect the use and value of a property. + +## Degree of Development and Growth Rate +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_564.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_564.md new file mode 100644 index 0000000000000000000000000000000000000000..78dad036e0d767a20b6a48bd3b65dbfd2ac01736 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_564.md @@ -0,0 +1,23 @@ +```markdown +# Fannie Mae + +The degree of development of a neighborhood, which is referred to as “built-up” on the appraisal report forms, is the percentage of the available land in the neighborhood that has been improved. The degree of development of a neighborhood may indicate whether a particular property is residential in nature. + +When reviewing an appraisal on a property located in a rural or relatively undeveloped area, the lender should focus on the characteristics of the property, zoning, and the present land use to determine whether the property should be considered residential in nature. For example, if the typical one-unit building site in a particular area (based on the zoning, the highest and best use of the land, and the present land use) is two acres in size, the mortgage will be eligible for purchase or securitization regardless of the percentage of the total appraised value of the property that the site represents, as long as the appraiser demonstrates through the use of comparable sales that the property is a typical residential property for that particular neighborhood. + +Because Fannie Mae does not purchase or securitize mortgages secured by agricultural-type properties, undeveloped land, or land-development-type properties, the lender must review the appraisal report for properties that have sites larger than those typical for residential properties in the neighborhood. Special attention must be given to the appraiser's description of the neighborhood, zoning, the highest and best use determination, and the degree of comparability between the subject property and the comparable sales. If the subject property has a significantly larger site than the comparables used in the appraiser’s analysis, the subject property may not be a typical residential property for the neighborhood. + +## Trend of Neighborhood Property Values, Demand/Supply, and Marketing Time + +The appraiser must report the primary indicators of market condition for properties in the subject neighborhood as of the effective date of the appraisal by noting the information in the table below. + +| Trend of Property Values | Supply of Properties in the Subject Neighborhood | Marketing Time for Properties | +|--------------------------|--------------------------------------------------|-------------------------------| +| * increasing, | * shortage, | * under three months, | +| * stable, or | * in-balance, or | * three to six months, or | +| * declining. | * over-supply. | * over six months. | + +The appraiser’s analysis of a property must take into consideration all factors that affect value. Because Fannie Mae purchases mortgages in all markets, this is particularly important for neighborhoods that are experiencing significant fluctuations in property values including sub-markets for particular types of housing within the neighborhood. Therefore, lenders must confirm the appraiser analyzes listings and contract sales as well as closed or settled sales, and uses the most recent and similar sales available as part of the sales comparison approach, with particular attention to sales or financing concessions in neighborhoods that are experiencing either declining property values, an over-supply of properties, or marketing times over six months. The appraiser must provide their conclusions for the reasons a neighborhood is experiencing declining property values, an over-supply of properties, or marketing times over six months. + +When completing the One-Unit Housing Trends portion of the Neighborhood section of the appraisal report, the trends must be reflective of those properties deemed to be competitive to the property being appraised. If the neighborhood contains properties that are truly competitive (that is, market participants make no distinction between the properties), then all the properties within the neighborhood would be reflected in the One-Unit Housing Trends section. The appraiser's analysis of the property value housing trend section (increasing, stable, or declining) must be consistent with the data and analysis provided in the appraisal report. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_565.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_565.md new file mode 100644 index 0000000000000000000000000000000000000000..7dcbcf77b57d435fa999ff6f32ecb9610a9ea239 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_565.md @@ -0,0 +1,23 @@ +```markdown +# Fannie Mae + +## Declining Market Analysis +The appraisal report must include factual data from information sources such as, but not limited to, market data, home price indices, multiple listing services, public records, and/or models. The trend indicated in the appraisal report must reflect the overall movement of the market based on a minimum of 12 months of data. + +## Price Range and Predominant Price +The appraiser must indicate the price range and predominant price of properties in the subject's neighborhood. The price range must reflect high and low prevailing prices for one-unit properties, two- to four-unit properties, condo units, or co-op units depending on the property type being appraised and the appraisal form being used. Isolated high and low extremes should be excluded from the range, which means that the predominant price will be that which is the most common or most frequently found in the neighborhood. The appraiser must state the predominant price as a single figure using whole numbers. + +## Over-Improvements +An over-improvement is an improvement that is larger or costlier than what is typical for the neighborhood. For example, a 4,000 square foot home located in an area of homes where the typical home is 2,000 square feet may be considered an over-improvement. Furthermore, a home with an in-ground pool in an area where pools are not typical may also be considered an over-improvement. The appraiser must comment on over-improvements and indicate their contributory value in the Sales Comparison Approach adjustment grid. + +Improvements can represent an over-improvement for the neighborhood, but still be within the neighborhood price range, such as a property with an in-ground swimming pool, a large addition, or an oversized garage in a market that does not demand these kinds of improvements. + +The fact that the property is an over-improvement does not necessarily make the property ineligible. However, lenders must review appraisals on properties with over-improvements that may not be acceptable to the typical purchaser to ensure that only the contributory value of the over-improvement is reflected in the appraisal analysis. + +## Age Range and Predominant Age +The appraiser must indicate the age range and predominant age of properties in the subject's neighborhood. The age range should reflect the oldest and newest ages for one-unit properties, two- to four-unit properties, condo units, or co-op units depending on the property type and the appraisal form being used. However, isolated high and low extremes should be excluded from the range. The predominant age is the one that is the most common or most frequently found in the neighborhood. The appraiser must state the predominant age as a single figure using whole numbers. + +When the age of the subject property is significantly different than the predominant age range, the appraiser must explain why the age is outside the range and comment on the marketability of the property and the adjustments that were made in the Sales Comparison Approach adjustment grid to reflect that condition. + +## Present Land Use +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_566.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_566.md new file mode 100644 index 0000000000000000000000000000000000000000..fd16ee95e204eef636d39ad5516f8eae723d1eab --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_566.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +Fannie Mae’s appraisal reports provide an area for the appraiser to report the relative percentages of the developed land in the neighborhood when discussing the present land use, rather than simply referring to the zoning classifications. The appraiser must separately report the percentage of developed one-unit sites and two- to four-unit sites. Undeveloped land must be reported in the “Other” field. In addition, if there is a significant amount of undeveloped land in the neighborhood, the appraiser must include comments to confirm that they adequately described the neighborhood. If the present land use in the neighborhood is not one of those listed on the appraisal report form, such as parkland, the appraiser also must indicate the type of land use and its related percentage. The total of the types of land uses must equal 100%. + +Typically, dwellings best maintain their value when they are situated in neighborhoods that consist of other similar dwellings. However, some factors that are typical of a mixed-use neighborhood, such as easy access to employment centers and a high level of community activity, can actually enhance the market value of the property through increased buyer demand. Neighborhoods may frequently reflect a blend of residential and nonresidential land uses. + +When different land uses and property types are present in a neighborhood, that fact should be considered a neighborhood characteristic that the appraiser needs to take into consideration when performing the neighborhood analysis and defining the neighborhood boundaries. To confirm that any positive or negative effects of the mixed land uses are reflected in the sales comparison analysis, the appraiser should select comparable sales from within the same neighborhood whenever possible. If this is not possible, the appraiser may need to make neighborhood or location adjustments to the Sales Comparison Approach adjustment grid for any sales that do not share the same characteristic(s) or externalities. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-07 | November 06, 2024 | +| Announcement SEL-2024-06 | September 04, 2024 | +| Announcement SEL-2020-03 | June 03, 2020 | + +## B4-1.3-04, Site Section of the Appraisal Report (06/05/2018) + +### Introduction + +This topic contains information on reviewing the Site section of the appraisal report form, including: + +- Overview +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_567.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_567.md new file mode 100644 index 0000000000000000000000000000000000000000..558430edcedc08011d519ae5b45158f8db39bfc1 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_567.md @@ -0,0 +1,38 @@ +```markdown +# Fannie Mae + +## Site Analysis + +### Subject Property Zoning + +### Highest and Best Use + +### Adjoining Properties + +## Site Utilities + +- Off-Site Improvements +- Community-Owned or Privately Maintained Streets +- Special Flood Hazard Areas + +## Overview + +The property site should be of a size, shape, and topography that is generally conforming and acceptable in the market area. It must also have competitive utilities, street improvements, adequate vehicular access, and other amenities (see Property Requirements in B2-3-01, General Property Eligibility for additional information). Because amenities, easements, and encroachments may either detract from or enhance the marketability of a site, the appraiser must reflect them in the analysis and evaluation. The appraiser must comment if the site has adverse conditions or if there is market resistance to a property because the site is not compatible with the neighborhood or the requirements of the competitive market, and assess the effect, if any, on the value and marketability of the property. + +## Site Analysis + +The appraisal must include the actual size of the site and not a hypothetical portion of the site for the subject property. For example, the appraiser may not appraise only 5 acres of an unsubdivided 40-acre parcel. The appraised value must reflect the entire 40-acre parcel. + +## Subject Property Zoning + +The appraiser must report the specific zoning class in the appraisal, along with a general statement as to what the zoning permits, such as one- or two-unit, when they indicate a specific zoning such as R-1 or R-2. The appraisal must indicate whether the subject property presents: + +- a legal conforming use, +- a legal non-conforming (grandfathered) use, +- an illegal use under the zoning regulations, or +- that there is no local zoning. + +Fannie Mae only purchases or securitizes mortgage loans on properties if the improvements constitute a legal conforming use of the land. However, Fannie Mae will purchase or securitize a mortgage for a property that constitutes a legal, nonconforming use of the land provided that the appraisal analysis reflects any adverse effect that the nonconforming use has on the value and the marketability of the property. This requirement applies to all property types. + +Fannie Mae will not purchase or securitize a mortgage secured by a property that is subject to certain land-use. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_568.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_568.md new file mode 100644 index 0000000000000000000000000000000000000000..5eec089048f77bb51e0a560744eaa54b294b1473 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_568.md @@ -0,0 +1,25 @@ +```markdown +# Fannie Mae + +Regulations, such as coastal tideland or wetland laws, that create setback lines or other provisions that prevent the reconstruction or maintenance of the property improvements if they are damaged or destroyed. The intent of these types of land-use regulations is to remove existing land uses and to stop land development, including the maintenance or construction of seawalls, within specific setback lines. + +For information regarding accessory units that comply or do not comply with zoning, see **B4-1.3-05**, *Improvements Section of the Appraisal Report*. + +## Highest and Best Use + +Fannie Mae will only purchase or securitize a mortgage that represents the highest and best use of the site as improved. If the current improvements clearly do not represent the highest and best use of the site as an improved site, it must be indicated on the appraisal report. + +The appraiser determines highest and best use of a site as the reasonable and probable use that supports the highest present value on the effective date of the appraisal. For improvements to represent the highest and best use of a site, they must be legally permitted, financially feasible, and physically possible, and must provide more profit than any other use of the site would generate. All of those criteria must be met if the improvements are to be considered as the highest and best use of a site. + +The appraiser’s highest and best use analysis of the subject property should consider the property as it is improved. This treatment recognizes that the existing improvements should continue in use until it is financially feasible to remove the dwelling and build a new one, or to renovate the existing dwelling. If the use of comparable sales demonstrates that the improvements are reasonably typical and compatible with market demand for the neighborhood, and the present improvements contribute to the value of the subject property so that its value is greater than the estimated vacant site value, the appraiser should consider the existing use as reasonable and report it as the highest and best use. + +## Adjoining Properties + +The appraiser must consider the present or anticipated use of any adjoining property that may adversely affect the value or marketability of the subject property. + +## Site Utilities + +For mortgage loans to be eligible for purchase or securitization, the utilities of the property must meet community standards. If public sewer and/or water facilities, those that are supplied and regulated by the local government, are not available, community or private well and septic facilities must be available and utilized by the subject property. The owners of the subject property must have the right to access those facilities, which must be viable on an ongoing basis. Private well or septic facilities must be located on the subject site, unless the subject property has the right to access off-site private facilities and there is an adequate, legally binding agreement for access and maintenance. + +If there is market resistance to an area because of environmental hazards or any other conditions that affect well, septic, or public water facilities, the appraisal must address the effect of the hazards on the value and marketability of the subject property (see **B4-1.4-08**, *Environmental Hazards Appraisal Requirements*). +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_569.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_569.md new file mode 100644 index 0000000000000000000000000000000000000000..b153c40eb9230f99761428acb76209c30b07ea77 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_569.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## Off-Site Improvements + +Off-site improvements include, but are not limited to, streets, alleys, sidewalks, curbs and gutters, and street lights. The subject property should front on a publicly dedicated and maintained street that meets community standards and is generally accepted by area residents. If a property fronts on a street that is not typical of those found in the community, the appraiser must address the effect of that location on the value and marketability of the subject property. + +The presence of sidewalks, curbs and gutters, street lights, and alleys depends on local custom. If they are typical in the community, they should be present on the subject site. The appraiser must comment on any adverse conditions and address their effect on the value and marketability of the subject property. + +## Community-Owned or Privately Maintained Streets + +If the property is located on a community-owned or privately-owned and maintained street, an adequate, legally enforceable agreement or covenant for maintenance of the street is required. The agreement or covenant should include the following provisions and be recorded in the land records of the appropriate jurisdiction: + +- Responsibility for payment of repairs, including each party’s representative share; +- Default remedies in the event a party to the agreement or covenant fails to comply with their obligations; and +- The effective term of the agreement or covenant, which in most cases should be perpetual and binding on any future owners. + +**Note:** If the property is located within a state that has statutory provisions that define the responsibilities of property owners for the maintenance and repair of a private street, no separate agreement or covenant is required. + +If the property is not located in a state that imposes statutory requirements for maintenance, and either there is no agreement or covenant for maintenance of the street, or an agreement or covenant exists but does not meet the requirements listed above, the lender may still deliver the loan. However, the lender is required to indemnify Fannie Mae (as described in A2-1-03, Indemnification for Losses) against all losses incurred by Fannie Mae as a result of the physical condition of the street or in order to establish and/or retain access to the street. + +## Special Flood Hazard Areas + +Fannie Mae’s appraisal report forms provide an area for the appraiser to indicate whether the property is located in a Special Flood Hazard Area that is identified on the Federal Emergency Management Agency’s (FEMA) Flood Insurance Rate Maps. The appraiser must also indicate the specific FEMA flood zone and the map number and its effective date. For additional information concerning Fannie Mae's policies on flood insurance, see B7-3-06, Flood Insurance Requirements for All Property Types. + +## Recent Related Announcements + +There are no recently issued Announcements related to this topic. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_570.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_570.md new file mode 100644 index 0000000000000000000000000000000000000000..5c93bb780209f83b5ee4b5b54bf8c73500e66fb2 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_570.md @@ -0,0 +1,39 @@ +```markdown +# Fannie Mae + +## B4-1.3-05, Improvements Section of the Appraisal Report +*(09/06/2023)* + +### Introduction +This topic contains information on reviewing the Improvements section of the appraisal report form, including: + +- Overview +- Conformity of Improvements to Neighborhood +- Unique Housing Types +- Actual and Effective Ages +- Remaining Economic Life +- Energy Efficient Improvements +- Layout and Floor Plans +- Gross Living Area +- Gross Building Area +- Accessory Dwelling Units +- Additions without Permits +- Properties with Outbuildings + +--- + +### Overview +The appraisal must provide a clear, detailed, and accurate description of the improvements. The description must be as specific as possible, commenting on such things as needed repairs, additional features, and modernization, and should provide supporting addenda, if necessary. If the subject property has an accessory dwelling unit, the appraisal should describe it. + +--- + +### Conformity of Improvements to Neighborhood +The improvements should conform to the neighborhood in terms of age, type, design, and materials used for their construction. If there is market resistance to a property because its improvements are not compatible with the neighborhood or with the requirements of the competitive market because of adequacy of plumbing, heating, or electrical services; design; quality; size; condition; or any other reason directly related to market demand, the appraiser must address the impact to the value and marketability of the subject property. + +However, the lender should be aware that many older neighborhoods have favorable heterogeneity in architectural styles, land use, and age of housing. For example, older neighborhoods are especially likely to have been developed through custom building. This variety may be a positive marketing factor. + +--- + +### Unique Housing Types +In the appraisal and appraisal report review processes, special consideration must be given to properties that represent unique housing for the subject neighborhood. Mortgages secured by unique or nontraditional types of housing, including, but not limited to, earth houses, geodesic domes, and log houses, are eligible for sale to... +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_571.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_571.md new file mode 100644 index 0000000000000000000000000000000000000000..ec9f697708dadb43f101abeb8408019d14f0b5b2 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_571.md @@ -0,0 +1,23 @@ +```markdown +# Fannie Mae + +Fannie Mae provided the appraiser has adequate information to develop a reliable opinion of market value. It is not necessary for one or more of the comparable sales to be of the same design and appeal as the property that is being appraised, although appraisal accuracy is enhanced by using comparable sales that are the most similar to the subject property. On a case-by-case basis, both the appraiser and the underwriter must independently determine whether there is sufficient information available to develop a reliable opinion of market value. This will depend on the extent of the differences between the special or unique property and the more traditional types of houses in the neighborhood and the number of such properties that have already been sold in the neighborhood. + +A 3D printed home with a traditional design and constructed using conventional building materials is not considered a unique or nontraditional housing type. Lenders should follow the standard eligibility and comparable sales selection requirements for site-built housing. See B4-1.3-08, Comparable Sales and B4-1.3-09, Adjustments to Comparable Sales, for additional information. To identify this construction method, the appraiser must enter "3D Printed Home" in the bottom free-form description field of the Sales Comparison Approach grid in the appraisal for the subject property and comparable sales (if applicable). + +## When Appraising Unique Properties + +- If the appraiser cannot locate recent comparable sales of the same design and appeal, but is able to determine sound adjustments for the differences between the comparables that are available and the subject property and demonstrate the marketability of the property based on older comparable sales, comparable sales in competing neighborhoods, the existence of similar properties in the market area, and any other reliable market data, the property is acceptable as security for a mortgage deliverable to Fannie Mae. + +- If the appraiser is not able to find any evidence of market acceptance, and the characteristics of the property are so significantly different that they cannot establish a reliable opinion of market value, the property is not acceptable as security for a mortgage deliverable to Fannie Mae. + +Fannie Mae does not specify minimum size or living area requirements for properties with the exception of manufactured housing (see B4-1.4-01, Factory-Built Housing: Manufactured Housing). There should be comparables of similar size to the subject property to support the general acceptability of a particular property type. + +## Actual and Effective Ages + +Fannie Mae does not place a restriction on the actual age of the dwelling. Older dwellings that meet Fannie Mae’s general requirements are acceptable. Improvements for all properties must be of the quality and condition that will be acceptable to typical purchasers in the subject neighborhood. + +The relationship between the actual and effective ages of the property is a good indication of its condition. A property that has been well-maintained generally will have an effective age somewhat lower than its actual age. On the other hand, a property that has an effective age higher than its actual age probably has not been well-maintained or may have a particular physical problem. In such cases, the lender should pay particular attention to the condition of the subject property in its review of any appraisal report. When the appraiser makes adjustments for the “Year Built,” they must explain the adjustments that were made. + +## Remaining Economic Life +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_572.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_572.md new file mode 100644 index 0000000000000000000000000000000000000000..b13885d11704beebe67895190c732a11a9ae6db3 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_572.md @@ -0,0 +1,24 @@ +```markdown +# Fannie Mae + +Fannie Mae does not have any requirements related to the remaining economic life of the property. However, related property deficiencies must be discussed in the sections of the appraisal report that address the improvements analysis and comments on the condition of the property. + +Fannie Mae’s appraisal report forms are designed to meet the needs of several different user groups; consequently, the report forms address the remaining economic life for the property being appraised. However, appraisers are not required to report this information. If appraisers report this information, lenders do not need to consider remaining economic life because any related property deficiencies will be discussed in the sections of the appraisal report that address the improvements analysis and comments on the condition of the property. + +## Energy Efficient Improvements + +An energy-efficient property is one that uses resource-effective design, materials, building systems, and site orientation to conserve nonrenewable fuels. + +Special energy-saving items must be recognized in the appraisal process and noted on the appraisal report form. For example, when completing the appraisal report (Form 1004), special energy-efficient items are to be addressed in the Improvements section in the Additional features field. The nature of these items and their contribution to value will vary throughout the country because of climactic conditions, differences in utility costs, and overall market reaction to the cost of the feature. Some examples of special energy-efficient features may include, but are not limited to, energy efficient ratings or certifications, programmable thermostats, solar photovoltaic systems, solar panels, low-e windows, insulated ducts, and tank-less water heaters. + +Appraisers must compare energy-efficient features of the subject property to those of comparable properties in the Sales Comparison Approach adjustment grid. Appraisers may augment the Sales Comparison Approach in evaluating any impact (either positive or negative) to the value of energy efficiency improvements with either the income or cost approach; however, appraisers cannot adjust the value of the property: + +- on a mechanical dollar-for-dollar basis based on equipment and installation cost, or the discounted present value of expected cost savings of the equipment over the useful life of the equipment; or +- solely based on the cost or income approach. The appraiser must also analyze the market reaction to the energy efficient feature. + +Solar panels that are leased from or owned by a third party under a power purchase agreement or other similar financing arrangement must be considered personal property and not be included in the appraised value of the property. See B2-3-04, Special Property Eligibility Considerations, for additional eligibility requirements for properties with solar panels. + +## Layout and Floor Plans + +Dwellings with unusual layouts and floor plans generally have limited market appeal. A review of the room list and floor plan for the dwelling unit may indicate an unusual layout, such as bedrooms on a level with no bath, or a kitchen on a different level from the dining room. If the appraiser indicates that such inadequacies will result in market resistance to the subject property, they must make appropriate adjustments to reflect this in the overall analysis. However, if market acceptance can be demonstrated through the use of comparable sales with the same inadequacies, no adjustments are required. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_573.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_573.md new file mode 100644 index 0000000000000000000000000000000000000000..d80d3af33b4d0ce4647456663d987913775ec93f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_573.md @@ -0,0 +1,23 @@ +```markdown +# Fannie Mae + +## Gross Living Area + +Appraisers must follow the **Square Footage-Method for Calculating: ANSI® Z765-2021 ("ANSI standard")** when measuring, calculating, and reporting the gross living area and non-gross living areas (basement, additional structures, etc.) of the subject property for most property types. Appraisals requiring interior and exterior inspections must follow this standard; appraisals of this type performed without using this standard will not be acceptable. + +**Note:** The ANSI standard cannot be used to measure apartment-style units in condo or co-op projects; however, it must be used for any non-apartment style dwellings including townhomes, rowhouses, and other detached single-family homes. When measuring apartment-style units in condo or co-op projects, the appraiser should use interior perimeter measurements. The ANSI standard also does not apply to two- to four-unit properties. + +The most common comparison for one-unit properties, including units in PUD, condo, or co-op projects, is above-grade gross living area and below-grade square footage. The appraiser must be consistent when reporting the finished above-grade gross living area, below-grade square footage, and room count. The need for consistency also applies from report to report. For example, when using the same transaction as a comparable sale in multiple reports, the room count and gross living area must not change. + +When using sketching or 3D scanning software, the resulting output must also conform to the ANSI standard. See **Exhibits for Appraisals in B4-1.2-01, Appraisal Report Forms and Exhibits** for additional information on sketches and floor plans. + +Only finished above-grade areas can be used in calculating and reporting of above-grade room count and square footage for the gross living area. Fannie Mae considers a level to be below-grade if any portion of it is below-grade, regardless of the quality of its finish or the window area of any room. Therefore, a walk-out basement with finished rooms would not be included in the above-grade room count. Rooms that are not included in the above-grade room count may add substantially to the value of a property, particularly when the quality of the finish is high. For that reason, the appraiser should report the basement or other partially below-grade areas separately and make appropriate adjustments for them on the **Basement & Finished Rooms Below-Grade** line in the Sales Comparison Approach adjustment grid. + +Detached structures with finished square footage must be reported on a different line in the adjustment grid and not included as part of the subject's reported gross living area. + +When the subject property has an area that does not meet the ANSI minimum ceiling height requirements, the additional square footage must be reported on an additional line in the adjustment grid and an appropriate market adjustment applied, if warranted. Additionally, the appraiser must provide an explanation in the report for how this area was handled in order to comply with the ANSI standard and also acknowledge any contribution of the additional square footage. + +If the appraiser is unable to adhere to the ANSI standard, they must enter **"GXX001-"** at the beginning of the **Additional Features** field of the appraisal and provide an explanation of why they were not able to comply. For example, the appraiser is performing an appraisal in a state that requires adherence to a different measuring standard. Such loans may still be eligible for purchase by Fannie Mae. + +## Gross Building Area +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_574.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_574.md new file mode 100644 index 0000000000000000000000000000000000000000..8b4bd4fadceb57777355adb4e902bd18e0c449d1 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_574.md @@ -0,0 +1,41 @@ +```markdown +# Fannie Mae + +## The Gross Building Area + +- The gross building area is the total finished area including any interior common areas, such as stairways and hallways of the improvements based on exterior measurements. +- It is the most common comparison for two- to four-unit properties. +- Must be consistently developed for the subject property and all comparables used in the appraisal. +- Must include all finished above-grade and below-grade living areas, counting all interior common areas such as stairways, hallways, storage rooms. +- Cannot count exterior common areas, such as open stairways. + +Fannie Mae will accept the use of other comparisons for two- to four-unit properties, such as the total above-grade and below-grade areas discussed in Gross Living Area, provided the appraiser: + +- Explains the reasons they did not use a gross building area comparison. +- Clearly describes the comparisons that were made. + +## Accessory Dwelling Units + +An ADU is generally an additional living area independent of the primary dwelling that may have been added to, created within, or detached from the primary dwelling. The ADU must have basic requirements for living, sleeping, cooking, and bathroom facilities on the same parcel as the primary dwelling. See B2-3-04, Special Property Eligibility Considerations, for complete ADU eligibility requirements. + +When reporting the living area of an ADU: + +- It should not be included with the Gross Living Area calculation of the primary dwelling. +- It should be reported and adjusted for on a separate line in the grid, unless the ADU is contained within or part of the primary dwelling with interior access and above grade. +- If a standalone structure does not meet the ADU minimum requirements, it should be treated as any other ancillary structure and included as a separate line item in the sales comparison approach, then adjusted based on its contributory value to the subject property. + +Whether a property is defined as a one-unit property with an ADU or a two- to four-unit property will be based on the characteristics of the property, which may include, but are not limited to, the existence of separate utility meter(s), a unique postal address, and whether the unit can be legally rented. The appraiser must determine compliance with this definition as part of the analysis in the Highest and Best Use section of the appraisal. + +When there is an ADU, the appraisal report must include: + +- A description of the ADU. +- Analysis of any effect it has on the value or marketability of the subject property. +- Demonstration that the improvements are acceptable for the market. +- An aged settled sale will qualify as a comparable, and an active listing or under contract sale will qualify as a supplemental exhibit to show marketability. + +## Zoning for an ADU + +If it is determined that the property contains an ADU that is not allowed under zoning (where an ADU is not allowed under any circumstance), the property is eligible under the following additional conditions: + +- The lender confirms that the existence will not jeopardize any future property insurance claim that might need to be filed for the property. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_575.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_575.md new file mode 100644 index 0000000000000000000000000000000000000000..338c436bb10e78d4e2a54ea96131b824bb709f48 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_575.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +- The illegal use conforms to the subject neighborhood and to the market. +- The property is appraised based upon its current use. +- The appraisal report states that the improvements represent a use that does not comply with zoning (“illegal” use). +- The appraisal report demonstrates that the improvements are typical for the market through an analysis of at least two comparable sales with the same non-compliant zoning use. Aged settled sale(s) with the same non-compliant zoning use are acceptable if recent sales are not available. At a minimum, the appraisal report must include a total of three settled sales. + +See **B4-1.3-04, Site Section of the Appraisal Report**, for subject property zoning information. + +## Additions without Permits + +If the appraiser identifies an addition(s) that does not have the required permit, the appraiser must comment on the quality and appearance of the work and its impact, if any, on the market value of the subject property. + +## Properties with Outbuildings + +A lender must give properties with outbuildings special consideration in the appraisal report review to ensure that the property is residential in nature. Descriptions of the outbuildings should be reported in the **Improvements** and **Sales Comparison Approach** sections of the appraisal report form. + +### Type of Outbuilding + +- **Minimal outbuildings**, such as small barns or stables, that are of relatively insignificant value in relation to the total appraised value of the subject property. +- **An atypical minimal outbuilding**. +- **Significant outbuildings**, such as silos, large barns, storage areas, or facilities for farm-type animals. + +## Recent Related Announcements + +The table below provides references to the Announcements that have been issued that are related to this topic. + +## Acceptability + +- The appraiser must demonstrate through the use of comparable sales with similar amenities that the improvements are typical of other residential properties in the subject area for which an active, viable residential market exists. +- The property is acceptable provided the appraiser's analysis reflects little or no contributory value for it. +- The presence of the outbuildings may indicate that the property is agricultural in nature. The lender must determine whether the property is residential in nature, regardless of whether the appraiser assigns value to the outbuildings. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_576.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_576.md new file mode 100644 index 0000000000000000000000000000000000000000..55a5253da83272ca1040c6fb80d3fecafe52f5fa --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_576.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Announcements + +| Issue Date | Announcement | +|------------------|---------------------| +| September 06, 2023 | Announcement SEL-2023-08 | +| April 06, 2022 | Announcement SEL-2022-03 | +| December 15, 2021 | Announcement SEL-2021-11 | +| September 02, 2020 | Announcement SEL-2020-05 | +| August 05, 2020 | Announcement SEL-2020-04 | + +## B4-1.3-06, Property Condition and Quality of Construction of the Improvements (03/01/2023) + +### Introduction + +This topic contains information on property condition and quality of construction, including: + +- Appraiser Selection of Condition, Quality, and other Characteristic Ratings +- Property Condition +- Property Condition Ratings +- Identifying Property Condition +- Definitions of Not Updated, Updated, and Remodeled +- Appraisals Completed “As Is” +- Quality of Construction Rating +- Identifying Quality of Construction +- Physical Deficiencies That Affect Safety, Soundness, or Structural Integrity of the Subject Property +- Infestation, Dampness, or Settlement + +### Appraiser Selection of Condition, Quality, and other Characteristic Ratings + +The condition and quality ratings must be based on a holistic view of the property and any improvements. When selecting the condition and quality ratings, an appraiser must: + +- Consider all improvements to determine an overall condition and quality rating. The appraiser should select the rating that best reflects the property as a whole and in its entirety. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_577.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_577.md new file mode 100644 index 0000000000000000000000000000000000000000..b962a09b27d78ce708f93df1b881a370f418c1aa --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_577.md @@ -0,0 +1,24 @@ +```markdown +# Fannie Mae + +We describe the subject property as of the effective date of the appraisal on an absolute basis, meaning the property must be rated on its own merits. The rating should not be selected on a relative basis, meaning it is not selected on how the property relates or compares to other properties in the neighborhood. Additionally, the condition and quality ratings for comparable properties must be made on an absolute basis (again, each comparative property on its own merits), not on a relative basis, and reflect the property as of the date of sale of that comparable property. + +**Note:** These requirements also apply to all other ratings or descriptions, including the View and Location. + +When an appraiser selects a rating and/or description of the subject property for a sales transaction, the selected rating and/or description must remain the same when reflecting that specific transaction. For example, if a C4 rating is selected for the sale of the subject property, then that property remains a C4 when using that specific sale as a comparable in future reports. The same expectation holds true for ratings and descriptions of comparable sales. When a comparable is used in a subsequent appraisal, the ratings and descriptions of that property should not change from one appraisal to the next when it reflects the same sale transaction. + +**Note:** Properties can have the same rating or description and still require an adjustment. It should be noted that this does not only apply to condition and quality ratings and can apply to other ratings or descriptions as well. For example, all water views may not be equal. In this instance, an adjustment should be made and explained in the Additional Comments section of the form or in an addendum. + +## Property Condition + +Lenders must take the necessary steps to confirm that a property meets Fannie Mae’s condition requirements as outlined in this topic. + +The table below provides the requirements for property condition. + +### Requirements + +- The appraisal report must express an opinion about the condition of the improvements based on the factual data of the improvements analysis. +- Appraisals based on interior and exterior inspections must include complete visual inspections of the accessible areas of the property. + **Note:** Appraisers are not responsible for hidden or unapparent conditions. +- Appraisal reports must reflect adverse conditions that were apparent during the inspection or discovered while performing research, such as, but not limited to, needed repairs, deterioration, or the presence of hazardous wastes, toxic substances, or adverse environmental conditions. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_578.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_578.md new file mode 100644 index 0000000000000000000000000000000000000000..21b3c36e3eb024aad1c6696631218bf54cce0441 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_578.md @@ -0,0 +1,24 @@ +```markdown +# Fannie Mae + +## Requirements + +Detrimental conditions of the improvements must be reported in the appraisal even if the conditions are typical for competing properties. + +The appraiser must consider and describe the overall condition and quality and condition of the property improvements. (See *Identifying Property Condition; Definitions of Not Updated, Updated, and Remodeled; and Identifying Quality of Construction* in this topic for details.) + +The appraiser must identify: + +- Items that require immediate repair; and +- Items where maintenance may have been deferred, which may or may not require immediate repair. + +The appraisal *Additional Comments* section must address needed repairs and physical, functional, or external inadequacies. + +## Property Condition Ratings + +For appraisals required to be completed with the UAD, the appraiser must assign one of the following standardized condition ratings in the table below when identifying the condition of the improvements for the subject property and comparable sales. + +| Rating | Description | +|--------|-------------| +| C1 | The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.

**Note:** Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_579.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_579.md new file mode 100644 index 0000000000000000000000000000000000000000..00a5e97b31f859d8e6da09f7125531bc73477922 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_579.md @@ -0,0 +1,37 @@ +```markdown +# Rating + +## C2 + +### Description + +The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction. + +**Note:** The improvements represent a relatively new property that is well-maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. + +## C3 + +### Description + +The improvements are well-maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well-maintained. + +**Note:** The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well-maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. + +## C4 + +### Description + +The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. + +**Note:** The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. + +## C5 + +### Description + +The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability are somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. + +**Note:** Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy, but remain functional. + +# Fannie Mae +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_580.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_580.md new file mode 100644 index 0000000000000000000000000000000000000000..f84e563568adb0544d5d8e7646d4f18c53b5c7fe --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_580.md @@ -0,0 +1,23 @@ +```markdown +# Fannie Mae + +## Rating Description + +The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. + +**Note:** Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. + +## Identifying Property Condition + +As previously noted, the condition rating selected for the property must reflect a holistic view of the condition of the property improvements. It would be inappropriate to select either a lower or higher overall rating on the basis of one or two minor inferior or superior areas of the property improvements. However, the C6 rating is an exception because it indicates that the property is impacted by one or more deficiencies that negatively affect the safety, soundness, or structural integrity of the property. As a result, if any portion of the dwelling is rated a C6, the whole dwelling must be rated a C6. + +Properties with a condition rating of C6 are not eligible for sale to Fannie Mae. Any deficiencies impacting the safety, soundness, or structural integrity of the property must be repaired with a resulting minimum condition rating of C5 prior to delivery of the loan. See *Physical Deficiencies That Affect Safety, Soundness, or Structural Integrity of the Subject Property* in this topic for information related to completing appraisals on properties with safety, soundness, or structural integrity deficiencies. + +## Definitions of Not Updated, Updated, and Remodeled + +For appraisals required to be completed using the UAD, as a subset of identifying the condition of the subject property, the appraiser must also identify the level of updating, if any, that the subject property has received by utilizing the definitions in the table below. + +| **Level of Updating** | **Description** | +|------------------------|-----------------| +| **Not Updated** | Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well-maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_581.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_581.md new file mode 100644 index 0000000000000000000000000000000000000000..67091c182c0a4f0ae057da7ff370133084f20dcd --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_581.md @@ -0,0 +1,28 @@ +```markdown +# Fannie Mae + +## Level of Description +### Updating + +The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. + +**Updated**: An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. + +**Significant**: Finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. + +**Remodeled**: A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of square footage). This would include a complete gutting and rebuild. + +## Appraisals Completed “As Is” + +Fannie Mae permits appraisals to be based on the “as is” condition of the property provided existing conditions are minor and do not affect the safety, soundness, or structural integrity of the property, and the appraiser’s opinion of value reflects the existence of these conditions. + +Minor conditions and deferred maintenance are typically due to normal wear and tear from the aging process and the occupancy of the property. While such conditions generally do not rise to the level of a required repair, they must be reported. Examples of minor conditions and deferred maintenance include worn floor finishes or carpet, minor plumbing leaks, holes in window screens, missing handrails, or cracked window glass. + +Properties with condition ratings C1, C2, C3, C4, and C5 as previously defined are eligible in “as is” condition. Properties with the initial Condition Rating C6 indicate one or more deficiencies that impact the safety, soundness, or structural integrity of the property. Therefore, the appraisal must be completed "subject to" completion of the deficient item(s) with a minimum resulting condition rating of C5. + +See **Physical Deficiencies That Affect Safety, Soundness, or Structural Integrity of the Subject Property** in this topic for additional details when completing appraisals on properties with safety, soundness, or structural integrity deficiencies. + +## Quality of Construction Rating + +For appraisals required to be completed using the UAD, the appraiser must assign one of the following standardized quality ratings in the table below when identifying the quality of construction for the subject property and comparable sales. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_582.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_582.md new file mode 100644 index 0000000000000000000000000000000000000000..efbb59828f4426b7b162699baf93282641946ea9 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_582.md @@ -0,0 +1,37 @@ +```markdown +# Rating + +## Q1 + +Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. + +## Q2 + +Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. + +## Q3 + +Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. + +## Q4 + +Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. + +## Q5 + +Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. + +# Fannie Mae + +## Description + +Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. + +Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. + +Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. + +Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. + +Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_583.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_583.md new file mode 100644 index 0000000000000000000000000000000000000000..c94853afae4e899895dd86ea21cf9b93b1626fd7 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_583.md @@ -0,0 +1,21 @@ +```markdown +# Fannie Mae + +## Rating Description + +Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often Q6 built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or nonexistent. Older dwellings may feature one or more substandard or nonconforming additions to the original structure. + +## Identifying Quality of Construction + +The same approach used in identifying the condition of the property is also applicable to identifying the quality of construction. The selected rating must reflect a holistic view of the quality of construction. However, the Q6 Rating is an exception because it indicates that the property is impacted by one or more deficiencies that negatively affect the safety, soundness, or structural integrity of the property. As a result, if any portion of the dwelling is rated a Q6, the whole dwelling must be rated a Q6. + +Properties with a quality of construction rating of Q6 are eligible for sale to Fannie Mae provided any items in relation to the quality of construction that impact the safety, soundness, or structural integrity of the property are repaired prior to the delivery of the loan. See *Physical Deficiencies That Affect Safety, Soundness, or Structural Integrity of the Subject Property* in this topic for requirements when completing appraisals on properties with safety, soundness, or structural integrity deficiencies. + +## Physical Deficiencies That Affect Safety, Soundness, or Structural Integrity of the Subject Property + +The appraisal report must identify and describe physical deficiencies that could affect a property’s safety, soundness, or structural integrity. If the appraiser has identified any of these deficiencies, the property must be appraised "subject to" completion of the specific repairs or alterations. In these instances, the property condition and quality ratings must reflect the condition and quality of the property based on the hypothetical condition that the repairs or alterations have been completed. + +If the appraiser is not qualified to evaluate the alterations or repairs, the appraisal must note the deficiencies and be completed "subject to" a satisfactory inspection by a qualified professional. The lender must decide if the inspection(s) is required and whether the property meets eligibility requirements. If the property does not meet eligibility requirements, the lender must provide satisfactory evidence that the condition has been corrected or repaired prior to loan delivery. In this case, the appraiser is not required to review the professionally prepared report, re-inspect the property, or provide a Form 1004D. The lender must document the decision and rationale in the loan file. See *B4-1.4-08, Environmental Hazards Appraisal Requirements*, for properties affected by environmental hazards. + +### Infestation, Dampness, or Settlement +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_584.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_584.md new file mode 100644 index 0000000000000000000000000000000000000000..080378160de1f8debc6eb5ab0742c4c611df3fb9 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_584.md @@ -0,0 +1,28 @@ +```markdown +# Fannie Mae + +If the appraisal indicates evidence of infestation (such as, wood-boring insects), dampness, or abnormal settlement, the appraisal must comment on the effect on the value and marketability of the subject property. The lender must either provide satisfactory evidence that the condition was corrected or submit a professionally prepared report indicating, based on an inspection of the property, that the condition does not pose any threat of structural damage to the improvements. The appraisal should be made "subject to" repairs or alterations, or "subject to" an inspection by a qualified professional. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|-----------------------|---------------------| +| Announcement SEL-2023-02 | March 01, 2023 | +| B4-1.3-07, Sales Comparison Approach Section of the Appraisal Report | (04/15/2014) | + +## Introduction + +This topic contains information on reviewing the Sales Comparison Approach section of the appraisal report form, including: + +- Overview +- Data and Verification Sources of Comparable Sales +- Prior Sales History of the Subject and Comparable Sales + +### Overview + +The sales comparison approach to value is an analysis of comparable sales, contract sales, and listings of properties that are the most comparable to the subject property. + +The appraiser’s analysis of a property must take into consideration all factors that have an effect on value. The appraiser must analyze all closed sales, contract sales, and offerings or listings of properties that are the most comparable to the subject property in order to identify any significant differences or elements of comparison that could affect their opinion of value for the subject property as of the effective date of the appraisal report. This is particularly important in changing (increasing or declining values) markets. Analyzing closed sales, contract sales, and offerings or listings is an important analysis in any market and will result in more accurate reporting on market conditions, including trends that indicate that sale prices for contract sales and asking prices for recent offerings or listings have changed. (Also see B4-1.3-03, Neighborhood Section of the Appraisal) +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_585.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_585.md new file mode 100644 index 0000000000000000000000000000000000000000..88572124c52ddbed5a2c2e88648fe20a616da51f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_585.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +## Report +For information regarding Trend of Neighborhood Property Values, Demand/Supply, and Marketing Time. + +## Data and Verification Sources of Comparable Sales + +Data and verification source(s) for each comparable sale must be reported on the appraisal report form. Examples of data sources include, but are not limited to, a multiple listing service, deed records, tax records, real estate agents, builders, appraisers, appraiser's files, and other third party sources and vendors. The appraiser must state the specific data source (such as tax records or deed records), and refrain from using broad categories, such as “public records.” Data source(s) must be reliable sources for the area where the subject property is located. + +Examples of verification sources include, but are not limited to, the buyer, seller, listing agent, selling agent, and closing documents in certain situations. Regardless of the source(s) used, there must be sufficient data to understand the conditions of sale, existence of financing concessions, physical characteristics of the subject property, and whether it was an arms-length transaction. + +It is acceptable to obtain comparable sales data from parties that have a financial interest in either the sale or financing of the subject property; however, the appraiser must verify the data with a party that does not have a financial interest in the subject transaction. For example, if the real estate agent of the subject property has provided comparable sales data, that information must be verified through another disinterested source. + +## Prior Sales History of the Subject and Comparable Sales + +Fannie Mae’s appraisal report forms require the appraiser to report the three year subject property and twelve month comparable sales history. + +## Recent Related Announcements + +There are no recently issued Announcements related to this topic. + +## B4-1.3-08, Comparable Sales (11/06/2024) + +### Introduction +This topic contains information on selection of comparable sales, including: + +- Selection of Comparable Sales +- Minimum Number of Comparable Sales +- Age of the Comparable Sales +- Additional Requirements for New (or Recently Converted) Condos, Subdivisions, or PUDS +- Rural Properties +- Use of Foreclosures and Short Sales +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_586.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_586.md new file mode 100644 index 0000000000000000000000000000000000000000..a996a13f41c914bf5df19bb784caf74de815fb97 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_586.md @@ -0,0 +1,21 @@ +```markdown +# Fannie Mae + +## Selection of Comparable Sales + +The appraiser is responsible for determining which comparables are the best and most appropriate for the assignment. Fannie Mae expects the appraiser to account for all factors that affect value when completing the analysis. Comparable sales should have similar physical and legal characteristics when compared to the subject property. These characteristics include, but are not limited to, site, room count, gross living area, style, and condition. External factors, including Federal Emergency Management Agency (FEMA) designated flood zone, should be given consideration when selecting comparables. + +When choosing comparable sales, the appraiser should examine the market area of the subject property, assess its characteristics, and identify similar comparable sales. Market area is defined as the geographic region, for a subject property, from which most demand comes and in which most of the competition is located. This does not mean comparable sales must be identical to the subject property, but instead should be competitive and appeal to the same market participants that would also consider purchasing the subject property. If the available comparable sales are not similar, the appraiser needs to decide whether an expansion of the market area search is appropriate. If this occurs, the appraiser must provide commentary to explain the rationale for selecting comparable sales outside the subject's market area and make location adjustments if warranted. + +Comparable sales from within the same market area (including subdivision or project) as the subject property should be used when possible, and must be used in certain instances (see below). Sale activity from within the neighborhood is the best indicator of value as sales prices of comparable properties from the same location should reflect the same positive and negative location characteristics. + +Fannie Mae does allow for the use of comparable sales located in competing market areas, as these may simply be the best comparables available and the most appropriate for the appraiser’s analysis. If this situation arises, the appraiser must not expand the neighborhood boundaries just to encompass the comparables selected. The appraiser must indicate the comparables are from a competing neighborhood and address any differences that exist. The appraiser must also provide an explanation as to why they used the specific comparable sales in the appraisal report and include a discussion of how a competing neighborhood is comparable to the subject's neighborhood. + +If a property is located in an area in which there is a shortage of truly comparable sales, either because of the nature of the property improvements or the relatively low number of sales transactions in the neighborhood, the appraiser might need to use properties that are not truly comparable to the subject property. In some situations, properties that are not truly comparable may simply be the best available and the most appropriate for the appraiser’s analysis. The use of such sales is acceptable if the appraiser adequately documents the analysis and explains why they were used. (For additional information, see B4-1.3-03, Neighborhood Section of the Appraisal Report.) + +When describing the proximity of the comparable sale to the subject property, the appraiser must be specific with respect to the distance in terms of miles and include the applicable directional indicator (for example, “1.75 miles NW”). The distance between the subject property and each comparable property is to be measured using a straight line between the properties. + +## Minimum Number of Comparable Sales + +A minimum of three closed comparables must be reported in the sales comparison approach. Additional comparable sales may be reported to support the opinion of market value provided by the appraiser. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_587.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_587.md new file mode 100644 index 0000000000000000000000000000000000000000..172588f661e6279656e4771140e576f4894c92ad --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_587.md @@ -0,0 +1,24 @@ +```markdown +# Fannie Mae + +The subject property can be used as a fourth comparable sale or as supporting data if it was previously closed. Contract offerings and current listings can be used as supporting data, if appropriate. See **Additional Requirements for New (or Recently Converted) Condos, Subdivisions, or PUDs** below for exceptions to this policy. + +In no instance may the appraiser create comparable sales by combining vacant land sales with the contract purchase price of a home (improvements only). While these transactions cannot be used to meet the required minimum three closed comparables, these transactions, which are often completed as part of a construction-to-permanent loan transaction, may be included as additional support with appropriate commentary. + +## Age of the Comparable Sales + +Comparable sales that have closed within the last 12 months should be used in the appraisal; however, the best and most appropriate comparable sales may not always be the most recent sales. For example, it may be appropriate for the appraiser to use a nine-month-old sale with a time adjustment rather than a one-month-old sale that requires multiple adjustments. An older sale may be more appropriate in situations when market conditions have affected the availability of recent sales, and the changing market conditions causing their use must be explained in the report. + +Additionally, older comparable sales that are the best indicator of value for the subject property can be used if appropriate. For example, if the subject property is located in a rural area that has minimal sales activity, the appraiser may not be able to locate three truly comparable sales that sold in the last 12 months. In this case, the appraiser may use older comparable sales if they explain why they are being used. + +## Additional Requirements for New (or Recently Converted) Condos, Subdivisions, or PUDs + +If the subject property is located in a new (or recently converted) condo project, subdivision, or PUD, it must be compared to other properties in the same market area and to properties within the subject condo project, subdivision, or PUD. This comparison should help demonstrate market acceptance of new developments and the properties within them. Generally, a subdivision is considered new when there are limited or no resales or the builder or developer is involved in the marketing or sale of the properties. See **B4-2.1-01, General Information on Project Standards** and **B4-2.3-01, Eligibility Requirements for Units in PUD Projects** for the definition of a new condo project or PUD. + +At a minimum, the appraisal report for these properties must include the following: + +- At least one settled comparable sale from the subject condo project, subdivision, or PUD. (A resale is preferable if it is verifiable and does not involve the subject builder or developer). +- At least one settled comparable sale from outside the subject condo project, subdivision, or PUD. +- A third settled comparable sale can be from inside or outside of the subject condo project, subdivision, or PUD. Settled comparable sales or resales from within the subject condo project, subdivision, or PUD are preferable to settled sales from outside the condo project, subdivision, or PUD provided the builder or developer of the subject property is not involved in those transactions. +- In the event there are no settled comparable sales inside a new condo project, subdivision, or PUD because the subject property transaction is one of the first units to sell, the appraiser may use two pending sales in the subject project, subdivision, or PUD in lieu of one settled sale. The appraiser must +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_588.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_588.md new file mode 100644 index 0000000000000000000000000000000000000000..dd63fbf70f2cc905e6470ef50482ae7111a5c128 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_588.md @@ -0,0 +1,26 @@ +```markdown +# Fannie Mae + +Also use at least three settled comparable sales from projects, subdivisions, or PUDs outside of the subject project, subdivision, or PUD. + +If the subject property is part of a newly built or recently converted condo project, subdivision, or PUD that has 2-20 units and there are no settled or pending sales, the appraiser may use comparable sales from a competing project, subdivision, or PUD. The requirements in the following table apply. + +- The appraisal report must: + - Use competing projects, subdivisions, or PUDs of a similar size and type. + - Explain why the comparable sales were chosen and demonstrate market acceptance. + - Describe how the condo project, subdivision, or PUD chosen compares to the subject property. + +**Note:** If the subject property is not the first unit under contract in the condo project, subdivision, or PUD, the appraiser must include one under contract sale from the subject's project, subdivision, or PUD as a supplemental exhibit. + +To meet the requirement that the appraiser utilize one comparable sale from inside the subject project, subdivision, or PUD, the appraiser may need to rely solely on the builder of the property they are appraising, as this data may not yet be available through typical data sources (for example, public records or multiple listing services). In this scenario, it is acceptable for the appraiser to verify the transaction of the comparable sale by viewing a copy of the settlement statement from the builder’s file. + +When providing builder sales from competing projects that are not presently available through traditional data sources, the appraiser must verify the sale from the applicable settlement statement and indicate on the appraisal report that the settlement statement was the document utilized for verification. Additionally, the appraisal must include discussion and analysis of sales concessions and upgrades for the subject property relative to concessions and upgrades for each builder sale. (For special appraisal considerations regarding condo projects, see B4-1.4-03, Condo Appraisal Requirements.) + +## Rural Properties + +Rural properties often have large lot sizes, and rural locations can be relatively undeveloped. Therefore, there may be a shortage (or absence) of recent truly comparable sales in the immediate vicinity of a subject property. If the appraiser's analysis of the market data shows the best indicators of value for the subject property are a considerable distance away, those comparable sales can be used if it produces credible assignment results. The appraisal must include an explanation of why the particular comparables were selected. + +## Use of Foreclosures and Short Sales + +It is acceptable to use foreclosures and short sales as comparables if the market data indicates they are the best indicators of value. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_589.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_589.md new file mode 100644 index 0000000000000000000000000000000000000000..ef25036c64148a90f8564a0a91ed43958b8e9a8e --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_589.md @@ -0,0 +1,31 @@ +```markdown +# Fannie Mae + +The appraiser must address in the appraisal report the prevalence of such sales in the subject’s neighborhood and their impact. The appraiser must identify and consider any differences from the subject property, such as the condition of the property and whether any stigma has been associated with it. The appraiser cannot assume it is equal to the subject property. For example, a foreclosure or short sale property may be in worse condition when compared to the subject property, especially if the subject property is new construction or was recently renovated. For appraisals that are required to be UAD compliant, the appraiser must identify the financing sale type as REO sale or Short sale, as appropriate. (For specific information regarding comparable sale adjustments, see B4-1.3-09, Adjustments to Comparable Sales, and for information regarding financing types, see Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specification, Appendix D: Field-Specific Standardization Requirements. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-07 | November 06, 2024 | +| Announcement SEL-2024-06 | September 04, 2024 | +| Announcement SEL-2022-02 | March 02, 2022 | +| Announcement SEL-2021-11 | December 15, 2021 | + +## B4-1.3-09, Adjustments to Comparable Sales (12/11/2024) + +### Introduction + +This topic contains details on selected adjustments to the comparable sales, including: + +- Analysis of Adjustments +- Sales or Financing Concessions +- Market Conditions Analysis and Time Adjustments +- Appraiser’s Comments and Indicated Value in the Sales Comparison Approach + +### Analysis of Adjustments + +Fannie Mae does not have specific limitations or guidelines associated with net or gross adjustments. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_590.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_590.md new file mode 100644 index 0000000000000000000000000000000000000000..5a1590b1965986dbc2d737522b4c903b3eb31b47 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_590.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +The number and/or amount of the dollar adjustments must not be the sole determinant in the acceptability of a comparable. Ideally, the best and most appropriate comparable would require no adjustment; however, this is rarely the case as typically no two properties or transaction details are identical. The appraiser’s adjustments must reflect the market’s reaction (that is, market-based adjustments) to the difference in the properties. For example, it would be inappropriate for an appraiser to provide a $20 per square foot adjustment for the difference in the gross living area based on a rule-of-thumb when market analysis indicates the adjustment should be $100 per square foot. The expectation is for the appraiser to analyze the market for competitive properties and provide appropriate market-based adjustments without regard to arbitrary limits on the size of the adjustment. + +If the extent of the appraiser’s adjustments to the comparable sales is great enough to indicate that the property may not conform to the neighborhood, the underwriter must determine if the opinion of value is adequately supported. (For further information regarding comparable selection, see B4-1.3-08, Comparable Sales.) + +When there are no truly comparable sales for a particular property because of the uniqueness of the property or other conditions, the appraiser must select sales that represent the best indicators of value for the subject property and make market-supported adjustments to reflect the actions of typical purchasers in that market. + +## Sales or Financing Concessions + +Comparable sales that include sales or financing concessions must be adjusted to reflect the impact, if any, on the sales price of the comparables based on the market at the time of sale. For information related to sales or financing concessions for the subject transaction, see B3-4.1-02, Interested Party Contributions (IPCs). + +Examples of sales or financing concessions include: + +- Interest rate buydowns or other below-market rate financing; +- Loan discount points; +- Loan origination fees; +- Closing costs customarily paid by the buyer; +- Payment of condo, co-op, or PUD fees or assessment charges; +- Refunds of (or credit for) the borrower’s expenses; +- Absorption of monthly payments; +- Assignment of rent payments; and +- Inclusion of non-realty items in the transaction. + +The dollar amount of sales or financing concessions paid by the seller must be reported for the comparable sales if the information is reasonably available (see UAD Appendix D: Field-Specific Standardization Requirements, for data entry instructions). Sales or financing data should be obtained from parties associated with the comparable transaction, such as the broker, buyer or seller, or a reliable data source. If information is not available because of legal restrictions or other disclosure-related problems, the appraiser must explain why the information is not available. If the appraisal report does not provide enough space to discuss this information, the appraiser must make an adjustment for the concessions on the form and include an explanation in an addendum to the appraisal report. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_591.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_591.md new file mode 100644 index 0000000000000000000000000000000000000000..89a7736db74492c5816fd23cb2736eca7111c388 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_591.md @@ -0,0 +1,15 @@ +```markdown +# Fannie Mae + +The amount of the negative dollar adjustment for each comparable with sales or financing concessions should be equal to any increase in the purchase price of the comparable that the appraiser determines to be attributable to the concessions. The need to make negative dollar adjustments for sales or financing concessions and the amount of the adjustments to the comparable sales is not based on how typical the concessions might be for a segment of the market area. Large sales or financing concessions can be relatively typical in a particular segment of the market and still result in sale prices that reflect more than the value of the real estate. Adjustments based on dollar-for-dollar deductions that are equal to the cost of the concessions to the seller, as a strict cash equivalency approach would dictate, are not appropriate. + +Fannie Mae recognizes that the effect of sales or financing concessions on sales prices can vary with the amount of the concessions and differences in various markets. Adjustments must reflect the difference between what the comparables actually sold for with the sales or financing concessions and what they would have sold for without the concessions so that the dollar amount of the adjustments will approximate the reaction of the market to the concessions. If the appraiser’s analysis determines that the market’s reaction is the full amount of the financing concession, a dollar-for-dollar adjustment is acceptable. + +Positive adjustments for sales or financing concessions are not acceptable. For example, if local common practice or law results in virtually all of the property sellers in the market area paying a 1% loan origination fee for the purchaser, and a property seller in that market did not pay any loan fees or concessions for the purchaser, the sale would be considered as a cash equivalent sale in that market. The appraiser must recognize comparable sales that sold for all cash or with cash equivalent financing and use them as comparable sales if they are the best indicators of value for the subject property. Such sales also can be useful to the appraiser in determining those costs that are normally paid by sellers as the result of common practice or law in the market area. + +## Market Conditions Analysis and Time Adjustments + +How to measure and analyze (market conditions) are critical elements in determining an accurate value because the appraisal is based on a specific date in time (effective date of appraisal). The comparable sales being considered must be analyzed by the appraiser to determine if there have been any changes in market conditions from the time the comparable went under contract to the effective date of the appraisal. This analysis will determine whether a time adjustment is warranted. A specific time adjustment to a comparable sale(s) may differ from the identified market trend since the determination of whether an adjustment is made to a comparable sale is based on market changes between the contract date of the comparable sale and the effective date of the appraisal. For example, the 12-month value trend may indicate a positive overall trend, however it's possible the market was stable (or declining) between the time period of the contract date of the comparable and the effective date of the appraisal. See this illustration for Market Condition Adjustments. Comparable(s) sales with a contract date that is recent in relation to the effective date of the appraisal will likely not have a time adjustment given the inability to identify a change in the market. The appraisal report must contain the market analysis that supports the indicated market trends, and any adjustments made for market conditions. + +Because the appraisal is for a specific point in time (the effective date of the appraisal), the appraiser must analyze comparable sales for any changes in market conditions from their contract dates through the effective date to determine whether time adjustments are warranted. Time adjustments, or the lack thereof, must be supported by evidence. Use of home price indices (HPIs) to support time adjustments is consistent with our policy. The adjustment rates can also be determined through statistical analysis, modeling, paired sales, or other commonly accepted methods. The appraisal report must, at a minimum, summarize the supporting evidence and include a description of the data sources, tool(s), and technique(s) used. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_592.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_592.md new file mode 100644 index 0000000000000000000000000000000000000000..2c72251fd284cea38ba890ab6d5257effcfe3466 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_592.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +Time adjustments should be supported by other comparables (such as sales, contracts) whenever possible; however, in all instances the appraiser must provide an explanation for the time adjustment in the appraisal report. + +When completing Fannie Mae’s appraisal reports, the appraiser should provide the date of the sales contract and the settlement or closing date. Only the month and year need to be reported. For example, appraisers may use “s04/10” or “c02/10” where “s” reflects the settlement or closing date and “c” reflects the contract date. If the exact date is necessary to understand the adjustments, it must be explained elsewhere in the report or in an addendum. If the contract date is unavailable to the appraiser in the normal course of business, the appraiser must enter the abbreviation “Unk” for unknown, in place of the contract date. + +## Appraiser’s Comments and Indicated Value in the Sales Comparison Approach + +The appraiser must provide fact-based and objective comment(s) that detail the work performed and data sources utilized for the market supported adjustments used, especially for the characteristics reported in the appraisal report form between the Sales or Financing Concessions and the Condition line items. A statement only recognizing that an adjustment has been made is not acceptable. When appropriate, the appraiser’s analysis should also include fact-based comments about a current contract, offering, or listing for the subject or comparable sales, current ownership, and recent prior sales or transfers. Additionally, the appraiser’s comments must reflect his or her reconciliation of the adjusted (or indicated) values for the comparable sales and identify why the sale(s) were given the most weight in arriving at the indicated value for the subject property. It should be noted that the indicated value in the Sales Comparison Approach must be within the range of the adjusted sales price of the comparables that are reported in the appraisal. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-08 | December 11, 2024 | +| Announcement SEL-2024-07 | November 06, 2024 | +| Announcement SEL-2024-06 | September 04, 2024 | + +### B4-1.3-10, Cost and Income Approach to Value (09/04/2024) + +#### Introduction + +This topic contains information on reviewing the cost approach and the income approach, including: +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_593.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_593.md new file mode 100644 index 0000000000000000000000000000000000000000..b30f0d9975ca377e3915492b47b7e3d427ac3740 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_593.md @@ -0,0 +1,19 @@ +```markdown +# Fannie Mae + +## Cost Approach to Value + +Fannie Mae does not require the cost approach to value except for the valuation of manufactured homes. However, USPAP requires the appraiser to develop and report the result of any approach to value that is necessary for credible assignment results. For example, when appraising proposed or newly constructed properties, if the appraiser believes the cost approach is necessary for credible assignment results, then the cost approach must be provided. Appraisals that rely solely on the cost approach as an indicator of market value are not acceptable. + +The cost approach to value assumes that a potential purchaser will consider building a substitute residence that has the same use as the property being appraised. This approach, then, measures value as a cost of production. It may be appropriate to use the cost approach when appraising new or proposed construction, property that is undergoing renovation, unique property, or property that features functional depreciation, to support the sales comparison approach analysis. The reliability of the cost approach depends on valid reproduction cost estimates, proper depreciation estimates, and accurate site values. + +If the appraiser has completed the cost approach, the lender must thoroughly review the information provided to confirm that the appraiser’s analysis and comments for the cost approach to value are consistent with comments and adjustments mentioned elsewhere in the appraisal report. For example, if the neighborhood or site description reveals that the property backs up to a shopping center, lenders should expect to see an amount indicated for external depreciation in the cost approach. Or, if the improvement analysis indicates that it is necessary to go through one bedroom to get to another bedroom, lenders should expect to see an amount indicated for functional depreciation. + +## Income Approach to Value + +The income approach to value is based on the assumption that market value is related to the market rent or income that a property can be expected to earn. The income approach to value is required in the valuation of two-unit to four-unit properties and may be appropriate in neighborhoods that consist of one-unit properties when there is a substantial rental market. The income approach to value may not be appropriate in areas that consist mostly of owner-occupied properties because adequate rental data does not exist for those areas. However, USPAP requires the appraiser to develop and report the result of any approach to value that is necessary for credible assignment results. If the appraiser believes the income approach is necessary for credible assignment results, then the income approach must be included. Appraisals that rely solely on the income approach as an indicator of market value are not acceptable. + +When the income approach to value is used, the appraisal report must include the supporting comparable rental and sales data, and the calculations used to determine the gross rent multiplier. If the appraiser has completed the income approach, the lender must thoroughly review the information provided to confirm that the appraiser’s analysis and comments for the income approach are consistent with comments mentioned elsewhere in the report. + +The lender must validate these approaches to value in the appraisal report and comply with B4-1.1-04, Unacceptable Appraisal Practices. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_594.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_594.md new file mode 100644 index 0000000000000000000000000000000000000000..7db732a2f872007b84ac03ebce086c737ab87aba --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_594.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|------------------------|------------------| +| Announcement SEL-2024-06 | September 04, 2024 | +| B4-1.3-11, Valuation Analysis and Reconciliation | (09/04/2024) | + +## Introduction + +This topic contains information on reviewing the valuation analysis and final reconciliation, including: + +- Overview +- Reconciliation + +## Overview + +The valuation sections of Fannie Mae’s appraisal report forms enable an appraiser to develop and report, in a concise format, an adequately supported opinion of market value based on the cost, sales comparison, and income approaches to value, as applicable. If the appraiser believes that additional information needs to be provided because of the uniqueness of the property or some other condition, they should provide additional supporting data in an addendum to the appraisal report form. + +## Reconciliation + +In the Reconciliation section of the appraisal report form, the appraiser considers the reliability and applicability of each of the approaches to value that was utilized in the appraisal report. After consideration of each of the approaches to value, the appraiser will provide their final value opinion. In the Reconciliation section, appraisers must: + +- Reconcile the reasonableness and reliability of each applicable approach to value, +- Reconcile the reasonableness and validity of the indicated values, +- Reconcile the reasonableness of available data, and +- Select and report the approach or approaches that were given the most weight. + +The reconciliation is based on the appraiser's analysis of the results developed as part of the valuation process and must never be an averaging technique with the exception of the use of a weighted average technique that +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_595.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_595.md new file mode 100644 index 0000000000000000000000000000000000000000..72cf4cc95edde17d3e0c7159e8e8d0bbb52904cc --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_595.md @@ -0,0 +1,30 @@ +```markdown +# Fannie Mae + +Includes proper explanation. The final reconciled indicated value must be within the range of the values indicated by the Approaches used in the appraisal report form. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|---------------------| +| Announcement SEL-2024-06 | September 04, 2024 | +| B4-1.3-12, Appraisal Quality Matters | May 01, 2024 | + +## Introduction + +This topic contains information on appraisal quality matters, including: + +- Changes to the Appraised Value +- Guidance on Addressing Appraisal Deficiencies +- Lender Requirements +- Fannie Mae’s Referrals to State Appraiser Boards +- Refusal to Accept Appraisals from Specific Appraisers + +## Changes to the Appraised Value + +The lender is responsible for confirming that appraisal reports are complete and that any changes to the reports are made by the appraiser that originally completed the report. If the lender has concerns with any aspect of the appraisal that result in questions about the reliability of the opinion of market value, the lender must attempt to resolve its concerns with the appraiser that originally prepared the report. If the lender is unable to resolve its concerns with the appraiser, the lender must obtain a replacement report prior to making a final underwriting decision on the loan. Any request for a change in the opinion of market value must be based on material and substantive issues and must not be made solely on the basis that the opinion of market value as indicated in the appraisal report does not support the proposed loan amount. For information concerning the process lenders must follow to address a change of the opinion of market value, see Guidance on Addressing Appraisal Deficiencies in this topic. + +Lenders must pay particular attention and institute extra due diligence for those loans in which the appraised value is believed to be excessive or when the value of the property has experienced significant appreciation in a short time period since the prior sale. Fannie Mae believes that one of the best ways lenders can reduce the risk associated with excessive values or rapid appreciation is by receiving accurate appraisals from knowledgeable, experienced appraisers. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_596.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_596.md new file mode 100644 index 0000000000000000000000000000000000000000..3697049bf846e2c37520f251a3b61ae9aa24c97f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_596.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +## Guidance on Addressing Appraisal Deficiencies + +If the lender considers an appraisal deficient, it has the following options for addressing the deficiencies: + +- Contacting the appraiser to address deficiencies contained in the appraisal report, +- Obtaining a desk review or a field review of the original appraisal, or +- Obtaining a new appraisal of the subject property. + +The lender can return the appraisal report to the appraiser that completed the assignment, identify the deficiencies found, and provide justification for requesting correction of the deficiencies the lender believes make the report unreliable. + +If the lender is unable to obtain a revised appraisal that adequately addresses its concerns, a desk or field review of the report may be obtained. The review must be completed in accordance with the USPAP. Because the Scope of Work for either type of review allows for a change of the opinion of market value for something other than a mathematical error, the appraiser completing the appraisal review must: + +- Be licensed or certified in the state in which the property is located, +- Have access to the appropriate data sources, and +- Possess the knowledge and experience to appraise the subject property with respect to both the specific property type and geographical location. + +The lender may forego either type of review and obtain a new appraisal. When a new appraisal is obtained, the lender must document the deficiencies that are the basis for ordering the new appraisal and adhere to a policy of selecting the most reliable appraisal, rather than the appraisal that states the highest value. The lender must either document the resolution of the noted deficiencies in the original appraisal or detail the reasons for relying on a second opinion of market value. + +## Lender Requirements + +A lender must continually evaluate the quality of the appraiser’s work through the normal review process of all appraisal reports, as well as through the spot-check field review or desk review of appraisals as part of its quality assurance system. For detailed requirements, see D1-3-04, Lender Post-Closing Quality Control Review of Appraisers, Appraisals, Property Data Collectors, and Property Data Collection. + +## Reconsideration of Value + +For loans requiring an appraisal report, the lender must have policies and procedures in place for a borrower-initiated reconsideration of value (ROV). At a minimum, the ROV process must meet Fannie Mae requirements and adhere to all applicable local, state, and federal laws. + +The ROV process must include a review and resolution procedure for the ROV request, and steps for the borrower(s) to appeal an appraisal when it is believed the opinion of value: + +- Is unsupported, +- May be deficient due to unacceptable appraisal practices, or +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_597.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_597.md new file mode 100644 index 0000000000000000000000000000000000000000..34d86e37c30415d354d5d421b6350f060062f30a --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_597.md @@ -0,0 +1,31 @@ +```markdown +# Fannie Mae + +e reflects prohibited discriminatory practices. + +Regardless of the outcome of the ROV, the lender is responsible for ensuring the appraisal report and opinion of market value are reliable and adequately supported. + +The lender must provide a disclosure to the borrower outlining the ROV process at the time of loan application and again when the appraisal report is provided to the borrower. The disclosure must make it clear that only one borrower-initiated ROV is permitted per appraisal. The following table describes the information required to initiate the ROV process. + +## Borrower-Initiated ROV Requirements + +- **Borrower(s) name** +- **Property address** +- **Effective date of the appraisal** +- **Appraiser name** +- **Date of the ROV request** +- **Identification and description of unsupported, inaccurate, or deficient areas in the appraisal report** +- **Additional data, information, or comparable properties (not to exceed five), and the related data sources (for example, the MLS listing number)** +- **An explanation of why the new data supports the ROV** + +## Lender Requirements + +In addition to the borrower ROV submission requirements, the lender's ROV policies and procedures must include instructions on required information for a borrower-submitted ROV and standardized communication to the appraiser. The following table describes additional lender requirements. + +- **The lender must...** + - Complete its appraisal review before initiating the ROV process. + - Designate an underwriter or other appraisal subject matter expert to review the ROV request. + - Validate the request from the borrower contains sufficient details prior to sending to the appraiser. + - Obtain the necessary information from the borrower if the ROV request is unclear or needs more information. + - Align its ROV policies and procedures with Appraiser Independence Requirements (AIR). +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_598.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_598.md new file mode 100644 index 0000000000000000000000000000000000000000..8f798da940a5ee08f03ea873ffacf82d86ee43f6 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_598.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +## The lender must... + +Standardize communication to the appraiser, that contains the following: + +- Borrower(s) name, property address, effective date of the appraisal, appraiser name, and date of the ROV; +- Identification and description of unsupported, inaccurate, or deficient areas in the appraisal report; +- Additional data, information, or comparable properties, not to exceed the maximum of five; +- A definition of turn-time expectations for communicating ROV results; +- Instructions for delivering the ROV response as part of a revised appraisal report that includes commentary on conclusions regardless of the outcome; and +- A reference for appraisers on how to correct minor appraisal issues or non-material errors not related to the ROV process. + +Ensure all documentation and communications related to the initiation and outcome of the ROV are retained in the loan file. + +If material deficiencies identified in the appraisal report are not corrected or addressed by the appraiser upon request, or if there is evidence of any unacceptable appraisal practices detailed in B4-1.1-04, Unacceptable Appraisal Practices, the lender must forward the appraisal report and summary of findings to the appropriate appraisal licensing agency or regulatory board. The lender must also report suspected overt violations of anti-discrimination laws to the proper local, state, or federal agency. In the event of these occurrences, the lender may obtain a second or subsequent appraisal report. + +> **Note:** After a loan has closed, an ROV request is no longer allowed to be submitted by the borrower. + +## Fannie Mae's Referrals to State Appraiser Boards + +Fannie Mae conducts different levels of due diligence for quality control purposes and may refer unacceptable appraisal reports to state appraiser licensing or regulatory boards for investigation. + +Fannie Mae’s objectives in referring appraisal reports to state appraiser licensing or regulatory boards are: + +- To emphasize continuing efforts to maintain the quality of appraisals, +- To protect Fannie Mae's interest, +- To improve the quality of mortgages delivered to Fannie Mae by identifying appraisers that have performed appraisals of a sufficiently poor quality as to impair the security interests, +- To help the industry enhance the quality of appraisals by identifying and referring appraisals that are not adequately supported or credible, and +- To help enforce professional standards. + +> **Note:** Fannie Mae’s decision to make such referrals does not affect the lender’s responsibility for managing the property valuation and appraisal review process. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_599.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_599.md new file mode 100644 index 0000000000000000000000000000000000000000..29e47cb7fb3542f7c10f8dbb3662bbd33cb1336e --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_599.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +## Refusal to Accept Appraisals from Specific Appraisers + +Fannie Mae may refuse to accept appraisals prepared by specific appraisers, or Fannie Mae may notify a lender that appraisals prepared by a given appraiser are no longer accepted. When a lender is notified that appraisals from specific appraisers are no longer accepted, the lender is prohibited from delivering mortgages to Fannie Mae secured by properties appraised by that individual immediately following its receipt of Fannie Mae’s notice. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-03 | May 01, 2024 | +| Announcement SEL-2020-03 | June 03, 2020 | + +## Section B4-1.4, Special Appraisal and Other Valuation Considerations + +### B4-1.4-01, Factory-Built Housing: Manufactured Housing +*(10/04/2023)* + +### Introduction + +This topic contains information on manufactured housing appraisal requirements, including: + +- **Overview** +- **Manufactured Housing Appraiser Qualifications** +- **Manufactured Housing Appraisal Requirements and Standards** +- **Newly Constructed Manufactured Housing Appraisal Requirements** +- **Manufactured Housing Appraisal Site Requirements** +- **Manufactured Housing Appraisal Comparable Selection Requirements Excluding MH Advantage** +- **MH Advantage Appraisal Comparable Selection Requirements** +- **Manufactured Housing Appraisal Cost Approach Requirements** +- **Sources of Manufactured Housing Data** +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_600.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_600.md new file mode 100644 index 0000000000000000000000000000000000000000..27bbc0f0016f63379c3509748b09d8424cf32e04 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_600.md @@ -0,0 +1,32 @@ +```markdown +# Fannie Mae + +## Overview + +Fannie Mae requires market-based property valuations for manufactured homes demonstrated by a well-developed sales comparison approach to value that is further supported by the cost approach to value. + +For manufactured housing property eligibility requirements, including special appraisal requirements for MH Advantage properties, see **B2-3-02, Special Property Eligibility and Underwriting Considerations: Factory-Built Housing**. For manufactured housing mortgage eligibility and underwriting requirements, see **B5-2, Manufactured Housing**. + +## Manufactured Housing Appraiser Qualifications + +The valuation principles for appraising manufactured homes are essentially the same as for other types of residential property. However, not all appraisers are knowledgeable and experienced about the unique construction process, as well as the manufacturers’ and federal, state, and local requirements for both construction and installation. + +The lender must ensure that the appraiser is knowledgeable about the local manufactured home market and the unique construction process for manufactured homes, and has access to appropriate data sources in order to render an opinion of value for the manufactured home. Lenders must establish policies and procedures to ensure that qualified individuals are being selected in accordance with Fannie Mae requirements as well as the Appraiser Independence Requirements. + +## Manufactured Housing Appraisal Requirements and Standards + +The list below provides requirements and standards for manufactured housing appraisals. + +- For purchase money mortgages, the lender must provide the appraiser with: + - A complete copy of the executed contract for sale of the manufactured home and land; or + - A complete copy of the executed contract for both, if the manufactured home and land are purchased separately; and + - A copy of the manufacturer's invoice if the manufactured home is new. + +- The appraiser must analyze the contract(s) and the manufacturer’s invoice for new manufactured homes, and provide a summary in the appraisal report. + +- The appraiser must report the results of a manufactured home appraisal on the **Manufactured Home Appraisal Report (Form 1004C)**. The use of Form 1004C will help to ensure that the appraiser inspected, considered, and reported the appropriate information including, but not limited to, the: + - Manufacturer’s name, + - Trade or model number, + - Year of manufacture, + - Serial number, +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_601.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_601.md new file mode 100644 index 0000000000000000000000000000000000000000..bb2f5bb52a1aa82817ebbd9f53ef88be483d2254 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_601.md @@ -0,0 +1,37 @@ +```markdown +# Fannie Mae + +## Requirements for Appraisal of Manufactured Housing + +- Certification number(s) from the HUD Data Plate or HUD Certification Label(s), +- Type of foundation and utility connections, +- Detailed and supported cost approach, +- Opinion of the market value of the site, and +- Property’s conformity to the neighborhood. + +**Note:** For existing construction, the appraiser must also provide a photo(s) of the HUD Data Plate or the HUD Certification Label(s) for each section of the home. (Both are required for new construction.) + +- The appraiser must indicate a value conclusion based solely on the real property as completed consisting of the: + - Manufactured home, + - Site improvements, and + - Land on which the home is situated. + +The value conclusion cannot include any non-realty items including, but not limited to, insurance, warranties, and furniture. + +## Newly Constructed Manufactured Housing Appraisal Requirements + +For new manufactured homes not yet attached to the land or not yet constructed, the appraisal may be based on either plans and specifications or an existing model home. If required information is not available at the time the appraiser is completing the appraisal forms, the appraiser must appraise the property subject to the receipt and review of the items and completion of the improvements as a condition of the appraisal. Information that may not be available can include, but is not limited to, the dealer invoice, the HUD Data Plate, and the Certification Label numbers. + +A certification of completion must be obtained before the mortgage is sold to Fannie Mae. The certification must: + +- Be completed by the original appraiser if possible, or if not possible, by a substitute appraiser as provided for in B4-1.2-04, Appraisal Age and Use Requirements; +- Verify and state that the improvements were completed and all other requirements and conditions of the appraisal have been satisfied; +- Include previously unavailable information, and a summary of the appraiser’s analysis of any previously unavailable dealer invoice; and +- Include photos of the completed improvements attached to the permanent foundation, and of the HUD Data Plate and HUD Certification Label(s), or acceptable alternatives. + +## Manufactured Housing Appraisal Site Requirements + +The appraisal site requirements for manufactured housing are as follows: + +- The appraiser must base their opinion of value on the characteristics of the subject property, including: +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_602.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_602.md new file mode 100644 index 0000000000000000000000000000000000000000..1f7b28b2a6b033505e1f42637d715a8863926643 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_602.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## Site Area and Appraisal Requirements + +The appraisal report must indicate whether or not the site is compatible with the neighborhood, and must comment on the conformity of the manufactured home to other manufactured homes in the neighborhood. + +The property site must be of a size, shape, and topography that is conforming and acceptable in the neighborhood. It must also have competitive utilities, street improvements, adequate vehicular access, and other amenities. Because amenities, easements, and encroachments may either detract from or enhance the marketability of a site, the appraiser must reflect them in their analysis and valuation. The appraiser must comment if the site has adverse conditions or is not typical for the neighborhood. + +## Manufactured Housing Appraisal Comparable Selection Requirements (Excluding MH Advantage) + +The comparable selection requirements for manufactured housing appraisals, excluding MH Advantage, are as follows: + +- The appraiser must use a minimum of two comparable sales that are manufactured homes. +- If the subject property is a single-width manufactured home, one comparable must be a closed sale of the same single-width configuration, when available. +- If the appraiser is unable to find a single-width comparable sale, an active listing or “under contract” sale will qualify as a supplemental exhibit to show marketability. +- The appraiser may use either site-built housing or a different type of factory-built housing as the third comparable sale. +- The appraiser must explain why site-built housing or a different type of factory-built housing is being used for the third comparable sale, and make and support appropriate adjustments in the appraisal report. + +In markets where condo projects with manufactured homes are more common, at least two comparables should be manufactured homes located in a condominium project. In markets where condo projects with manufactured homes are atypical, the appraiser may select comparables from a mixture of manufactured homes and manufactured home condos provided the appraiser is able to provide adequate written explanation and make appropriate adjustments. + +An appraiser that is unable to locate sales of manufactured homes that are truly comparable to the subject property may decide it is appropriate to use either older sales of similar manufactured homes or sales of similar manufactured homes that are located in a competing neighborhood to establish a baseline for the “sales comparison analysis” and determine sound adjustments to reflect the differences between comparable sales that are available and the subject property. + +The appraiser must not create comparable sales by combining vacant land sales with the contract purchase price of the home. This type of information may be used as additional supporting documentation. + +## MH Advantage Appraisal Comparable Selection Requirements + +MH Advantage properties are built to meet construction, architectural design, and energy efficiency standards that are more consistent with site-built homes. Accordingly, for MH Advantage properties, appraisers must use other MH Advantage properties (homes that have an MH Advantage sticker) for the comparable sales. However, if fewer than three MH Advantage sales are available, then the appraiser must supplement those comparable sales with the best and most appropriate sales available. Such sales must include a minimum of two site-built homes in recognition of the design standards for MH Advantage. There is no requirement to include factory-built homes. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_603.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_603.md new file mode 100644 index 0000000000000000000000000000000000000000..2837068e7c9d6e2e5a43bbdcce73a53986bcfaad --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_603.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +Home sales that are not MH Advantage, but if used, the appraiser must note why it was selected as a comparable sale, based on an assessment of the physical features of the subject property. + +## Manufactured Housing Appraisal Cost Approach Requirements + +Fannie Mae requires a detailed and supported cost approach to value for all manufactured homes which must, at a minimum, contain the information indicated on the Form 1004C. The appraiser may choose to report the results of the cost approach on Form 1004C or by using a report form from a published cost service as an addendum to the appraisal report form. Whatever format the appraiser chooses to report the cost approach, the information must be sufficient to allow the lender to replicate the cost figures and calculations. The sales comparison and cost approach to value are complementary for the valuation of manufactured housing and must support the final value conclusion. A properly developed and detailed cost approach will provide the information necessary for an appraiser to: + +- Recognize differences in manufactured home construction quality, +- Understand the difference between the comparable sales and the subject property, +- Extract from the market appropriate adjustments for the sales comparison analysis, and +- Identify sales of manufactured homes that are similar enough to the subject property to use as comparable sales. + +## Sources of Manufactured Housing Data + +Traditional appraisal data sources do not provide enough quality manufactured home data for the appraiser to develop a supportable and well-documented manufactured home appraisal. While sources such as MLS and public records are important and may contain some data, appraisers must utilize other data sources, such as manufactured home dealers and construction companies/builders experienced in the installation of manufactured homes. + +### NADA Manufactured Housing Appraisal Guide + +One important source of manufactured housing information is the NADA Manufactured Housing Appraisal Guide. That publication: + +- Lists general manufactured home depreciated replacement values based on original factory construction categories, and +- Offers a step-by-step process for arriving at the average retail book value for a manufactured home and can be used to develop a cost approach. + +**Note:** NADA chart values assume the home is in average condition. The publication provides definitions for “excellent,” “good,” “average,” “fair,” and “poor” to appropriately identify the condition of the manufactured home. + +### Marshall & Swift’s Residential Cost Handbook + +Another source of information is Marshall & Swift’s Residential Cost Handbook. Marshall & Swift provides: + +- Information that enables the user to arrive at an estimate of the cost of the manufactured home when new and the replacement cost based on, among other things, the construction quality; as well as +- An explanation of the items that enables the appraiser to support their conclusion of the overall value. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_604.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_604.md new file mode 100644 index 0000000000000000000000000000000000000000..ac7ae415a1097bfd84e0315ded16f747e4cf3146 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_604.md @@ -0,0 +1,31 @@ +```markdown +# Fannie Mae + +## Construction Quality of the Manufactured Home + +The appraiser must support their opinion about both the quality and the condition of the manufactured home because they play a very important role in the value and marketability of manufactured homes. The NADA guide or the Marshall & Swift handbook may be used as additional sources to provide support for the appraiser’s conclusions about the quality and value of a manufactured home. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|--------------------| +| Announcement SEL-2023-09 | October 04, 2023 | +| Announcement SEL-2023-01 | February 01, 2023 | +| Announcement SEL-2020-07 | December 16, 2020 | + +## B4-1.4-02, Factory-Built Housing: Modular, Prefabricated, Panelized, or Sectional Housing (10/06/2021) + +### Introduction + +This topic contains information on special appraisal considerations for modular, prefabricated, panelized, or sectional housing, including: + +- Overview +- Appraisal Requirements for Modular, Prefabricated, Panelized, or Sectional Housing +- Comparable Selection Requirements for Modular, Prefabricated, Panelized, or Sectional Housing + +### Overview + +Modular homes must be built under the International Residential Code (IRC) that is administered by the state agency that is responsible for adopting and administering building code requirements for the state in which the modular home is installed. Prefabricated, panelized, or sectional housing does not have to satisfy either HUD’s Federal Manufactured Home Construction and Safety Standards or the IRC that are adopted and administered by the state in which the home is installed. The home must conform to local building codes in the area in which it will be installed. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_605.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_605.md new file mode 100644 index 0000000000000000000000000000000000000000..7f1218105f92fd88ae8caaf423abbd9f363ca446 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_605.md @@ -0,0 +1,31 @@ +```markdown +# Fannie Mae + +## Modular, Prefabricated, Panelized, or Sectional Housing Eligibility Requirements + +For modular, prefabricated, panelized, or sectional housing eligibility requirements, see **B2-3-02**, *Special Property Eligibility and Underwriting Considerations: Factory-Built Housing*. + +## Appraisal Requirements for Modular, Prefabricated, Panelized, or Sectional Housing + +Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction detail for modular homes, or any other types of factory-built homes. Because quality can account for large differences in the values of factory-built homes, it is important for the appraiser to become familiar with the features that affect the quality of a factory-built home so that the information can be included in the appraisal report if needed to support their opinion of value. + +## Comparable Selection Requirements for Modular, Prefabricated, Panelized, or Sectional Housing + +The process of selecting comparable sales for factory-built housing is generally the same as that for selecting comparable sales for site-built housing. Fannie Mae requires the appraiser to address both the marketability and comparability of modular homes and other types of factory-built housing. When the subject property is modular, prefabricated, panelized, or sectional housing, it is not required that one or more of the comparable sales be the same type of factory-built housing, although using comparable sales of similar types of homes generally enhances the reliability of the appraiser's opinion of value. Fannie Mae requires the appraiser to include in the appraisal report the most appropriate comparable sales data to support their opinion of value for the subject property. See **B4-1.3-08**, *Comparable Sales*, for general requirements regarding comparable selection. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|---------------------| +| Announcement SEL-2021-09 | October 06, 2021 | +| B4-1.4-03, Condo Appraisal Requirements | 04/15/2014 | + +## Introduction + +This topic contains information on special appraisal considerations for units located in condo projects, including: + +- Overview +- Appraisal Requirements for Units in a Condo Project +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_606.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_606.md new file mode 100644 index 0000000000000000000000000000000000000000..6a8ca4dda112ba266a60a5fdc8ddf4ca539d0f9f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_606.md @@ -0,0 +1,37 @@ +```markdown +# Fannie Mae + +## Overview + +A condo project is one in which individual owners hold title to units in the project along with an undivided interest in the real estate that is designated as the common area for the project. + +## Appraisal Requirements for Units in a Condo Project + +The appraisal of an individual unit in a condo project requires the appraiser to analyze the condo project as well as the individual unit. The value and marketability of the individual units in a project depend on the marketability and appeal of the project itself. Therefore, the appraiser must pay special attention to: + +- The location of the individual unit within the project, +- The project amenities, and +- The amount and purpose of the owner’s association assessment. + +See **B4-1.3-08, Comparable Sales**, for general requirements regarding comparable selection. + +## Recent Related Announcements + +There are no recently issued Announcements related to this topic. + +## B4-1.4-04, Co-op Appraisal Requirements (04/15/2014) + +### Introduction + +This topic contains information on special appraisal considerations for units in co-op projects, including: + +- Overview +- Appraisal Requirements for Co-op Share Loans +- Comparable Selection Requirements for Co-op Share Loans +- Comparable Selection Requirements for Co-op Share Loans in Established Projects +- Comparable Selection Requirements for Co-op Share Loans in New (or Recently Converted) Projects + +### Overview + +A co-op corporation holds title to a co-op project and grants occupancy rights to particular apartments or units to shareholders through proprietary leases or similar arrangements. The co-op interest is the co-op shares or other evidence of an ownership interest in the co-op corporation and the accompanying occupancy rights, excluding the co-op interest’s pro rata share of the debt service of the blanket mortgage. In other words, the co-op interest is the equity portion that is over and above the pro rata share of the blanket mortgage(s). +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_607.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_607.md new file mode 100644 index 0000000000000000000000000000000000000000..9a0a0a59ea7aa4d64868e5f1c012c0be6ab27eb5 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_607.md @@ -0,0 +1,33 @@ +```markdown +# Fannie Mae + +**Note:** The lender is required to receive Fannie Mae approval to deliver mortgages secured by units in co-op projects. + +## Appraisal Requirements for Co-op Share Loans + +The appraisal requirements for co-op share loans are as follows: + +- Appraisers must develop an opinion of the market value of the co-op interest when evaluating co-op units. To determine the value of the co-op interest, appraisers must consider and report, among other things, the following information: + + - The number of shares attributable to the unit. + - The number of shares issued and outstanding for the co-op corporation. + - The name of the lienholder, the lien position, and the amount and repayment terms of all project blanket financing. + - The pro rata share of the blanket mortgage payments that are attributable to the unit, as determined by dividing the number of shares attributable to the unit by the total number of project shares. + - The pro rata share of each lien that is attributable to the unit. + - Any tax abatements or exemptions that are attributable to the unit. + - The remaining term for any tax abatements or exemptions and provisions for escalation of real estate taxes, which is the dollar amount by which the taxes will increase and the year in which the increase will occur. + - Any monthly maintenance fees, including: + - Utility charges, if they are part of these fees. + - Monthly special assessments. + - Ground rent. + - Other fees for the use of the facilities that are attributable to the unit. + - The fee type, amount, and term (if applicable) of those other fees. + + This information can be developed through Request for Cooperative Project Information (Form 1074), if the management agent, co-op board, or project sponsor/developer uses the form to respond to lender or appraiser inquiries for project information. When Form 1074 is used, appraisers may either transcribe the appropriate information to the applicable appraisal report or attach the form to the report as an addendum. + +- Appraisers must use reliable sources to obtain data on the co-op project, the individual subject unit, and the comparable properties, and indicate the name of each source on the appraisal report or in an addendum to the appraisal report. + +- Appraisers must address any factors that could result in an increase to the monthly debt service for the subject unit. + +- Appraisers must indicate in the Sales Comparison Approach adjustment grid the dollar amount of the monthly assessments for each of the comparable sales. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_608.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_608.md new file mode 100644 index 0000000000000000000000000000000000000000..bd9db9bfd08d14017064076184fb2d0acdd5db55 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_608.md @@ -0,0 +1,32 @@ +```markdown +# Fannie Mae + +Appraisers must report the value of the co-op interest, excluding its pro rata share of the blanket mortgage(s). This value reflects the market value for the co-op interest of the unit. For example, when the indicated value of the unit encumbered by the blanket mortgage(s) is $100,000, and its pro rata share of the blanket mortgage(s) is $25,000, the value estimate that the appraiser must report for the co-op interest of the unit is $75,000. + +Appraisers must include a certification in the appraisal report that the pro rata share of the blanket mortgage(s) on the real estate has not been included in the opinion of the market value of the co-op interest. + +## Comparable Selection Requirements for Co-op Share Loans + +The comparable selection requirements for co-op share loans are as follows: + +- Appraisers must comment on the acceptance of housing co-ops in the market area. The degree of acceptance is generally reflected in the availability of similar comparable sales data for co-op units. If there is limited market acceptance of the co-op form of ownership or if co-op forms of ownership are relatively new in the market area, appraisers must address any effect that has on the value and marketability of the unit that is being appraised. The appraiser must compare the subject unit to the general market area as well as to other units in the subject co-op project. This comparison demonstrates market acceptance of co-op units in the area. + +- Comparable sales must be from similar types of projects that have similar common amenities and recreational facilities including, but not limited to, townhouses and mid-rise and high-rise buildings. + +- When available, appraisers must use sales from co-op units as comparables. However, appraisers may use condo units as comparable sales if co-op units are not available, as long as the appraiser explains why those types of comparables were used and adjusts the condo comparables to reflect the reaction of the market to the co-op unit when there is a preference for condo ownership in the subject market area. + +See **B4-1.3-08, Comparable Sales**, for general requirements regarding comparable selection. + +## Comparable Selection Requirements for Co-op Share Loans in Established Projects + +Comparable sales from within the same project as the subject property should be used if the project has resale activity. Sales activity from within the project should be the best indicator of value for properties in that project. + +**Note:** Use of comparable sales located outside of the established subject neighborhood must be explained in the appraisal analysis. + +When the subject property is a unit in an established co-op project that has sales activity, appraisers should use the following as comparables: + +- Two closed or settled sales from within the subject project, if available; and +- One closed or settled sale from a competing project. + +See **B4-1.3-08, Comparable Sales**, for general requirements regarding comparable selection. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_609.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_609.md new file mode 100644 index 0000000000000000000000000000000000000000..22f9f37a15f060e80afd1a3e43cc0d9f5d90fe34 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_609.md @@ -0,0 +1,38 @@ +```markdown +# Fannie Mae + +## Comparable Selection Requirements for Co-op Share Loans in New (or Recently Converted) Projects + +If the subject property is a unit in a new or recently converted co-op project, appraisers should select as comparables: + +- One closed or settled sale from the subject project, if one is available; and +- Two closed or settled sales from outside of the project. + +If closed or settled sales are not available in the subject project, appraisers must use sales from competing projects. + +See **B4-1.3-08, Comparable Sales**, for general requirements regarding comparable selection. + +### Recent Related Announcements + +There are no recently issued Announcements related to this topic. + +--- + +## B4-1.4-05, Leasehold Interests Appraisal Requirements (11/06/2024) + +### Introduction + +This topic contains information on special appraisal considerations for properties subject to leasehold interests, including: + +- Overview +- Appraisal Requirements for Leasehold Interests +- Comparable Selection Requirements for Leasehold Interests + +### Overview + +A mortgage that is secured by a leasehold estate or is subject to the payment of “ground rent” gives the borrower the right to use and occupy the real property under the provisions of a lease agreement or ground lease, for a stipulated period of time, as long as the conditions of the lease are met. When the lease holder is a community land trust, there may be significant restrictions on both the purchase and resale of the property. For more information on appraising this type of leasehold, see **B4-1.4-06, Community Land Trust Appraisal Requirements**. + +### Appraisal Requirements for Leasehold Interests + +The appraisal requirements for leasehold interest properties are as follows: +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_610.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_610.md new file mode 100644 index 0000000000000000000000000000000000000000..b21bdbaf704855d12db180cae5f6fd9c24fd5de2 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_610.md @@ -0,0 +1,32 @@ +```markdown +# Fannie Mae + +- Appraisers must develop a thorough, clear, and detailed narrative that identifies the terms, restrictions, and conditions regarding lease agreements or ground leases and include this information as an addendum to the appraisal report. + +- Appraisers must discuss what effect, if any, the terms, restrictions, and conditions of the lease agreement or ground lease have on the value and marketability of the subject property. + +## Comparable Selection Requirements for Leasehold Interests + +When there are a sufficient number of closed comparable property sales with similar leasehold interests available, the appraiser must use the property sales in the analysis of market value of the leasehold estate for the subject property. + +However, if not enough comparable sales with the same lease terms and restrictions are available, appraisers may use sales of similar properties with different lease terms or, if necessary, sales of similar properties that were sold as fee simple estates. The appraiser must explain why the use of these sales is appropriate, and must make appropriate adjustments in the Sales Comparison Approach adjustment grid to reflect the market reaction to the different lease terms or property rights appraised. See B4-1.3-08, Comparable Sales, for general requirements regarding comparable selection. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-07 | November 06, 2024 | + +## Introduction + +This topic contains information on special appraisal considerations for properties subject to a community land trust, including: + +- Appraiser Qualifications for Appraising Properties Located in a Community Land Trust +- Appraisal Requirements for Community Land Trust Appraisals +- Comparable Selection Requirements for Determining Fee Simple Value +- Determining the Capitalization Rate +- Determining the Leasehold Value +- Addendum to the Appraisal Report +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_611.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_611.md new file mode 100644 index 0000000000000000000000000000000000000000..44fafcc53bfaad3bc080c3e1b5b016ab2cbb98c5 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_611.md @@ -0,0 +1,25 @@ +```markdown +# Fannie Mae + +## Appraiser Qualifications for Appraising Properties Located in a Community Land Trust + +The lender must ensure that the appraiser is knowledgeable and experienced in the appraisal techniques, namely the direct capitalization and the market derivation of capitalization rates that are necessary to appraise a property subject to a leasehold estate held by a community land trust. Lenders must establish policies and procedures to ensure that qualified individuals are being selected in accordance with Fannie Mae requirements including the Appraiser Independence Requirements. + +## Appraisal Requirements for Community Land Trust Appraisals + +The appraisal requirements for community land trust properties are as follows: + +- The appraiser must analyze the property subject to the ground lease when a leasehold interest is held by a community land trust. Because the community land trust typically subsidizes the sales price to the borrower, that price may be significantly less than the market value of the leasehold interest in the property. + +- The appraised value of the leasehold interest in the property must be well supported and correctly developed by the appraiser because the resale restrictions, as well as other restrictions that may be included in the ground lease, can also affect the value of the property. Fannie Mae requires the Community Land Trust Ground Lease Rider, that the lender and the borrower must execute, to remove such restrictions from the community land trust’s ground lease. The land records for the subject property must include adoption of the terms and conditions that are incorporated in that ground lease rider. The appraiser must develop the opinion of value for the leasehold interest under the hypothetical condition that the property rights being appraised are the leasehold interest without the resale and other restrictions that the ground lease rider removes when Fannie Mae has to dispose of a property acquired through foreclosure. (For additional information, see Section B5-5.3, Shared Equity Transactions, for legal considerations.) + +- The appraiser must use a three-step process to develop an opinion of value. + + **Step 1:** The appraiser must determine the fee simple value of the property by using the sales comparison analysis approach to value. + + **Step 2:** The appraiser must determine the applicable capitalization rate and convert the income from the ground lease into a leased fee value by using the market-derived capitalization rate. + + **Step 3:** The appraiser must determine the leasehold value by reducing the fee simple value by the lease fee value. (For detailed information related to this process, see below.) + +| **Note:** When this appraisal technique is used, there is no need to document the actual land value of the property. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_612.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_612.md new file mode 100644 index 0000000000000000000000000000000000000000..109d0d09aa2e80eef8c216b058aeec2d413a409b --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_612.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## The Security Property + +On the actual appraisal report form, the appraiser must: + +- Indicate “leasehold” as the property rights appraised. +- Provide the applicable ground rent paid to the community land trust. +- Show the estimated fee simple value for the property in the Sales Comparison Approach adjustment grid. +- Report the “leasehold value” as the indicated value conclusion. +- Check the box “as is” and include in the addendum the development of the capitalization rate and an expanded discussion of the comparable sales used and considered. + +## Comparable Selection Requirements for Determining Fee Simple Value + +In determining the fee simple value of the subject property, the appraiser must use comparable sales of similar properties that are owned as fee simple estates. If this is not possible, the appraiser may use sales of properties that are subject to other types of leasehold estates as long as they make appropriate adjustments, based on the terms of their leases, to reflect a fee simple interest. + +When the community or neighborhood has sales activity for other leasehold estates held by a community land trust, the appraiser must discuss them in the appraisal report, but must not use them as comparable sales because, in all likelihood, the sales prices will have been limited by restrictions in the ground lease. Therefore, these sales transactions would not be comparable to the hypothetical condition that the property rights being appraised are the leasehold interest without the resale and other restrictions on which Fannie Mae requires the appraisal of the subject property to be based. See B4-1.3-08, Comparable Sales, for general requirements regarding comparable selection. + +## Determining the Capitalization Rate + +When the community has an active real estate market that includes sales of properties owned as fee simple estates and sales of properties subject to leasehold estates other than those held by community land trusts, the appraiser can use the most direct method for determining the capitalization rate, extracting it from the market activity. To extract the capitalization rate, the appraiser must divide the annual ground rent for the properties subject to leasehold estates by the difference in the sales prices for the comparable sales of properties owned as fee simple estates and the comparable sales of properties subject to leasehold estates. + +If there are no available comparable sales of properties subject to leasehold estates other than those held by a community land trust, the appraiser must develop a capitalization rate by comparing alternative low-risk investment rates, such as the rates for long-term bonds, and selecting a rate that best reflects a “riskless” (safe) rate. + +## Determining the Leasehold Value + +To determine the leasehold value of the subject property, the appraiser must first convert the annual income from the community land trust’s ground lease into a leased fee value by dividing the income by the market- +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_613.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_613.md new file mode 100644 index 0000000000000000000000000000000000000000..34022bfd7f58bf2b2ec84031f83d0ee5b3da16b5 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_613.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Derived Capitalization Rate + +The appraiser must then reduce the estimated fee simple value of the subject property by this leased fee value to arrive at their opinion of the leasehold value of the subject property. + +For example, assume that the annual ground rent from the community land trust’s ground lease is $300, the market-derived capitalization rate is 5.75%, and the estimated fee simple value of the subject property is $100,000: + +- $300 annual rent / 5.75% capitalization rate = $5,217.39 (rounded to $5,200) +- $100,000 fee simple value - $5,200 leased fee value = $94,800 (leasehold value) + +## Addendum to the Appraisal Report + +Because Fannie Mae’s appraisal report forms do not include space to provide all of the details required for appraising a property subject to a leasehold held by a community land trust, the appraiser must attach an addendum to the appraisal report to provide any information that cannot otherwise be presented on the appraisal report form. As previously mentioned, the appraiser must check the box “as is” and include in the addendum the development of the capitalization rate and an expanded discussion of the comparable sales used and considered. The addendum must also include the following statement: + +> “This appraisal is made on the basis of the hypothetical condition that the property rights being appraised are the leasehold interest without resale and other restrictions that are removed by the Community Land Trust Ground Lease Rider.” + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|-----------------------------|---------------------| +| Announcement SEL-2025-01 | February 05, 2025 | +| B4-1.4-07, Mixed-Use Property Appraisal Requirements | April 15, 2014 | + +## Introduction + +This topic contains information on special appraisal considerations for mixed-use properties, including: + +- Overview +- Appraisal Requirements for Mixed-Use Properties + +### Overview +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_614.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_614.md new file mode 100644 index 0000000000000000000000000000000000000000..b568ddec13a626d7874ca91793479f2bc1a38d9e --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_614.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +Fannie Mae purchases or securitizes mortgage loans secured by properties that have a business use in addition to their residential use provided that special eligibility criteria are met. These business uses can include, but are not limited to, properties with space set aside for day care facilities, beauty or barber shops, or doctor’s offices. For eligibility criteria, see B2-3-04, Special Property Eligibility Considerations. + +## Appraisal Requirements for Mixed-Use Properties + +The appraisal requirements for mixed-use properties must: + +- Provide a detailed description of the mixed-use characteristics of the subject property; +- Indicate that the mixed use of the property is a legal, permissible use of the property under the local zoning requirements; +- Report any adverse impact on marketability and market resistance to the commercial use of the property; and +- Report the market value of the property based on the residential characteristics, rather than of the business use or any special business-use modifications that were made. + +## Recent Related Announcements + +There are no recently issued Announcements related to this topic. + +## B4-1.4-08, Environmental Hazards Appraisal Requirements (03/01/2023) + +### Introduction + +This topic contains information on special appraisal considerations for properties affected by environmental hazards, including: + +- Overview +- Appraisal Requirements +- Lender Requirements + +### Overview + +Fannie Mae purchases or securitizes mortgage loans secured by properties affected by environmental hazards if the effect of the hazard is measurable through an analysis of comparable market data as of the effective date of the appraisal, and the appraiser reflects in the appraisal report any adverse effect that the hazard has on the value and marketability of the subject property or indicates that the comparable market data reveals no buyer resistance to the hazard. + +In rare situations, a particular environmental hazard may have a significant effect on the value of the subject. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_615.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_615.md new file mode 100644 index 0000000000000000000000000000000000000000..0fa1eb74fb041b13093321add1d6995457c3326e --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_615.md @@ -0,0 +1,24 @@ +```markdown +# Fannie Mae + +Property, although the actual effect is not measurable because the hazard is so serious or so recently discovered that an appraiser cannot arrive at a reliable opinion of market value because there is no comparable market data available, such as sales, contract sales, or active listings that are available to reflect the effect of the hazard. In such cases, the mortgage will not be eligible for delivery to Fannie Mae. + +## Appraisal Requirements + +When the appraiser has knowledge of any hazardous condition, whether it exists in or on the subject property or on any site within the vicinity of the property, including but not limited to, the presence of hazardous wastes, toxic substances, asbestos-containing materials, urea-formaldehyde insulation, or radon gas, the appraiser must: + +- Note the hazardous condition in the appraisal report; +- Comment on any influence the hazard has on the property’s value and marketability, if it is measurable through an analysis of comparable market data as of the effective date of the appraisal, or indicate that the comparable market data reveals no buyer resistance to the hazard; +- Make appropriate adjustments in the overall analysis of the property’s value; and +- Make the appraisal "subject to" inspection by a qualified professional. + +Fannie Mae expects the appraiser to consider and use comparable market data from the same affected area because the sales prices of settled sales, the contract sales prices of pending sales, and the current asking prices for active listings will reflect any negative effect on value and marketability of the subject property. + +**Note:** Fannie Mae does not consider the appraiser to be an expert in the field of environmental hazards. The typical residential real estate appraiser is neither expected nor required to be an expert in this specialized field. The appraiser, however, has a responsibility to note in the appraisal report any adverse conditions that were observed during the inspection of the subject property or information that they became aware of through the normal research involved in performing an appraisal. + +## Lender Requirements + +Fannie Mae requires the lender to disclose any information regarding environmental hazards to the appraiser and note the individual mortgage file accordingly if the real estate agent, the property seller, the property purchaser, or any other party to the mortgage transaction informs the lender that an environmental hazard exists in or on the property, or in the vicinity of the property. Fannie Mae also requires the lender to disclose such information to the borrower, and to comply with any state or local environmental laws regarding disclosure. + +The lender must make the final decision about the need for inspections and the adequacy of the property as security for the mortgage. For example, because Fannie Mae requires the appraiser to comment on the effect of a hazard on the value and marketability of the subject property, the appraiser would have to note when there is market resistance to an area because of environmental hazards or any other conditions that affect well, septic, or public water facilities. When the lender has reason to believe that private well water that is on or available to a property might be contaminated as a result of the proximity of the well to hazardous waste sites, the lender is exercising sound judgment if it obtains a “well certification” to determine whether the water meets community standards. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_616.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_616.md new file mode 100644 index 0000000000000000000000000000000000000000..64e3cf8418fc980f46c6e2ec00d39270b19a4a0c --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_616.md @@ -0,0 +1,33 @@ +```markdown +# Fannie Mae + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| SEL-2023-02 | March 01, 2023 | +| B4-1.4-09 | April 15, 2014 | + +## Introduction + +This topic contains information on special appraisal considerations for properties in special assessment or community facilities districts, including: + +- Overview +- Lender Responsibilities Related to Special Assessment or Community Facilities Districts +- Special Assessment Districts +- Appraisal Requirements for Properties Located in Special Assessment Districts +- Community Facilities Districts +- Appraisal Requirements for Properties Located in Community Facilities Districts + +## Overview + +Alternative methods for raising the capital necessary to satisfy utility and infrastructure requirements are sometimes used in the development of new residential communities. In some instances, this involves the creation of local districts called special assessment districts or community facilities districts that have the authority to assess homeowners for the cost of developing utility services and various infrastructure facilities, including, but not limited to, roads, sewer services, schools, police and fire protection services, and libraries. + +## Lender Responsibilities Related to Special Assessment or Community Facilities Districts + +Fannie Mae expects the lender to know if a property is located in one of these districts and to be aware of the effect that assessments levied by the district could have on property values and the marketability of the subject property. The lender’s appraiser, therefore, must give special consideration to the valuation of properties located in these districts. + +## Special Assessment Districts +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_617.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_617.md new file mode 100644 index 0000000000000000000000000000000000000000..3bef6acba8826af5fe65695b34c1e32bc14d1673 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_617.md @@ -0,0 +1,26 @@ +```markdown +# Fannie Mae + +## Special Assessment Districts + +Special assessment districts, also called special tax districts or municipal utility districts, provide a specific service to homeowners living in a designated area. They are most often established to provide water or other utilities in areas that are not served by existing city or municipal utility services. The need for these districts arises when an existing utility service does not have sufficient capacity, or may not find it economically feasible to provide services for newly created subdivisions that are located beyond its current operating area. State law governing the establishment of special assessment districts varies greatly, as does the financial strength of the individual districts. These districts are granted the authority to assess owners of properties within their boundaries for funds that will be used to cover their operating costs and debt service. + +Special assessment districts that are established to serve newly developing subdivisions with utilities often base their financial plans and the amount of the assessment to be charged to each property owner on the expected number of properties in the area to be served. The district then depends on the continuation of development to maintain its budget expectations. If, for any reason, development stops short of the degree of development that the district anticipated in preparing its budget, the district can become financially distressed and may need to impose an additional assessment on the existing homeowners. + +### Appraisal Requirements for Properties Located in Special Assessment Districts + +The appraisal requirements for properties located in special assessment districts must: + +- Report any special assessments that affect the property, and +- Note in the appraisal report if the special assessment district is experiencing financial difficulty and that the difficulty has an effect on the value or marketability of the subject property. + +To ensure that the reaction of the market to the potential liabilities that may arise within a financially troubled special assessment district is reflected in their analysis, the appraiser must consider current and expired listings or properties for sale within the district and any pending contract sales and recent closed sales within the district. + +There may be some instances in which the financial difficulty of a special assessment district is so severe that its actual effect on the value and marketability of a property is not measurable because there is no comparable market data available to enable the appraiser to arrive at a reliable opinion of market value. When this is the case, a mortgage secured by a property in that district will not be eligible for delivery to Fannie Mae until such time that an active market develops that will enable the appraiser to demonstrate the value and marketability of the subject property. + +## Community Facilities Districts + +Some jurisdictions have passed legislation that creates community facilities districts and permits them to levy a special tax to fund the capital costs of a wide variety of public improvements, as well as the ongoing operation and maintenance costs of a limited number of public services. Proceeds from the special tax are used to support the sale of tax-exempt bonds for the various capital improvements that are allowed under the legislation, including but not limited to, roads, sewer services, schools, police and fire protection services, and libraries. + +The assessment that will be used to repay the tax-exempt bonds becomes an ongoing responsibility of the property owner, similar to state and local property taxes. The assessment lien and the obligation to pay the assessment passes with the title to the property when ownership of the property is transferred. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_618.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_618.md new file mode 100644 index 0000000000000000000000000000000000000000..db1b87df6df3cad5dc4a03bcc90ea1394807ea13 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_618.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +Such legislation generally requires full disclosure of the special assessment to any purchaser of a property located in a community facilities district. Therefore, a lender originating mortgages in community facilities districts should disclose to the appraiser any information that it becomes aware of regarding special assessments on a given property. + +## Appraisal Requirements for Properties Located in Community Facilities Districts + +Appraisers must be aware of whether the subject property and the comparables are located within or affected by a community facilities district because properties subject to an assessment by one of these districts often compete against properties that are either subject to a significantly different assessment or no assessment at all. Appraisers must consider the reaction of the market, if any, to the assessment for the applicable community facilities district by analyzing similarly affected comparable sales in their analysis, and should note the effect of the assessment in the appraisal report. + +## Recent Related Announcements + +There are no recently issued Announcements related to this topic. + +## B4-1.4-10, Value Acceptance (Appraisal Waiver) (03/01/2023) + +### Introduction +This topic contains information about value acceptance (appraisal waiver), including: + +- Overview +- Prior Appraisal Requirements +- Eligible Transactions +- Ineligible Transactions +- Representations and Warranties +- Rural High-Needs Value Acceptance (Appraisal Waiver) +- Exercising a Value Acceptance (Appraisal Waiver) + +### Overview + +For certain loan casefiles, DU offers value acceptance (appraisal waiver), in which case an appraisal is not required. For loan casefiles that are not eligible for value acceptance (appraisal waiver), DU will require an appraisal reported on the appropriate appraisal report form for the type of property being appraised. + +### Prior Appraisal Requirements + +For value acceptance (appraisal waiver) to be considered, generally a prior appraisal must be found for the subject property in Fannie Mae’s Collateral Underwriter (CU) data. When required, DU will compare the address +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_619.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_619.md new file mode 100644 index 0000000000000000000000000000000000000000..def63aae2aee794c3dd194d5b00502ef40eece58 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_619.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +For the subject property to the property addresses found in CU. DU will use the information from the prior appraisal to determine if the loan casefile is eligible for the appraisal waiver. In some cases, the prior appraisal may not be acceptable. For example, if a CU “Overvaluation Flag” was issued on the prior appraisal, or the appraisal could not be scored, that prior appraisal will not be used and an appraisal waiver will not be offered on the new loan casefile. + +## Eligible Transactions + +A value acceptance (appraisal waiver) offer will be considered for the following transactions: + +- One-unit properties, including condos; +- Principal residence and second home transactions; +- Investment property refinance transactions; +- Certain purchase, limited cash-out, and cash-out refinance transactions; and +- DU loan casefiles that receive an Approve/Eligible recommendation. + +## Ineligible Transactions + +The following transactions are not eligible for a value acceptance (appraisal waiver) offer: + +- Two- to four-unit properties; +- Co-op units and manufactured homes; +- Proposed construction; +- Construction-to-permanent loans (single-close and two-close); +- HomeStyle Renovation and HomeStyle Energy loans; +- Leasehold properties; +- Texas Section 50(a)(6) loans; +- Community land trusts or other properties with resale price restrictions, which include loan casefiles using the Affordable LTV feature; +- Transactions where either the purchase price or estimated value provided to DU is $1,000,000 or more; +- Transactions using gifts of equity; +- DU loan casefiles that receive an Ineligible recommendation; and +- Manually underwritten loans. + +**Note:** DU may offer value acceptance (appraisal waiver) on a recently constructed property (i.e., new construction) when there is an existing “as is” prior appraisal for the subject property. For example, an appraisal of the subject property may have been performed for a different lender or borrower, but that loan did not close. The lender may execute the value acceptance (appraisal waiver) offer when the loan meets all other eligibility criteria for the transaction. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_620.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_620.md new file mode 100644 index 0000000000000000000000000000000000000000..707d24b66de38ea694bb6c98f582cfacbec3f424 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_620.md @@ -0,0 +1,38 @@ +```markdown +# Fannie Mae + +Furthermore, the lender may not exercise a value acceptance (appraisal waiver) offer and must order an appraisal if one or more of the following applies: + +- DU was unable to identify ineligible criteria in the list above (for example, Texas Section 50(a)(6) loans); +- The lender is required by law to obtain an appraisal (see A3-2-01, Compliance With Laws); +- The lender is using rental income from the subject property to qualify the borrower; or +- The lender believes that an appraisal is warranted based on additional information the lender has about the property or subsequent events. + +**Note:** The lender may not exercise a value acceptance (appraisal waiver) offer if an appraisal is obtained for the transaction. + +See B5-7-02, High LTV Refinance Underwriting, Documentation, and Collateral Requirements for the New Loan for additional information about high LTV refinance value acceptance (appraisal waiver). + +## Representations and Warranties + +When a loan casefile is eligible for value acceptance (appraisal waiver) and the offer is exercised by the lender, Fannie Mae accepts the value estimate submitted by the lender as the value for the subject property. See A2-2-06, Representations and Warranties on Property Value for more information. + +## Rural High-Needs Value Acceptance (Appraisal Waiver) + +In selected rural high-needs areas, Fannie Mae may offer a value acceptance (appraisal waiver) through DU for certain transactions. This value acceptance (appraisal waiver) may be combined with other loan products, such as HomeReady. + +The rural high-needs value acceptance (appraisal waiver) offer will be considered for the following transactions only: + +- Loan casefiles that receive an Approve/Eligible recommendation; +- Purchase transactions; +- One-unit principal residence properties (excluding manufactured homes); +- Borrowers with income at or below 100% of the area median income; and +- LTV ratios up to 97% and CLTV ratios up to 105% with a Community Seconds. + +The following are ineligible for the rural high-needs value acceptance (appraisal waiver): + +- Cash-out or limited cash-out refinances; +- Second homes and investment properties; and +- All other transactions that are ineligible for value acceptance (appraisal waiver) as listed above. + +The following table provides the requirements related to the home inspection. These requirements must be met. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_621.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_621.md new file mode 100644 index 0000000000000000000000000000000000000000..ca3d6eb9149d1942f0172a8c99b892532b8b34d5 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_621.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +## Rural High-Needs Appraisal Waiver + +For the lender to exercise the rural high-needs appraisal waiver: + +- The lender must: + - Obtain a home inspection to determine the property condition. The inspection report must be retained in the loan file and made available to Fannie Mae upon request. + - Review the inspection report to verify the property condition. The content of the inspection report must be sufficient for the lender to determine whether the property is safe, sound, and structurally secure. Any issues that compromise safety, soundness, or structural integrity must be repaired before loan delivery. + - Obtain an affidavit signed by the borrower(s) confirming that they received a copy of the property inspection report, read the report, and were notified of any lender-required repairs. + - Confirm that the purchase contract contains an inspection contingency that offers the borrower(s) enough time to cancel the contract without penalty if they so choose, should the inspection reveal an issue with the property. + - Confirm that the inspector has liability insurance. + - Use a professional inspector that meets the state license and education requirements for those states that regulate inspectors. + + **Note:** In states that do not have inspector licenses, inspectors that are professionally accredited members in good standing of a nationally recognized property inspection organization must be used. The national organization must require education, testing, and adherence to a code of ethics and to standards of practice. + + - Represent and warrant that the property is safe, sound, and structurally secure and that the property is not in C6 condition. See [A2-2-06, Representations and Warranties on Property Value](#) and [B4-1.3-06, Property Condition and Quality of Construction of the Improvements](#) for additional information. + +## Exercising a Value Acceptance (Appraisal Waiver) + +A lender may only exercise value acceptance (appraisal waiver) if: + +- The final submission of the loan casefile to DU resulted in a value acceptance (appraisal waiver) offer, +- An appraisal is not obtained for the transaction, and +- The value acceptance (appraisal waiver) offer is not more than four months old on the date of the note. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_622.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_622.md new file mode 100644 index 0000000000000000000000000000000000000000..40899315536bcf24efe9c71396868c7728b5a47f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_622.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae and the Mortgage + +Lenders that elect to exercise value acceptance (appraisal waiver) must include SFC 801 at delivery. Lenders may not adversely select against Fannie Mae in determining which value acceptance (appraisal waiver) offers to accept. Fannie Mae may monitor the lender’s exercise of value acceptance (appraisal waiver) offers and delivery of loans to Fannie Mae, and may take appropriate measures if adverse selection is identified. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|-----------------------|------------------| +| Announcement SEL-2023-02 | March 01, 2023 | +| Announcement SEL-2022-10 | December 14, 2022 | +| Announcement SEL-2020-03 | June 03, 2020 | +| Announcement SEL-2019-07 | August 07, 2019 | + +## B4-1.4-11, Value Acceptance + Property Data (02/07/2024) + +### Introduction + +This topic contains information on value acceptance + property data including: + +- Overview +- Eligible Transactions +- Ineligible Transactions +- Representations and Warranties +- Property Data Collection +- Property Data Collector +- Exercising Value Acceptance + Property Data +- Property Data Collection with Needed Repairs or Completion Verification + +### Overview + +For certain loan casefiles, DU offers value acceptance + property data - an option that requires interior and +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_623.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_623.md new file mode 100644 index 0000000000000000000000000000000000000000..b4f2cefa424531c164e1089392544c19b466cb4c --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_623.md @@ -0,0 +1,38 @@ +```markdown +# Fannie Mae + +Exterior property data collection to verify property eligibility prior to the note date. An appraisal is not required. + +## Eligible Transactions + +Loan casefiles for certain one-unit properties will be considered for value acceptance + property data. + +## Ineligible Transactions + +The following transactions are not eligible for value acceptance + property data: + +- Two- to four-unit properties; +- Co-op units; +- Manufactured homes; +- Proposed construction; +- Construction-to-permanent loans (single-close and two-close); +- Investment properties when rental income is used to qualify the borrower; +- HomeStyle Renovation and HomeStyle Energy loans; +- Texas 50(a)(6) loans; +- Leasehold properties; +- Community land trusts or other properties with resale price restrictions, which include loan casefiles using the Affordable LTV feature; +- Transactions where either the purchase price or estimated value provided to DU is $1,000,000 or more; +- Transactions using gifts of equity; +- DU loan casefiles that receive an Ineligible recommendation; and +- Manually underwritten loans. + +## Representations and Warranties + +When a loan casefile is eligible for value acceptance + property data and exercised by the lender, Fannie Mae accepts the value estimate submitted by the lender as the value for the subject property. See A2-2-06, Representations and Warranties on Property Value for more information. + +## Property Data Collection + +The property data collection consists of a visual observation of the interior and exterior areas of the subject property. It must be performed by a trained and vetted property data collector and must adhere to the Uniform Property Dataset (UPD). This dataset consists of all required, conditionally required, and optional data elements for property data collection of subject property data including photos and a floor plan conforming to the ANSI Standard. See Gross Living Area in B4-1.3-05, Improvements Section of the Appraisal Report for ANSI standards, the Property Data Collection User Guide and Uniform Property Dataset (UPD) Specification for more information. + +After the property data collection is completed, it must be successfully submitted to Fannie Mae's Property Data API. See Fannie Mae's website for more information about the UPD and the Fannie Mae Property Data API and access. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_624.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_624.md new file mode 100644 index 0000000000000000000000000000000000000000..6a29c00d35bf9fbcadcccf398a10c82bd793b10c --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_624.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +## Property Data Collector + +The property data collector is the individual who personally visits the subject property to perform the property data collection guided by an application on a hand-held device developed in compliance with the UPD. The property data collector must identify and communicate any safety, soundness, or structural integrity issues and significant items of incomplete construction or renovation. + +### Lender Vetting of Property Data Collectors + +The lender must verify and be able to demonstrate that the data collectors are: + +- Selected in accordance with Fannie Mae requirements, including the Property Data Collector Independence Requirements, +- Vetted through an annual background check, +- Professionally trained, and +- They possess the essential knowledge to competently complete the property data collection. + +The lender must ensure that the data collectors are trained to comply with their fair lending laws and deliver accurate results unaffected by personal biases. To avoid conflict of interest, the lender must ensure that the data collector has no interest in or ties to the underlying loan origination transaction, participants, or subject property. + +The lender or lender's agent must review the data collector's credentials and qualifications on an annual basis to ensure ongoing compliance. Evidence of the reviews must be available to Fannie Mae upon request. + +The lender must monitor and assess the work performed by the data collector through the lender's quality control program including prefunding and post-closing reviews. The lender must continually evaluate the quality of its property data collectors and property data collection (see D1-3-04, Lender Post-Closing Quality Control Review of Appraisers, Appraisals, Property Data Collectors, and Property Data Collection). + +## Exercising Value Acceptance + Property Data + +A lender may only exercise value acceptance + property data when: + +- The final submission of the loan casefile to DU resulted in an eligibility message for value acceptance + property data, +- Property data collection is submitted to the Property Data API prior to the note date, +- An appraisal is not obtained for the transaction, and +- The offer is not more than four months old on the date of the note and mortgage. + +Lenders that elect to exercise value acceptance + property data must include Special Feature Code 774 at loan delivery. The property data collection is only valid for 12 months from date of collection and must be performed prior to the note date. + +If the value acceptance + property data offer is lost due to changes in qualifying loan characteristics after the property data collection was obtained, in some cases it may be possible for the lender to provide the property data collection to an appraiser to perform a hybrid appraisal assignment. See B4-1.2-03, Hybrid Appraisals for specific requirements. Alternatively, the lender may obtain a desktop or traditional appraisal report as specified. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_625.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_625.md new file mode 100644 index 0000000000000000000000000000000000000000..7167f1a3a9731b60a9d9f38bad8f8f99633a3b9a --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_625.md @@ -0,0 +1,30 @@ +```markdown +# Fannie Mae + +**by DU.** + +## Property Data Collection with Needed Repairs or Completion Verification + +The lender must represent and warrant that the property: + +- Does not have safety, soundness, or structural integrity issues; +- Does not have significant items of incomplete construction or renovation; and +- Meets Fannie Mae's property eligibility requirements (See B2-3-01, General Property Eligibility). + +To make these representations and warranties in the absence of an appraisal, the lender must examine the descriptive information and photo exhibits from the property data collection to determine whether the property meets the above requirements. + +When the property data collection evidences any items failing eligibility requirements, the lender may need to obtain a professionally prepared report from a qualified professional to confirm the eligibility of the property and if repairs are required (well, septic, foundation, roof, electrical, mold, etc.). If repairs or alterations are necessary to bring the property into compliance with Fannie Mae's eligibility requirements, the lender must provide satisfactory evidence and documentation showing the condition has been corrected or completed prior to sale of the loan to Fannie Mae. + +See Form 1004D and Completion Alternatives in B4-1.2-05, Requirements for Verifying Completion and Postponed Improvements for the applicable requirements to verify completion of repairs, alterations, or inspections. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Dates | +|---------------------|-------------------| +| Announcement SEL-2024-01 | February 07, 2024 | +| Announcement SEL-2023-09 | October 04, 2023 | +| Announcement SEL-2023-07 | August 02, 2023 | +| Announcement SEL-2023-02 | March 01, 2023 | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_626.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_626.md new file mode 100644 index 0000000000000000000000000000000000000000..0ac2822000aa12f60dc50c66f5504f9a61b5ddad --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_626.md @@ -0,0 +1,37 @@ +```markdown +# Fannie Mae + +## Chapter B4-2, Project Standards + +### Introduction + +This chapter describes Fannie Mae’s project standards, policies, and requirements. + +## Section B4-2.1, General Project Standards + +### B4-2.1-01, General Information on Project Standards (11/06/2024) + +#### Introduction + +This topic contains general information on Fannie Mae’s project standards, including: + +- Fannie Mae’s Project Risk Overview +- Project Documentation +- Condominium Project Questionnaire +- Project Types +- Project Review Methods +- Waiver of Project Review +- Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project +- Priority of Common Expense Assessments +- Delivery Requirements +- Expiration for Project Reviews + +### Fannie Mae's Project Risk Overview + +The quality of mortgages secured by units in condo, co-op, and planned unit development (PUD) projects can be influenced by certain characteristics of the project or by the project as a whole. Before delivering a loan secured by an individual unit in a project, the lender must determine that the project meets Fannie Mae's eligibility requirements. + +Project eligibility risk is a risk that is distinct from the credit risk presented by individual borrowers. Units located in a project present risks that are also distinct from the risks associated with properties that are not part of a homeowners’ association (HOA) or project. These risks include the following: + +- The financial stability and viability of the project; +- The condition and marketability of the project; +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_627.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_627.md new file mode 100644 index 0000000000000000000000000000000000000000..4085c9738696d88cc5db990c0b3f58edc3628df1 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_627.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Limitations and Risks + +- Limitations on the unit owner's ability to control the decision-making for the project, occupy the unit, or utilize the project’s amenities and common elements. +- Dissolution of the project and the unit owner’s resulting rights and responsibilities. +- Project-level litigation. +- Project-level misrepresentation and fraud. +- The inability to cure a mortgage default due to restrictions in the project documents such as, but not limited to, right of first refusal provisions. +- Insurance coverage that is inadequate to protect the project from unexpected losses. + +## Project Eligibility and Financial Strength + +Project eligibility and financial strength are key drivers of credit performance on individual unit mortgages and critical to the long-term success of the project. Fannie Mae’s project eligibility and underwriting requirements seek to mitigate project-level risks and to ensure that projects are demonstrably well-managed. + +Lenders that sell mortgage loans secured by units in a condo, co-op, or PUD project to Fannie Mae are expected to have staff that are knowledgeable about and qualified to evaluate the specific risks presented by these types of projects. The project review is in addition to the review the lender completes for underwriting the borrower, the transaction terms, and the individual unit appraisal. + +Fannie Mae’s project standards requirements are intended to address common project types across a broad geographic range. If a lender determines that a project does not meet all of Fannie Mae’s project eligibility criteria, but feels that the project has merit and warrants additional consideration, the lender may request an exception (see B4-2.2-07, Projects with Special Considerations and Project Eligibility Waivers, for additional information). + +## Project Documentation + +The documentation needed to complete a project review may differ depending on the project and review type. Lenders are responsible for determining the documentation needed to ensure that the project meets all of Fannie Mae’s eligibility requirements. Project documentation may include, but is not limited to, the following: + +- Legal and recorded documents including the covenants, conditions and restrictions, declaration of condominium, or other similar documents that establish the legal structure of the project. +- Project budgets, financial statements, and reserve studies. +- Project construction plans. +- Architects’ or engineers’ reports. +- Completion reports. +- Project marketing plans. +- Environmental hazard reports. +- Attorney opinions. +- Appraisal reports. +- Evidence of insurance policies and related documentation. +- Condominium project questionnaires. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_628.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_628.md new file mode 100644 index 0000000000000000000000000000000000000000..2125cd42190364dc203d766e3e12204b501f11c9 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_628.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Sources for Project Information + +Sources for project information include, but are not limited to, appraisers, HOAs, co-op corporations, management companies, real estate agents, insurance professionals, and project developers. Lenders are responsible for the accuracy of any information obtained from these sources. + +## Document Retention + +Lenders must retain all of the project documentation needed to demonstrate that the project meets Fannie Mae’s eligibility requirements, including any documentation the lender relied upon to enter information into CPM. This documentation must be retained, and made available upon request, as long as lenders originate mortgages from the project, and until all mortgages sold to Fannie Mae have been liquidated. + +## Condominium Project Questionnaire + +The Condominium Project Questionnaire (Form 1076) helps lenders collect data to determine condo project eligibility. This form is optional; however, lenders are encouraged to use and retain the form in the loan file. A substantially similar form may also be used in its place. + +## Project Types + +The scope of Fannie Mae’s requirements and the specific eligibility criteria to be met are dependent upon various project types and/or loan level characteristics. The characteristics that define each project type are described in the following table. + +## Project Type Identification Criteria + +A project for which all of the following are true: + +- At least 90% of the total units in the project have been conveyed to unit purchasers; +- The project is 100% complete, including all units and common elements; +- The project is not subject to additional phasing or annexation; and +- Control of the HOA has been turned over to the unit owners. + +A project may also be treated as an established project with less than 90% of the units sold to unit purchasers, provided the deficit is the result of the developer holding back units for rent. The following requirements must be met: + +- Construction is 100% complete; +- The project is not subject to any additional phasing or annexation, and the HOA has been turned over to the unit owners; +- The developer’s share of the units held back for rental is no more than 20% of the project’s total units; +- HOA fees are paid current in developer-held units; and +- There are no active or pending special assessments in the project. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_629.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_629.md new file mode 100644 index 0000000000000000000000000000000000000000..086ee6a5c0e36287bca7f46ea3fc2bbd90460245 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_629.md @@ -0,0 +1,45 @@ +```markdown +# Project Type + +- New condo project +- Detached condo project +- Two- to four-unit condo project +- Manufactured home project +- Co-op project +- Planned unit development (PUD) project +- Horizontal Property Regimes + +# Fannie Mae + +## Identification Criteria + +A project for which one or more of the following is true: + +- Fewer than 90% of the total units in the project have been conveyed to unit purchasers (or 80% if it meets the exception noted in the row above); +- The project is not fully completed, such as proposed construction, new construction, or the proposed or incomplete conversion of an existing building to a condo; +- The project is newly converted; +- The project is subject to additional phasing or annexation; or +- HOA still in the developer’s control. + +## Project Types + +### Detached Condo Project +A project comprised solely of detached units or that comprises a mixture of attached and detached units and may be a new or established project. + +### Two- to Four-Unit Condo Project +A project comprised of two, three, or four residential units in which each unit is evidenced by its own title and deed. A two- to four-unit condo project may be either a new or established project and may be comprised of attached and/or detached units. + +### Manufactured Home Project +A project consisting partially or solely of manufactured homes. + +### Co-op Project +A project in which a corporation or trust holds title to the property and sells shares of stock representing the value of a single apartment unit to individuals who, in turn, receive a proprietary lease as evidence of title. + +### Planned Unit Development (PUD) Project +A project or subdivision that consists of common property and improvements that are owned and maintained by an HOA for the benefit and use of the individual PUD unit owners. The unit owners in the project have title to a residential property (lot and structure) and an interest in the HOA that owns or manages the common area and facilities of the PUD. + +See B4-2.3-01, Eligibility Requirements for Units in PUD Projects, for additional detail used in determining whether a project is new or established and subject to Fannie Mae’s PUD eligibility requirements. + +### Horizontal Property Regimes +Fannie Mae considers a development to be a condo project any time it is declared or filed as a horizontal property regime in accordance with local statutes. Exception is made, if the local statute provides for the. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_630.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_630.md new file mode 100644 index 0000000000000000000000000000000000000000..e43f8c6a61fd14c1cdf5a9e5095baba23879cba1 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_630.md @@ -0,0 +1,32 @@ +```markdown +# Fannie Mae + +A horizontal property regime to be created as a PUD development and the project’s legal documents specifically state that the project is a PUD. + +Lenders must determine if the subject unit is located in a condo or PUD and use the appropriate mortgage documents and appraisal forms. + +## Project Review Methods + +Fannie Mae purchases or securitizes mortgage loans secured by units in condo, co-op, and PUD projects that meet Fannie Mae's eligibility requirements. To determine whether the project meets these requirements, a number of project review methods are available. Whether a project review method is allowable or required depends on: + +- The number of units in the project (two- to four- or more than four); +- The unit type (attached or detached); +- The project type (condo, co-op, or PUD); +- The project status (new or established); and +- The mortgage transaction. + +The characteristics that dictate which method to use are shown in the following table. + +### Unit and Project Type + +- **Attached condo unit in a new or newly converted project** + - Full Review completed with Condo Project Manager (CPM), or + - Fannie Mae Review through the standard Project Eligibility Review Service (PERS) process + +- **Attached condo unit in an established project** + - Based on the LTV, CLTV, and HCLTV ratios, occupancy, and location (projects in Florida), these projects may be reviewed using a Limited Review. + - Projects not meeting the Limited Review criteria must be reviewed using a: + - Full Review (with CPM), + - FHA Project Approval (HUD Review and Approval Process only), or + - Fannie Mae Review through the streamlined PERS process (for established condo projects) +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_631.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_631.md new file mode 100644 index 0000000000000000000000000000000000000000..45de0a47344a4e155436ffca6b7918c9a564a43a --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_631.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +## Unit and Project Type + +- Unit in a new or established two- to four-unit condo project +- Detached unit in a new or established condo project +- Unit in a co-op project +- Established condo project consisting solely of multi-width manufactured homes not subject to a community land trust, deed restriction, ground lease, or shared equity arrangement + - New condo project consisting of manufactured homes (including those subject to a community land trust, deed restriction, ground lease, or shared equity arrangement) +- New PUD project consisting of manufactured homes subject to a community land trust, deed restriction, ground lease, or shared equity arrangement +- Newly converted non-gut rehabilitation condo and co-op projects (with attached units) that contain more than four units +- New or newly converted condo project consisting of attached units located in Florida +- Limited or shared equity co-op projects, provided the limited or shared equity provisions are designed to preserve or promote access to affordable housing + +## Project Review Methods + +- Project review is waived, with the exception of some basic requirements that apply. +- Project review is waived, with the exception of some basic requirements that may apply. +- Full Review +- Fannie Mae Review through the standard PERS process + +**Note:** Lenders must obtain special approval to be eligible to deliver co-op share loans to Fannie Mae secured by ownership interest in a co-op share project. See A2-1-01, Contractual Obligations for Sellers/Servicers, for additional information. + +- Full Review (without CPM) +- Fannie Mae Review through the standard PERS process +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_632.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_632.md new file mode 100644 index 0000000000000000000000000000000000000000..522a6e9e3ce89cb2d5c0478415f21cd0c560597d --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_632.md @@ -0,0 +1,38 @@ +```markdown +# Fannie Mae + +## Unit and Project Type Project Review Methods + +- **Established condo project consisting of single-width manufactured homes** +- **Established condo or established PUD project consisting of manufactured homes subject to a community land trust, deed restriction, ground lease, or shared equity arrangement** + +### Fannie Mae Review through the Streamlined PERS Process + +- Project review is waived, with the exception of some basic requirements that apply. + +### FHA Project Approval + +- **Unit in a PUD project** +- **Unit in a condo project approved by the FHA** (see [B4-2.2-05, FHA-Approved Condo Review Eligibility](#) for additional details) + +> **Note:** Unless specifically noted in the above table, all references to manufactured homes may be single-width, multi-width, or a combination of both. + +## Waiver of Project Review + +Fannie Mae does not require a thorough project review for several types of projects or loan transactions, including: + +- Detached condo units; +- Units in a two- to four-unit condo project; +- Units in a PUD project, except for PUD projects consisting of single-width and/or multi-width manufactured homes subject to a community land trust, deed restriction, ground lease, or shared equity arrangement; +- Fannie Mae to Fannie Mae limited cash-out refinances with LTV ratios < 80%; and +- High LTV refinance loans. + +See [B4-2.1-02, Waiver of Project Review](#) for additional information and for the requirements that apply when a project review is waived. + +## Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project + +All mortgages secured by units in condo, co-op, or PUD projects must comply with the following: + +- Requirements specific to the project review method used to determine that project’s eligibility; +- Property eligibility requirements (described in [Chapter B2-3, Property Eligibility](#)). +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_633.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_633.md new file mode 100644 index 0000000000000000000000000000000000000000..6907cadcef268a9b90be1d46f8a528a4de71d502 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_633.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +- Priority of common expense assessments (described below); and +- When an appraisal of the property is obtained, it must meet all applicable appraisal requirements (described in Chapter B4-1, Appraisal Requirements). + +## Priority of Common Expense Assessments + +Fannie Mae allows a limited amount of regular common expense assessments (typically known as HOA fees) to have priority over Fannie Mae’s mortgage lien for mortgage loans secured by units in a condo or PUD project. This applies if the condo or PUD project is located in a jurisdiction that has enacted: + +- The Uniform Condominium Act, +- The Uniform Common Interest Ownership Act, or +- A similar statute that provides for unpaid assessments to have priority over first mortgage liens. + +The table below describes the permitted priority of common expense assessments for purposes of determining the eligibility of a mortgage loan secured by a unit in a condo or PUD project for purchase by Fannie Mae. + +| If the condo or PUD project... | Then... | +|--------------------------------|---------| +| Is located in a jurisdiction that enacted a law on or before January 14, 2014, that provides that regular common expense assessments will have priority over Fannie Mae’s mortgage lien for a maximum amount greater than six months, | The maximum number of months of regular common expense assessments permitted under the applicable jurisdiction’s law as of January 14, 2014, may have priority over Fannie Mae's mortgage lien, provided that if the applicable jurisdiction’s law as of that date referenced an exception for Fannie Mae’s requirements, then no more than six months of regular common expense assessments may have priority over Fannie Mae’s mortgage lien. | +| Is located in any other jurisdiction, | No more than six months of regular common expense assessments may have priority over Fannie Mae’s mortgage lien, even if applicable law provides for a longer priority period. | + +Notwithstanding any provisions to the contrary in the Guide, which do not require the lender to represent or warrant compliance with Fannie Mae project legal document requirements, the condo or PUD project legal documents must evidence compliance with the above priority of common expense assessment requirements. + +## Delivery Requirements + +When delivering a loan for a unit located in a project, the lender must provide the Project Type Code and any applicable special feature codes as shown in the following table. The lender must also report all other applicable... +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_634.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_634.md new file mode 100644 index 0000000000000000000000000000000000000000..e456ebc2fa9c8b8733dc781b41d1f8412642a0b5 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_634.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +## Special Feature Code(s) + +Including those specified in a variance in the Lender Contract and in the Special Feature Codes document on Fannie Mae's website. + +## Project Type Code + +| Code | Description | +| ---- | ------------------------------------------------------------------------------- | +| 588 | Established PUD project | +| 296 | New PUD project | +| | Limited Review—New condo project | +| | Limited Review—Established condo project | +| | Full Review—New condo project | +| | Full Review—Established condo project | +| | Fannie Mae-approved condo or PUD project, including those approved through PERS | +| | FHA-approved condo project | +| | Condo project review waived - for certain project and transaction types | +| | Full Review—Co-op project | +| | Fannie Mae-approved co-op project, including those approved through PERS | + +## Description + +### Detached Condominium Unit + +Used to identify detached units in an attached or detached condominium project. + +### Project Eligibility Waiver + +Used to identify loans for which Fannie Mae has provided a loan-level waiver for a specific project eligibility requirement. + +### CPM ID Delivery Requirements +``` diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_635.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_635.md new file mode 100644 index 0000000000000000000000000000000000000000..9a067a7d56064d0e60ea584bef8e2a485cf5214d --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_635.md @@ -0,0 +1,34 @@ +```markdown +# Fannie Mae + +Lenders are required to deliver the CPM ID number in the field for "FNM Condominium Project Manager Project Identifier" (Sort ID 39) in ULDD for the following projects: + +- Projects that require the use of CPM; and +- Projects with a Fannie Mae Approval that are delivered as Type T, or Type 2 co-ops. + +Lenders are encouraged to include the condo or co-op’s HOA or Project IRS Federal Tax Identification Number (TIN) in the loan file and in CPM. + +## Expiration for Project Reviews + +Project reviews must meet the following timeline requirements. + +| Project Review Process Employed | Expiration of Project Review | +|---------------------------------|------------------------------| +| Limited Review | Must have been completed within one year prior to the note date | +| Full Review for Established Projects | Must have been completed within 180 days prior to the note date | +| Full Review for New Projects | Must have been completed within 180 days prior to the note date | +| Approved by Fannie Mae as reflected in CPM | Must be valid (unexpired) as of the note date | +| Approved by FHA | Must be valid (unexpired) as of the note date | + +Loans must be delivered to Fannie Mae within 120 days following the note date. When the elapsed time between note date and delivery date exceeds this limit, the lender may deliver the loan only if the project continues to meet Fannie Mae project eligibility requirements at the time of delivery. + +Loans secured by units in a project that fails to meet Fannie Mae’s project eligibility requirements under the applicable review type as of the note date are eligible for delivery after the project comes into compliance with the eligibility requirements (provided all standard mortgage seasoning and other applicable requirements are met). For example, if a lender closes a loan in a new project for which the pre-sales are less than the pre-sale requirement, the lender may deliver the loan after the project’s pre-sales meet the Fannie Mae requirement (assuming the loan meets all other applicable requirements). + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-07 | November 06, 2024 | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_636.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_636.md new file mode 100644 index 0000000000000000000000000000000000000000..e2300126362609a0428e6d3371147cbe9374e454 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_636.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Announcements + +| Issue Date | Announcement | +|--------------------------|--------------------| +| March 01, 2023 | SEL-2023-02 | +| March 02, 2022 | SEL-2022-02 | +| December 15, 2021 | SEL-2021-11 | +| April 07, 2021 | SEL-2021-03 | +| March 03, 2021 | SEL-2021-02 | +| December 16, 2020 | SEL-2020-07 | +| August 05, 2020 | SEL-2020-04 | +| June 03, 2020 | SEL-2020-03 | +| August 07, 2019 | SEL-2019-07 | +| July 03, 2019 | SEL-2019-06 | + +## B4-2.1-02, Waiver of Project Review (11/06/2024) + +### Introduction + +This topic contains information on the waiver of project reviews, including: + +- Transactions Eligible for a Waiver of Project Review +- Requirements that Apply When the Project Review is Waived +- Project Review Requirements for High LTV Refinance Loans + +### Transactions Eligible for a Waiver of Project Review + +Fannie Mae does not require a thorough project review for the project types and transactions described in the + +**Published February 5, 2025** + +618 +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_637.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_637.md new file mode 100644 index 0000000000000000000000000000000000000000..06c316ebfa1368858aad65381e6ba98c0ba8fc3f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_637.md @@ -0,0 +1,31 @@ +```markdown +# Project or Transaction Type + +- Detached condo unit +- Unit in a two- to four-unit condo project +- Unit in a PUD project +- Fannie Mae to Fannie Mae limited cash-out refinance +- Fannie Mae + +## Requirements + +### Detached Condo Unit +A detached condo is defined as any condo unit that is completely detached from other condo units in the project. The unit may share no adjoining walls, ceilings, floors, or other attached architectural elements (such as breezeways or garages) with any neighboring unit. A detached condo unit may be in a project consisting solely of detached units or in a development containing a mixture of attached and detached units. Site condos in which the unit owner owns the detached condo unit and the land upon which the unit is built are a type of detached condo. The waiver of project review applies for new and established projects. + +### Unit in a Two- to Four-Unit Condo Project +Project review is waived for new and established condo projects that consist of no more than four units. + +### Unit in a PUD Project +Project review is waived for units in new and established PUD projects, except for PUD projects consisting of manufactured homes subject to a community land trust, deed restriction, ground lease, or shared equity arrangement. + +See **B4-2.3-01, Eligibility Requirements for Units in PUD Projects**, for the requirements that apply. + +### Fannie Mae to Fannie Mae Limited Cash-Out Refinance +Project review is waived for units in condo projects for Fannie Mae-owned loans that are refinanced as a limited cash-out refinance with a maximum loan-to-value ratio of 80% (CLTV or HCLTV ratios may be higher). (The waiver is not applicable to units in co-op projects.) + +### Exception to the Waiver Policy +Other than the PUD requirements above, if the property is a manufactured home or the project contains any manufactured homes, such property or project is not eligible for a review waiver and must be reviewed based on the applicable manufactured home project review requirement. + +## Requirements that Apply When the Project Review is Waived +The following requirements apply, in addition to those noted above, when a project review is waived: +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_638.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_638.md new file mode 100644 index 0000000000000000000000000000000000000000..1dd83e93d8c0ccca6ec65b83e2b2e4c5fc566390 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_638.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Property Eligibility Requirements +- Described in Chapter B2-3, Property Eligibility. +- The project is not in Condo Project Manager (CPM) with a status of "Unavailable". +- The project is not a condo hotel or motel, houseboat project, or a timeshare or segmented ownership project (described in B4-2.1-03, Ineligible Projects). +- Priority of common expense assessments (described in B4-2.1-01, General Information on Project Standards). +- When an appraisal of the property is obtained, it must meet all applicable appraisal requirements (described in Chapter B4-1, Appraisal Requirements). +- Insurance requirements (described in Subpart B7, Insurance, as applicable). +- There are no unaddressed critical repairs outstanding or projects with evacuation orders (described in B4-2.1-03, Ineligible Projects) if the loan is a Fannie Mae to Fannie Mae limited cash-out refinance. + +## Project Review Requirements for High LTV Refinance Loans +Fannie Mae waives the project review requirements for high LTV refinance loans secured by units in a condo, co-op, or PUD project. See B5-7-01, High LTV Refinance Loan and Borrower Eligibility for the requirements. + +## Recent Related Announcements +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|----------------------|------------------| +| Announcement SEL-2024-07 | November 06, 2024 | +| Announcement SEL-2023-06 | July 05, 2023 | +| Announcement SEL-2019-07 | August 07, 2019 | + +## B4-2.1-03, Ineligible Projects (11/06/2024) + +### Introduction +This topic contains information on ineligible projects and related criteria, including: + +- List of Ineligible Project Characteristics +- Projects that Operate as Hotels or Motels +- Projects Subject to Split Ownership Arrangements +- Projects that Contain Multi-Dwelling Unit Condos or Co-ops +- Projects with Property that is not Real Estate +- Projects that Operate as a Continuing Care Community or Facility +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_639.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_639.md new file mode 100644 index 0000000000000000000000000000000000000000..0292568e1f27c5da3e791f16ef7b4fdc4576effb --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_639.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## Non-Incidental Business Arrangements + +## Commercial Space and Mixed-Use Allocation + +## Recreational Leases and Mandatory Memberships + +## Live-Work Projects + +## Litigation or Pre-litigation Activity + +## Single-Entity Ownership + +## Projects in Need of Critical Repairs + +# List of Ineligible Project Characteristics + +Fannie Mae will not purchase or securitize mortgage loans that are secured by units in certain condo or co-op projects if those projects have characteristics that make the project ineligible. Such characteristics are described in the table below, with additional details provided in the sections that follow. All eligible projects must be created and remain in full compliance with state law and all other applicable laws and regulations of the jurisdiction in which the project is located. + +**Note:** Loans secured by units in projects with a status of "Unavailable" in Condo Project Manager (CPM) are ineligible for purchase by Fannie Mae. If a lender determines that a project does not meet all of Fannie Mae's project eligibility requirements but believes that the project has merit and warrants additional consideration, the lender may request an exception (see B4-2.2-07, Projects with Special Considerations and Project Eligibility Waivers, for additional information). + +| Ineligible Project Characteristics | Condo Project | Co-op Project | +|------------------------------------|---------------|---------------| +| Timeshare, fractional, or segmented ownership projects. | ✔️ | ✔️ | +| New projects where the seller is offering sale or financing structures in excess of Fannie Mae’s eligibility policies for individual mortgage loans. These excessive structures include, but are not limited to, builder/developer contributions, sales concessions, HOA assessments, or principal and interest payment abatements, and/or contributions not disclosed on the settlement statement. | ✔️ | ✔️ | +| Any project that permits a priority lien for unpaid common expenses in excess of Fannie Mae’s priority lien limitations. (See B4-2.1-01, General Information on Project Standards for additional detail.) | ✔️ | ✔️ | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_640.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_640.md new file mode 100644 index 0000000000000000000000000000000000000000..b91fa5ff78e0135886053d59b8d54968a7859aa5 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_640.md @@ -0,0 +1,23 @@ +```markdown +# Fannie Mae + +## Ineligible Project Characteristics + +- Limited or shared equity co-ops that have not been approved by Fannie Mae through the PERS process, as required. These are projects in which the co-op corporation places a limit on the amount of return that can be received when stock or shares are sold. + +- A tax-sheltered syndicate’s leasing to a co-op or “leasing” co-ops - projects that involve the leasing of the land and the improvements to the co-op corporation, even if the co-op corporation owns part of the building. + +- Co-op projects in which the developer or sponsor has an ownership interest or other rights in the project real estate or facilities other than the interest or rights it has in relation to unsold units. + +- Projects that are managed and operated as a hotel or motel, even though the units are individually owned. (See *Projects that Operate as Hotels or Motels* below for additional detail.) + +- Projects with covenants, conditions, and restrictions that split ownership of the property or curtail an individual borrower's ability to utilize the property. (See *Projects Subject to Split Ownership Arrangements* below for additional detail.) + +- Multi-dwelling unit projects that permit an owner to hold title (or stock ownership and the accompanying occupancy rights) to more than one dwelling unit, with ownership of all of their owned units (or shares) evidenced by a single deed and financed by a single mortgage (or share loan). (See *Projects that Contain Multi-Dwelling Unit Condos or Co-ops* below for additional detail.) + +- Projects with property that is not real estate, such as houseboat projects. (See *Projects with Property that is not Real Estate* below for additional detail.) + +## Condo Project Type + +## Co-op Project Type +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_641.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_641.md new file mode 100644 index 0000000000000000000000000000000000000000..6f8f9ae5f69249b1bd0ac58d25785655729f9564 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_641.md @@ -0,0 +1,16 @@ +```markdown +# Fannie Mae + +## Ineligible Project Characteristics + +### Condo Project Type + +- Any project that is owned or operated as a continuing care facility. (See *Projects that Operate as a Continuing Care Community or Facility* below for additional detail.) +- Projects with non-incidental business operations owned or operated by the HOA, including but not limited to a restaurant, spa, or health club. (See *Non-Incidental Business Arrangements* below for additional detail and exceptions to this policy.) +- The total space that is used for nonresidential or commercial purposes may not exceed 35%. (See *Commercial Space and Mixed-Use Allocation* below for additional detail.) +- Projects with mandatory upfront or periodic membership fees for the use of recreational amenities, such as country club facilities and golf courses, owned by an outside party (including the developer or builder). Membership fees paid for the use of recreational amenities owned exclusively by the HOA or master association are acceptable. (See *Recreational Leases and Mandatory Memberships* below for additional information.) +- Projects that do not meet the requirements for live-work projects. (See *Live-Work Projects* below for additional detail.) +- Projects in which the HOA or co-op corporation is named as a party to pending litigation, or for which the project sponsor or developer is named as a party to pending litigation that relates to the safety, structural soundness, habitability, or functional use of the project. (See *Litigation or Pre-litigation Activity* below for additional detail.) + +### Co-op Project Type +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_642.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_642.md new file mode 100644 index 0000000000000000000000000000000000000000..fa269fefcad7343908bd3dd20966470928f4e781 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_642.md @@ -0,0 +1,28 @@ +```markdown +# Fannie Mae + +## Ineligible Project Characteristics + +| Condo Project | Co-op Project | Type | +|---------------|---------------|------| +| Projects in which a single entity (the same individual, investor group, partnership, or corporation) owns more than the following total number of units in the project: | y | y | +| * Projects with 5 to 20 units - 2 units | | | +| * Projects with 21 or more units - 20% | | | +| (See Single-Entity Ownership below for additional detail.) | | | +| Projects in need of critical repairs, including material deficiencies and significant deferred maintenance. (See Projects in Need of Critical Repairs below for additional detail.) | v | v | + +## Projects that Operate as Hotels or Motels + +A project may not be operated or managed as a hotel, motel, or similar commercial entity as evidenced by meeting one or more of the following criteria: + +- The HOA is licensed as a hotel, motel, resort, or hospitality entity. +- The HOA or project’s legal documents restrict owners’ ability to occupy the unit during any part of the year. +- The HOA or project’s legal documents require owners to make their unit available for rental pooling (daily or otherwise). +- The HOA or the project’s legal documents require unit owners to share profits from the rental of units with the HOA, management company, or resort, or hotel rental company. + +In addition to the requirements above, any project with one or more of the following characteristics is ineligible. The project: + +- is primarily transient in nature; +- offers hotel type services (including those offered by or contracted through the HOA or management company) or characteristics such as registration services, rentals of units on a daily or short-term basis, daily cleaning services, central telephone service, central key systems and restrictions on interior decorating; +- is a conversion of a hotel (or a conversion of a similar type of transient housing) unless the project was a gut rehabilitation and the resulting condo units no longer have the characteristics of a hotel or similar type of transient housing building. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_643.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_643.md new file mode 100644 index 0000000000000000000000000000000000000000..c8af86bbe8c839596756686e3443bc254b173949 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_643.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +- Is subject to voluntary rental-pooling, revenue, profit, or commission sharing agreements with the HOA or management company, or similar agreements that restrict the unit owner’s ability to occupy the unit such as blackout dates and occupancy limits to assure an inventory of units for rent on a frequent basis. This may include daily, weekly, monthly, or seasonal restrictions. +- Is professionally managed by a hotel or resort management company that also facilitates short-term rentals for unit owners or projects with management companies that are licensed as a hotel, motel, resort, or hospitality entity. +- Is deemed to be ineligible under Freddie Mac’s requirements because of condo hotel, resort, transient, or short-term rental activity. +- Has a legal or common name that contains hotel, motel, or resort, unless the use of hotel, motel, or resort is a reference to a historical use of the building and not reflective of its current use as a residential condo or co-op project. +- Is marketed as a hotel, motel, resort, or investment opportunity. +- Has obtained a hotel or resort rating for its hotel, motel, or resort operations through hotel ratings providers including, but not limited to, travel agencies, hotel booking websites, and internet search engines. + +## The following criteria are examples of some common red flags. The lender should perform additional due diligence of the project when any of these characteristics are present: + +- 75% or more of the units are owned as investment and second home occupancy - especially when the loan transaction is not a principal residence transaction. +- Units that do not contain full-sized kitchen appliances. +- Advertisements for daily or short-term rental rates. +- Franchise agreements. +- Location of the project in a resort area. +- Units that are less than 400 square feet. +- Amenities that are common in hotels or resorts including spa services, concierge services, rentals of recreational equipment or amenities, childcare services for short-term renters, scheduled social or entertainment activities for short-term renters, airport shuttles, ski lift shuttles or ski lift and trail passes, or other vacation amenities and packages. +- Interior doors that adjoin different units. + +## Projects Subject to Split Ownership Arrangements + +Projects with covenants, conditions, and restrictions that split ownership of the property or curtail an individual borrower’s ability to utilize the property are not eligible for delivery to Fannie Mae. These types of properties include, but are not limited to, the following: + +- “Common interest” apartments or community apartment projects that are projects or buildings owned by several owners as tenants-in-common or by an association in which individuals have an undivided interest in a residential apartment building and land, and have the right of exclusive occupancy of a specific apartment in the building. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_644.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_644.md new file mode 100644 index 0000000000000000000000000000000000000000..1be29af6875b52e80e9b37c0edb3120869495aa8 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_644.md @@ -0,0 +1,28 @@ +```markdown +# Fannie Mae + +## Projects with Occupancy Restrictions + +- Projects that restrict the owner’s ability to occupy the unit, even if the project is not being operated as a motel or hotel. +- Projects with mandatory rental pooling agreements that require unit owners to either rent their units or give a management firm control over the occupancy of the units. + + These are formal agreements between the developer, association, and/or the individual unit owners that obligate the unit owner to rent the property on a seasonal, monthly, weekly, or daily basis. In many cases, the agreements include blackout dates, continuous occupancy limitations, and other such use restrictions. In return, the unit owner receives a share of the revenue generated from the rental of the unit. + +## Projects that Contain Multi-Dwelling Unit Condos or Co-ops + +Projects that contain multi-dwelling units are not permitted. These projects allow an owner to hold title (or share ownership and the accompanying occupancy rights) to a single legal unit that is sub-divided into multiple residential dwellings within the single legal unit, with ownership of the unit (or shares) evidenced by a single deed and financed by a single mortgage (or share loan). The sub-divided units are not separate legal units. This restriction applies regardless if the unit owner maintains one or more of the sub-divided units as rental units or uses one or more of the sub-divided units as accessory or lock-out units. + +This provision does not apply to condo or co-op projects that allow an individual to buy two or more individual legal units with the intent of structurally and legally combining the units for occupancy as a single-unit dwelling. Mortgages secured by units in these types of projects are eligible for purchase and securitization by Fannie Mae provided all of the following requirements are met: + +- The unit securing the mortgage represents a single legal unit under a single deed. +- Any construction or renovation to structurally combine units has no material impact on the structural or mechanical integrity of the project’s buildings or the subject property unit. +- The individual units must be fully described in the legal description in the mortgage and under a single deed. +- The project’s legal documents must have been amended to reclassify the combined units as a single unit in the project. +- All structural renovation to physically combine the units must be completed. + +A condo or co-op unit with an accessory unit may be eligible on a case-by-case basis with a Fannie Mae PERS Project Approval or a loan-level project eligibility waiver. See B4-2.2-07, Projects with Special Considerations and Project Eligibility Waivers, for additional information on submitting an exception request. + +## Projects with Property that is not Real Estate + +Fannie Mae acquires mortgage loans secured by real estate. Houseboats, boat slips, cabanas, timeshares, and other forms of property that are not real estate are not eligible for delivery to Fannie Mae. The marketability and value of individual units in a project may be adversely impacted by the inclusion of non-real estate property such as houseboats, timeshares, and other forms and structures that are not real estate. As such, projects containing these other non-real estate forms of property are not eligible. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_645.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_645.md new file mode 100644 index 0000000000000000000000000000000000000000..b2157efa69423f3581bb0e5c83e400f34af5a0aa --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_645.md @@ -0,0 +1,30 @@ +```markdown +# Fannie Mae + +## Boat Slips, Cabanas, and Other Amenities + +Boat slips, cabanas, and other amenities are permitted when owned in common by the unit owners as part of the HOA. + +## Projects that Operate as a Continuing Care Community or Facility + +Mortgages secured by units in a project that operates, either wholly or partially, as a continuing care community are ineligible for delivery to Fannie Mae. These communities or facilities are residential projects designed to meet specialized health and housing needs and typically require residents to enter into a lifetime contract with the facility to meet all future health, housing, or care needs. These communities may also be known by other names such as life-care facilities. + +Projects that make continuing care services available to residents are eligible only if the continuing care facilities or services are not owned or operated by the HOA and residential unit owners are not obligated to purchase or utilize the services through a mandatory membership, contract, or other arrangement. + +Continuing care communities are not the same as age-restricted projects. Age-restricted projects that restrict the age of residents but do not require residents to enter into a long-term or lifetime contract for healthcare and housing as the residents age are eligible. + +## Non-Incidental Business Arrangements + +A condo project is ineligible if the HOA is receiving more than 10% of its budgeted income from non-incidental business arrangements related to the active ownership and/or operation of amenities or services available to unit owners and the general public. This includes, but is not limited to, businesses such as a restaurant or other food- and beverage-related services, health clubs, and spa services. + +Non-incidental income from the following sources is permitted provided the income does not exceed 15% of the project’s budgeted income: + +- Income from the use of recreational amenities or services owned by the HOA for the exclusive use by unit owners in the project or leased to another project according to a shared amenities agreement (as noted below), or +- Income from the leasing of units in the project acquired by the HOA through foreclosure. + +The single-entity ownership limits (described above) will apply to the number of units owned and rented by the HOA. + +## Commercial Space and Mixed-Use Allocation + +Fannie Mae requires that no more than 35% of a condo or co-op project or 35% of the building in which the project is located be commercial space or allocated to mixed-use. This includes commercial space that is above and below grade. Note that projects located in Special Flood Hazard Areas with commercial space greater than 25% of the project’s square footage, including any commercial parking facilities, may need supplemental or private flood insurance policies to meet Fannie Mae’s requirements for flood insurance. Coverage under the National Flood Insurance Program may provide inadequate coverage for projects with commercial space in excess of 25%. See B7-3-06, Flood Insurance Requirements for All Property Types for additional information. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_646.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_646.md new file mode 100644 index 0000000000000000000000000000000000000000..f5d830aa0b7f93bfab781e350594bcb1771adc1f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_646.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +Any commercial space in the project or in the building in which the residential project is located must be compatible with the overall residential nature of the project. + +**Note:** Rental apartments and hotels located within the project must be classified as commercial space even though these may be considered “residential” in nature. Commercial parking facilities can be excluded from the commercial space calculation. + +## Calculation of Commercial Space + +Commercial space allocation is calculated by dividing the total non-residential square footage by the total square footage of the project or building. Lenders are responsible for determining the total square footage of the project, the square footage of the non-residential space, and the residential space square footage. This calculation includes the total square footage of commercial space even if the residential and commercial owners are represented by separate associations. + +### Non-residential square footage includes: + +- Retail and commercial space, and +- Space that is non-residential in nature and owned by a private individual or entity outside of the HOA structure. + +**Examples include, but are not limited to:** + +- Rental apartments, +- Hotels, +- Restaurants, and +- Private membership-based fitness facilities. + +### Non-residential square footage excludes amenities that are: + +- Residential in nature; +- Designated for the exclusive use of the residential unit owners (such as, but not limited to, a fitness facility, pool, community room, and laundry facility); and +- Owned by the unit owners or the HOA. + +The following table shows which commercial or mixed-use space must be included in the calculation of the percentage of commercial space. + +| If the commercial or mixed-use space is... | Then its square footage is included in the calculation of commercial space percentage | +|--------------------------------------------|--------------------------------------------------------------------------------------| +| Owned, controlled, or operated by the subject property’s HOA that is unrelated to the project-specific amenities offered for the exclusive use and enjoyment by the HOA members | Yes | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_647.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_647.md new file mode 100644 index 0000000000000000000000000000000000000000..6b626da360ac89b5a5fc9471a081001e66fc1e20 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_647.md @@ -0,0 +1,24 @@ +```markdown +# Fannie Mae + +## Commercial or Mixed-Use Space Inclusion + +If the commercial or mixed-use space is... | Then its square footage is included in the calculation of commercial space percentage +--- | --- +owned by the subject property’s HOA but controlled or operated by a separate private entity | **Yes** +*Example: Office space owned by the HOA but leased to a private business.* +owned and controlled by a project HOA other than the subject property’s HOA that shares the same master HOA with the subject property’s HOA AND the commercial space is co-located in the project’s building(s) that contain(s) the residential units | **Yes** +owned, controlled, or operated by a private entity that is co-located in the building(s) that contain(s) the project’s residential units | **Yes** +*Example:* +- floors 1 to 4 consist of hotel and retail, +- floors 5 to 7 consist of privately-owned and -managed rental apartments, and +- the remaining floors consist of the condo project units. +owned, controlled, or operated by a private entity that is NOT co-located in the building(s) or common elements as declared in the project legal documents that contain(s) the project’s residential units | **No** +owned and controlled by a project HOA other than the subject property’s HOA that shares the same master HOA with the subject property’s HOA BUT the commercial space is located in a building that is separate from the building(s) containing the project’s residential units | **No** + +## Recreational Leases and Mandatory Memberships + +Loans securing units in condo and co-op projects with mandatory memberships that require the HOA or co-op members to pay dues to a third-party organization (such as a golf course or other recreational facility) are ineligible for sale to Fannie Mae. The project must be the sole owner of its amenities, though certain exceptions will be allowed when there is a shared amenities agreement between HOAs or co-op projects. + +Projects subject to recreational leases are also not eligible. A recreational lease is a long-term lease between... +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_648.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_648.md new file mode 100644 index 0000000000000000000000000000000000000000..5032d2f9df5c02f44c5f8a0b94cad87cedc08772 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_648.md @@ -0,0 +1,28 @@ +```markdown +# Fannie Mae + +## Recreational Facilities Leases + +The HOA and a third party may enter into leases for access to certain recreational facilities for a specified time period and payment. In these scenarios, the owner of the facilities is often the project’s developer or has some financial relationship to the developer. The leases often provide ongoing profit to this party for the duration of the lease. The lease may permit the owner of the facilities to lease the amenities to other parties in addition to the HOA or co-op. The HOA or co-op may have certain financial, insurance, and other legal obligations under the lease that may be burdensome over time. These leases may or may not provide the project long-term access to the amenities beyond the initial lease term. + +When an HOA is part of a master association, the lender is required to evaluate whether the subject property's HOA members are required to participate in a mandatory membership that is managed through the master association. Additionally, the master association may not be subject to recreational leases as described above. + +Lenders are encouraged to review the project’s legal documents, sales contract, and budget to identify mandatory memberships and recreational leases. Some red flags that a project may require a mandatory membership, or be a party to a recreational lease, include: + +- The amenities have a different name from the residential project and may be recognized as a different legal entity from the HOA. +- Owners are required to pay large up-front fees to become a member or have access to the amenities. +- Owners are required to pay monthly or periodic dues to the entity that owns or operates the amenities (these dues may be paid directly to the owner or operator or they may be paid to the HOA and passed through to the owner or operator). +- The general public may be able to purchase memberships or access passes for the use of the amenities. +- The amenities can be leased or rented to the public for events not hosted by the HOA or its members. +- HOA members may be subject to block-out dates or other use restrictions. + +## Live-Work Projects + +Live-work projects are projects that permit individual residential unit owners to operate and run a small business from their residential unit. Units in projects that permit live-work arrangements are eligible for sale to Fannie Mae provided the project complies with all applicable local zoning, program, or statutory requirements for live-work projects and the nature of the project is primarily residential. + +## Litigation or Pre-litigation Activity + +Projects in which the HOA or co-op corporation is named as a party to pending litigation, or for which the project sponsor or developer is named as a party to pending litigation that relates to the safety, structural soundness, habitability, or functional use of the project are ineligible for sale to Fannie Mae. + +If a lender discovers that a project is engaging in pre-litigation activities (such as, but not limited to, arbitration or mediation) that are reasonably expected to proceed to formal litigation, the lender must apply Fannie Mae’s litigation policies. Whether the legal action is resolved through arbitration, mediation, or it proceeds to litigation, there is risk that the project is exposed to material financial hardship related to the matters addressed in the complaint. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_649.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_649.md new file mode 100644 index 0000000000000000000000000000000000000000..f47d03e0c59c333f812c7080bf8e522e51e83bb9 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_649.md @@ -0,0 +1,32 @@ +```markdown +# Fannie Mae + +If the lender determines that pending litigation involves minor matters with no impact on the safety, structural soundness, habitability, or functional use of the project, the project is eligible provided the litigation meets one or more of the following: + +- Non-monetary litigation including, but not limited to neighbor disputes or rights of quiet enjoyment; +- Litigation for which the insurance carrier has agreed to provide the defense, and the amount is covered by the HOA's or co-op corporation's insurance; +- The HOA or co-op corporation is the plaintiff in the litigation and upon investigation and analysis the lender has reasonably determined the matter is minor and will result in an insignificant impact to the financial stability of the project; +- The reasonably anticipated or known damages and legal expenses are not expected to exceed 10% of the project’s funded reserves; +- The HOA or co-op corporation is seeking recovery of funds for issues that have already been remediated, repaired, or replaced and there is no anticipated material adverse impact to the HOA or co-op corporation if funds are not recovered; +- Litigation concerning localized damage to a unit in the project that does not impact the overall safety, structural soundness, habitability, or functional use of the project; or +- The HOA or co-op corporation is named as the plaintiff in a foreclosure action, or as a plaintiff in an action for past due HOA or co-op assessments. + +Litigation that involves personal injury or death does not meet Fannie Mae’s criteria for minor litigation unless: + +- The claim amount is reasonably anticipated or known, +- The insurance carrier has agreed to provide the defense, and +- The reasonably anticipated or known damages are covered by the HOA’s or co-op corporation's insurance. + +Construction defect litigation in which the HOA or co-op corporation is the plaintiff are not considered a minor matter unless the HOA or co-op corporation is seeking recovery of funds for issues that have already been remediated, repaired, or replaced. In addition, there is no anticipated material adverse impact to the HOA or co-op if the funds are not recovered. + +The lender must obtain documentation to support its analysis that the litigation meets Fannie Mae's criteria for minor litigation as described above. + +## Single-Entity Ownership + +A project meets the definition of single-entity ownership when a single entity (the same individual, investor group, partnership, or corporation) owns more than the following total number of units in the project: + +- Projects with 5 to 20 units - 2 units +- Projects with 21 or more units - 20% + +Units currently subject to any rental or lease arrangement must be included in the calculation. This includes lease arrangements containing provisions for the future purchase of units such as lease-purchase and rent-to-own. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_650.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_650.md new file mode 100644 index 0000000000000000000000000000000000000000..fb0fe23c39a8a833227eaf5da0ea75725afe6866 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_650.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Own Arrangements + +The following may be excluded from the single-entity ownership calculation: + +- Units that are owned by the project sponsor or developer and are vacant and being actively marketed for sale; or +- Units that are controlled or owned by a non-profit entity for the purpose of providing affordable housing, units held in affordable housing programs (including units subject to non-eviction rent regulation codes), or units held by higher-education institutions for a workforce housing program. + +The single-entity ownership requirement may be waived when the transaction is a purchase transaction that will result in a reduction of the single-entity ownership concentration. In such instances, the following requirements must be met: + +- Units owned by the single entity represent no more than 49% of the units; +- Evidence is required that the single entity is marketing units for sale to further reduce single-entity ownership, with the goal of reducing the concentration to 20% or less of the project units; +- The single entity is current on all HOA assessments; and +- There are no pending or active special assessments in the project. + +## Projects in Need of Critical Repairs + +Projects in need of critical repairs are those needing repairs or replacements that significantly impact the safety, soundness, structural integrity, or habitability of the project's building(s), or the financial viability or marketability of the project. Critical repairs include conditions such as: + +- Material deficiencies, which if left uncorrected, have the potential to result in or contribute to critical element or system failure within one year; +- Any mold, water intrusions, or potentially damaging leaks to the project's building(s); +- Advanced physical deterioration; +- Any project that failed to pass state, county, or other jurisdictional mandatory inspections or certifications specific to structural safety, soundness, and habitability; or +- Any unfunded repairs costing more than $10,000 per unit that should be undertaken within the next 12 months (does not include repairs made by the unit owner or repairs funded through a special assessment). + +Examples of some items to consider include, but are not limited to, sea walls, elevators, waterproofing, stairwells, balconies, foundation, electrical systems, parking structures, or other load-bearing structures. + +If damage or deferred maintenance is isolated to one or a few units and does not affect the overall safety, soundness, structural integrity, or habitability of the project, then these requirements do not apply. + +Routine repairs are not considered to be critical and include work that is: + +- Preventative in nature or part of normal capital replacements (for example, focused on keeping the project fully functioning and serviceable); and +- Accomplished within the project's normal operating budget or through special assessments that are +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_651.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_651.md new file mode 100644 index 0000000000000000000000000000000000000000..800dc959d539e0efbef3c65a08c09a7413446f59 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_651.md @@ -0,0 +1,40 @@ +```markdown +# Fannie Mae + +## Within Guidelines + +A project with an evacuation order due to an unsafe condition, either for a partial or total evacuation of the project's building(s), is ineligible until the unsafe condition has been remediated and the building(s) is deemed safe for occupancy. + +## Special Assessments + +Special assessments may be current or planned. Lenders must obtain and review the following information for each special assessment to determine if it addresses a critical repair: + +- What is the purpose of the special assessment, +- When was the special assessment approved and is it planned (approved by the unit owners, but not yet initiated by the board) or already being executed, +- What was the original amount of the special assessment and the remaining amount to be collected, and +- When is the expected date the special assessment will be paid in full. + +If the special assessment is associated with a critical repair and the issue is not remediated, the project is ineligible. + +## Inspection Reports + +If a structural and/or mechanical inspection was completed within 3 years of the lender's project review date, the lender must obtain and review the inspection report. The report cannot indicate that any critical repairs are needed, no evacuation orders are in effect, and no regulatory actions are required. + +If the inspection report indicates there are unaddressed critical repairs, the project is ineligible until the required repairs have been completed and documented accordingly. The lender must review an engineer's report or substantially similar document to determine if the repairs completed have resolved the safety, soundness, structural integrity, or habitability concerns of the project. + +## Documentation + +Lenders may need to review a combination of documents to determine if a project meets Fannie Mae's physical condition requirements. Lenders are responsible for determining which documents are needed to ensure compliance with the requirements of this Guide. Some examples of this documentation include, but are not limited to: + +- HOA board meeting minutes, +- Engineer report(s), +- Structural and/or mechanical inspection reports, +- Reserve studies, +- A list of necessary repairs provided by the HOA or the project's management company, +- A list of special assessments provided by the HOA or the project's management company, and +- Other substantially similar documentation. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_652.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_652.md new file mode 100644 index 0000000000000000000000000000000000000000..1075d2c090ff8728227373044de08f92641312a8 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_652.md @@ -0,0 +1,49 @@ +```markdown +# Announcements + +## Announcement SE + +- Announcement SE +- Announcement SE +- Announcement SE +- Announcement SE +- Announcement SE + +## B4-2.1-04, Environmental Hazard Assessments (06/03/2020) + +### Introduction + +- L-2024-07 +- L-2023-06 +- L-2020-06 +- L-2018-05 +- L-2018-01 + +### Fannie Mae + +**Issue Date** + +- November 06, 2024 +- July 05, 2023 +- October 07, 2020 +- June 05, 2018 +- January 30, 2018 + +This topic contains information on environmental hazard assessments, including: + +- Overview +- Types of Environmental Hazard Assessments +- Acceptability of Consultants +- Phase I Environmental Hazard Assessment +- Phase II Environmental Hazard Assessment Description +- Who Should Complete the Phase II Environmental Hazard Assessment +- Phase II Environmental Hazard Assessment Report Forms and Requirements +- Kinds of Testing or Sampling Under Phase II Environmental Hazard Assessments +- Results of an Environmental Hazard Assessment + +## Overview + +An environmental hazard assessment is required for condo and co-op projects if an environmental problem is identified by the lender through performance of its project underwriting or due diligence. If environmental problems are identified, the problems must be determined to be acceptable. Lenders should keep a copy of this assessment in the project review file. + +## Types of Environmental Hazard Assessments +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_653.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_653.md new file mode 100644 index 0000000000000000000000000000000000000000..cd7862bdd0d5fb5e65138d8b072894709e62a3f0 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_653.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +The table below describes two types of environmental hazard assessments. + +| Type | Performed by | Description | +|------|--------------|-------------| +| Phase I Assessment (see E-2-02, Suggested Format for Phase I Environmental Hazard Assessments) | The lender or by someone employed by the lender | Gathers information from various sources to evaluate the environmental soundness of the project. | + +### When Required +- Phase I assessment identifies qualified environmental problems or +- Phase I assessment is inconclusive with regard to any particular hazard. + +## Acceptability of Consultants + +Fannie Mae reserves the right to notify lenders that a particular consultant is no longer acceptable. Fannie Mae also reserves the right to refuse to accept, at any time, any future environmental assessment, report, warranty, or certification from individual consultants, specific consulting firms, or specific branch offices of consulting firms. + +## Phase I Environmental Hazard Assessment + +A Phase I assessment enables lenders to quickly determine whether adequate information exists to evaluate the environmental status of a property. A Phase I assessment is principally a screening process that focuses on reviewing the available documentation, interviewing people who are knowledgeable about the site operations, and inspecting the site, the building, and adjoining properties. Fannie Mae does not require a specific form for a Phase I assessment. + +Any report that is thorough and professionally prepared will be acceptable. For a suggested format, see E-2-02, Suggested Format for Phase I Environmental Hazard Assessments. + +## Phase II Environmental Hazard Assessment Description + +A Phase II assessment provides a more detailed review of the site. It includes specific physical sampling for each hazard that was not acceptable under the Phase I assessment, as well as a review of historical records. It determines the presence or absence of specific environmental liabilities (such as asbestos or leaking underground storage tanks) or quantifies the extent of an observed or suspected environmental liability (such as soil or groundwater contamination). +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_654.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_654.md new file mode 100644 index 0000000000000000000000000000000000000000..a21474d1576b9a4b4601df50f5074942a6f62b2d --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_654.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## Who Should Complete the Phase II Environmental Hazard Assessment + +The specialized nature of the investigations conducted under a Phase II assessment requires the knowledge and experience of a qualified consultant. + +Lenders must use care in choosing firms to perform environmental hazard assessments. Lenders should confirm that the consultant it plans to use is not affiliated with the buyer or seller of the property or a firm engaged in a business that might present a conflict of interest. Lenders should also evaluate whether the consulting firm's personnel have adequate and appropriate education and training to carry out the required duties. + +## Phase II Environmental Hazard Assessment Report Forms and Requirements + +Fannie Mae does not specify an exact format for the consultant’s report. Any report that is thorough and professionally prepared will be acceptable. + +The table below provides the requirements for the Phase II Environmental Assessment Report. + +- The consultant’s report for a Phase II environmental hazard assessment report must: + - Include a full description of the sampling procedures + - Include the laboratory results + - Include the consultant’s recommendations + - Follow all regulatory standards and good management practices at all times, especially when physical sampling and laboratory analysis are involved + - Include a certification in the report that: + - The assessment was performed diligently and in accordance with all regulatory and good management standards; and + - To the best of the consultant’s knowledge, the results are complete and accurate + - Include the signature of an officer of the consulting firm that conducted the work + +## Kinds of Testing or Sampling Under Phase II Environmental Hazard Assessments + +Examples of the kind of testing or sampling that occur under a Phase II assessment include but are not limited to the following: +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_655.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_655.md new file mode 100644 index 0000000000000000000000000000000000000000..3a0bfca2c58778f4b9f2ecdd7c89ff9169e86a08 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_655.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +- Investigating the status of any enforcement actions related to neighboring properties under the Superfund or Resource, Conservation, and Recovery Acts; +- Testing for underground storage leaks; +- Sampling and analyzing the soil; +- Sampling and analyzing the groundwater; +- Testing soil or facilities that are suspected as being contaminated by polychlorinated biphenyls; and +- Sampling and analyzing bulk asbestos and developing related abatement and maintenance programs, if necessary. + +## Results of an Environmental Hazard Assessment + +Lenders must evaluate the results of the assessment and determine if the conditions are acceptable to be remediated. Refer to B4-2.1-05, Unacceptable Environmental Hazards and B4-2.1-06, Remedial Actions for Environmental Hazard Assessments Below Standards. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2020-03 | June 03, 2020 | +| B4-2.1-05, Unacceptable Environmental Hazards | (06/03/2020) | + +## Introduction + +This topic contains information on unacceptable environmental hazards, including: + +- Overview +- Unacceptable Environmental Hazards + +### Overview + +The existence of one or more unacceptable environmental hazards generally will result in a project being ineligible. In addition, some properties that fail to meet a particular standard may be corrected through remedial action. See B4-2.1-06, Remedial Actions for Environmental Hazard Assessments Below Standards. + +### Unacceptable Environmental Hazards +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_656.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_656.md new file mode 100644 index 0000000000000000000000000000000000000000..715d2351855bf451e47dede1049f87ed70e55208 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_656.md @@ -0,0 +1,23 @@ +```markdown +# Fannie Mae + +The table below describes examples of unacceptable environmental hazards; however, this list is not exhaustive. + +## Examples of Unacceptable Environmental Hazards + +- A property that is (or has been) used as a landfill or other solid, hazardous, or municipal waste disposal site. +- A property that is (or has been) used for activity related to the storage of oil, hazardous waste, or other toxic substances—except that the property may have been used for the storage of small quantities of hazardous substances that are generally recognized as appropriate for residential uses and maintenance of the property. +- A property that is the subject of outstanding environmental or public health litigation or administrative action from private parties or public officials. +- A high-risk neighboring property that has evidence of hazardous waste spills or soil or groundwater contamination on or around its site. +- A property that has documented soil or groundwater contamination and/or a documented tank leak that is leaking at more than 0.05 gallons per hour (which is the National Fire Protection Association’s standard). +- A property with soil sampling that has values for metal in excess of the following concentration limits in parts per million (ppm): + - Chromium: 100 ppm + - Arsenic: 20 ppm + - Zinc: 350 ppm + - Cadmium: 3 ppm + - Lead: 100 ppm + - Nickel: 100 ppm + - Copper: 170 ppm + - Selenium: 20 ppm +- A property that is contaminated from polychlorinated biphenyls (PCBs). +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_657.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_657.md new file mode 100644 index 0000000000000000000000000000000000000000..707fa4fd8b984921efd5242621fb7d1de91092a0 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_657.md @@ -0,0 +1,38 @@ +```markdown +# Fannie Mae + +## Examples of Unacceptable Environmental Hazards + +- A property with soil sampling that has values for other organic materials in excess of the following concentration limits in parts per million (ppm): + - Total volatile organics: 1 ppm + - Total hydrocarbons: 100 ppm + - Total petroleum hydrocarbons: 100 ppm + +- A property with groundwater sampling that has values for other organic materials in excess of the following concentration limits in parts per million: + - Total organics (volatiles and base neutrals): 0.10 ppm + - Total petroleum hydrocarbons: 1.00 ppm + +- A property with groundwater sampling that has values for metals in excess of the following concentration limits in parts per million: + - Arsenic: 0.05 ppm + - Lead: 0.05 ppm + - Boron: 1.00 ppm + - Mercury: 0.002 ppm + - Cadmium: 0.01 ppm + - Selenium: 0.01 ppm + - Chromium: 0.05 ppm + - Silver: 0.05 ppm + +- A property with high radon levels (e.g., above four picocuries per liter) that can be corrected only through large capital improvements or extensive ongoing maintenance programs that are beyond the financial or technical abilities of the HOA or co-op corporation for the project. + +- A property that has conditions representing material violations of applicable local, state, or federal environmental or public health statutes and laws. + +- A property that is contaminated by friable asbestos-containing materials. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2020-03 | June 03, 2020 | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_658.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_658.md new file mode 100644 index 0000000000000000000000000000000000000000..202f137e8539668cc81e047196d6aa9e161ca303 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_658.md @@ -0,0 +1,25 @@ +```markdown +# Fannie Mae + +## B4-2.1-06, Remedial Actions for Environmental Hazard Assessments Below Standards (06/03/2020) + +### Introduction +This topic contains information on remedial actions for environmental hazard assessments that are below standards, including: + +- Background +- Remedial Actions for Environmental Hazard Assessments Below Standards +- “No Further Action” Notices + +### Background +When an environmental hazard has been fully remediated, the hazard no longer poses any risks for future use of the land or structures or the need for ongoing activities to ensure human health and safety. Some hazards result in ongoing risks that require continual mitigation strategies to minimize potential harm. The environmental hazard is considered mitigated when those strategies sufficiently minimize the current and future risks to human health and safety. + +If the hazard will never be fully remediated but the impacts have been sufficiently mitigated to satisfy applicable regulatory standards, the site may be deemed suitable and safe for residential use. The lender has the delegation to review the environmental hazard and its mitigation plan to determine if the project meets Fannie Mae’s requirements. + +### Remedial Actions for Environmental Hazard Assessments Below Standards +Properties that fail to meet a particular standard may be corrected through remedial actions and then retested. Remedial actions must be undertaken with the advice and written endorsement of a qualified environmental consultant. All remedial actions must be taken in accordance with all regulatory and good management standards. + +Typically, lenders must confirm the completion and effectiveness of remedial actions based on the following conditions: + +- A qualified environmental consultant states in writing that remedial work needed to make the property eligible under the environmental standards can be completed within 90 days. +- The project’s developer or sponsor signs a contract with a qualified firm to perform the remedial work within 90 days. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_659.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_659.md new file mode 100644 index 0000000000000000000000000000000000000000..2e6e966bee79e54ea372652ecfd624c75300902e --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_659.md @@ -0,0 +1,28 @@ +```markdown +# Fannie Mae + +The lender must warrant that the job has been satisfactorily completed and the property meets Fannie Mae’s environmental eligibility standards. + +If the property is not remediated at the time of project approval, the project developer or sponsor must provide a performance escrow equal to 150% of the gross contract amount to ensure the completion of the remedial work. Loans securing units in the project cannot be sold to Fannie Mae before completion of the remediation. + +## “No Further Action” Notices + +Some jurisdictions or government agencies will issue a “no further action” notice (or letter) to alert the public that all available remediation steps for an environment hazard have been completed. A “no further action” status for a specific environmental hazard may indicate that: + +- The hazard has been fully remediated and the site is suitable for residential development, +- All applicable remediation actions have been taken but the site is not suitable for any type of development, or +- Other variations between these two opposing outcomes. + +Due to the variation of what a “no further action” status means, lenders cannot rely solely on that status to determine if the environmental hazard has been sufficiently resolved. For the project to meet Fannie Mae’s requirements, lenders must determine if the specific “no further action” condition has been sufficiently resolved. + +Lenders must follow Fannie Mae’s appraisal and notification requirements for environmental hazards in B4-1.4-08, Environmental Hazards Appraisal Requirements, any time the subject property is impacted by an environmental hazard. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|-----------------------|------------------| +| Announcement SEL-2020-03 | June 03, 2020 | +| Section B4-2.2, Project Eligibility | | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_660.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_660.md new file mode 100644 index 0000000000000000000000000000000000000000..864197607c77c9f6d3328028b27e14c844d32c0d --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_660.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +## B4-2.2-01, Limited Review Process (07/05/2023) + +### Introduction +This topic contains information on the Limited Review process performed by lenders, including: + +- Unit and Project Type Eligible for Limited Review +- Transactions Eligible for a Limited Review +- Limited Review Eligibility Requirements + +--- + +### Unit and Project Type Eligible for Limited Review +To be eligible for a Limited Review, the unit securing the mortgage must be an attached unit in an established condo project. + +--- + +### Transactions Eligible for a Limited Review +The following table describes the transactions that are eligible for a Limited Review. + +| **Limited Review Eligible Transactions - Attached Units in Established Condo Projects (For Projects Outside of Florida)** | **Maximum LTV, CLTV, and HCLTV Ratios** | +|---------------------------------------------------------------------------------------------------------------------------|-----------------------------------------| +| Principal residence | 90% | +| Second home | 75% | +| Investment property | 75% | + +Attached units in established projects located in Florida are subject to more restrictive LTV ratio requirements under the Limited Review process. See B4-2.2-04, Geographic-Specific Condo Project Considerations, for additional information. + +--- + +### Limited Review Eligibility Requirements +In completing a Limited Review, the lender must ensure that the project and subject unit meet the eligibility requirements described in the following table. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_661.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_661.md new file mode 100644 index 0000000000000000000000000000000000000000..0c9b25ca3cf6f8cfca5d2c7f39585b84300f9a3e --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_661.md @@ -0,0 +1,32 @@ +```markdown +# Fannie Mae + +## Limited Review Eligibility Requirements + +- The project meets **Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project** described in **B4-2.1-01**, General Information on Project Standards. +- The project is not an ineligible project. (See **B4-2.1-03**, Ineligible Projects). +- The project does not consist of manufactured homes. + **Note:** Manufactured housing projects require a Fannie Mae PERS review or a Full Review. +- No more than 15% of the total number of units in the project are 60 days or more past due in the payment of each special assessment. + +These requirements apply to both DU loan casefiles and manually underwritten loans. + +If the project and loan transaction are eligible for and meet all of the eligibility requirements of the Limited Review process, the lender is not required to validate that the project also meets the eligibility requirements of another project review type. However, if the LTV, CLTV, or HCLTV ratios exceed the limits above, or in the event the lender becomes aware of a circumstance that would cause the project or transaction to be ineligible under a Limited Review, the lender must use one of the other project review methods to determine project eligibility and the project must meet all of the eligibility requirements of that selected alternate project review type. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2023-06 | July 05, 2023 | +| B4-2.2-02, Full Review Process | 11/06/2024 | + +## Introduction + +This topic contains information on general eligibility requirements for the Full Review process, including: + +- Overview +- Unit and Project Types Eligible for Full Review +- Condo Project Manager (CPM) +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_662.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_662.md new file mode 100644 index 0000000000000000000000000000000000000000..832304d8ff3a639f88847b0622c9177eb5dc7a93 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_662.md @@ -0,0 +1,40 @@ +```markdown +# Fannie Mae + +## CPM Status Designations + +## CPM Delivery Restrictions Notifications + +## Additional Obligations of the Lender for Projects Approved by Fannie Mae + +## Full Review Eligibility Requirements + +## Additional Requirements - For Condo Projects Consisting of Manufactured Homes + +## Replacement Reserve Studies + +## Overview + +The Full Review process is a method for the review of new and established condo projects, co-op projects, and certain manufactured home projects. Lenders performing a Full Review must ensure that the project meets all applicable eligibility requirements. + +## Unit and Project Types Eligible for Full Review + +A Full Review may be performed when the unit securing the loan is an attached unit located in one of the following project types: + +- an established condo project, or +- a new or newly converted condo project. + +A Full Review may also be performed when the property securing the loan is a manufactured home in an established condo project that is not subject to a community land trust, deed restriction, ground lease, or shared equity arrangement. + +These projects may also be reviewed by Fannie Mae through the PERS process (see B4-2.2-06, Project Eligibility Review Service (PERS)). + +Full Review requirements for units in co-op projects are addressed in B4-2.3-02, Co-op Project Eligibility. + +## Condo Project Manager (CPM) + +Lenders must use CPM to assist in their Full Review of a condo project (except for projects containing manufactured homes). CPM is a Web-based tool designed to facilitate the lender's review of the project to determine if it meets Fannie Mae's project eligibility requirements. The lender must complete their own certification in CPM and document the loan file with the CPM decision by including the unexpired CPM Certification in the file. + +CPM certifications are based solely on the data that the lender enters into CPM. The lender is responsible for reviewing the applicable project documentation to obtain the information needed to complete the project review and enter the data into CPM. The lender is also responsible for ensuring that all data entered into CPM is correct and that the project meets all applicable Fannie Mae eligibility requirements. + +CPM is available on Fannie Mae's website. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_663.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_663.md new file mode 100644 index 0000000000000000000000000000000000000000..b29e5ddbc68d6b8c0ebb7c4ba82b5caa0544f8bf --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_663.md @@ -0,0 +1,21 @@ +```markdown +# Fannie Mae + +## CPM Status Designations + +The table below describes the status designations that are available in CPM for each project. + +| Status Designation | Definition | +|--------------------------|-----------------------------------------------------------------------------| +| Certified by Lender | Loans in the project are eligible for sale by the certifying lender prior to the expiration date. | +| Approved by Fannie Mae | Project has been approved by Fannie Mae, and loans may be sold with a valid and unexpired approval by any lender. This status may include projects approved through the PERS or other Fannie Mae approval processes. | +| Conditional Approval | Project has been approved by Fannie Mae through the PERS process subject to certain conditions being met. Loans in this project cannot be sold to Fannie Mae until an Approved by Fannie Mae status has been issued. | +| No Fannie Mae Review | Lender can certify the project or subject legal phase based on the Selling Guide requirements. | +| Unavailable | Project has been determined by Fannie Mae to be ineligible. Loans for units in this project cannot be sold to Fannie Mae. | +| Guide Ineligible | Based on information entered in CPM by the lender, loans in this project are not eligible for sale to Fannie Mae. | +| Incomplete Certification | Project has been entered into CPM, but the lender's certification process has not been completed. The required information must be entered into CPM for the lender to determine the project's eligibility. | + +## CPM Delivery Restrictions Notifications + +Project transaction eligibility or other loan-level restrictions will display in CPM. When CPM displays a delivery restriction for a specific project, lenders may only sell loans that comply with the stated restrictions. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_664.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_664.md new file mode 100644 index 0000000000000000000000000000000000000000..f879c6a82836174411a91e864aebdd688569c88e --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_664.md @@ -0,0 +1,25 @@ +```markdown +# Fannie Mae + +For example, loans in some projects may be limited to certain occupancy types (such as principal residences only, or principal residences and second homes) or there may be limits on the LTV ratios. + +## Additional Obligations of the Lender for Projects Approved by Fannie Mae + +If a lender becomes aware of any information that could impact the eligibility status reflected in CPM (such as, significant deferred maintenance or major litigation), the lender must notify the CPM Management team (see E-1-02, List of Contacts) with the relevant data and information. Fannie Mae will evaluate the new information and its impact on eligibility. Before selling a loan secured by a unit in such a project, the lender must confirm that the project retains its approved status. Notification must occur as soon as practicable but no later than five business days after becoming aware of such information. + +Fannie Mae reserves the right to change a project eligibility status designation if information acquired after approval or certification has an impact on a previously issued eligibility determination. + +**Note:** Lenders are responsible for verifying and documenting that the project meets the applicable insurance requirements described in Chapters B7-3 and B7-4. Fannie Mae does not review insurance policies as part of the review process. + +## Full Review Eligibility Requirements + +When determining the eligibility of a condo project on the basis of a Full Review, lenders must ensure the condo project meets the eligibility requirements described in the following table. + +### Full Review Eligibility Requirements + +- The project meets the Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project described in B4-2.1-01, General Information on Project Standards. +- The project must not be an ineligible project as described in B4-2.1-03, Ineligible Projects. +- No more than 15% of the total units in a project are 60 days or more past due on common expense assessments (also known as HOA fees). For example, a 100-unit project may not have more than 15 units that are 60 days or more past due. + - This ratio is calculated by dividing the number of units with common expense assessments that are past due by 60 or more days by the total number of units in the project. +- No more than 15% of the total units in a project are 60 days or more past due in the payment of each special assessment. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_665.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_665.md new file mode 100644 index 0000000000000000000000000000000000000000..60e854e09cbfecc8e1f3d4ad74c7f6e391e01449 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_665.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +## Full Review Eligibility Requirements + +Lenders must review the HOA projected budget to determine that it: + +- Is adequate (that is, it includes allocations for line items pertinent to the type of condo project), and +- Provides for the funding of replacement reserves for capital expenditures and deferred maintenance that is at least 10% of the budget. + +To determine whether the association has a minimum annual budgeted replacement reserve allocation of 10%, the lender must divide the annual budgeted replacement reserve allocation by the association’s annual budgeted assessment income (which includes regular common expense fees). + +The following types of income may be excluded from the reserve calculation: + +- Incidental income on which the project does not rely for ongoing operations, maintenance, or capital improvements; +- Income collected for utilities that would typically be paid by individual unit owners, such as cable TV or Internet access; +- Income allocated to reserve accounts; and +- Special assessment income. + +The lender may use a reserve study in lieu of calculating the replacement reserve of 10% provided the following conditions are met: + +- The lender obtains a copy of an acceptable reserve study and retains the study and the lender’s analysis of the study in the project approval file; +- The study demonstrates that the project has adequate funded reserves that provide financial protection for the project equivalent to Fannie Mae’s standard reserve requirements; +- The study demonstrates that the project’s funded reserves meet or exceed the recommendations included in the reserve study; and +- The study meets Fannie Mae’s requirements for replacement reserve studies listed at the end of this section. + +For projects in which the units are not separately metered for utilities, the lender must: + +- Determine that having multiple units on a single meter is common and customary in the local market where the project is located; and +- Confirm that the project budget includes adequate funding for utility payments. + +The project must be located on contiguous parcels of land. It is acceptable for a project to be divided by public or private streets. + +The structures within the project must be within a reasonable distance from each other. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_666.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_666.md new file mode 100644 index 0000000000000000000000000000000000000000..b2f24a013df0c80357da6eea3c735fac8d37a8af --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_666.md @@ -0,0 +1,25 @@ +```markdown +# Fannie Mae + +## Full Review Eligibility Requirements + +- Common elements and facilities, such as recreational facilities and parking, must be consistent with the nature of the project and competitive in the marketplace. + +- Unit owners in the project must have the sole ownership interest in, and rights to the use of the project’s facilities, common elements, and limited common elements, except as noted below. + +- Shared amenities are permitted only when two or more HOAs share amenities for the exclusive use of the unit owners. The associations must have an agreement in place governing the arrangement for shared amenities that includes the following: + * A description of the shared amenities subject to the arrangement. + * A description of the terms under which unit owners in the project may use the shared amenities. + * Provisions for the funding, management, and upkeep of the shared amenities. + * Provisions to resolve conflicts between the associations over the amenities. + +- Examples of shared amenities include, but are not limited to, clubhouses, recreational or fitness facilities, and swimming pools. + +- The developer may not retain any ownership interest in any of the facilities related to the project. The amenities and facilities—including parking and recreational facilities—may not be subject to a lease between the unit owners or the HOA and another party. Parking amenities provided under commercial leases or parking permit arrangements with parties unrelated to the developer are acceptable. + +- Fannie Mae permits the financing of a single or multiple parking space(s) with the mortgage provided that the parking space(s) and subject unit are included on one deed as evidenced on the legal description in the mortgage. In such cases, the LTV, CLTV, and HCLTV ratios are based on the combined value of the residential unit and the parking space(s). + +- Phase I and II environmental hazard assessments are not required for condo projects unless the lender identifies an environmental problem through the performance of its project underwriting or due diligence. + +- In the event that environmental problems are identified, the problems must be acceptable, as described in E-2-02, Suggested Format for Phase I Environmental Hazard Assessments. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_667.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_667.md new file mode 100644 index 0000000000000000000000000000000000000000..c370ac732df8297eb28ab63e87d67ed5f52e5859 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_667.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +## Full Review Eligibility Requirements + +For investment property transactions in established projects, at least 50% of the total units in the project must be conveyed to principal residence or second home purchasers. This requirement does not apply if the subject mortgage is for a principal residence or second home. + +Financial institution-owned REO units that are for sale (not rented) are considered owner-occupied when calculating the 50% owner-occupancy ratio requirement. + +If the project was a gut rehabilitation project, all rehabilitation work involved in a condo conversion must have been completed in a professional manner. + +“Gut rehabilitation” refers to the renovation of a property down to the shell of the structure, including the replacement of all HVAC and electrical components (unless the HVAC and electrical components are up to current code). + +For a conversion that was legally created during the past three years, the architect’s or engineer’s report (or functional equivalent), that was originally obtained for the conversion must comment favorably on the structural integrity of the project and the condition and remaining useful life of the major project components, such as the heating and cooling systems, plumbing, electrical systems, elevators, boilers, roof, etc. + +For additional information applicable to condo projects subject to a ground lease, see B2-3-03, Special Property Eligibility and Underwriting Considerations: Leasehold Estates. + +**Note:** If the project is a newly converted non-gut rehabilitation project with more than four residential units, lenders must submit the project to Fannie Mae for review and approval. See B4-2.2-06, Project Eligibility Review Service (PERS), for additional information. + +## Additional Requirements - For Condo Projects Consisting of Manufactured Homes + +When determining the eligibility of a condo project consisting of manufactured homes on the basis of a Full Review, lenders must ensure the property and project meet the eligibility requirements described in the following table. + +### Additional Requirements for Condo Projects Consisting of Manufactured Home Units + +As described in B4-2.2-06, Project Eligibility Review Service (PERS), certain manufactured home projects must be submitted to PERS. Lenders must perform a pre-PERS submission review to confirm the project meets the Full Review and other requirements. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_668.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_668.md new file mode 100644 index 0000000000000000000000000000000000000000..2f2b2df9f743517130ee68d3535f1b193191808c --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_668.md @@ -0,0 +1,35 @@ +```markdown +# Fannie Mae + +## Additional Requirements for Condo Projects Consisting of Manufactured Home Units + +- The condo project must meet all Full Review requirements, as applicable. +- CPM should not be used to complete the Full Review because it does not contain all the requirements that apply to condo projects consisting of manufactured homes. +- The project must not contain campgrounds or other facilities for transient or mobile units. +- The project legal documents must require a provision for land-lease “hold-out” units to be converted into the condo structure upon transfer, sale, or refinance of property. Land lease “hold-out” units are limited to 25% or less of the total units in the project. + +**Land-lease hold-out units** are units where the structure is owned by an individual, but the land is leased from the HOA or project sponsor. These units were not converted to condo ownership when the project converted to a condo regime. + +--- + +## Replacement Reserve Studies + +- Reserve studies may be used to determine the appropriate level of reserves the HOA must maintain to ensure the project’s long-term success. +- Reserve studies will also provide useful information regarding the adequacy of the HOA’s current reserve funds and offer recommendations to meet funding goals in the event the HOA has under-reserved for its needs in the past. +- The lender may review the most current reserve study or a reserve study update provided it has been completed within three years of the date on which the lender approves the project. + +**Reserve studies must be prepared by an independent third party** that has specific expertise in completing reserve studies. This expertise may include any of the following: + +- A reserve study professional with reserve study credentials, +- A construction engineer, +- A certified public accountant who specializes in reserve studies, or +- Any professional with demonstrated knowledge of and experience in completing reserve studies. + +While Fannie Mae does not require that a standard format be used for the reserve study, the following items must be addressed: + +- All major components and elements of the project’s common areas for which repair, maintenance, or replacement is expected; +- The condition and remaining useful life of each major component; +- An estimate of the cost of repair, replacement, restoration, or maintenance of major components; +- An estimate of the total annual contributions required to defray costs (minus the existing reserves funded for this purpose), including inflation; +- An analysis of existing funded reserves. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_669.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_669.md new file mode 100644 index 0000000000000000000000000000000000000000..eff351633231ed157b59026f25683bc132b85698 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_669.md @@ -0,0 +1,33 @@ +```markdown +# Fannie Mae + +## Suggested Reserve Funding Plan + +**Note:** Individual states may have various statutes concerning the use and content of reserve studies. Fannie Mae requires that a reserve study used by the lender in its analysis meet or exceed requirements set forth in relevant state statutes. + +## Recent Related Announcements + +The table below provides references to the Announcements that are related to this topic. + +| Announcements | Issue Date | +|-----------------------|------------------| +| Announcement SEL-2024-07 | November 06, 2024 | +| Announcement SEL-2023-06 | July 05, 2023 | +| Announcement SEL-2023-02 | March 01, 2023 | +| Announcement SEL-2022-02 | March 02, 2022 | + +## B4-2.2-03, Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects (06/05/2018) + +### Introduction + +This topic contains information on the Full Review of units in new and newly converted condo projects, including: + +- Additional Requirements for Units in New and Newly Converted Condo Projects +- Condo Project Legal Document Review Requirements for Units in New or Newly Converted Projects + +### Additional Requirements for Units in New and Newly Converted Condo Projects + +When performing a Full Review of new or newly converted condo projects, lenders must ensure compliance with the following additional requirements. + +**Note:** Projects consisting of units in new or newly converted projects in Florida must be reviewed by Fannie Mae through the PERS process. See B4-2.2-04, Geographic-Specific Condo Project Considerations. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_670.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_670.md new file mode 100644 index 0000000000000000000000000000000000000000..a590abbda08d41c3ece135893df8d8e4eb1b66e2 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_670.md @@ -0,0 +1,27 @@ +```markdown +# Fannie Mae + +## Full Review Requirements - For Units in New or Newly Converted Condo Projects + +- The project, or the subject legal phase, must be “substantially complete” unless other completion arrangements have been approved by Fannie Mae through the PERS review process. +- There may not be more than one legal phase per building. + +### “Substantially complete” means that: +- A certificate of occupancy or other substantially similar document has been issued by the applicable governmental agency for the project or subject phase; and +- All the units and buildings in the legal phase in which the unit securing the mortgage is located are complete, subject to the installation of buyer selection items, such as appliances. + +**Note:** Fannie Mae does not require the installation of typical buyer selection items such as appliances, floor coverings, counter tops, or light fixtures that are common and customary for the market, although buyer selections that involve the modification of a unit floor plan must be complete. Lenders are expected to obtain appropriate documentation to verify that all buyer selection items for the unit being financed are properly installed prior to closing. + +- At least 50% of the total units in the project or subject legal phase must have been conveyed or be under contract for sale to principal residence or second home purchasers. + - For a specific legal phase or phases in a new project, at least 50% of the total units in the subject legal phase(s), considered together with all prior legal phases, must have been conveyed or be under contract for sale to principal residence or second home purchasers. + - For the purposes of this review process, a project consisting of one building cannot have more than one legal phase. + +- Individual units in new condo projects must be available for immediate occupancy at the time of loan closing. + +- If the project is part of a larger development, and the unit owners are required to pay monthly assessments of more than $50 to a separate master association for that development, lenders must review the overall development plan for the master association to evaluate the acceptability of the project. + +- The overall development plan of the project must be reviewed and the following must be acceptable: + - Consistency of future and existing improvements, + - Time limitations for expansion, and + - Reciprocal easements between legal phases. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_671.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_671.md new file mode 100644 index 0000000000000000000000000000000000000000..7df4e376179a0c9db339864085bb3ea4545a1dbe --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_671.md @@ -0,0 +1,37 @@ +```markdown +# ® Fannie Mae + +## Full Review Requirements - For Units in New or Newly Converted Condo Projects + +For projects (or the subject legal phase) that are only substantially complete rather than 100% complete, lenders must determine that acceptable completion assurance arrangements that guarantee the future completion of all project facilities, common elements, and limited common elements have been provided. These assurance arrangements may include: + +- Cash deposits, +- Letters of credit, +- Assignments of certificates of deposit, or +- Assignments of other assets that can be easily converted to cash. + +Similar arrangements must be provided to support assurances against construction and structural defects. The assurances must: + +- Protect each unit against defects that become apparent within one year from the date of its settlement, and +- Cover all common facilities for one year from the date on which units that represent at least 60% of the votes in the HOA have been transferred. + +The developer or sponsor should provide for and promote the unit owners’ early participation in the management of the project. + +The project must meet the condo project legal document requirements in the following section. + +--- + +## Condo Project Legal Document Review Requirements for Units in New or Newly Converted Projects + +The table below provides Fannie Mae's requirements for the review of the condo project's legal documents for units in new and newly converted condo projects containing more than four residential units. + +### Condo Project Legal Document Review Requirements - For Units in New or Newly Converted Condo Projects + +Any right of first refusal in the condo project documents will not adversely impact the rights of a mortgagee or its assignee to: + +- Foreclose or take title to a condo unit pursuant to the remedies in the mortgage, +- Accept a deed or assignment in lieu of foreclosure in the event of default by a mortgagor, or +- Sell or lease a unit acquired by the mortgagee or its assignee. + +### Limitations on Ability to Sell/Right of First Refusal +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_672.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_672.md new file mode 100644 index 0000000000000000000000000000000000000000..781d27a6c16e6142627aee4167119833dac9e03e --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_672.md @@ -0,0 +1,18 @@ +```markdown +# Fannie Mae + +## Condo Project Legal Document Review Requirements - For Units in New or Newly Converted Condo Projects + +### Rights of Condo Mortgagees and Guarantors + +#### First Mortgagee’s Rights Confirmed + +The project documents must give the mortgagee and guarantor of the mortgage on any unit in a condo project the right to timely written notice of: + +- Any condemnation or casualty loss that affects either a material portion of the project or the unit securing its mortgage; +- Any 60-day delinquency in the payment of assessments or charges owed by the owner of any unit on which it holds the mortgage; +- A lapse, cancellation, or material modification of any insurance policy maintained by the homeowners’ association; and +- Any proposed action that requires the consent of a specified percentage of mortgagees. + +No provision of the condo project documents gives a condo unit owner or any other party priority over any rights of the first mortgagee of the condo unit pursuant to its mortgage in the case of payment to the unit owner of insurance proceeds or condemnation awards for losses to or a taking of condo units and/or common elements. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_673.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_673.md new file mode 100644 index 0000000000000000000000000000000000000000..183784a9154040feaf94c3b8910be4bc6a629d0d --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_673.md @@ -0,0 +1,31 @@ +```markdown +# Fannie Mae + +## Condo Project Legal Document Review Requirements - For Units in New or Newly Converted Condo Projects + +### Amendments to Documents + +#### Recent Related Announcements + +Required provisions related to amendments to project documents are as follows: + +- The project documents must provide that amendments of a material adverse nature to mortgagees be agreed to by mortgagees that represent at least 51% of the votes of unit estates that are subject to mortgages. + +- The project documents must provide for any action to terminate the legal status of the project after substantial destruction or condemnation occurs or for other reasons to be agreed to by mortgagees that represent at least 51% of the votes of the unit estates that are subject to mortgages. + +- The project documents may provide for implied approval to be assumed when a mortgagee fails to submit a response to any written proposal for an amendment within 60 days after it receives proper notice of the proposal, provided the notice was delivered by certified or registered mail, with a return receipt requested. Notwithstanding the foregoing, project documents that were recorded prior to August 23, 2007, may provide for implied approval to be assumed when a mortgagee fails to submit a response to any written proposal for an amendment within 30 days after it receives proper notice of the proposal, provided the notice was delivered by certified or registered mail, with a return receipt requested. + +There are no recently issued Announcements related to this topic. + +--- + +### B4-2.2-04, Geographic-Specific Condo Project Considerations +*(03/01/2023)* + +#### Introduction + +This topic contains information on geographic-specific condo project considerations, including: + +- **Florida** — Attached Units in New and Newly Converted Condo Projects +- **Florida** — Project Review Maximum LTV Requirements for Attached Units in Established Projects +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_674.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_674.md new file mode 100644 index 0000000000000000000000000000000000000000..32b39980b096c1490efa1261ed0ecc3cf90f65b5 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_674.md @@ -0,0 +1,25 @@ +```markdown +# ® Fannie Mae + +## e Waiver of Project Review Requirements + +### Florida — Attached Units in New and Newly Converted Condo Projects + +Fannie Mae project approval is required for new and newly converted condo projects consisting of attached units located in Florida. To request a Fannie Mae project approval refer to **B4-2.2-06**, Project Eligibility Review Service (PERS). + +### Florida — Project Review Maximum LTV Requirements for Attached Units in Established Projects + +The following tables describe the maximum LTV ratios that are permitted for the specific project review type for loans secured by units in condo projects located in Florida. Unless noted otherwise, these requirements are based on the LTV ratio of the mortgage loan. + +### Florida — Attached Units in Established Condo Projects + +| Maximum LTV, CLTV, and HCLTV Ratios* | Approved by Fannie Mae | Lender Full Review (with CPM) | Limited Review | +|--------------------------------------|------------------------|-------------------------------|----------------| +| Principal Residence | 95% Manual | 75/90/90% | 97% DU | +| Second Home | 90% | 70/75/75% | | +| Investor | 85% | 70/75/75% | | + +### Waiver of Project Review Requirements + +The above requirements do not apply if the transaction is eligible for a project review waiver. See **B4-2.1-02**, Waiver of Project Review for additional information. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_675.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_675.md new file mode 100644 index 0000000000000000000000000000000000000000..7612cbb5b4baf61918014bb51ee35e4de0acaeb8 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_675.md @@ -0,0 +1,32 @@ +```markdown +# Fannie Mae + +1. Refer to the Eligibility Matrix for the maximum allowable CLTV and HCLTV ratios. (For example, a mortgage loan for a unit in a PERS-approved project can have a CLTV ratio up to 105% if it meets the Eligibility Matrix and Community Seconds requirements.) + +2. The CLTV and HCLTV ratios in this column align with the maximum CLTV and HCLTV ratios that are permitted for projects outside of Florida, as described in B4-2.2-01, Limited Review Process. + +## Recent Related Announcements + +The table below provides references to the Announcements that are related to this topic. + +| Announcements | Issue Date | +|------------------------|------------------| +| Announcement SEL-2023-02 | March 01, 2023 | +| Announcement SEL-2022-02 | March 02, 2022 | + +**B4-2.2-05, FHA-Approved Condo Review Eligibility (09/04/2018)** + +## Introduction + +This topic contains information on FHA-approved condo review eligibility, including: + +- Overview +- Project Requirements +- Document Retention + +### Overview + +Fannie Mae accepts delivery of FHA mortgage loans in FHA-approved condo projects that appear on the FHA-approved condo list. For conventional mortgage loans, Fannie Mae will accept delivery of mortgages in established projects on the FHA-approved list provided the approval was completed by FHA HUD Review and Approval Process (HRAP) rather than through an FHA Direct Endorsement Lender Review and Approval Process (DELRAP). FHA condo project approval is not acceptable for conventional mortgage loans secured by units in new or newly converted condo projects. + +Lenders may search for FHA-approved condo projects by location, name, or project status online at HUD.gov or through CPM. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_676.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_676.md new file mode 100644 index 0000000000000000000000000000000000000000..5a3fc959f8ec2efa2c2a29a34acda5ea6affce65 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_676.md @@ -0,0 +1,40 @@ +```markdown +# Fannie Mae + +Lenders must maintain copies of the FHA approval documentation in the loan file. + +## Project Requirements + +### For FHA Mortgage Loans +Lenders must ensure that: +- The FHA standard conditions have been met for presale, occupancy status, and completion; +- Any additional conditions noted by FHA have been met; +- The project is not an ineligible project as defined in B4-2.1-03, Ineligible Projects; +- The project is covered by the required insurance as set forth in Subpart B7-4, Liability and Fidelity/Crime Insurance Requirements for Project Developments; and +- The project is not comprised of manufactured homes. + +### For Conventional Mortgage Loans +Lenders must ensure that: +- The project meets Fannie Mae’s criteria to be considered an established project; +- The project is not comprised of manufactured homes; +- The project meets the Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project described in B4-2.1-01, General Information on Project Standards; +- The project is not an ineligible project as described in B4-2.1-03, Ineligible Projects; and +- Any additional conditions noted by FHA have been met. + +## Document Retention + +When lenders deliver mortgage loans secured by condo units in an FHA-approved project, lenders must retain the documentation as set forth in Document Retention in B4-2.1-01, General Information on Project Standards. + +## Recent Related Announcements + +There are no recently issued Announcements related to this topic. + +## B4-2.2-06, Project Eligibility Review Service (PERS) (11/06/2024) + +### Introduction +This topic contains information on Fannie Mae's Project Eligibility Review Service (PERS), including: +- Overview +- Standard PERS Submission Process +- Required Forms for Standard PERS Submission +- Additional Requirements—For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_677.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_677.md new file mode 100644 index 0000000000000000000000000000000000000000..f71270a7f8408927f7a0c5fe7410c8732c84a58b --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_677.md @@ -0,0 +1,43 @@ +```markdown +# Fannie Mae + +## Additional Requirements - For Condo and PUD Projects Comprised of Manufactured Homes +## Streamlined PERS Submission Process—For Established Projects + +### Approval Designations +### Availability of Project Information +### Decision Expiration Dates + +## Overview + +PERS is a review method available to lenders to submit new, newly converted, and established projects to Fannie Mae to determine eligibility. Some projects must be submitted to PERS while a PERS submission is optional for other projects, as shown in the table below. + +## Standard PERS Process + +**Required for:** + +- New condo projects consisting of manufactured homes (including those subject to a community land trust, deed restrictions, ground lease, or shared equity arrangement); +- New PUD projects consisting of manufactured homes subject to a community land trust, deed restriction, ground lease, or shared equity arrangement; +- Newly converted non-gut rehabilitation condo and co-op projects with attached units that contain more than four units; +- New and newly converted condo projects consisting of attached units located in Florida; and +- Limited or shared equity co-op projects, provided the limited or shared equity provisions are designed to preserve or promote access to affordable housing. + +**Optional for:** + +- All other new or newly converted condo projects not listed above. + +## Streamlined PERS Process + +**Required for:** + +- Established condo projects consisting of single-width manufactured homes; and +- Established condo or established PUD projects consisting of manufactured homes subject to a community land trust, deed restriction, ground lease, or shared equity arrangement. + +**Optional for:** + +- Established condo projects. + +**Note:** Unless specifically noted in the above table, all references to manufactured homes may be single-width, multi-width, or a combination of both. + +## Standard PERS Submission Process +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_678.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_678.md new file mode 100644 index 0000000000000000000000000000000000000000..0537d7c1418e1e56e112c6b7ce98b7cb307ca078 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_678.md @@ -0,0 +1,49 @@ +```markdown +# Fannie Mae + +The standard PERS submission process is described below: + +## Step 1 + +### Action + +The lender performs a review to determine if the project satisfies all applicable Fannie Mae project eligibility and underwriting requirements of the Full Review process prior to submission to PERS. + +See below for additional lender pre-PERS submission review requirements: + +- For newly converted non-gut rehabilitation condo projects, and +- For projects consisting of manufactured homes. + +## Step 2 + +### Action + +The lender completes a project submission package, that includes: + +- **Project Eligibility Review Service Document Checklist (Form 1030)** for condo projects or **Project Eligibility Review Service Document Checklist - Co-op Projects (Form 1078)**, for co-op projects, and +- **Application for Project Approval (Form 1026)**. + +See below for additional forms that may be required. + +## Step 3 + +### Action + +The condo project's legal documents must comply with Fannie Mae's requirements listed in **B4-2.2-03, Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects**. + +- A qualified attorney engaged by the lender must review the condo project legal documents and determine that the documents are in compliance with Fannie Mae's requirements. +- This determination must be documented by the attorney in writing but need not rise to the level of a formal, written legal opinion. The attorney may be the same person who prepared the legal documents or an attorney employed by the lender, but they cannot be an employee, principal, or officer of the developer or sponsor of the project. +- The lender must complete the **Warranty of Condominium Project Legal Documents (Form 1054)** and attach the attorney review as part of the PERS submission process. + +## Step 4 + +### Action + +The lender submits the complete project package, including all relevant supporting documentation, via email using the **PERS Project Submission mailbox**. See **E-1-02, List of Contacts**. + +## Step 5 + +### Action + +A member of the Project Standards team reviews the package to determine if the project is eligible for approval. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_679.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_679.md new file mode 100644 index 0000000000000000000000000000000000000000..ed2935196167b426afa5d2a64c2eaae88515a266 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_679.md @@ -0,0 +1,25 @@ +```markdown +# Step + +## Fannie Mae + +### Action + +Upon completion of the review, Fannie Mae issues its decision to the lender via email and posts approved projects on its website. See [Condo, Co-op, and Planned Unit Development (PUD) Eligibility](https://www.fanniemae.com) for approved projects listed for each state, the District of Columbia, and the U.S. Virgin Islands. + +Fannie Mae informs the lender of the specific review fee assessed for each PERS submission. Lenders are billed for PERS review fees in their “Monthly Technology Invoice.” For fees, see the [Project Eligibility Review Service (PERS) Overview](https://www.fanniemae.com) on Fannie Mae's website. + +--- + +## Required Forms for Standard PERS Submission + +The forms shown below are required for a standard PERS submission. + +| Form | Title | Description | +|-------|-----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| 1026 | Application for Project Approval | Requires certification that the lender has “underwritten” the project; includes non-residential space, common areas, sales plan, construction warranty, budget, builder/developer information, status of construction, environmental issues, resale restrictions, phasing, project management. | +| 1029 | Warranty of Project Presales | Requires lender certification of sales and presales information. | +| 1030 | Project Eligibility Review Service Document Checklist | Checklist confirming all required condo documents have been provided (see below). | +| 1051 | Project Development/Master Association Plan | Requires lender certification of submitted information; includes master association and sub-association description and structure, common areas, title policy, master association budget, “as-built” survey or master plan. | +| 1054 | Warranty of Condominium Project Legal Documents | Requires lender certification of compliance with laws and Fannie Mae legal requirements. | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_680.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_680.md new file mode 100644 index 0000000000000000000000000000000000000000..c2a52d51dd31b6bb1adf1fc52e8ea48b212b46f1 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_680.md @@ -0,0 +1,41 @@ +```markdown +# Form + +- 1071 +- 1073 +- 1073A +- 1078 +- 1079 +- 1081 + +® Fannie Mae + +# Title + +- Statement of Insurance and Fidelity Coverage +- Individual Condominium Unit Appraisal +- Analysis of Annual Income and Expenses - Operating Budget +- Project Eligibility Review Service +- Document Checklist - Co-op Projects +- Limited or Shared Equity Co-op Worksheet +- Final Certification of Substantial Project Completion + +# Description + +- Requires lender certification of all insurance requirements; addresses specific insurance types and clauses, and requires the lender to obtain and review all policies. +- Individual condominium appraisal report. +- Requires lender certification that the operating budget has been analyzed; detailed operating budget information to be completed by HOA and lender. +- Checklist confirming all required co-op documents have been provided (see below). +- Requires information for certain co-op projects. +- Lender certification that project is substantially complete; lender to document any exceptions or uncompleted. + +# Additional Requirements—For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects + +A non-gut rehabilitation refers to the renovation of a property that does not involve structural or functional changes, such as the replacement of all HVAC and electrical components. Rather, the rehabilitation might include, for example, the replacement of appliances and carpeting. + +In order for a newly converted non-gut rehabilitation condo or co-op project to receive project approval through the standard PERS process, the project must comply with the following requirements. + +## Lender Pre-PERS Submission Review Requirements - For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects + +The project cannot be an ineligible project in accordance with B4-2.1-03, Ineligible Projects. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_681.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_681.md new file mode 100644 index 0000000000000000000000000000000000000000..b3af40a875b4342504383c66ed8d46260d584c79 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_681.md @@ -0,0 +1,33 @@ +```markdown +# Fannie Mae + +## Lender Pre-PERS Submission Review Requirements - For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects + +### For Condo Projects +The condo project must comply with all requirements of the Full Review (as provided in B4-2.2-02, Full Review Process and B4-2.2-03, Full Review: Additional Eligibility Requirements for Units in New and Newly Converted Condo Projects). + +### For Co-op Projects +The co-op project must comply with all requirements for co-op projects (as provided in B4-2.3-02, Co-op Project Eligibility, B4-2.3-03, Legal Requirements for Co-op Projects, and B4-2.3-05, Geographic-Specific Co-op Project Considerations). + +### General Requirements +- All rehabilitation work involved in the condo or co-op conversion must have been completed in a professional manner. +- A current reserve study prepared by a qualified, independent professional company, accompanied by an engineer's report, or functional equivalent, must comment favorably on the structural integrity of the project and the remaining useful life of the major project components. + +### Project Budget Requirements +The project budget must contain line items for: +- Reserves to adequately support the costs identified in the reserve study. +- A utility contingency of at least 10% of the previous year's utility costs if the utilities are not separately metered. + +### Reserve Account Requirements +Funds to cover the total cost of any items identified in the reserve study or engineer's report that need to be replaced within five years from the date of the study must be deposited in the reserve account of the HOA or of the co-op corporation, in addition to the amount stated immediately above. + +### Developer Requirements +The developer must provide a detailed description of the work proposed or already completed in order for the project units to be ready for sale. + +### Unit Conveyance Requirements +- Generally, at least 50% of the total condo units or co-op stocks or shares in the project or subject legal phase must have been conveyed or be under contract for purchase to principal residence or second home purchasers. +- Up to 30% of the units (or of stocks or shares for co-ops) in projects that are subject to rent regulations, which protect tenants from eviction (if they have chosen not to purchase their unit), will be permitted. + +### Phasing of Projects +Phasing of projects (single building or multiple buildings) will be considered on a project basis. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_682.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_682.md new file mode 100644 index 0000000000000000000000000000000000000000..9eb162f62e5e4d96d51f73a21a6e70ab234afb9f --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_682.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## Lender Pre-PERS Submission Review Requirements - For Newly Converted Non-Gut Rehabilitation Condo or Co-op Projects + +- The project sponsor or developer must provide a comprehensive sales and marketing strategy. +- All projects are subject to a site inspection. + +## Additional Requirements - For Condo and PUD Projects Comprised of Manufactured Homes + +For a condo or PUD project comprised of manufactured homes to receive project approval through the standard PERS process, the project must comply with the following requirements. + +## Lender Pre-PERS Submission Review Requirements - For Projects Consisting of Manufactured Homes + +- Review all aspects of the project to determine that it satisfies Fannie Mae eligibility requirements as stated in B4-2.1-01, General Information on Project Standards. +- Review all aspects of the project to determine that it meets all eligibility requirements for the Full Review for condos, requirements for PUDs, and any other applicable requirements. +- Review the manufactured housing unit to confirm that it meets all requirements of B4-1.4-01, Factory-Built Housing: Manufactured Housing. +- Perform a thorough underwriting analysis of the project and provide the conclusion of such analysis. + +**Note:** If the project is subject to a ground lease, the ground lease must meet the eligibility requirements in B2-3-03, Special Property Eligibility and Underwriting Considerations: Leasehold Estates. + +## Streamlined PERS Submission Process—For Established Projects + +The streamlined PERS submission process for established condo projects is as follows: + +| Step | Action | +|------|--------| +| 1 | The lender performs a basic review to determine if the project satisfies all applicable Fannie Mae project eligibility and underwriting requirements prior to submission to PERS. | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_683.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_683.md new file mode 100644 index 0000000000000000000000000000000000000000..c728f9a7b7adf1765dd0b0684c061d6c0a50d363 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_683.md @@ -0,0 +1,29 @@ +```markdown +# Fannie Mae + +## Step Action + +1. The lender completes a project submission package, which includes: + - Application for Approval of Established Project (Form 1091). + - Condominium Project Questionnaire (Form 1076), or a substantially similar form, completed within the past 180 days. + - An appraisal report for a representative unit in the project. This report must be prepared within 120 days of the PERS application, and include photographs of the project, private streets, recreational amenities, parking, commercial space, and common areas. + - Current fiscal year’s approved operating budget that reflects homeowners’ association income and expenses. + - Reserve study completed within the past 24 months (only required for projects that are not funding a minimum of a 10% dedicated expense allocation in the budget to a replacement reserve for the future repair/replacement of the project’s major components). + +2. The lender submits the complete project package, including all relevant supporting documentation, via email using the PERS Project Submission mailbox. See E-1-02, List of Contacts. + +3. A member of the Project Standards team reviews the package to determine if the project is eligible for approval. + +4. Upon completion of the review, Fannie Mae issues its decision to the lender via email and posts approved projects on its website. See Condo, Co-op, and Planned Unit Development (PUD) Eligibility for approved projects listed for each state, the District of Columbia, and the U.S. Virgin Islands. + +5. Fannie Mae informs the lender of the specific review fee assessed for each PERS submission. Lenders are billed for PERS review fees in their “Monthly Technology Invoice.” For fees, see the Project Eligibility Review Service (PERS) Overview on Fannie Mae's website. + +6. Fannie Mae reserves the right to request additional documentation it deems necessary to conduct a full review of the project. + +## Approval Designations + +Upon completion of its review, Fannie Mae will issue one of the following project approval designations: + +- Conditional Project Approval, +- Final Project Approval, +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_684.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_684.md new file mode 100644 index 0000000000000000000000000000000000000000..46444b5f1ff9abfd5651a82d4c13cab2169b59ff --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_684.md @@ -0,0 +1,32 @@ +```markdown +# Fannie Mae + +## Ineligible, or + +## Suspension of the Application + +Loans delivered with a PERS review must have a valid Fannie Mae Final Project Approval prior to delivery. Loans may not be delivered under the Conditional Project Approval, Ineligible, or Suspension of the Application designations. + +## Availability of Project Information + +Lenders submitting projects to PERS must ensure that the developer, builder, management company, and/or HOA will provide project information to Fannie Mae as and when requested without charge. In the event the requested information is not provided, Fannie Mae reserves the right to withdraw the PERS approval. + +## Decision Expiration Dates + +- **Conditional Project Approval**: expires 9 months from the date of issue. +- **Final Project Approval**: expires 18 months from the date of issue. + +**Note**: Fannie Mae, in some instances and in its sole discretion, may set a shorter or longer expiration term. + +For information on requesting an extension, see the Project Eligibility Review Service (PERS) Overview on Fannie Mae's website. + +## Recent Related Announcements + +The table below provides references to recently issued Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-07 | November 06, 2024 | +| Announcement SEL-2021-11 | December 15, 2021 | +| Announcement SEL-2021-03 | April 07, 2021 | +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_685.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_685.md new file mode 100644 index 0000000000000000000000000000000000000000..54ac8351ee580b3545bb2cfc074674722ae08841 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_685.md @@ -0,0 +1,30 @@ +```markdown +# Fannie Mae + +## B4-2.2-07, Projects with Special Considerations and Project Eligibility Waivers (11/10/2014) + +### Introduction +This topic contains information on projects with special considerations and project eligibility waivers, including: + +- Projects with Special Considerations +- Project Eligibility Waivers + +### Projects with Special Considerations + +Lenders may identify projects that merit special consideration even though the project characteristics do not meet all of the Fannie Mae eligibility requirements. In these instances, lenders can contact the Fannie Mae Project Standards team to discuss the possibility of accepting such projects. Exceptions to Fannie Mae eligibility and underwriting requirements are considered on a project-by-project basis. + +### Project Eligibility Waivers + +If the lender believes that a specific eligibility requirement should be waived for a particular project with respect to a single loan, then the lender must: + +- First enter the project into CPM before requesting a waiver through the Credit Variance Administration System (CVAS), and +- Request a waiver from Fannie Mae through CVAS. + +Fannie Mae’s Project Standards team will determine if a single loan project eligibility waiver is warranted. Fannie Mae charges a nonrefundable $200 review fee for each waiver request. A higher review fee may be charged based on the complexity of the waiver review. + +**Note:** Project eligibility waivers are typically issued only for established projects, though Fannie Mae at its sole discretion reserves the right to allow this type of waiver for a unit in a new project on a case-by-case basis. New or newly converted projects must be reviewed for eligibility through an eligible lender review process or by Fannie Mae through the PERS submission process. Lenders must not request a project eligibility waiver for a unit in a new project to circumvent the required review for new projects. + +### Recent Related Announcements + +There are no recently issued Announcements related to this topic. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_686.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_686.md new file mode 100644 index 0000000000000000000000000000000000000000..3bafae5a5e06daabf2a39c416396f859e4fd4855 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_686.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Section B4-2.3, PUD and Co-op Eligibility Requirements + +### B4-2.3-01, Eligibility Requirements for Units in PUD Projects +*(11/06/2024)* + +#### Introduction +This topic contains information on PUD projects, including: + +- PUD Project Requirements +- Eligibility Requirements for Units in PUD Projects + +#### PUD Project Requirements + +For a project to qualify as a PUD, all of the following requirements must be met: + +- Each unit owner’s membership in the HOA must be automatic and nonseverable. +- The payment of assessments related to the unit must be mandatory. +- Common property and improvements must be owned and maintained by an HOA for the benefit and use of the unit owners. +- The subject unit must not be legally created as part of a condo or co-op project. + +Zoning is not a basis for classifying a project or subdivision as a PUD. Units in projects or subdivisions simply zoned as PUDs that include the following characteristics are not defined as PUD projects under Fannie Mae’s policies. These projects: + +- Have no common property and improvements. +- Do not require the establishment of and membership in an HOA. +- Do not require the payment of assessments. + +Fannie Mae classifies PUD projects as either: + +- **Type E**—Established PUD projects in which the developer has turned over voting control of the HOA to the unit purchasers. +- **Type F**—New PUD projects in which the developer has not turned over voting control of the HOA to the unit purchasers. + +Certain PUD projects require submission to PERS. See **B4-2.2-06, Project Eligibility Review Service (PERS)** for details. +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_687.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_687.md new file mode 100644 index 0000000000000000000000000000000000000000..3522724605d01950e9435cbaeb02cb9bd40b3f78 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_687.md @@ -0,0 +1,36 @@ +```markdown +# Fannie Mae + +## Additional Information + +New or established PUD projects consisting of single-width and/or multi-width manufactured homes not subject to a community land trust, deed restriction, ground lease, or shared equity arrangement may be reviewed in accordance with B4-2.1-02, Waiver of Project Review. + +## Eligibility Requirements for Units in PUD Projects + +Lenders must determine that the PUD project and subject unit meet the requirements described in Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project in B4-2.1-01, General Information on Project Standards. + +**Note:** Any unit legally created as part of a condo or co-op project located within a larger PUD project or master association must meet the applicable requirements for condo or co-op projects. + +For additional information applicable to PUD projects subject to a ground lease, see B2-3-03, Special Property Eligibility and Underwriting Considerations: Leasehold Estates. + +## Recent Related Announcements + +The table below provides references to the Announcements that are related to this topic. + +| Announcements | Issue Date | +|---------------------|------------------| +| Announcement SEL-2024-07 | November 06, 2024 | +| Announcement SEL-2021-02 | March 03, 2021 | + +## B4-2.3-02, Co-op Project Eligibility (11/06/2024) + +### Introduction + +This topic contains information on co-op project eligibility, including: + +- Co-op Project Eligibility Overview +- Request for Co-op Project Information +- Eligibility Requirements for Co-op Projects + +### Co-op Project Eligibility Overview +``` \ No newline at end of file diff --git a/Markdown_files/Fannie Mae Selling guide 52-688/page_688.md b/Markdown_files/Fannie Mae Selling guide 52-688/page_688.md new file mode 100644 index 0000000000000000000000000000000000000000..eede0aae43c44485111105b7c668bab53bfb8d53 --- /dev/null +++ b/Markdown_files/Fannie Mae Selling guide 52-688/page_688.md @@ -0,0 +1,28 @@ +```markdown +# Fannie Mae + +Fannie Mae purchases or securitizes co-op share loans for units in co-op projects from lenders specially approved to sell such loans to Fannie Mae. Lenders must determine the acceptability of a co-op project, unless the project is comprised of manufactured homes or is a project that is a newly converted non-gut rehabilitation of a co-op project. Such projects must be submitted via the Project Eligibility Review Service (PERS) to Fannie Mae for review. + +The lack of available co-op project data and the inconsistent reporting of co-op project information can be a barrier to obtaining affordable financing for co-op housing. Lenders are responsible for determining the most appropriate method for obtaining information about co-op projects and the accuracy of the information they obtain. + +For additional information, see: + +- **A2-1-01**, Contractual Obligations for Sellers/Servicers, +- **B4-2.3-04**, Loan Eligibility for Co-op Share Loans, +- **B4-2.2-06**, Project Eligibility Review Service (PERS), +- **B4-2.1-01**, General Information on Project Standards. + +## Request for Co-op Project Information + +The Request for Cooperative Project Information (Form 1074) includes the project information that lenders, investors, and mortgage insurers may use in their evaluation of the eligibility of a co-op project, and provides an efficient means of collecting basic project information from co-op project management agents, boards of directors, or sponsors/developers. + +## Eligibility Requirements for Co-op Projects + +The table below provides project eligibility requirements for co-op projects. + +### Full Review Eligibility Requirements - For New and Established Co-op Projects + +In order for a co-op share loan to be eligible for sale, the co-op project in which the secured unit is located must qualify as a cooperative housing corporation under Section 216 of the Internal Revenue Service Code. The lender's loan or project approval file must contain evidence regarding the project’s compliance with Section 216. + +**Note:** If the co-op project does not meet Section 216 requirements, Fannie Mae will not purchase a co-op share loan from within the project. +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_1.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_1.md new file mode 100644 index 0000000000000000000000000000000000000000..4d947db9a3fbc3a31286c60facc6bbdaff771bc0 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_1.md @@ -0,0 +1,22 @@ +```markdown +# 2024 EDITION + +## 2024 + +### Uniform Standards of Professional Appraisal Practice (USPAP) + +**Effective January 1, 2024** + +**KY** +Contains USPAP Standards 1 through 10 +Guidance and USPAP Reference Manual + +--- + +**The Appraisal Foundation** +. . by Congress as the Source of Appraisal +now available in a separate volume. Standards and Appraiser Qualifications + +**Authorized** +**APPRAISAL STANDARDS BOARD** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_10.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_10.md new file mode 100644 index 0000000000000000000000000000000000000000..14ac861d59c4b2262a07ae568fd244b40f017029 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_10.md @@ -0,0 +1,63 @@ +```markdown +# DEFINITIONS STANDARDS [& | 2 + +## FOREWORD + +### INTERACTING WITH THE APPRAISAL STANDARDS BOARD + +The ASB invites questions about USPAP, USPAP guidance, and proposed changes to USPAP from all interested parties, including appraisers, state enforcement agencies, users of appraisal services, and the public. The ASB is composed of five to nine members who are appointed by the Board of Trustees (BOT) and may serve up to eight years. Activities of the ASB are directed by the chair, who is appointed by the BOT for a one-year term. The current ASB consists of members who specialize in residential, commercial, personal, and mass property appraisal and business valuation work. The process for becoming an ASB member is competitive and transparent. The ASB issues Exposure Drafts on proposed changes to USPAP and obtains feedback at public meetings throughout the year in a virtual setting. To attend their meetings, please check the Foundation’s Events page for a list of upcoming public meetings. Additionally, the ASB participates in speaking engagements on request and conducts live webinars. Please check the Webinars page on the Foundation’s website to watch the recorded webinars, which are also posted on the Foundation’s YouTube channel. + +If you have any comments, questions, or suggestions regarding USPAP, please contact the ASB. + +**Appraisal Standards Board** +The Appraisal Foundation +1155 15th Street, NW, Suite 1111 +Washington, DC 20005 + +**Phone:** 202-347-7722 +**Email:** ASB@appraisalfoundation.org +**Website:** [www.appraisalfoundation.org](http://www.appraisalfoundation.org) + +--- + +## 2023 APPRAISAL STANDARDS BOARD MEMBERS + +- **Michelle Czekalski Bradley**, Chair +- **Nicholas Pilz**, Vice Chair +- **Melissa Bond** +- **Riley Busenlener** +- **Anjanette Hutson** +- **Raymond Krasinski** +- **Craig Morley** +- **Heather Sullivan** + +The 2024 USPAP was adopted by the 2023 Appraisal Standards Board on May 5, 2023. + +--- + +## 2022 APPRAISAL STANDARDS BOARD MEMBERS + +- **Michelle Czekalski Bradley**, Chair +- **Nicholas Pilz**, Vice Chair +- **Melissa Bond** +- **Riley Busenlener** +- **Craig Morley** +- **Roberta Ouellette** + +--- + +## 2021 APPRAISAL STANDARDS BOARD MEMBERS + +- **Michelle Czekalski Bradley**, Chair +- **(No Vice Chair)** +- **Patricia H. Atwood** +- **Riley Busenlener** +- **Tim Luke** +- **Roberta Ouellette** +- **Craig Morley** + +--- + +**viii USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_11.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_11.md new file mode 100644 index 0000000000000000000000000000000000000000..783b9f00acde410576c85b47fc31e7aa5cdbf474 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_11.md @@ -0,0 +1,5 @@ +```markdown +# Uniform Standards of Professional Appraisal Practice (USPAP) + +## 2024 Edition +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_12.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_12.md new file mode 100644 index 0000000000000000000000000000000000000000..1f491989e1300684cc31bd3365018044805910bd --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_12.md @@ -0,0 +1 @@ +Please provide the text you would like to convert into Markdown format. \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_13.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_13.md new file mode 100644 index 0000000000000000000000000000000000000000..4c0df8673b4fd2529eb4bbef94a64d6c048cacaf --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_13.md @@ -0,0 +1,39 @@ +```markdown +# DEFINITIONS STANDARDS + +## PREAMBLE + +The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions, and conclusions to intended users of their services in a manner that is meaningful and not misleading. + +The Appraisal Standards Board promulgates USPAP for both appraisers and users of appraisal services. The appraiser’s responsibility is to protect the overall public trust, and it is the importance of the role of the appraiser that places ethical obligations on those who serve in this capacity. USPAP reflects the current standards of the appraisal profession. + +USPAP addresses the ethical and performance obligations of appraisers through **DEFINITIONS**, **Rules**, **Standards**, **Standards Rules**, and **Statements** (there are currently no active Statements). + +- The **DEFINITIONS** establish the application of certain terminology in USPAP. +- The **ETHICS RULE** sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct. +- The **RECORD KEEPING RULE** establishes the workfile requirements for appraisal and appraisal review assignments. +- The **COMPETENCY RULE** presents pre-assignment and assignment conditions for knowledge and experience. +- The **SCOPE OF WORK RULE** presents obligations related to problem identification, research, and analyses. +- The **JURISDICTIONAL EXCEPTION RULE** preserves the balance of USPAP if a portion is contrary to law or public policy of a jurisdiction. + +The **Standards** establish the requirements for appraisal and appraisal review and the manner in which each is communicated. + +- **STANDARDS 1 and 2** establish requirements for the development and communication of a real property appraisal. +- **STANDARDS 3 and 4** establish requirements for the development and communication of an appraisal review. +- **STANDARDS 5 and 6** establish requirements for the development and communication of a mass appraisal. +- **STANDARDS 7 and 8** establish requirements for the development and communication of a personal property appraisal. +- **STANDARDS 9 and 10** establish requirements for the development and communication of a business or intangible asset appraisal. + +There are currently no active **Statements on Appraisal Standards**. + +**Comments** are an integral part of USPAP and have the same weight as the component they address. These extensions of the **DEFINITIONS**, **Rules**, and **Standards Rules** provide interpretation and establish the context and conditions for application. + +## When Do USPAP Rules and Standards Apply? + +USPAP does not establish who or which assignments must comply. Neither The Appraisal Foundation nor its Appraisal Standards Board is a government entity with the power to make, judge, or enforce law. An appraiser must comply with USPAP when either the service or the appraiser is required by law, regulation, or agreement with the client. Individuals may also choose to comply with USPAP any time that individual is performing the service as an appraiser. In order to comply with USPAP, an appraiser must meet the following obligations: + +--- + +**USPAP 2024 Edition | GoBack | 1** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_14.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_14.md new file mode 100644 index 0000000000000000000000000000000000000000..887dc7d1b43d3ac8af567441c276562e30a5ffaa --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_14.md @@ -0,0 +1,49 @@ +```markdown +# 40 + +1 + +42 +43 + +Gu + +46 +47 +48 + +oer +2 of + +a +ine) + +FO + +o + +agag&agda&aa +a + +N + +# DEFINITIONS STANDARDS [& | 2 + +## PREAMBLE + +An appraiser must act competently and in a manner that is independent, impartial, and objective. +An appraiser must comply with the ETHICS RULE in all aspects of appraisal practice. + +An appraiser must maintain the data, information and analysis necessary to support his or her opinions for appraisal and appraisal review assignments in accordance with the RECORD KEEPING RULE. + +An appraiser must comply with the COMPETENCY RULE and the JURISDICTIONAL EXCEPTION RULE for all assignments. + +When an appraiser provides an opinion of value in an assignment, the appraiser must also comply with the SCOPE OF WORK RULE, the RECORD KEEPING RULE, the applicable development and reporting Standards and applicable Statements (there are currently no active Statements). + +When an appraiser provides an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment, the appraiser must also comply with the SCOPE OF WORK RULE, the RECORD KEEPING RULE, applicable portions of STANDARDS 3 and 4, and applicable Statements (there are currently no active Statements). + +When preparing an appraisal or appraisal review that is a component of a larger assignment with additional opinions, conclusions, or recommendations, the appraisal or appraisal review component must comply with the applicable development and reporting Standards and applicable Statements (there are currently no active Statements), and the remaining component of the assignment must comply with the ETHICS RULE, the COMPETENCY RULE, and the JURISDICTIONAL EXCEPTION RULE. + +USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_15.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_15.md new file mode 100644 index 0000000000000000000000000000000000000000..23341c928d82c65b5ffea39c31b6740e1a26fb5f --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_15.md @@ -0,0 +1,58 @@ +```markdown +# DEFINITIONS STANDARDS + +## DEFINITIONS + +Defined terms are intended to clarify the meaning of words or phrases in USPAP that differ from or are not found in popular English dictionaries and, in a few instances, to indicate which popular dictionary definition is meant to be used if there are multiple definitions. + +For the purpose of the Uniform Standards of Professional Appraisal Practice (USPAP), the following definitions apply: + +### APPRAISAL +- **(noun)** the act or process of developing an opinion of value; an opinion of value. +- **(adjective)** of or pertaining to appraising and related functions such as appraisal practice or appraisal services. + +**Comment:** An appraisal is numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value). + +### APPRAISAL PRACTICE +Valuation services performed by an individual acting as an appraiser, including but not limited to appraisal and appraisal review. + +**Comment:** Appraisal practice is provided only by appraisers, while valuation services are provided by a variety of professionals and others! The terms appraisal and appraisal review are intentionally generic and are not mutually exclusive. For example, an opinion of value may be required as part of an appraisal review assignment. + +### APPRAISAL REVIEW +- **(noun)** the act or process of developing an opinion about the quality of another appraiser’s work (i.e., a report, part of a report, a workfile, or some combination of these), that was performed as part of an appraisal or appraisal review assignment. +- **(adjective)** of or pertaining to an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment. + +### APPRAISER +One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. + +**Comment:** Such expectation occurs when individuals, either by choice or by requirement placed upon them or upon the service they provide by law, regulation, or agreement with the client or intended users, represent that they comply. + +### APPRAISER’S PEERS +Other appraisers who have expertise and competency in a similar type of assignment. + +### ASSIGNMENT +A valuation service that is provided by an appraiser as a consequence of an agreement with a client. + +### ASSIGNMENT CONDITIONS +Assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional exceptions, and other conditions that affect the scope of work. + +### ASSIGNMENT RESULTS +An appraiser's opinions or conclusions, not limited to value, that were developed when performing an appraisal assignment, an appraisal review assignment, or a valuation service other than an appraisal or appraisal review. + +**Comment:** Physical characteristics are not assignment results. + +### BIAS +A preference or inclination that precludes an appraiser’s impartiality, independence, or objectivity in an assignment. + +### BUSINESS ENTERPRISE +An entity pursuing an economic activity. + +--- + +1. In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 21, USPAP Compliance. +2. See PREAMBLE and in USPAP GRM, see Advisory Opinion 21, USPAP Compliance. +3. In USPAP GRM, see Advisory Opinion 29, An Acceptable Scope of Work. + +**USPAP 2024 Edition | GoBack | 3** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_16.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_16.md new file mode 100644 index 0000000000000000000000000000000000000000..19d029fa73c705c5dea6d427ffe5aa9f27c6038a --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_16.md @@ -0,0 +1,91 @@ +```markdown +92 +93 +94 + +96 + +97 + +98 +99 + +100 + +101 + +102 + +103 +104 + +105 +106 + +107 +108 +109 + +110 +111 + +112 +113 +114 + +116 +117 +118 + +119 +120 +121 + +122 +123 +124 + +DEFINITIONS STANDARDS [& | 2 + +## DEFINITIONS + +**BUSINESS EQUITY**: the interests, benefits, and rights inherent in the ownership of a business enterprise or a part thereof in any form (including, but not necessarily limited to, capital stock, partnership interests, cooperatives, sole proprietorships, options, and warrants). + +**CLIENT**: the party or parties (i.e., individual, group, or entity) who engage an appraiser by employment or contract in a specific assignment, whether directly or through an agent. + +**CONFIDENTIAL INFORMATION**: information that is either: + +- identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or +- classified as confidential or private by applicable law or regulation.® + +**COST**: the actual or estimated amount required to create, reproduce, replace, or obtain a property. + +**CREDIBLE**: worthy of belief. + +_Comment_: Credible assignment results require support, by relevant evidence and logic, to the degree necessary for the intended use. + +**EFFECTIVE DATE**: the date to which an appraiser’s analyses, opinions, and conclusions apply; also referred to as date of value. + +**EXPOSURE TIME**: an opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.® + +**EXTRAORDINARY ASSUMPTION**: an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. + +_Comment_: Uncertain information might include physical, legal, or economic characteristics of the subject property; or conditions external to the property, such as market conditions or trends; or the integrity of data used in an analysis. + +**FEASIBILITY ANALYSIS**: a study of the cost-benefit relationship of an economic endeavor. + +**HYPOTHETICAL CONDITION**: a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. + +_Comment_: Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. + +**INTANGIBLE PROPERTY (INTANGIBLE ASSETS)**: nonphysical assets, including but not limited to franchises, trademarks, patents, copyrights, goodwill, equities, securities, and contracts as distinguished from physical assets such as facilities and equipment. + +4 See Confidentiality section of the ETHICS RULE. + +5 For example, pursuant to the passage of the Gramm-Leach-Bliley Act in November 1999, some public agencies have adopted privacy regulations that affect appraisers. The Federal Trade Commission (FTC) issued two rules. The first rule (16 CFR 313) focuses on the protection of ”non-public personal information” provided by consumers to those involved in financial activities “found to be closely related to banking or usual in connection with the transaction of banking.” These activities include “appraising real or personal property.” See GLB-Privacy. The second rule (16 CFR 314) requires appraisers to safeguard customer non-public personal information. See GLB-Safeguards-Rule. Significant liability exists for appraisers should they fail to comply with these FTC rules. + +6 In USPAP GRM, see Advisory Opinion 35, Reasonable Exposure Time in Real and Personal Property Opinions of Value. + +4 | cowack | USPAP 2024 Edition +GO BACK © The Appraisal Foundation +``` diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_17.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_17.md new file mode 100644 index 0000000000000000000000000000000000000000..729b4e58ead865acb364384b62c90645af5cc4e7 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_17.md @@ -0,0 +1,58 @@ +```markdown +# DEFINITIONS STANDARDS + +## DEFINITIONS + +### INTENDED USE +The use(s) of an appraiser’s reported appraisal or appraisal review assignment results, as identified by the appraiser based on communication with the client at the time of the assignment. + +### INTENDED USER +The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser, based on communication with the client at the time of the assignment. + +### JURISDICTIONAL EXCEPTION +An assignment condition established by applicable law or regulation, which precludes an appraiser from complying with a part of USPAP. + +### MARKET VALUE +A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the value definition that is identified by the appraiser as applicable in an appraisal. + +**Comment:** Appraisers are cautioned to identify the exact definition of market value, and its authority, applicable in each appraisal completed for the purpose of market value. + +### MASS APPRAISAL +The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing. + +### MASS APPRAISAL MODEL +A mathematical expression of how supply and demand factors interact in a market. + +### PERSONAL INSPECTION +- **For an appraisal assignment:** The appraiser’s in-person observation of the subject property performed as part of the scope of work. +- **For an appraisal review assignment:** The reviewer’s in-person observation of the subject of the work under review, performed as part of the scope of work. + +**Comment:** An appraiser’s personal inspection is typically limited to those things readily observable without the use of special testing or equipment. Appraisals of some types of property, such as gems and jewelry, may require the use of specialized equipment. A personal inspection is not the equivalent of an inspection by an inspection professional (e.g., a structural engineer, home inspector, or art conservator). + +### PERSONAL PROPERTY +Any tangible or intangible article that is subject to ownership and not classified as real property, including identifiable tangible objects that are considered by the general public as being “personal,” such as furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; and intangible property that is created and stored electronically such as plans for installation art, choreography, emails, or designs for digital tokens. + +### PHYSICAL CHARACTERISTICS +Attributes of a property that are observable or measurable as a matter of fact, as distinguished from opinions and conclusions, which are the result of some level of analysis or judgment. + +### PRICE +The amount asked, offered, or paid for a property. + +**Comment:** Once stated, price is a fact, whether it is publicly disclosed or retained in private. Because of the financial capabilities, motivations, or special interests of a given buyer or seller, the price paid for a property may or may not have any relation to the value that might be ascribed to that property by others. + +### REAL ESTATE +An identified parcel or tract of land, including improvements, if any. + +### REAL PROPERTY +The interests, benefits, and rights inherent in the ownership of real estate. + +--- + +**References:** +- In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. +- In USPAP GRM, see General Comment on Market Value Definitions in Advisory Opinion 22, Scope of Work in Market Value Appraisal Assignments for Real Property. +- In USPAP GRM, see Advisory Opinion 2, Inspection of Subject Property. + +USPAP 2024 Edition | GoBack | 5 +© The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_18.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_18.md new file mode 100644 index 0000000000000000000000000000000000000000..c7ff3ee347b79125d1c20f40ee576ca002d20fb9 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_18.md @@ -0,0 +1,44 @@ +```markdown +159 +160 + +161 + +162 +163 + +164 +165 + +166 +167 + +168 +169 + +170 + +### DEFINITIONS STANDARDS [& | 2] + +#### DEFINITIONS + +**REPORT:** any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment. + +**SCOPE OF WORK:** the type and extent of research and analyses in an appraisal or appraisal review assignment. + +**SIGNATURE:** personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content, analyses, and the conclusions in the report. + +**VALUATION SERVICE:** a service pertaining to an aspect of property value, regardless of the type of service and whether it is performed by appraisers or by others. + +**VALUE:** the monetary relationship between properties and those who buy, sell, or use those properties, expressed as an opinion of the worth of a property at a given time. + +*Comment:* In appraisal practice, value will always be qualified - for example, market value, liquidation value, or investment value. + +**WORKFILE:** documentation necessary to support an appraiser's analyses, opinions, and conclusions. + +11 See SCOPE OF WORK RULE. +12 See RECORD KEEPING RULE. + +6 T cowack | USPAP 2024 Edition +GO BACK © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_19.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_19.md new file mode 100644 index 0000000000000000000000000000000000000000..f80adbf455e31c25e3b8d7e6df414ff347aa4679 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_19.md @@ -0,0 +1,32 @@ +```markdown +# DEFINITIONS STANDARDS + +## ETHICS RULE + +An appraiser must promote and preserve the public trust inherent in appraisal practice by observing the highest standards of professional ethics. + +An appraiser must comply with USPAP when obligated by law or regulation, or by agreement with the client or intended users. In addition to these requirements, an individual should comply any time that individual represents that he or she is performing the service as an appraiser. + +**Comment:** This Rule specifies the personal obligations and responsibilities of the individual appraiser. An individual appraiser employed by a group or organization that conducts itself in a manner that does not conform to USPAP should take steps that are appropriate under the circumstances to ensure compliance with USPAP. + +This ETHICS RULE is divided into four sections: Nondiscrimination, Conduct, Management, and Confidentiality, which apply to all appraisal practice. + +## NONDISCRIMINATION + +An appraiser must not act in a manner that violates or contributes to a violation of federal, state, or local antidiscrimination laws or regulations. This includes the Fair Housing Act (FHAct), the Equal Credit Opportunity Act (ECOA), and the Civil Rights Act of 1866. + +An appraiser must have knowledge of antidiscrimination laws and regulations and when those laws or regulations apply to the appraiser or to the assignment. An appraiser must complete an assignment in full compliance with applicable laws and regulations. + +1. An appraiser, when completing a residential real property assignment, must not base their opinion of value in whole or in part on race, color, religion, national origin, sex, disability, or familial status. + +**Comment:** The FHAct prohibits discrimination in residential real estate appraisals on the basis of race, color, religion, national origin, sex, disability, or familial status. Under the FHAct, an appraiser may not use or rely upon information relating to these protected characteristics, with limited exceptions. + +The FHAct can be violated through disparate treatment (treating individuals of one protected group differently from and less favorably than others not in that protected group) and disparate impact (employing neutral policies or practices that disproportionately harm members of a protected group, except when those policies or practices are justified and there are no less disproportionate policies or practices that could be used instead). + +Section 1981 of the federal Civil Rights Act of 1866 prohibits many forms of discrimination with respect to the making and enforcement of contracts, and Section 1982 of the same law prohibits discrimination with respect to the purchasing, leasing, selling, holding, and conveyance of real and personal property. The Civil Rights Act of 1866 applies to real property appraisals, in addition to personal property and other appraisals. + +13. In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 39, Antidiscrimination Laws and Nondiscrimination. + +USPAP 2024 Edition | GoBack | 7 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_2.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_2.md new file mode 100644 index 0000000000000000000000000000000000000000..ac606c639c583f035f6f2de0ed802b0aaf016960 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_2.md @@ -0,0 +1 @@ +Please provide the text you'd like to convert into Markdown format. \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_20.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_20.md new file mode 100644 index 0000000000000000000000000000000000000000..f0f07d8603ac09f5b87a2aadc89d6f1e832aa75d --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_20.md @@ -0,0 +1,48 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4 + +## ETHICS RULE + +### 2. Credit Transaction Assignments + +An appraiser, when completing an assignment where the intended use is in connection with a credit transaction, not limited to credit secured by real property, must not base their opinion of value in whole or in part on race, color, religion, national origin, sex, marital status, age, source of income, or the good-faith exercise of rights under the Consumer Credit Protection Act. + +**Comment:** ECOA prohibits discrimination in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, source of income, or the good-faith exercise of any right under the Consumer Credit Protection Act in any aspect of a credit transaction, with limited exceptions. An appraisal used in connection with a credit transaction is an aspect of the credit transaction. + +### 3. State and Local Antidiscrimination Laws + +An appraiser must not violate any state or local antidiscrimination laws or regulations applicable to the appraiser or to their assignment. + +**Comment:** State and local laws may expand upon federal antidiscrimination requirements to protect additional characteristics and/or prohibit additional practices. The specific laws and regulations that are applicable to an appraiser or an assignment will vary. + +### 1. Nondiscrimination in Value Opinions + +An appraiser must not develop and/or report an opinion of value that, in whole or in part, is based on the actual or perceived race, ethnicity, color, religion, national origin, sex, sexual orientation, gender, gender identity, gender expression, marital status, familial status, age, receipt of public assistance income, or disability of any person(s). + +**Comment:** Within the context of the Nondiscrimination section of the ETHICS RULE, “person(s)” includes but is not limited to: + +- A property or asset owner; +- A purchaser or potential purchaser of a property or an asset; +- An individual who might derive benefit from or use a property or an asset; +- A client, representative or agent of a client, or any other intended user; +- The inhabitants of a geographic area. + +An appraiser must not base an opinion of value upon the premise that homogeneity of the inhabitants of a geographic area is relevant for the appraisal. + +### 4. Prohibition of Bias + +An appraiser must not perform an assignment with bias with respect to the actual or perceived race, ethnicity, color, religion, national origin, sex, sexual orientation, gender, gender identity, gender expression, marital status, familial status, age, receipt of public assistance income, or disability of any person(s). + +### 5. Prohibition of Pretextual Discrimination + +An appraiser must not use or rely upon another characteristic as a pretext to conceal the use of or reliance upon race, ethnicity, color, religion, national origin, sex, sexual orientation, gender, gender identity, gender expression, marital status, familial status, age, receipt of public assistance income, or disability of any person(s), when performing an assignment. + +**Comment:** Where an antidiscrimination law or regulation applies to the appraiser or the appraiser’s assignment, the practices described in 1-4 immediately above may also be prohibited by applicable antidiscrimination law, including the FHAct, ECOA, and the Civil Rights Act of 1866. Any practice prohibited by an applicable antidiscrimination law or regulation is also prohibited by the preceding requirements of the Nondiscrimination section. + +In USPAP GRM, see Advisory Opinion 40, Antidiscrimination and the Research, Analysis, and Reporting of Location Data, including Demographics, for Residential Real Property Appraisal Assignments. + +--- + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_21.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_21.md new file mode 100644 index 0000000000000000000000000000000000000000..ea0f4161ec5f32e2a4d84d2c9590a031a0f2ed7d --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_21.md @@ -0,0 +1,42 @@ +```markdown +# DEFINITIONS STANDARDS [& [2](#) + +## ETHICS RULE + +If an assignment does not involve residential real property and the intended use is not in connection with a credit transaction, the FHAct and ECOA do not apply. If the FHAct and ECOA do not apply, and no other law or regulation prohibits the use of or reliance upon a protected characteristic, then the use of or reliance upon that characteristic is permitted only to the extent that it is essential to the assignment and necessary for credible assignment results. + +**Comment:** Where the FHAct, ECOA, or another antidiscrimination law or regulation applies, any use of or reliance upon a protected characteristic must be expressly permitted by applicable laws or regulations. + +## CONDUCT + +An appraiser must perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests. + +An appraiser: + +- Must not perform an assignment with bias; +- Must not advocate the cause or interest of any party or issue; +- Must not agree to perform an assignment that includes the reporting of predetermined opinions and conclusions; +- Must not misrepresent his or her role when providing valuation services that are outside of appraisal practice; +- Must not communicate assignment results with the intent to mislead or to defraud; +- Must not use or communicate a report or assignment results known by the appraiser to be misleading or fraudulent; +- Must not knowingly permit an employee or other person to communicate a report or assignment results that are misleading or fraudulent; +- Must not engage in criminal conduct; +- Must not willfully or knowingly violate the requirements of the RECORD KEEPING RULE; and +- Must not perform an assignment in a grossly negligent manner. + +**Comment:** Development standards (1-1, 3-1, 5-1, 7-1 and 9-1) address the requirement that “an appraiser must not render appraisal services in a careless or negligent manner.” The above requirement deals with an appraiser being grossly negligent in performing an assignment which would be a violation of the Conduct section of the ETHICS RULE. + +If known prior to agreeing to perform an assignment, and/or if discovered at any time during the assignment, an appraiser must disclose to the client, and in each subsequent report certification: + +- Any current or prospective interest in the subject property or parties involved; and +- Any services regarding the subject property performed by the appraiser, as an appraiser or in any other capacity, within the three-year period immediately preceding the agreement to perform the assignment. + +**15** For purposes of this exception, “protected characteristic” means race, ethnicity, color, religion, national origin, sex, sexual orientation, gender, gender identity, gender expression, marital status, familial status, age, receipt of public assistance income, or disability of any person(s), or any other characteristic protected by applicable antidiscrimination laws or regulations. + +**16** In USPAP GRM, see Advisory Opinion 21, USPAP Compliance. + +--- + +**USPAP 2024 Edition | GoBack |** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_22.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_22.md new file mode 100644 index 0000000000000000000000000000000000000000..333914059237a93d6a6275c8898e82a350f94146 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_22.md @@ -0,0 +1,35 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4 + +## ETHICS RULE + +**Comment:** Disclosing the fact that the appraiser has previously appraised the property is permitted except in the case when an appraiser has agreed with the client to keep the mere occurrence of a prior assignment confidential. If an appraiser has agreed with a client not to disclose that he or she has appraised a property, the appraiser must decline all subsequent agreements to perform assignments that fall within the three-year period. + +In assignments in which there is no appraisal or appraisal review report, only the initial disclosure to the client is required. + +## MANAGEMENT: + +- An appraiser must disclose that he or she paid a fee or commission, or gave a thing of value in connection with the procurement of an assignment. + + **Comment:** The disclosure must appear in the certification and in any transmittal letter in which conclusions are stated; however, disclosure of the amount paid is not required. In groups or organizations engaged in appraisal practice, intra-company payments to employees for business development do not require disclosure. + +- An appraiser must not agree to perform an assignment, or have a compensation arrangement for an assignment, that is contingent on any of the following: + - The reporting of a predetermined result (e.g., opinion of value); + - A direction in assignment results that favors the cause of the client; + - The amount of a value opinion; + - The attainment of a stipulated result (e.g., that the loan closes, or taxes are reduced); or + - The occurrence of a subsequent event directly related to the appraiser’s opinions and specific to the assignment’s purpose. + +- An appraiser must not advertise for or solicit assignments in a manner that is false, misleading, or exaggerated. + +- An appraiser must affix, or authorize the use of, his or her signature to certify recognition and acceptance of his or her USPAP responsibilities in an appraisal or appraisal review assignment (see Standards Rules 2-3, 4-3, 6-3, 8-3, and 10-3). An appraiser may authorize the use of his or her signature only on an assignment-by-assignment basis. + +- An appraiser must not affix the signature of another appraiser without his or her consent. + + **Comment:** An appraiser must exercise due care to prevent unauthorized use of his or her signature. An appraiser exercising such care is not responsible for unauthorized use of his or her signature. + +--- + +10 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_23.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_23.md new file mode 100644 index 0000000000000000000000000000000000000000..a549365c45c80b8653b86046ba99ec4186fd8b89 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_23.md @@ -0,0 +1,37 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## ETHICS RULE + +### CONFIDENTIALITY: + +An appraiser must protect the confidential nature of the appraiser-client relationship. + +An appraiser must act in good faith with regard to the legitimate interests of the client in the use of confidential information and in the communication of assignment results. + +An appraiser must be aware of, and comply with, all confidentiality and privacy laws and regulations applicable in an assignment. + +An appraiser must not disclose: +1. confidential information; or +2. assignment results to anyone other than: + - the client; + - parties specifically authorized by the client; + - state appraiser regulatory agencies; + - third parties as may be authorized by due process of law; or + - a duly authorized professional peer review committee except when such disclosure to a committee would violate applicable law or regulation. + +An appraiser must take reasonable steps to safeguard access to confidential information and assignment results by unauthorized individuals, whether such information or results are in physical or electronic form. + +An appraiser must ensure that employees, co-workers, sub-contractors, or others who may have access to confidential information or assignment results, are aware of the prohibitions on disclosure of such information or results. + +A member of a duly authorized professional peer review committee must not disclose confidential information presented to the committee. + +**Comment:** When all confidential elements of confidential information, and assignment results are removed through redaction or the process of aggregation, client authorization is not required for the disclosure of the remaining information, as modified. + +17 In USPAP GRM, see Advisory Opinion 27, Appraising the Same Property for a New Client. + +18 For example, pursuant to the passage of the Gramm-Leach-Bliley Act in November 1999, some public agencies have adopted privacy regulations that affect appraisers. The Federal Trade Commission (FTC) issued two rules. The first rule (16 CFR 313) focuses on the protection of "non-public personal information" provided by consumers to those involved in financial activities "found to be closely related to banking or usual in connection with the transaction of banking." These activities include "appraising real or personal property." See GLB-Privacy. The second rule (16 CFR 314) requires appraisers to safeguard customer non-public personal information. See GLB-Safeguards-Rule. Significant liability exists for appraisers should they fail to comply with these FTC rules. + +USPAP 2024 Edition | GoBack | 11 +© The Appraisal Foundation COENS +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_24.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_24.md new file mode 100644 index 0000000000000000000000000000000000000000..020de6ba29cc2bca36afee4565d1f9750cb6191b --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_24.md @@ -0,0 +1,83 @@ +```markdown +# 330 +# 331 +# 332 +# 333 + +# 334 + +# 335 + +# 336 +# 337 +# 338 + +# 339 +# 340 + +# 341 +# 342 +# 343 + +# 3uu +# 345 +# 346 + +# 347 +# 348 +# 349 + +# 350 +# 351 +# 352 + +# 353 +# 354 + +# 355 + +# 356 + +# 357 + +# 358 + +# 359 +# 360 + +# 361 +# 362 + +# DEFINITIONS STANDARDS + +# RECORD KEEPING RULE + +An appraiser must prepare a workfile for each appraisal or appraisal review assignment. A workfile must be in existence prior to the issuance of any report or other communication of assignment results. A written summary of an oral report must be added to the workfile within a reasonable time after the issuance of the oral report. + +The workfile must include: + +- The name of the client and the identity, by name or type, of any other intended users; +- True copies of all written reports, documented on any type of media. (A true copy is a replica of the report transmitted to the client. A photocopy or an electronic copy of the entire report transmitted to the client satisfies the requirement of a true copy.); +- Summaries of all oral reports or testimony, or a transcript of testimony, including the appraiser’s signed and dated certification; and +- All other data, information, and documentation necessary to support the appraiser’s opinions and conclusions and to show compliance with USPAP, or references to the location(s) of such other data, information, and documentation. + +A workfile in support of a Restricted Appraisal Report or an oral appraisal report must be sufficient for the appraiser to produce an Appraisal Report. A workfile in support of an oral appraisal review report must be sufficient for the appraiser to produce an Appraisal Review Report. + +An appraiser must retain the workfile for a period of at least five years after preparation or at least two years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires last. + +An appraiser must have custody of the workfile, or make appropriate workfile retention, access, and retrieval arrangements with the party having custody of the workfile. This includes ensuring that a workfile is stored in a medium that is retrievable by the appraiser throughout the prescribed record retention period. + +An appraiser having custody of a workfile must allow other appraisers with workfile obligations related to an assignment appropriate access and retrieval for the purpose of: + +- Submission to state appraiser regulatory agencies; +- Compliance with due process of law; +- Submission to a duly authorized professional peer review committee; or +- Compliance with retrieval arrangements. + +**Comment:** A workfile must be made available by the appraiser when required by a state appraiser regulatory agency or due process of law. + +An appraiser who willfully or knowingly fails to comply with the obligations of this RECORD KEEPING RULE is in violation of the ETHICS RULE. + +12 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_25.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_25.md new file mode 100644 index 0000000000000000000000000000000000000000..a49f18a1cbfcd34c9bce4722582ac25d7167794f --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_25.md @@ -0,0 +1,41 @@ +```markdown +# DEFINITIONS STANDARDS + +## COMPETENCY RULE + +An appraiser must: +1. be competent to perform the assignment; +2. acquire the necessary competency to perform the assignment; or +3. decline or withdraw from the assignment. + +In all cases, the appraiser must perform competently when completing the assignment. + +Perfection is impossible to attain, and competence does not require perfection. However, an appraiser must not render appraisal services in a careless or negligent manner. This Rule requires an appraiser to use due diligence and due care. + +### BEING COMPETENT + +An appraiser must determine, prior to agreeing to perform an assignment, that he or she can perform the assignment competently. Competency requires: + +1. the ability to properly identify the problem to be addressed; +2. the knowledge and experience to complete the assignment competently; and +3. recognition of, and compliance with, laws and regulations that apply to the appraiser or to the assignment. + +**Comment:** Competency may apply to factors such as, but not limited to, an appraiser’s familiarity with a specific type of property or asset, a market, a geographic area, an intended use, specific laws and regulations, or an analytical method. If such a factor is necessary for an appraiser to develop credible assignment results, the appraiser is responsible for having the competency to address that factor or for following the steps outlined below to satisfy this COMPETENCY RULE. + +For assignments with retrospective opinions and conclusions, the appraiser must meet the requirements of this COMPETENCY RULE at the time the assignment is performed, rather than the effective date. + +### ACQUIRING COMPETENCY + +If an appraiser determines he or she is not competent prior to agreeing to perform an assignment, the appraiser must: + +1. disclose the lack of knowledge and/or experience to the client before agreeing to perform the assignment; +2. take all steps necessary or appropriate to complete the assignment competently; and +3. describe, in the report, the lack of knowledge and/or experience and the steps taken to complete the assignment competently. + +**Comment:** Competency can be acquired in various ways, including, but not limited to, personal study by the appraiser, association with an appraiser reasonably believed to have the necessary knowledge and/or experience, or retention of others who possess the necessary knowledge and/or experience. + +In an assignment where geographic competency is necessary, an appraiser who is not familiar with the relevant market characteristics must acquire an understanding necessary to produce credible assignment results for the specific property type and market involved. + +**USPAP 2024 Edition | GoBack | 13** +**© The Appraisal Foundation COENES** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_26.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_26.md new file mode 100644 index 0000000000000000000000000000000000000000..55b53221e2079afaca44041249454800fa2754e8 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_26.md @@ -0,0 +1,31 @@ +```markdown +397 +398 +399 + +400 +401 + +402 +403 + +4Ou +405 +406 + +# DEFINITIONS STANDARDS [& | 2 + +## COMPETENCY RULE + +When facts or conditions are discovered during the course of an assignment that cause an appraiser to determine, at that time, that he or she lacks the required knowledge and experience to complete the assignment competently, the appraiser must: + +1. notify the client; +2. take all steps necessary or appropriate to complete the assignment competently; and +3. describe, in the report, the lack of knowledge and/or experience and the steps taken to complete the assignment competently. + +### LACK OF COMPETENCY +If the assignment cannot be completed competently, the appraiser must decline or withdraw from the assignment. + +14 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_27.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_27.md new file mode 100644 index 0000000000000000000000000000000000000000..b5a7f088d3382cfb2246dee9aa2da06a8528873e --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_27.md @@ -0,0 +1,48 @@ +```markdown +# DEFINITIONS STANDARDS + +## SCOPE OF WORK RULE + +For each appraisal and appraisal review assignment, an appraiser must: + +1. Identify the problem to be solved; +2. Determine and perform the scope of work necessary to develop credible assignment results; and +3. Disclose the scope of work in the report. + +An appraiser must properly identify the problem to be solved in order to determine the appropriate scope of work. The appraiser must be prepared to demonstrate that the scope of work is sufficient to produce credible assignment results. + +**Comment:** Scope of work includes, but is not limited to: + +- The extent to which the property is identified; +- The extent to which tangible property is inspected; +- The type and extent of data researched; and +- The type and extent of analyses applied to arrive at opinions or conclusions. + +Appraisers have broad flexibility and significant responsibility in determining the appropriate scope of work for an appraisal or appraisal review assignment. + +Credible assignment results require support by relevant evidence and logic. The credibility of assignment results is always measured in the context of the intended use. + +## PROBLEM IDENTIFICATION + +An appraiser must gather and analyze information about those assignment elements that are necessary to properly identify the appraisal or appraisal review problem to be solved. + +**Comment:** The assignment elements necessary for problem identification are addressed in the applicable Standards Rules (i.e., SR 1-2, SR 3-2, SR 5-2, SR 7-2, and SR 9-2). In an appraisal assignment, for example, identification of the problem to be solved requires the appraiser to identify the following assignment elements: + +- Client and any other intended users; +- Intended use of the appraiser’s opinions and conclusions; +- Type and definition of value; +- Effective date of the appraiser’s opinions and conclusions; +- Subject of the assignment and its relevant characteristics; and +- Assignment conditions. + +This information provides the appraiser with the basis for determining the type and extent of research and analyses to include in the development of an appraisal. Similar information is necessary for problem identification in appraisal review assignments. + +Communication with the client is required to establish most of the information necessary for problem identification. However, the identification of relevant characteristics is a judgment made by the appraiser that requires competency in that type of assignment. + +**Reference:** In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work. + +--- + +**USPAP 2024 Edition | GoBack | 15** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_28.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_28.md new file mode 100644 index 0000000000000000000000000000000000000000..be4f07fbdc5945616c338a9e965d0b48c82d0154 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_28.md @@ -0,0 +1,62 @@ +```markdown +# Gud +- 42 +- 443 +- any + +# GUS +- WLS +- 447 +- 448 +- 462 +- 463 +- ou +- 465 +- 466 +- 467 +- 468 +- 469 +- 470 +- 471 +- 472 +- 473 + +# DEFINITIONS STANDARDS [& | 2 + +# SCOPE OF WORK RULE + +Assignment conditions include assumptions, extraordinary assumptions, hypothetical conditions, laws and regulations, jurisdictional exceptions, and other conditions that affect the scope of work. Laws include constitutions, legislative and court-made law, administrative rules, and ordinances. Regulations include rules or orders, having legal force, issued by an administrative agency. + +# SCOPE OF WORK ACCEPTABILITY? + +The scope of work must include the research and analyses that are necessary to develop credible assignment results. + +**Comment:** The scope of work is acceptable when it meets or exceeds: +- the expectations of parties who are regularly intended users for similar assignments; and +- what an appraiser’s peers’ actions would be in performing the same or a similar assignment. + +Determining the scope of work is an ongoing process in an assignment. Information or conditions discovered during the course of an assignment might cause the appraiser to reconsider the scope of work. + +An appraiser must be prepared to support the decision to exclude any investigation, information, method, or technique that would appear relevant to the client, another intended user, or the appraiser’s peers. + +An appraiser must not allow assignment conditions to limit the scope of work to such a degree that the assignment results are not credible in the context of the intended use. + +**Comment:** If relevant information is not available because of assignment conditions that limit research opportunities (such as conditions that place limitations on inspection or information gathering), an appraiser must withdraw from the assignment unless the appraiser can: +- modify the assignment conditions to expand the scope of work to include gathering the information; or +- use an extraordinary assumption about such information, if credible assignment results can still be developed. + +An appraiser must not allow the intended use of an assignment or a client’s objectives to cause the assignment results to be biased. + +# DISCLOSURE OBLIGATIONS + +The report must contain sufficient information to allow the client and other intended users to understand the scope of work performed. The information disclosed must be appropriate for the intended use of the assignment results. + +**Comment:** Proper disclosure is required because clients and other intended users rely on the assignment results. Sufficient information includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. + +The appraiser has broad flexibility and significant responsibility in the level of detail and manner of disclosing the scope of work in the appraisal report or appraisal review report. The appraiser may, but is not required to, consolidate the disclosure in a specific section or sections of the report, or use a particular label, heading or subheading. An appraiser may choose to disclose the scope of work as necessary throughout the report. + +20 In USPAP GRM, see Advisory Opinion 29, An Acceptable Scope of Work. + +16 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_29.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_29.md new file mode 100644 index 0000000000000000000000000000000000000000..01a1428ccdb62cf9cf85db1b14ace43e274ff4b7 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_29.md @@ -0,0 +1,26 @@ +```markdown +# DEFINITIONS STANDARDS + +## JURISDICTIONAL EXCEPTION RULE + +If any applicable law or regulation precludes compliance with any part of USPAP, only that part of USPAP becomes void for that assignment. + +**Comment:** When compliance with USPAP is required by federal law or regulation, no part of USPAP can be voided by a law or regulation of a state or local jurisdiction. + +In an assignment involving a jurisdictional exception, an appraiser must: + +1. Identify the law or regulation that precludes compliance with USPAP; +2. Comply with that law or regulation; +3. Clearly and conspicuously disclose in the report the part of USPAP that is voided by that law or regulation; and +4. Cite in the report the law or regulation requiring this exception to USPAP compliance. + +**Comment:** The JURISDICTIONAL EXCEPTION RULE provides a saving or severability clause intended to preserve the balance of USPAP if compliance with one or more of its parts is precluded by the law or regulation of a jurisdiction. When an appraiser properly follows this Rule in disregarding a part of USPAP, there is no violation of USPAP. + +**Law** includes constitutions, legislative and court-made law, and administrative rules and ordinances. +**Regulations** include rules or orders having legal force, issued by an administrative agency. Instructions from a client or attorney do not establish a jurisdictional exception. + +--- + +**USPAP 2024 Edition | GoBack |** +© The Appraisal Foundation COUNES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_3.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_3.md new file mode 100644 index 0000000000000000000000000000000000000000..e2d03af346c82c0885d962eab863ee5a2c3960ed --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_3.md @@ -0,0 +1,22 @@ +```markdown +# Uniform Standards of Professional Appraisal Practice (USPAP) + +## 2024 EDITION + +**comet The Appraisal Foundation** + +Authorized by Congress as the Source of Appraisal Standards and Appraiser Qualifications + +**APPRAISAL STANDARDS BOARD** + +Published in the United States of America. +ISBN: 979-8-9884927-0-2 + +**All Rights Reserved** +Copyright © 2024, The Appraisal Foundation. + +The Appraisal Foundation reserves all rights with respect to this material. No part of this publication may be reproduced, duplicated, altered, or otherwise published in electronic or paper means or in any format or form without the express written permission of the publisher. + +**EFFECTIVE:** +January 1, 2024 +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_30.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_30.md new file mode 100644 index 0000000000000000000000000000000000000000..fb1d44a9ef12296ef478bf2b88ae381c433d62bb --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_30.md @@ -0,0 +1,47 @@ +```markdown +# DEFINITIONS STANDARDS + +## STANDARD 1: REAL PROPERTY APPRAISAL, DEVELOPMENT + +In developing a real property appraisal, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible appraisal. + +**Comment:** The requirements set forth in STANDARD 1 follow the appraisal development process in the order of topics addressed and can be used by appraisers and the users of appraisal services as a checklist. + +### STANDARDS RULE 1-1, GENERAL DEVELOPMENT REQUIREMENTS + +In developing a real property appraisal, an appraiser must: + +(a) 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. Changes and developments in the real estate field have a substantial impact on the appraisal profession. Important changes in the cost and manner of constructing and marketing commercial, industrial, and residential real estate as well as changes in the legal framework in which real property rights and interests are created, conveyed, and mortgaged have resulted in corresponding changes in appraisal theory and practice. Social change has also had an effect on appraisal theory and practice. To keep abreast of these changes and developments, the appraisal profession is constantly reviewing and revising appraisal methods and techniques and devising new methods and techniques to meet new circumstances. For this reason, it is not sufficient for appraisers to simply maintain the skills and the knowledge they possess when they become appraisers. Each appraiser must continuously improve his or her skills to remain proficient in real property appraisal. + +(b) not commit a substantial error of omission or commission that significantly affects an appraisal; and + +**Comment:** An appraiser must use sufficient care to avoid errors that would significantly affect his or her opinions and conclusions. Diligence is required to identify and analyze the factors, conditions, data, and other information that would have a significant effect on the credibility of the assignment results. + +(c) not render appraisal services in a careless or negligent manner, such as by making a series of errors that, although individually might not significantly affect the results of an appraisal, in the aggregate affects the credibility of those results. + +### STANDARDS RULE 1-2, PROBLEM IDENTIFICATION + +In developing a real property appraisal, an appraiser must: + +(a) identify the client and other intended users; + +(b) identify the intended use of the appraiser’s opinions and conclusions; + +**Comment:** An appraiser must not allow the intended use of an assignment or a client’s objectives to cause the assignment results to be biased. + +--- + +**In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users.** + +**In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users.** + +**In USPAP GRM, see Advisory Opinion 19, Unacceptable Assignment Conditions in Real Property Appraisal Assignments.** + +--- + +**GoBack | USPAP 2024 Edition** + +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_31.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_31.md new file mode 100644 index 0000000000000000000000000000000000000000..13074296d9723c037049426931e60d86712287d2 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_31.md @@ -0,0 +1,46 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 1 + +(c) Identify the type and definition of value, and ascertain whether the value is to be the most probable price: + - (i) In terms of cash; or + - (ii) In terms of financial arrangements equivalent to cash; or + - (iii) In other precisely defined terms; and + - (iv) If the opinion of value is to be based on non-market financing or financing with unusual conditions or incentives, identify the terms of such financing and any influences on value; + + **Comment:** When reasonable exposure time is a component of the definition for the value opinion being developed, the appraiser must also develop an opinion of reasonable exposure time linked to that value opinion. + +(d) Identify the effective date of the appraiser’s opinions and conclusions;7° + +(e) Identify, from sources the appraiser reasonably believes to be reliable, the characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal, including: + - (i) Its location and physical, legal, and economic characteristics; + - (ii) The real property interest to be valued; + - (iii) Any personal property, trade fixtures, or intangible assets that are not real property but are included in the appraisal; + - (iv) Any known easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar nature; and + - (v) Whether the subject property is a fractional interest, physical segment, or partial holding; + + **Comment on (i)—(v):** An appraiser may use any combination of a property inspection, documents, such as a legal description, address, map reference, copy of a survey or map, property sketch, photographs, or other information to identify the relevant characteristics of the subject property. + + When appraising proposed improvements, an appraiser must examine and have available for future examination, plans, specifications, or other documentation sufficient to identify the extent and character of the proposed improvements. + + Identification of the real property interest appraised can be based on a review of copies or summaries of title descriptions or other documents that set forth any known encumbrances. + + An appraiser is not required to value the whole when the subject of the appraisal is a fractional interest, a physical segment, or a partial holding. + +(f) Identify any extraordinary assumptions necessary in the assignment. An extraordinary assumption may be used in an assignment only if: + - (i) The extraordinary assumption is required to properly develop credible opinions and conclusions; + - (ii) The appraiser has a reasonable basis for the extraordinary assumption; and + - (iii) Use of the extraordinary assumption results in a credible analysis; + +24 In USPAP GRM, see Advisory Opinion 35, Reasonable Exposure Time in Real and Personal Property Opinions of Value. + +25 In USPAP GRM, see Advisory Opinion 34, Retrospective and Prospective Value Opinions. + +26 In USPAP GRM, see Advisory Opinion 2, Inspection of Subject Property, and Advisory Opinion 23, Identifying the Relevant Characteristics of the Subject Property of a Real Property Appraisal Assignment. + +27 In USPAP GRM, see Advisory Opinion 17, Appraisals of Real Property with Proposed Improvements. + +USPAP 2024 Edition | GoBack | 19 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_32.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_32.md new file mode 100644 index 0000000000000000000000000000000000000000..81c5b52a2f01346185e3a450938729049943fd21 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_32.md @@ -0,0 +1,58 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4] + +## STANDARD 1 + +(g) Identify any hypothetical conditions necessary in the assignment. A hypothetical condition may be used in an assignment only if: + + (i) Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; and + (ii) Use of the hypothetical condition results in a credible analysis; and + +(h) Determine the scope of work necessary to produce credible assignment results in accordance with the SCOPE OF WORK RULE.® + +--- + +## STANDARDS RULE 1-3, MARKET ANALYSIS, AND HIGHEST AND BEST USE + +When necessary for credible assignment results in developing a market value opinion, an appraiser must: + +(a) Identify and analyze the effect on use and value of: + + (i) Existing land use regulations; + (ii) Reasonably probable modifications of such land use regulations; + (iii) Economic supply and demand; + (iv) The physical adaptability of the real estate; and + (v) Market area trends; and + +**Comment:** An appraiser must avoid making an unsupported assumption or premise about market area trends, effective age, and remaining life. + +(b) Develop an opinion of the highest and best use of the real estate. + +**Comment:** An appraiser must analyze the relevant legal, physical, and economic factors to the extent necessary to support the appraiser’s highest and best use conclusion(s). + +--- + +## STANDARDS RULE 1-4, APPROACHES TO VALUE + +In developing a real property appraisal, an appraiser must collect, verify, and analyze all information necessary for credible assignment results. + +(a) When a sales comparison approach is necessary for credible assignment results, an appraiser must analyze such comparable sales data as are available to indicate a value conclusion. + +(b) When a cost approach is necessary for credible assignment results, an appraiser must: + + (i) Develop an opinion of site value by an appropriate appraisal method or technique; + (ii) Analyze such comparable cost data as are available to estimate the cost new of the improvements (if any); and + (iii) Analyze such comparable data as are available to estimate the difference between the cost new and the present worth of the improvements (depreciation). + +(c) When an income approach is necessary for credible assignment results, an appraiser must: + + (i) Analyze such comparable rental data as are available and/or the potential earnings capacity of the property to estimate the gross income potential of the property; + (ii) Analyze such comparable operating expense data as are available to estimate the operating expenses of the property; + +--- + +28 In USPAP GRM, see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work. + +20 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_33.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_33.md new file mode 100644 index 0000000000000000000000000000000000000000..ac6e3126b79b4401c6572550d4d025b500e8ef0e --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_33.md @@ -0,0 +1,55 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 1 + +(iii) analyze such comparable data as are available to estimate rates of capitalization and/or rates of discount; + +(iv) base projections of future rent and/or income potential and expenses on reasonably clear and appropriate evidence; and + +(v) weigh historical information and trends, current supply and demand factors affecting such trends, and anticipated events such as competition from developments under construction, when developing income and expense statements and cash flow projections. + +(d) When developing an opinion of the value of a leased fee estate or a leasehold estate, an appraiser must analyze the effect on value, if any, of the terms and conditions of the lease(s). + +(e) When analyzing the assemblage of the various estates or component parts of a property, an appraiser must analyze the effect on value, if any, of the assemblage. An appraiser must refrain from valuing the whole solely by adding together the individual values of the various estates or component parts. + +**Comment:** Although the value of the whole may be equal to the sum of the separate estates or parts, it also may be greater than or less than the sum of such estates or parts. + +(f) When analyzing anticipated public or private improvements, located on or off the site, an appraiser must analyze the effect on value, if any, of such anticipated improvements to the extent they are reflected in market actions. + +(g) When personal property, trade fixtures, or intangible assets are included in the appraisal, the appraiser must analyze the effect on value of such non-real property assets. + +**Comment:** When the scope of work includes an appraisal of personal property, trade fixtures, or intangible assets, competency in personal property appraisal (see STANDARD 7) or business appraisal (see STANDARD 9) is required. + +## STANDARDS RULE 1-5, SUBJECT SALES AND OTHER TRANSFERS, SALE AGREEMENTS, OPTIONS, AND LISTINGS + +When the value opinion to be developed is market value, an appraiser must, if such information is available to the appraiser in the normal course of business: + +(a) analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal; and + +(b) analyze all sales and other transfers of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. + +## STANDARDS RULE 1-6, RECONCILIATION + +In developing a real property appraisal, an appraiser must: + +(a) reconcile the quality and quantity of data available and analyzed within the approaches used; and + +(b) reconcile the applicability and relevance of the approaches, methods and techniques used to arrive at the value conclusion(s). + +--- + +29 In USPAP GRM, see Advisory Opinion 33, Discounted Cash Flow Analysis. + +30 In USPAP GRM, see Advisory Opinion 17, Appraisals of Real Property with Proposed Improvements. + +31 In USPAP GRM, see Advisory Opinion 24, Normal Course of Business. + +32 In USPAP GRM, see Advisory Opinion 1, Sales History. + +--- + +**USPAP 2024 Edition | GoBack | 21** + +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_34.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_34.md new file mode 100644 index 0000000000000000000000000000000000000000..cbc9b1723486d59ab5ca271f16d4f7eef3f2054b --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_34.md @@ -0,0 +1,95 @@ +```markdown +630 +631 + +632 +633 + +634 +635 + +636 +637 + +638 + +639 +640 + +641 +642 + +643 +nn +645 + +646 +647 +648 + +649 +650 +651 + +652 +653 + +654 +655 + +656 +657 +658 + +659 + +660 +661 +662 + +# DEFINITIONS STANDARDS + +## STANDARD 2: +### REAL PROPERTY APPRAISAL, REPORTING + +In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. + +**Comment:** STANDARD 2 addresses the content and level of information required in a report that communicates the results of a real property appraisal. + +STANDARD 2 does not dictate the form, format, or style of real property appraisal reports. The substantive content of a report determines its compliance. + +### STANDARDS RULE 2-1, GENERAL REPORTING REQUIREMENTS + +Each written or oral real property appraisal report must: + +(a) clearly and accurately set forth the appraisal in a manner that will not be misleading; + +(b) contain sufficient information to enable the intended user(s) of the appraisal to understand the report properly; and + +(c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. + +### STANDARDS RULE 2-2, CONTENT OF A REAL PROPERTY APPRAISAL REPORT + +Each written real property appraisal report must be prepared under one of the following options and prominently state which option is used: Appraisal Report or Restricted Appraisal Report. + +An appraiser may use any other label in addition to, but not in place of, the labels set forth in this Standards Rule for the type of report provided. The use of additional labels such as analysis, consultation, evaluation, study, or valuation does not exempt an appraiser from adherence to USPAP. + +The report content and level of information requirements in this Standards Rule are minimums for each type of report. An appraiser must supplement a report form, when necessary, to ensure that any intended user of the appraisal is not misled and that the report complies with the applicable content requirements. + +(a) The content of an Appraisal Report must be appropriate for the intended use of the appraisal and, at a minimum: + +(i) state the identity of the client; or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; + +**Comment:** Because the client is an intended user, they must be identified in the report as such. However, if the client has requested anonymity the appraiser must use care when identifying the client to avoid violations of the Confidentiality section of the ETHICS RULE. + +(ii) state the identity of any other intended user(s) by name or type; + +**Comment:** A party receiving a copy of an Appraisal Report in order to satisfy disclosure requirements does not become an intended user of the appraisal unless the appraiser identifies such party as an intended user as part of the assignment. + +33 In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 38, Content of an Appraisal Report and Restricted Appraisal Report. + +34 In USPAP GRIM, see Advisory Opinion 25, Clarification of the Client in a Federally Related Transaction, and Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. + +22 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_35.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_35.md new file mode 100644 index 0000000000000000000000000000000000000000..4a09c0e4cb702f8623508ee70bf7b19800e4512f --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_35.md @@ -0,0 +1,60 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 2 + +(iii) State the intended use of the appraisal; + +(iv) Contain information, documents, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment; + +(v) State the real property interest appraised; + +(vi) State the type and definition of value and cite the source of the definition; + +**Comment:** Stating the definition of value also requires any comments needed to clearly indicate to the intended users how the definition is being applied. + +When reporting an opinion of value, state whether the opinion is: + +- In terms of cash or of financing terms equivalent to cash; or +- Based on non-market financing or financing with unusual conditions or incentives. + +When an opinion of value is based on non-market financing terms or financing with unusual conditions or incentives, summarize the terms of such financing and explain any influences on value. When an opinion of reasonable exposure time has been developed in compliance with Standards Rule 1-2(c), the opinion must be stated in the report. + +(vii) State the effective date of the appraisal and the date of the report; + +(viii) Summarize the scope of work used to develop the appraisal; + +**Comment:** Summarizing the scope of work includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. + +(ix) Summarize the extent of any significant real property appraisal assistance; + +(x) Provide sufficient information to indicate that the appraiser complied with the requirements of **STANDARD 1** by: + +1. Summarizing the appraisal methods and techniques employed; +2. Stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed; +3. Summarizing the results of analyzing the subject sales and other transfers, agreements of sale, options, and listings in accordance with Standards Rule 1-5; + +**Comment:** If such information is unobtainable, a statement on the efforts undertaken by the appraiser to obtain the information is required. If such information is irrelevant, a statement acknowledging the existence of the information and citing its lack of relevance is required. + +4. Stating the value opinion(s) and conclusion(s); and +5. Summarizing the information analyzed and the reasoning that supports the analyses, opinions, and conclusions, including reconciliation of the data and approaches; + +(xi) State the use of the real estate existing as of the effective date and the use of the real estate reflected in the appraisal; + +--- + +**35** In USPAP GRM, see Advisory Opinion 2, *Inspection of Subject Property*, and Advisory Opinion 23, *Identifying the Relevant Characteristics of the Subject Property of a Real Property Appraisal Assignment*. + +**36** In USPAP GRM, see Advisory Opinion 35, *Reasonable Exposure Time in Real and Personal Property Opinions of Value*. + +**37** In USPAP GRM, see Advisory Opinion 34, *Retrospective and Prospective Value Opinions*. + +**38** In USPAP GRM, see Advisory Opinion 28, *Scope of Work Decision, Performance, and Disclosure*, and Advisory Opinion 29, *An Acceptable Scope of Work*. + +**39** In USPAP GRM, see Advisory Opinion 1, *Sales History*. + +--- + +**USPAP 2024 Edition | GoBack | 23** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_36.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_36.md new file mode 100644 index 0000000000000000000000000000000000000000..92e69c3c87d2f3ebeea37737e246e97c1ed4084c --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_36.md @@ -0,0 +1,64 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4] + +## STANDARD 2 + +### (xii) +When an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion. + +### (xiii) +Clearly and conspicuously: +- State all extraordinary assumptions and hypothetical conditions; and +- State that their use might have affected the assignment results. + +### (xiv) +Include a signed certification in accordance with Standards Rule 2-3. + +### (b) +The content of a Restricted Appraisal Report must be appropriate for the intended use of the appraisal and, at a minimum: + +1. State the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; + **Comment:** Because the client is an intended user, they must be identified in the report as such. However, if the client has requested anonymity, the appraiser must use care when identifying the client to avoid violations of the Confidentiality section of the ETHICS RULE. + +2. State the identity of any other intended user(s) by name; + **Comment:** A Restricted Appraisal Report may be provided when the client is the only intended user; or, when additional intended users are identified by name. A party receiving a copy of a Restricted Appraisal Report in order to satisfy disclosure requirements does not become an intended user of the appraisal unless the appraiser identifies such party as an intended user as part of the assignment. + +3. Clearly and conspicuously state a restriction that limits use of the report to the client and the named intended user(s). + +4. Clearly and conspicuously warn that the report may not contain supporting rationale for all of the opinions and conclusions set forth in the report. + +5. State the intended use of the appraisal. + +6. State information sufficient to identify the real estate involved in the appraisal. + +7. State the real property interest appraised. + +8. State the type of value and cite the source of its definition. + **Comment:** When an opinion of reasonable exposure time has been developed in compliance with Standards Rule 1-2(c), the opinion must be stated in the report. + +9. State the effective date of the appraisal and the date of the report. + +10. State the scope of work used to develop the appraisal. + **Comment:** Stating the scope of work includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. + +11. State the extent of any significant real property appraisal assistance. + +--- + +**In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users.** + +**In USPAP GRIM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users.** + +**In USPAP GRIM, see Advisory Opinion 35, Reasonable Exposure Time in Real Property and Personal Property Opinions of Value.** + +**In USPAP GRIM, see Advisory Opinion 34, Retrospective and Prospective Value.** + +**In USPAP GRM, see Advisory Opinions 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work.** + +**In USPAP GRIM, see Advisory Opinion 31, Assignments Involving More than One Appraiser.** + +--- + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_37.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_37.md new file mode 100644 index 0000000000000000000000000000000000000000..5d6c84d0ef2350bdd4d084d3b050a43b46a11a09 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_37.md @@ -0,0 +1,48 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 2 + +(xii) Provide sufficient information to indicate that the appraiser complied with the requirements of **STANDARD 1** by: + +1. Stating the appraisal methods and techniques employed; +2. Stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed; +3. Summarizing the results of analyzing the subject sales and other transfers, agreements of sale, options, and listings in accordance with Standards Rule 1-5;*¢ + + **Comment:** If such information is unobtainable, a statement on the efforts undertaken by the appraiser to obtain the information is required. If such information is irrelevant, a statement acknowledging the existence of the information and citing its lack of relevance is required. + +4. Stating the value opinion(s) and conclusion(s); + + **Comment:** An appraiser must maintain a workfile that includes sufficient information to indicate that the appraiser complied with the requirements of **STANDARD 1** and for the appraiser to produce an Appraisal Report. + +(xiii) State the use of the real estate existing as of the effective date and the use of the real estate reflected in the appraisal; + +(xiv) When an opinion of highest and best use was developed by the appraiser, state that opinion; + +(xv) Clearly and conspicuously: + - State all extraordinary assumptions and hypothetical conditions; and + - State that their use might have affected the assignment results; and + +(xvi) Include a signed certification in accordance with Standards Rule 2-3. + +## STANDARDS RULE 2-3, CERTIFICATION + +A signed certification is an integral part of the appraisal report. + +(a) The wording of a certification does not have to match the following verbatim, but each of the elements must be addressed: + +I certify that, to the best of my knowledge and belief: + +- The statements of fact contained in this report are true and correct. +- The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. +- I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved. +- I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. +- I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. +- My engagement in this assignment was not contingent upon developing or reporting predetermined results. + +46 In USPAP GRM, see Advisory Opinion 1, Sales History. + +**USPAP 2024 Edition | GoBack | © The Appraisal Foundation COENES** + +25 +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_38.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_38.md new file mode 100644 index 0000000000000000000000000000000000000000..6523cce50e3e1681650a84cb6a6ab9920bc71d79 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_38.md @@ -0,0 +1,40 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4] + +## STANDARD 2 + +- My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. + +- My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. + +- I have (or have not) made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.) + +- No one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real property appraisal assistance must be stated.) + +(b) An appraiser who signs any part of the appraisal report, including a letter of transmittal, must also sign a certification. + +**Comment:** In an assignment that includes only assignment results developed by the real property appraiser(s), any appraiser who signs a certification accepts full responsibility for all elements of the certification, for the assignment results, and for the contents of the appraisal report. In an assignment that includes personal property, business or intangible asset assignment results not developed by the real property appraiser(s), any real property appraiser who signs a certification accepts full responsibility for the real property elements of the certification, for the real property assignment results, and for the real property contents of the appraisal report. + +(c) When a signing appraiser has relied on work done by appraisers and others who do not sign the certification, the signing appraiser is responsible for the decision to rely on their work. + +(i) The signing appraiser is required to have a reasonable basis for believing that those individuals performing the work are competent; and + +(ii) The signing appraiser must have no reason to doubt that the work of those individuals is credible. + +**Comment:** Although a certification must contain the names of individuals providing significant real property appraisal assistance, it is not required that the description of the extent of their assistance be located in a certification. This disclosure may be in any part(s) of the report. + +(d) When an assignment requires the use of a certification that does not include all of the certification elements in this Standards Rule, the appraisal report must contain a supplemental certification, which includes the remaining required certification elements. + +## STANDARDS RULE 2-4, ORAL APPRAISAL REPORT + +To the extent that it is both possible and appropriate, an oral real property appraisal report must address the substantive matters set forth in Standards Rule 2-2(a). + +**Comment:** See the RECORD KEEPING RULE for corresponding requirements. + +47 In USPAP GRIM, see Advisory Opinion 2, Inspection of Subject Property. + +48 In USPAP GRIM, see Advisory Opinion 31, Assignments Involving More than One Appraiser. + +26 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_39.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_39.md new file mode 100644 index 0000000000000000000000000000000000000000..2e1c0bbbe4eaa3828f9ec31c50d13febd118c63c --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_39.md @@ -0,0 +1,46 @@ +```markdown +# DEFINITIONS STANDARDS + +## STANDARD 3: APPRAISAL REVIEW, DEVELOPMENT + +In developing an appraisal review, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible appraisal review. + +**Comment:** The requirements set forth in STANDARD 3 generally follow the appraisal review development process in the order of topics addressed and can be used by appraisers and the users of appraisal services as a checklist. + +In this Standard, the term “reviewer” is used to refer to an appraiser performing an appraisal review. + +### STANDARDS RULE 3-1, GENERAL DEVELOPMENT REQUIREMENTS + +In developing an appraisal review, the reviewer must: + +(a) be aware of, understand, and correctly employ those methods and techniques that are necessary to produce a credible appraisal review; + +**Comment:** Changes and developments in economics, finance, law, technology, and society can have a substantial impact on the appraisal profession. To keep abreast of these changes and developments, the appraisal profession is constantly reviewing and revising appraisal methods and techniques and devising new methods and techniques to meet new circumstances. Each appraiser must continuously improve his or her skills to remain proficient in appraisal review. + +The reviewer must have the knowledge and experience needed to identify and perform the scope of work necessary to produce credible assignment results. Aspects of competency for an appraisal review, depending on the review assignment’s scope of work, may include, without limitation, familiarity with the specific type of property or asset, market, geographic area, analytic method, and applicable laws, regulations and guidelines. + +(b) not commit a substantial error of omission or commission that significantly affects an appraisal review; and + +**Comment:** A reviewer must use sufficient care to avoid errors that would significantly affect his or her opinions and conclusions. Diligence is required to identify and analyze the factors, conditions, data, and other information that would have a significant effect on the credibility of the assignment results. + +(c) not render appraisal review services in a careless or negligent manner, such as making a series of errors that, although individually might not significantly affect the results of an appraisal review, in the aggregate affects the credibility of those results. + +### STANDARDS RULE 3-2, PROBLEM IDENTIFICATION + +In developing an appraisal review, the reviewer must: + +(a) identify the client and other intended users; + +(b) identify the intended use of the reviewer’s opinions and conclusions; + +**Comment:** A reviewer must not allow the intended use of an assignment or a client’s objectives to cause the assignment results to be biased. A reviewer must not advocate for a client’s objectives. + +The intended use refers to the use of the reviewer's opinions and conclusions by the client and other intended users; examples include, without limitation, quality control, audit, qualification, or confirmation. + +**Note:** In USPAP GRM, see Advisory Opinion 36, *Identification and Disclosure of Client, Intended Use, and Intended Users.* + +--- + +**USPAP 2024 Edition | GoBack | 27** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_4.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_4.md new file mode 100644 index 0000000000000000000000000000000000000000..37677a3e2ed97ba7ee4f19dc6e6b6e98633414b3 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_4.md @@ -0,0 +1,34 @@ +```markdown +# The Appraisal Foundation + +Authorized by Congress as the Source of Appraisal Standards and Appraiser Qualifications + +## Appraisal Standards Board + +The Appraisal Foundation has developed a series of courses related to the Uniform Standards of Professional Appraisal Practice (USPAP). These courses are available for several appraisal disciplines: Business Valuation, Personal Property, Mass Appraisal, and Real Property. 2024. + +### Uniform Standards of Professional Appraisal Practice (USPAP) + +Please contact your educational provider for a schedule of course offerings. + +#### 15-HOUR USPAP COURSES +- 15-Hour National USPAP Course (Real Property) +- 15-Hour Personal Property USPAP Course +- 15-Hour Business Appraisal USPAP Course + +#### 7-HOUR USPAP COURSES +- 7-Hour National USPAP Update Course (Real Property) +- 7-Hour USPAP Update Course for Mass Appraisal +- 7-Hour USPAP Update Course for Personal Property +- 7-Hour Residential Review and Compliance Course (Real Property) + +### YELLOW BOOK COURSES +- Uniform Appraisal Standards for Federal Land Acquisitions (Yellow Book) Course +- USPAP and the Yellow Book, A Guide to Understanding Their Relationship + +## ABOUT THE APPRAISAL FOUNDATION + +The Appraisal Foundation is the nation’s foremost authority on the valuation profession. The organization sets the congressionally authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring appraisals are independent, consistent, and objective. More information on The Appraisal Foundation is available at [www.appraisalfoundation.org](http://www.appraisalfoundation.org). + +## CONNECT WITH US +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_40.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_40.md new file mode 100644 index 0000000000000000000000000000000000000000..7278d79f8b5a9ef697ee0cceed81feb3b99309ec --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_40.md @@ -0,0 +1,51 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4 + +## STANDARD 3 + +### (c) +Identify the purpose of the appraisal review, including whether the assignment includes the development of the reviewer’s own opinion of value or review opinion related to the work under review. + +**Comment:** The purpose of an appraisal review assignment relates to the reviewer’s objective; examples include, without limitation, to determine if the results of the work under review are credible for the intended user’s intended use, or to evaluate compliance with relevant USPAP requirements, client requirements, or applicable regulations. + +In the review of an appraisal assignment, the reviewer may provide an opinion of value for the property that is the subject of the work under review.* + +In the review of an appraisal review assignment, the reviewer may provide an opinion of quality of the work that is the subject of the appraisal review assignment. + +### (d) +Identify the work under review and the characteristics of that work which are relevant to the intended use and purpose of the appraisal review, including: + +1. Any ownership interest in the property that is the subject of the work under review; +2. The date of the work under review and the effective date of the opinions or conclusions in the work under review; +3. The appraiser(s) who completed the work under review, unless the identity is withheld by the client; and +4. The physical, legal, and economic characteristics of the property, properties, property type(s), or market area in the work under review. + +**Comment:** The subject of an appraisal review assignment may be all or part of a report, a workfile, or a combination of these, and may be related to an appraisal or appraisal review assignment. + +### (e) +Identify any extraordinary assumptions necessary in the review assignment. An extraordinary assumption may be used in an assignment only if: + +1. The extraordinary assumption is required to properly develop credible opinions and conclusions; +2. The reviewer has a reasonable basis for the extraordinary assumption; and +3. Use of the extraordinary assumption results in a credible analysis. + +### (f) +Identify any hypothetical conditions necessary in the review assignment. A hypothetical condition may be used in an assignment only if: + +1. Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; and +2. Use of the hypothetical condition results in a credible analysis. + +### (g) +Determine the scope of work necessary to produce credible assignment results in accordance with the SCOPE OF WORK RULE.* + +--- + +**51** In USPAP GRM, see Advisory Opinion 20, An Appraisal Review Assignment That Includes the Reviewer’s Own Opinion of Value. + +**52** In USPAP GRM, see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work. + +--- + +28 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_41.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_41.md new file mode 100644 index 0000000000000000000000000000000000000000..0a571d7c75e45702cc40a7929f9261644d2ba42e --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_41.md @@ -0,0 +1,46 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 3 + +**Comment:** Reviewers have broad flexibility and significant responsibility in determining the appropriate scope of work in an appraisal review assignment. + +Information that should have been considered by the original appraiser can be used by the reviewer in developing an opinion as to the quality of the work under review. + +Information that was not available to the original appraiser in the normal course of business may also be used by the reviewer; however, the reviewer must not use such information in the reviewer’s development of an opinion as to the quality of the work under review. + +## STANDARDS RULE 3-3, APPRAISAL REVIEW METHODS + +In developing an appraisal review, a reviewer must apply the appraisal review methods and techniques that are necessary for credible assignment results. + +### (a) When necessary for credible assignment results in the review of analyses, opinions, and conclusions, the reviewer must: + +1. Develop an opinion as to whether the analyses are appropriate within the context of the requirements applicable to that work; +2. Develop an opinion as to whether the opinions and conclusions are credible within the context of the requirements applicable to that work; and +3. Develop the reasons for any disagreement. + +**Comment:** Consistent with the reviewer’s scope of work, the reviewer is required to develop an opinion as to the completeness, accuracy, adequacy, relevance, and reasonableness of the analysis in the work under review, given law, regulations, or intended user requirements applicable to the work under review. + +### (b) When necessary for credible assignment results in the review of a report, the reviewer must: + +1. Develop an opinion as to whether the report is appropriate and not misleading within the context of the requirements applicable to that work; and +2. Develop the reasons for any disagreement. + +**Comment:** Consistent with the reviewer’s scope of work, the reviewer is required to develop an opinion as to the completeness, accuracy, adequacy, relevance, and reasonableness of the report, given law, regulations, or intended user requirements applicable to that work. + +### (c) When the assignment includes the reviewer developing his or her own opinion of value or review opinion, the following apply: + +1. The requirements of STANDARDS 1, 5, 7, or 9 apply to the reviewer’s opinion of value for the property that is the subject of the appraisal review assignment. +2. The requirements of STANDARD 3 apply to the reviewer’s opinion of quality for the work that is the subject of the appraisal review assignment. + +**Comment:** These requirements apply to: + +- The reviewer’s own opinion of value when the subject of the review is the product of an appraisal assignment; or +- The reviewer’s own opinion regarding the work reviewed by another when the subject of the review is the product of an appraisal review assignment. + +53 In USPAP GRM, see Advisory Opinion 20, An Appraisal Review Assignment That Includes the Reviewer’s Own Opinion of Value. + +USPAP 2024 Edition GO BACK °° + +© The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_42.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_42.md new file mode 100644 index 0000000000000000000000000000000000000000..ab6ab7fdd92317432894636ae818ceb01dcd741c --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_42.md @@ -0,0 +1,36 @@ +```markdown +914 +915 +916 +917 +918 +919 +920 +921 +922 +923 +924 +925 +926 +927 + +# DEFINITIONS STANDARDS [& | 2 + +## STANDARD 3 + +These requirements apply whether the reviewer’s own opinion: + +- concurs with the opinions and conclusions in the work under review; or +- differs from the opinions and conclusions in the work under review. + +When the assignment includes the reviewer developing his or her own opinion of value or review opinion, the following apply: + +- The reviewer’s scope of work in developing his or her own opinion of value or review opinion may be different from that of the work under review. +- The effective date of the reviewer’s opinion of value may be the same or different from the effective date of the work under review. +- The reviewer is not required to replicate the steps completed by the original appraiser. Those items in the work under review that the reviewer concludes are credible can be extended to the reviewer’s development process on the basis of an extraordinary assumption. Those items not deemed to be credible must be replaced with information or analysis developed in conformance with STANDARD 1, 3, 5, 7, or 9, as applicable, to produce credible assignment results. + +30 + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_43.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_43.md new file mode 100644 index 0000000000000000000000000000000000000000..1c8eba0d0c7c2f7ef0dc835974dcbca84ef19d7f --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_43.md @@ -0,0 +1,54 @@ +```markdown +# DEFINITIONS STANDARDS + +## STANDARD 4: APPRAISAL REVIEW, REPORTING + +In reporting the results of an appraisal review, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. + +**Comment:** STANDARD 4 addresses the content and level of information required in a report that communicates the results of an appraisal review. STANDARD 4 does not dictate the form, format, or style of appraisal review reports. The substantive content of an appraisal review report determines its compliance. + +### STANDARDS RULE 4-1, GENERAL REPORTING REQUIREMENTS + +Each written or oral appraisal review report must be separate from the work under review and must: + +(a) clearly and accurately set forth the appraisal review in a manner that will not be misleading; + +(b) contain sufficient information to enable the intended user(s) of the appraisal review to understand the report properly; and + +(c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. + +### STANDARDS RULE 4-2, CONTENT OF AN APPRAISAL REVIEW REPORT + +The content of an appraisal review report must be appropriate for the intended use of the appraisal review and, at a minimum: + +(a) state the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; state the identity of any intended user(s) by name or type; + +**Comment:** Because the client is an intended user, they must be identified in the review report as such. However, if the client has requested anonymity the reviewer must use care when identifying the client to avoid violations of the Confidentiality section of the ETHICS RULE. + +(b) state the intended use of the appraisal review; + +(c) state the purpose of the appraisal review; + +(d) state information sufficient to identify: + +(i) the work under review, including any ownership interest in the property that is the subject of the work under review; + +(ii) the date of the work under review; + +(iii) the effective date of the opinions or conclusions in the work under review; and + +(iv) the appraiser(s) who completed the work under review, or if the client has withheld their identity, state that the identity of the appraiser(s) has been withheld by the client; + +(e) state the date of the appraisal review report; + +(f) clearly and conspicuously: + +- state all extraordinary assumptions and hypothetical conditions; and + +- state that their use might have affected the assignment results. + +**54** In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 36, *Identification and Disclosure of Client, Intended Use, and Intended Users*. + +**USPAP 2024 Edition | GoBack | 31** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_44.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_44.md new file mode 100644 index 0000000000000000000000000000000000000000..c4380b2e7e5a145bb94064ef64c7bdd914923e5e --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_44.md @@ -0,0 +1,56 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4] + +## STANDARD 4 + +**(g)** State the scope of work used to develop the appraisal review;°° + +**Comment:** Stating the scope of work includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. + +**(h)** When any portion of the work involves significant appraisal or appraisal review assistance, state the extent of that assistance;®> + +**(i)** State the reviewer’s opinions and conclusions about the work under review, including the reasons for any disagreement; + +**Comment:** The report must provide sufficient information to enable the client and intended users to understand the rationale for the reviewer’s opinions and conclusions. + +**(j)** When the scope of work includes the reviewer’s development of an opinion of value or review opinion related to the work under review, the reviewer must:°” + +**(i)** State which information, analyses, opinions, and conclusions in the work under review that the reviewer accepted as credible and used in developing the reviewer’s opinions and conclusions; + +**(ii)** If applicable, state the effective date of the reviewer’s opinion of value; + +**(iii)** At a minimum, summarize any additional information relied on and the reasoning for the reviewer’s opinion of value or review opinion related to the work under review; and + +**Comment:** The reviewer may include his or her own opinion of value or review opinion related to the work under review within the appraisal review report itself without preparing a separate report. However, data and analyses provided by the reviewer to support a different opinion or conclusion must match, at a minimum, except for the certification requirements, the reporting requirements for an: + +- Appraisal Report for a real property appraisal (Standards Rule 2-2(a)); +- Appraisal Report for a personal property appraisal (Standards Rule 8-2(a)); +- Appraisal Review Report for an appraisal review (Standards Rule 4-2); +- Mass Appraisal Report for mass appraisal (Standards Rule 6-2); and +- Appraisal Report for business appraisal (Standards Rule 10-2(a)). + +**(k)** Include a signed certification in accordance with Standards Rule 4-3. + +## STANDARDS RULE 4-3, CERTIFICATION + +A signed certification is an integral part of the appraisal review report. + +**(a)** The wording of a certification does not have to match the following verbatim, but each of the elements must be addressed: + +I certify that, to the best of my knowledge and belief: + +- The statements of fact contained in this report are true and correct. +- The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. +- I have no (or the specified) present or prospective interest in the property that is the subject of the work under review and no (or the specified) personal interest with respect to the parties involved. + +**In USPAP GRM, see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work.** + +**In USPAP GRM, see Advisory Opinion 31, Assignments Involving More than One Appraiser.** + +**In USPAP GRM, see Advisory Opinion 20, An Appraisal Review Assignment That Includes the Reviewer’s Own Opinion of Value.** + +--- + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_45.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_45.md new file mode 100644 index 0000000000000000000000000000000000000000..320db9f599a14c5d1a11934f9c0e0ea52f2697cc --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_45.md @@ -0,0 +1,47 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 4 + +- I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of the work under review within the three-year period immediately preceding the agreement to perform this assignment. + +- I have no bias with respect to the property that is the subject of the work under review or to the parties involved with this assignment. + +- My engagement in this assignment was not contingent upon developing or reporting predetermined results. + +- My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in this review or from its use. + +- My compensation for completing this assignment is not contingent upon the development or reporting of predetermined assignment results or assignment results that favors the cause of the client, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal review. + +- My analyses, opinions, and conclusions were developed and this review report was prepared in conformity with the Uniform Standards of Professional Appraisal Practice. + +- I have (or have not) made a personal inspection of the subject of the work under review. (If more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the subject of the work under review.) (For reviews of a business or intangible asset appraisal assignment, the inspection portion of the certification is not applicable.) + +- No one provided significant appraisal or appraisal review assistance to the person signing this certification. (If there are exceptions, the name of each individual providing appraisal or appraisal review assistance must be stated.) + +### (b) +A reviewer who signs any part of the appraisal review report, including a letter of transmittal, must also sign a certification. + +**Comment:** Any reviewer who signs a certification accepts responsibility for all elements of the certification, for the assignment results, and for the contents of the appraisal review report. + +Appraisal review is distinctly different from the cosigning activity addressed in Standards Rules 2-3, 6-3, 8-3, and 10-3. To avoid confusion between these activities, a reviewer performing an appraisal review must not sign the work under review unless he or she intends to accept responsibility as a cosigner of that work. + +### (c) +When a signing appraiser has relied on work done by appraisers and others who do not sign the certification, the signing appraiser is responsible for the decision to rely on their work. + +#### (i) +The signing appraiser is required to have a reasonable basis for believing that those individuals performing the work are competent; and + +#### (ii) +The signing appraiser must have no reason to doubt that the work of those individuals is credible. + +**Comment:** Although a certification must contain the names of individuals providing significant appraisal or appraisal review assistance, it is not required that the description of the extent of their assistance be located in a certification. This disclosure may be in any part(s) of the report. + +In USPAP GRM, see Advisory Opinion 2, Inspection of Subject Property. + +In USPAP GRM, see Advisory Opinion 31, Assignments Involving More than One Appraiser. + +USPAP 2024 Edition GO BACK * + +© The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_47.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_47.md new file mode 100644 index 0000000000000000000000000000000000000000..7983071e5f9c11a7fdb744b19b0fdce149f8b7f0 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_47.md @@ -0,0 +1,35 @@ +```markdown +# DEFINITIONS STANDARDS + +## STANDARD 5: MASS APPRAISAL, DEVELOPMENT + +In developing a mass appraisal, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible mass appraisal. + +**Comment:** STANDARD 5 applies to all mass appraisals of real or personal property regardless of the purpose or use of such appraisals. The reporting and jurisdictional exceptions applicable to public mass appraisals prepared for ad valorem taxation do not apply to mass appraisals prepared for other purposes. + +A mass appraisal includes: + +1. Identifying properties to be appraised; +2. Defining market area of consistent behavior that applies to properties; +3. Identifying characteristics (supply and demand) that affect the creation of value in that market area; +4. Developing a model structure that reflects the relationship among the characteristics affecting value in the market area; +5. Calibrating the model structure to determine the contribution of the individual characteristics affecting value; +6. Applying the conclusions reflected in the model to the characteristics of the property(ies) being appraised; and +7. Reviewing the mass appraisal results. + +The **JURISDICTIONAL EXCEPTION RULE** may apply to several sections of STANDARD 5 because ad valorem tax administration is subject to various state, county, and municipal laws. + +## STANDARDS RULE 5-1, GENERAL DEVELOPMENT REQUIREMENTS + +In developing a mass appraisal, an appraiser must: + +(a) Be aware of, understand, and correctly employ those recognized methods and techniques necessary to produce a credible mass appraisal; + +**Comment:** Mass appraisal provides for a systematic approach and uniform application of appraisal methods and techniques to obtain estimates of value that allow for statistical review and analysis of results. This requirement recognizes that the principle of change continues to affect the manner in which appraisers perform mass appraisals. Changes and developments in the real property and personal property fields have a substantial impact on the appraisal profession. To keep abreast of these changes and developments, the appraisal profession is constantly reviewing and revising appraisal methods and techniques and devising new methods and techniques to meet new circumstances. For this reason, it is not sufficient for appraisers to simply maintain the skills and the knowledge they possess when they become appraisers. Each appraiser must continuously improve his or her skills to remain proficient in mass appraisal. + +**In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 32, Ad Valorem Property Tax Appraisal and Mass Appraisal Assignments.** + +**USPAP 2024 Edition | GoBack | 35** + +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_48.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_48.md new file mode 100644 index 0000000000000000000000000000000000000000..f933ea7375c84d560c5f395d81f50acd1f28fb63 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_48.md @@ -0,0 +1,55 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4] + +## STANDARD 5 + +(b) not commit a substantial error of omission or commission that significantly affects a mass appraisal; and + +**Comment:** An appraiser must use sufficient care to avoid errors that would significantly affect his or her opinions and conclusions. Diligence is required to identify and analyze the factors, conditions, data, and other information that would have a significant effect on the credibility of the assignment results. + +(c) not render a mass appraisal in a careless or negligent manner. + +## STANDARDS RULE 5-2, PROBLEM IDENTIFICATION + +In developing a mass appraisal, an appraiser must: + +(a) identify the client and other intended users;* + +**Comment:** In ad valorem mass appraisal, the assessor, or party responsible for certification of the assessment or tax roll is required to apply the relevant law or statute and identify the clients and other intended users (if any). + +(b) identify the intended use of the appraisal;* + +**Comment:** An appraiser must not allow the intended use of an assignment or a client’s objectives to cause the assignment results to be biased. + +(c) identify the type and definition of value, and ascertain whether the value is to be the most probable price: + +(i) in terms of cash; or +(ii) in terms of financial arrangements equivalent to cash; or +(iii) in such other terms as may be precisely defined; and + +(iv) if the opinion of value is to be based on non-market financing or financing with unusual conditions or incentives, identify the terms of such financing and any influences on value; + +(d) identify the effective date of the appraisal; + +(e) identify, from sources the appraiser reasonably believes to be reliable, the characteristics of the properties that are relevant to the type and definition of value and intended use,°? including: + +(i) the group with which a property is identified according to similar market influence; +(ii) the appropriate market area and time frame relative to the property being valued; and +(iii) their location and physical, legal, and economic characteristics; + +**Comment:** The properties must be identified in general terms, and each individual property in the universe must be identified, with the information on its identity stored or referenced in its property record. + +When appraising proposed improvements, an appraiser must examine and have available for future examination, plans, specifications, or other documentation sufficient to identify the extent and character of the proposed improvements. + +Ordinarily, proposed improvements are not appraised for ad valorem tax purposes. Appraisers, however, are sometimes asked to provide opinions of value of proposed improvements so that developers can estimate future property tax burdens. Sometimes units in condominiums and planned unit developments are sold with an interest in un-built community property, the pro rata value of which, if any, must be considered in the analysis of sales data. + +61 In USPAP GRM, see Advisory Opinion 36, /dentification and Disclosure of Client, Intended Use, and Intended Users. +62 In USPAP GRM, see Advisory Opinion 36, /dentification and Disclosure of Client, Intended Use, and Intended Users. + +63 In USPAP GRM, see Advisory Opinion 23, /dentifying Relevant Characteristics of the Subject Property of a Real Property Appraisal Assignment, if applicable. + +64 In USPAP GRM, see Advisory Opinion 17, Appraisals of Real Property with Proposed Improvements, if applicable. + +36 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_49.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_49.md new file mode 100644 index 0000000000000000000000000000000000000000..6eb9807557e9af14335482f17dad7a8e9bebf8db --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_49.md @@ -0,0 +1,38 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 5 + +(f) Identify the characteristics of the market that are relevant to the purpose and intended use of the mass appraisal including: + (i) Location of the market area; + (ii) Physical, legal, and economic characteristics; + (iii) Time frame of market activity; and + (iv) Property interests reflected in the market; + +(g) In appraising real property or personal property: + (i) Identify the appropriate market area and time frame relative to the property being valued; + (ii) When the subject is real property, identify and consider any personal property, trade fixtures, or intangible assets that are not real property but are included in the appraisal; + (iii) When the subject is personal property, identify and consider any real property or intangible assets that are not personal property but are included in the appraisal; + (iv) Identify known easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of similar nature; and + (v) Identify and analyze whether an appraised fractional interest, physical segment, or partial holding contributes pro rata to the value of the whole; + +**Comment:** The above requirements do not obligate the appraiser to value the whole when the subject of the appraisal is a fractional interest, physical segment, or a partial holding. However, if the value of the whole is not identified, the appraisal must clearly reflect that the value of the property being appraised cannot be used to develop the value opinion of the whole by mathematical extension. + +(h) Analyze the relevant economic conditions at the time of the valuation, including market acceptability of the property and supply, demand, scarcity, or rarity; + +(i) Identify any extraordinary assumptions necessary in the assignment. An extraordinary assumption may be used in an assignment only if: + (i) The extraordinary assumption is required to properly develop credible opinions and conclusions; + (ii) The appraiser has a reasonable basis for the extraordinary assumption; and + (iii) Use of the extraordinary assumption results in a credible analysis; + +(j) Identify any hypothetical conditions necessary in the assignment. A hypothetical condition may be used in an assignment only if: + (i) Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; and + (ii) Use of the hypothetical condition results in a credible analysis; and + +(k) Determine the scope of work necessary to produce credible assignment results in accordance with the SCOPE OF WORK RULE.® + +65 In USPAP GRM, see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work. + +USPAP 2024 Edition | GoBack | 37 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_5.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_5.md new file mode 100644 index 0000000000000000000000000000000000000000..b91b9e57e8d1043594ae911e93159a4fe936849c --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_5.md @@ -0,0 +1,19 @@ +```markdown +# THE APPRAISAL FOUNDATION AND THE INTERNATIONAL VALUATION STANDARDS COUNCIL + +The Appraisal Foundation is an Institutional Member and proud Sponsor of the International Valuation Standards Council (IVSC). In addition, the Foundation is an active participant of the IVSC Advisory Forum Work Group. + +## IVSC + +The IVSC is an independent, not-for-profit organization that acts as the global standard setter for valuation practice and the valuation profession, serving the public interest. The IVSC is the developer of the International Valuation Standards (IVS), the latest version of the global standards for valuation professionals. For more information on the IVSC and IVS, visit [www.ivsc.org](http://www.ivsc.org). + +## Collaboration Between The Foundation and the IVSC + +The Foundation and the IVSC are working together to harmonize valuation standards. As part of this effort, both groups jointly released **A Bridge from USPAP to IVS**. This document was developed to assist appraisers familiar with the Uniform Standards of Professional Appraisal Practice (USPAP) to produce a valuation that is also compliant with the IVS. While the document describes additional steps necessary to ensure that compliance, a full review of both sets of standards is always encouraged. + +Both organizations note that this joint effort unveiled more commonalities than differences in the two sets of standards. The **Core Principles of Valuation** and **Core Principles of Valuation Standards Setting** were added to *A Bridge from USPAP to IVS* as a result of a series of meetings between the IVSC, the Foundation, and the Appraisal Institute of Canada (AIC) to understand if it was possible to reduce differences between their standards. + +*A Bridge from USPAP to IVS* will be amended to be consistent with updates to IVS and USPAP as they occur. + +For copies of *A Bridge from USPAP to IVS*, visit [www.ivsc.org](http://www.ivsc.org) or [www.appraisalfoundation.org](http://www.appraisalfoundation.org). +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_50.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_50.md new file mode 100644 index 0000000000000000000000000000000000000000..8e65ea6b4addfb7e0237a1917c47b99accfbcbe7 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_50.md @@ -0,0 +1,102 @@ +```markdown +1147 +148 + +1149 + +1150 + +1151 + +1152 + +1153 + +1154 + +1155 + +1156 +1157 +1158 +1159 +1160 +1161 + +1162 +1163 +1164 +1165 +1166 +1167 + +1168 +1169 + +1170 +1171 + +1172 +1173 + +1174 + +1175 +1176 +1177 +1178 +1179 +1180 +1181 + +1182 + +1183 +1184 +1185 +1186 + +# DEFINITIONS STANDARDS [& | 2 + +## STANDARD 5 + +### STANDARDS RULE 5-3, PROPERTY’S USE AND APPROPRIATE MARKET +When necessary for credible assignment results, an appraiser must: + +(a) in appraising real property, identify and analyze the effect on use and value of the following factors: + +(i) existing land use regulations; + +(ii) reasonably probable modifications of such regulations; +(iii) economic supply and demand; + +(iv) the physical adaptability of the real estate; + +(v) neighborhood trends; and + +(vi) highest and best use of the real estate; and + +**Comment:** This requirement sets forth a list of factors that affect use and value. In considering neighborhood trends, an appraiser must avoid stereotyped or biased assumptions relating to race, age, color, gender, or national origin or an assumption that race, ethnic, or religious homogeneity is necessary to maximize value in a neighborhood. Further, an appraiser must avoid making an unsupported assumption or premise about neighborhood decline, effective age, and remaining life. In considering highest and best use, an appraiser must develop the concept to the extent required for a proper solution to the appraisal problem. + +(b) in appraising personal property, identify and analyze the effects on use and value of industry trends, value-in-use, and trade level of personal property. Where applicable, analyze the current use and alternative uses to encompass what is profitable, legal, and physically possible, as relevant to the type and definition of value and intended use of the appraisal. Personal property has several measurable marketplaces; therefore, the appraiser must define and analyze the appropriate market consistent with the type and definition of value. + +### STANDARDS RULE 5-4, APPRAISAL METHODS +In developing a mass appraisal, an appraiser must: + +(a) identify the appropriate procedures and market information required to perform the appraisal, including all physical, functional, and external market factors as they may affect the appraisal; + +**Comment:** Such efforts customarily include the development of standardized data collection forms, procedures, and training materials that are used uniformly on the universe of properties under consideration. + +(b) employ recognized techniques for specifying property valuation models; and + +**Comment:** The formal development of a model in a statement or equation is called model specification. Mass appraisers must develop mathematical models that, with reasonable accuracy, represent the relationship between property value and supply and demand factors, as represented by quantitative and qualitative property characteristics. The models may be specified using the cost, sales comparison, or income approaches to value. The specification format may be tabular, mathematical, linear, nonlinear, or any other structure suitable for representing the observable property characteristics. Appropriate approaches must be used in appraising a class of properties. The concept of recognized techniques applies to both real and personal property valuation models. + +(c) employ recognized techniques for calibrating mass appraisal models. + +**Comment:** Calibration refers to the process of analyzing sets of property and market data to determine the specific parameters of a model. The table entries in a cost manual are examples of calibrated parameters, as well as the coefficients in a linear or nonlinear model. Models must be calibrated using recognized techniques, including, but not limited to, multiple linear regression, nonlinear regression, and adaptive estimation. + +38 + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_51.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_51.md new file mode 100644 index 0000000000000000000000000000000000000000..0627d7ed276a99822dc3e743bf576c6950c698a4 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_51.md @@ -0,0 +1,53 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 5 + +### STANDARDS RULE 5-5, APPROACHES TO VALUE + +In developing a mass appraisal, when necessary for credible assignment results, an appraiser must: + +(a) collect, verify, and analyze such data as are necessary and appropriate to develop: + +(i) | the cost new of the improvements; + +(ii) depreciation; + +(iii) value of the land by sales of comparable properties; + +(iv) value of the property by sales of comparable properties; + +(v) value by capitalization of income or potential earnings (i.e., rentals, expenses, interest rates, capitalization rates, and vacancy data); + +**Comment:** This Standards Rule requires appraisers engaged in mass appraisal to take reasonable steps to ensure that the quantity and quality of the factual data that are collected are sufficient to produce credible mass appraisals. + +(b) base estimates of capitalization rates and projections of future rental rates and/or potential earnings capacity, expenses, interest rates, and vacancy rates on reasonable and appropriate evidence; + +**Comment:** This requirement calls for an appraiser, in developing income and expense statements and cash flow projections, to weigh historical information and trends, current market factors affecting such trends, and reasonably anticipated events, such as competition from developments either planned or under construction. + +(c) identify and, as applicable, analyze terms and conditions of any available leases; and + +(d) identify the need for and extent of any physical inspection.® + +### STANDARDS RULE 5-6, CALIBRATED MASS APPRAISAL MODEL APPLICATION + +When necessary for credible assignment results in applying a calibrated mass appraisal model, an appraiser must: + +(a) value improved parcels by recognized methods or techniques based on the cost approach, the sales comparison approach, and income approach; + +(b) value sites by recognized methods or techniques; such techniques include but are not limited to the sales comparison approach, allocation method, abstraction method, capitalization of ground rent, and land residual technique; + +(c) when developing the value of a leased fee estate or a leasehold estate, analyze the effect on value, if any, of the terms and conditions of the lease; + +**Comment:** In ad valorem taxation, the appraiser may be required by rules or law to appraise the property as if in fee simple, as though unencumbered by existing leases. In such cases, market rent would be used in the appraisal, ignoring the effect of the individual, actual contract rents. + +(d) analyze the effect on value, if any, of the assemblage of the various parcels, divided interests, or component parts of a property; the value of the whole must not be developed by adding together the individual values of the various parcels, divided interests, or component parts; and + +**Comment:** Although the value of the whole may be equal to the sum of the separate estates or parts, it also may be greater than or less than the sum of such estates or parts. + +66 In USPAP GRM, see Advisory Opinion 33, Discounted Cash Flow Analysis. +67 In USPAP GRM, see Advisory Opinion 2, Inspection of Subject Property. + +USPAP 2024 Edition | GoBack | 39 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_52.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_52.md new file mode 100644 index 0000000000000000000000000000000000000000..9b4a59d077abcac60e2ab033dce0c03f0f439366 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_52.md @@ -0,0 +1,42 @@ +```markdown +1224 +1225 + +1226 +1227 + +1228 +1229 + +1230 +1231 + +1232 +1233 +1234 +1235 +1236 +1237 +1238 + +# DEFINITIONS STANDARDS [& | 2 + +## STANDARD 5 + +**(e)** when analyzing anticipated public or private improvements, located on or off the site, analyze the effect on value, if any, of such anticipated improvements to the extent they are reflected in market actions. + +# STANDARDS RULE 5-7, RECONCILIATION + +In developing a mass appraisal an appraiser must: + +**(a)** reconcile the quality and quantity of data available and analyzed within the approaches used and the applicability and relevance of the approaches, methods and techniques used; and + +**(b)** employ recognized mass appraisal testing procedures and techniques to ensure that standards of accuracy are maintained. + +**Comment:** It is implicit in mass appraisal that, even when properly specified and calibrated mass appraisal models are used, some individual value conclusions will not meet standards of reasonableness, consistency, and accuracy. However, appraisers engaged in mass appraisal have a professional responsibility to ensure that, on an overall basis, models produce value conclusions that meet attainable standards of accuracy. This responsibility requires appraisers to evaluate the performance of models, using techniques that may include but are not limited to, goodness-of-fit statistics, and model performance statistics such as appraisal-to-sale ratio studies, evaluation of hold-out samples, or analysis of residuals. + +40 + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_53.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_53.md new file mode 100644 index 0000000000000000000000000000000000000000..c2aab4da9326828856bb6e37888152c5bf8b4d95 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_53.md @@ -0,0 +1,47 @@ +```markdown +# DEFINITIONS STANDARDS + +## STANDARD 6: MASS APPRAISAL, REPORTING + +In reporting the results of a mass appraisal, an appraiser must communicate each analysis, opinion, and conclusion in writing and in a manner that is not misleading. + +**Comment:** STANDARD 6 addresses the content and level of information required in a report that communicates the results of a mass appraisal. + +STANDARD 6 does not dictate the form, format, or style of mass appraisal reports. The substantive content of a report determines its compliance. + +### STANDARDS RULE 6-1, GENERAL REPORTING REQUIREMENTS + +Each written report of a mass appraisal must: + +(a) clearly and accurately set forth the appraisal in a manner that will not be misleading; +(b) contain sufficient information to enable the intended user(s) of the appraisal to understand the report properly; and + +**Comment:** Documentation for a mass appraisal for ad valorem taxation may be in the form of (1) property records, (2) sales ratios and other statistical studies, (3) appraisal manuals and documentation, (4) market studies, (5) model building documentation, (6) regulations, (7) statutes, and (8) other acceptable forms. + +(c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. + +### STANDARDS RULE 6-2, CONTENT OF A MASS APPRAISAL REPORT + +The content of a mass appraisal report must be appropriate for the intended use of the appraisal and, at a minimum: + +(a) state the identity of the client, or if the client has requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; state the identity of any intended user(s) by name or type;® + +**Comment:** Because the client is an intended user, they must be identified in the report as such. However, if the client has requested anonymity the appraiser must use care when identifying the client to avoid violations of the Confidentiality section of the ETHICS RULE. + +(b) state the intended use of the appraisal;°° +(c) disclose any assumptions or limiting conditions that result in deviation from recognized methods and techniques or that affect analyses, opinions, and conclusions; +(d) state the effective date of the appraisal and the date of the report; + +**Comment:** In ad valorem taxation the effective date of the appraisal may be prescribed by law. If no effective date is prescribed by law, the effective date of the appraisal, if not stated, is presumed to be contemporaneous with the data and appraisal conclusions.’”° + +--- + +**References:** + +- In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. +- In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. +- In USPAP GRM, see Advisory Opinion 34, Retrospective and Prospective Value Opinions. + +USPAP 2024 Edition | GoBack | 41 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_54.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_54.md new file mode 100644 index 0000000000000000000000000000000000000000..8e0fa69b62a66d8e69f840bcaaf395f2fa332a95 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_54.md @@ -0,0 +1,57 @@ +```markdown +# DEFINITIONS STANDARDS + +## STANDARD 6 + +### (e) +State the type and definition of value and cite the source of the definition. + +**Comment:** Stating the type and definition of value also requires any comments needed to clearly indicate to intended users how the definition is being applied. + +When reporting an opinion of value, state whether the opinion is: + +- In terms of cash or of financing terms equivalent to cash; or +- Based on non-market financing with unusual conditions or incentives. + +When an opinion of value is based on non-market financing terms or financing with unusual conditions or incentives, summarize the terms of such financing and any influences on value. + +### (f) +State the properties appraised including the property rights; and, when the property rights to be appraised are specified in a statute or court ruling, reference the law. + +**Comment:** The report documents the sources for location, describing and listing the property. When applicable, include references to legal descriptions, addresses, parcel identifiers, photos, and building sketches. In mass appraisal, this information is often included in property records. + +### (g) +Summarize the scope of work used to develop the appraisal, and explain the exclusion of the sales comparison approach, cost approach, or income approach. + +**Comment:** Summarizing the scope of work includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. + +### (h) +When any portion of the work involves significant mass appraisal assistance, summarize the extent of that assistance. + +### (i) +Summarize and support the model specification(s) considered, data requirements, and the model(s) chosen; provide sufficient information to enable the client and intended users to have confidence that the process and procedures used conform to accepted methods and result in credible value conclusions; and include a summary of the rationale for each model, the calibration techniques to be used, and the performance measures to be used. + +**Comment:** In the case of mass appraisal for ad valorem taxation, stability and accuracy are important to the credibility of value opinions. + +### (j) +Summarize the procedure for collecting, validating, and reporting data; and summarize the sources of data and the data collection and validation processes. + +**Comment:** Reference to detailed data collection manuals or electronic records must be made, as appropriate, including where they may be found for inspection. + +### (k) +Summarize calibration methods considered and chosen, including the mathematical form of the final model(s); summarize how value conclusions were reviewed; and, if necessary, state the availability and location of individual value conclusions. + +### (l) +When an opinion of highest and best use, or the appropriate market or market level was developed, summarize how that opinion was determined, and reference case law, statute, or public policy that describes highest and best use requirements. + +**Comment:** When actual use is the requirement, the report must summarize how use-value opinions were developed. The appraiser’s reasoning in support of the highest and best use opinion must be provided in the depth and detail required by its significance to the appraisal. + +In USPAP GRM, see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work. + +In USPAP GRIM, see Advisory Opinion 31, Assignments Involving More than One Appraiser. + +--- + +**42 | GoBack | USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_55.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_55.md new file mode 100644 index 0000000000000000000000000000000000000000..1306de833a217fd44350fac916bd3a89410a6f8b --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_55.md @@ -0,0 +1,40 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 6 + +(m) identify the appraisal performance tests used and the performance measures attained; +(n) summarize the reconciliation performed, in accordance with Standards Rule 5-7; and +(o) include a signed certification in accordance with Standards Rule 6-3. + +## STANDARDS RULE 6-3, CERTIFICATION + +A signed certification is an integral part of the appraisal report. + +### (a) The wording of a certification does not have to match the following verbatim, but each of the elements must be addressed: + +I certify that, to the best of my knowledge and belief: + +- the statements of fact contained in this report are true and correct. +- the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. +- I have no (or the specified) present or prospective interest in the property that is the subject of this report, and no (or the specified) personal interest with respect to the parties involved. +- I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. +- I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. +- my engagement in this assignment was not contingent upon developing or reporting predetermined results. +- my compensation for completing this assignment is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. +- my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. +- I have (or have not) made a personal inspection of the properties that are the subject of this report. (If more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.) +- no one provided significant mass appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant mass appraisal assistance must be stated.) + +**Comment:** The above certification is not intended to disturb an elected or appointed assessor’s work plans or oaths of office. + +### (b) An appraiser who signs any part of the appraisal report, including a letter of transmittal, must also sign a certification. + +**Comment:** In an assignment that includes only assignment results developed by the real property appraiser, any appraiser who signs a certification accepts full responsibility for all elements of the certification, for the assignment results, and for the contents of the appraisal report. In an assignment that includes personal property assignment results not developed by the real property appraiser(s), any real property appraiser who... + +73 In USPAP GRM, see Advisory Opinion 2, Inspection of Subject Property. +74 In USPAP GRM, see Advisory Opinion 31, Assignments Involving More than One Appraiser. + +USPAP 2024 Edition | GoBack | 43 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_56.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_56.md new file mode 100644 index 0000000000000000000000000000000000000000..2e705e8e7deddad6134579e62d3f8184a6a825df --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_56.md @@ -0,0 +1,22 @@ +```markdown +# DEFINITIONS STANDARDS [& | 2] + +## STANDARD 6 + +Signs a certification accepts full responsibility for the real property elements of the certification, for the real property assignment results, and for the real property contents of the appraisal report. + +In an assignment that includes only assignment results developed by the personal property appraiser(s), any appraiser who signs a certification accepts full responsibility for all elements of the certification, for the assignment results, and for the contents of the appraisal report. In an assignment that includes real property assignment results not developed by the personal property appraiser(s), any personal property appraiser who signs a certification accepts full responsibility for the personal property elements of the certification, for the personal property assignment results, and for the personal property contents of the appraisal report. + +(c) When a signing appraiser has relied on work done by appraisers and others who do not sign the certification, the signing appraiser is responsible for the decision to rely on their work. + +(i) The signing appraiser is required to have a reasonable basis for believing that those individuals performing the work are competent; and + +(ii) The signing appraiser must have no reason to doubt that the work of those individuals is credible. + +**Comment:** Although a certification must contain the names of individuals providing significant mass appraisal assistance, it is not required that the description of the extent of their assistance be located in a certification. This disclosure may be in any part(s) of the report. + +44 + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_57.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_57.md new file mode 100644 index 0000000000000000000000000000000000000000..493b838a5c1ac804544cbe35fe2e697f3042e22c --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_57.md @@ -0,0 +1,44 @@ +```markdown +# DEFINITIONS STANDARDS + +## STANDARD 7: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT + +In developing a personal property appraisal, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete research and analyses necessary to produce a credible appraisal. + +**Comment:** The requirements set forth in STANDARD 7 follow the appraisal development process in the order of topics addressed and can be used by appraisers and the users of appraisal services as a checklist. + +## STANDARDS RULE 7-1, GENERAL DEVELOPMENT REQUIREMENTS + +In developing a personal property appraisal, an appraiser must: + +(a) 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. Changes and developments in personal property practice have a substantial impact on the appraisal profession. Important changes in the cost and manner of acquiring, producing, and marketing personal property and changes in the legal framework in which appraisers perform their assignments result in the need for corresponding changes in personal property appraisal theory and practice. Social change has also had an effect on appraisal theory and practice. The appraisal profession responds to changing circumstances with revised and new appraisal methods and techniques. Therefore, it is not sufficient for appraisers to maintain the skills and the knowledge they possess when they become appraisers. Each appraiser must improve and update his or her skills and knowledge to remain proficient in the appraisal of personal property. + +(b) not commit a substantial error of omission or commission that significantly affects an appraisal; and + +**Comment:** An appraiser must use sufficient care to avoid errors that would significantly affect his or her opinions and conclusions. Diligence is required to identify and analyze the factors, conditions, data, and other information that would have a significant effect on the credibility of the assignment results. + +(c) not render appraisal services in a careless or negligent manner, such as by making a series of errors that, although individually might not significantly affect the results of an appraisal, in the aggregate affect the credibility of those results. + +## STANDARDS RULE 7-2, PROBLEM IDENTIFICATION + +In developing a personal property appraisal, an appraiser must: + +(a) identify the client and other intended users; + +(b) identify the intended use of the appraiser’s opinions and conclusions; + +**Comment:** An appraiser must not allow the intended use of an assignment or a client’s objectives to cause the assignment results to be biased. + +(c) identify the type and definition of value; and ascertain whether the value is to be: + +(i) in terms of cash; or +(ii) in terms of financial arrangements equivalent to cash; or +(iii) in other precisely defined terms; and + +**75** In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 36, *Identification and Disclosure of Client, Intended Use, and Intended Users*. + +**USPAP 2024 Edition | GoBack | 45** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_58.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_58.md new file mode 100644 index 0000000000000000000000000000000000000000..5bab9b6936001c4f84a40aa571a75be6512645d5 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_58.md @@ -0,0 +1,66 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4] + +## STANDARD 7 + +### (iv) + +If the opinion of value is to be based on non-market financing or financing with unusual conditions or incentives, identify the terms of such financing and any influences on value. + +**Comment:** When reasonable exposure time is a component of the definition for the value opinion being developed, the appraiser must also develop an opinion of reasonable exposure time linked to that value opinion. + +### (d) + +Identify the effective date of the appraiser’s opinions and conclusions. + +### (e) + +Identify, from sources the appraiser reasonably believes to be reliable, the characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal, including: + +1. Sufficient characteristics to establish the identity of the item including the method of identification. +2. Sufficient characteristics to establish the relative quality of the item (and its component parts, where applicable) within its type. +3. All other physical and economic characteristics with a material effect on value. + +**Comment:** Some examples of physical and economic characteristics include condition, style, size, quality, manufacturer, author, materials, origin, age, provenance, alterations, restorations, and obsolescence. The type of property, the type and definition of value, and intended use of the appraisal determine which characteristics have a material effect on value. + +4. The ownership interest to be valued. +5. Any known restrictions, encumbrances, leases, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar nature if relevant to the assignment. +6. Any real property or intangible assets that are not personal property but which are included in the appraisal. + +**Comment on (i)—(vi):** An appraiser may use any combination of a property inspection, documents, or other information to identify the relevant characteristics of the subject property. + +When appraising proposed modifications, an appraiser must examine and have available for future examination, documentation sufficient to identify the extent and character of the proposed modifications. + +An appraiser may not be required to value the whole when the subject of the appraisal is a fractional interest, a physical segment, or a partial holding. + +### (f) + +Identify any extraordinary assumptions necessary in the assignment. An extraordinary assumption may be used in an assignment only if: + +1. The extraordinary assumption is required to properly develop credible opinions and conclusions. +2. The appraiser has a reasonable basis for the extraordinary assumption. +3. Use of the extraordinary assumption results in a credible analysis. + +### (g) + +Identify any hypothetical conditions necessary in the assignment. A hypothetical condition may be used in an assignment only if: + +1. Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison. +2. Use of the hypothetical condition results in a credible analysis. + +### (h) + +Determine the scope of work necessary to produce credible assignment results in accordance with the SCOPE OF WORK RULE. + +--- + +76 In USPAP GRM, see Advisory Opinion 35, Reasonable Exposure Time in Real Property and Personal Property Opinions of Value. +77 In USPAP GRIM, see Advisory Opinion 34, Retrospective and Prospective Value. + +--- + +46 + +USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_59.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_59.md new file mode 100644 index 0000000000000000000000000000000000000000..8fe0f7e948259053327efc218b7de6ebbec1345f --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_59.md @@ -0,0 +1,46 @@ +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 7 + +### STANDARD RULE 7-3, PROPERTY’S USE, MARKET, AND RELEVANT ECONOMIC CONDITIONS + +In developing a personal property appraisal, when necessary for credible assignment results, an appraiser must: + +(a) analyze the property’s current use and alternative uses as relevant to the type and definition of value and intended use of the appraisal; + +**Comment:** In the context of personal property, value can be a function of the choice of the appropriate market or, in some cases, market level for the type of item, the type and definition of value, and the intended use of the appraisal. + +The appraiser must consider the various uses of the property when viable alternative uses exist and when those alternative uses may result in a different value. + +(b) define and analyze the appropriate market consistent with the type and definition of value; and + +**Comment:** The appraiser must recognize that there are distinct levels of trade (measurable marketplaces), and each may generate its own data. For example, a property may have a different value at a wholesale level of trade, retail level of trade, or under various auction conditions. Therefore, the appraiser must analyze the subject property within the correct market context. + +(c) analyze the relevant economic conditions that exist on the effective date of the valuation, including market acceptability of the property and supply, demand, scarcity or rarity. + +### STANDARDS RULE 7-4, APPROACHES TO VALUE + +In developing a personal property appraisal, an appraiser must collect, verify, and analyze all information necessary for credible assignment results. + +(a) When a sales comparison approach is necessary for credible assignment results, an appraiser must analyze such comparable sales data as are available to indicate a value conclusion. + +(b) When a cost approach is necessary for credible assignment results, an appraiser must: + +(i) analyze such comparable cost data as are available to estimate the cost new of the property; and +(ii) analyze such comparable data as are available to estimate the difference between cost new and the present worth of the property (depreciation). + +(c) When an income approach is necessary for credible assignment results, an appraiser must: + +(i) analyze such comparable data as are available to estimate the market income of the property; +(ii) analyze such comparable operating expense data as are available to estimate the operating expenses of the property; +(iii) analyze such comparable data as are available to estimate rates of capitalization and/or rates of discount; and +(iv) base projections of future income and expenses on reasonably clear and appropriate evidence. + +**Comment:** An appraiser must, in developing income and expense statements and cash flow projections, weigh historical information and trends, current supply and demand factors affecting such trends, and competition. + +(d) When developing an opinion of the value of a lease, leased, or encumbered property, an appraiser must analyze the effect on value, if any, of the terms and conditions of the lease(s) or encumbrances. + +(e) When appraising multiple objects, the appraiser must consider the significance of the value of the individual assets to the assignment results. Those objects which are more significant to the assignment results should be the focus of the analysis and analyzed in appropriate detail. + +**USPAP 2024 Edition | GoBack | 47** +© The Appraisal Foundation COENES diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_6.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_6.md new file mode 100644 index 0000000000000000000000000000000000000000..ac606c639c583f035f6f2de0ed802b0aaf016960 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_6.md @@ -0,0 +1 @@ +Please provide the text you'd like to convert into Markdown format. \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_60.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_60.md new file mode 100644 index 0000000000000000000000000000000000000000..8044b048436814029a814800aa09cc5feba01c9e --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_60.md @@ -0,0 +1,66 @@ +```markdown +1481 +1482 + +1483 +1484 +1485 + +1486 +1487 + +1488 +1489 + +1490 +1491 + +1492 +1493 +1494 +1495 + +1496 +1497 +1498 +1499 + +### DEFINITIONS STANDARDS [& | 2 + +#### STANDARD 7 + +**Comment:** A group of objects may have a mix of high and low value items. Those objects that are more significant to the assignment results should be subject to a greater and appropriate depth of analysis. + +**(f)** When analyzing the assemblage of the various component parts of a property, an appraiser must analyze the effect on value, if any, of the assemblage. An appraiser must refrain from valuing the whole solely by adding together the individual values of the various component parts. + +**Comment:** Although the value of the whole may be equal to the sum of the separate parts, it also may be greater than or less than the sum of such parts. + +**(g)** When analyzing anticipated modifications to the subject property, an appraiser must analyze the effect on value, if any, of such modifications to the extent they are reflected in market actions. + +**(h)** When real property or intangible assets are included in the appraisal, the appraiser must analyze the effect on value of such non-personal property assets. + +**Comment:** When the scope of work includes an appraisal of real property or intangible assets, competency in real property appraisal (see STANDARD 1) or business appraisal (see STANDARD 9) is required. In addition, competency in other types of personal property outside of the appraiser’s specialty area may be necessary (see the COMPETENCY RULE). + +#### STANDARDS RULE 7-5, SUBJECT SALES AND OTHER TRANSFERS, SALE AGREEMENTS, OPTIONS, AND LISTINGS + +When necessary for credible assignment results, an appraiser must, if such information is available to the appraiser in the normal course of business: + +**(a)** analyze all agreements of sale, validated offers or third-party offers to sell, options, and listings of the subject property current as of the effective date of the appraisal if warranted by the intended use of the appraisal; and + +**(b)** analyze all prior sales and other transfers of the subject property that occurred within a reasonable and applicable time period if relevant given the intended use of the appraisal and property type. + +#### STANDARDS RULE 7-6, RECONCILIATION + +In developing a personal property appraisal, an appraiser must: + +**(a)** reconcile the quality and quantity of data available and analyzed within the approach or approaches used; and + +**(b)** reconcile the applicability and relevance of the approach or approaches, methods and techniques used to arrive at the value conclusion(s). + +In USPAP GRM, see Advisory Opinion 24, Normal Course of Business. + +48 + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_61.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_61.md new file mode 100644 index 0000000000000000000000000000000000000000..6598991a0f85b51ec525a33fc0944759aa610289 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_61.md @@ -0,0 +1,48 @@ +```markdown +# DEFINITIONS STANDARDS + +## STANDARD 8: PERSONAL PROPERTY APPRAISAL, REPORTING + +In reporting the results of a personal property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. + +**Comment:** STANDARD 8 addresses the content and level of information required in a report that communicates the results of a personal property appraisal. + +STANDARD 8 does not dictate the form, format, or style of personal property appraisal reports. The substantive content of a report determines its compliance. + +### STANDARDS RULE 8-1, GENERAL REPORTING REQUIREMENTS + +Each written or oral personal property appraisal report must: + +(a) clearly and accurately set forth the appraisal in a manner that will not be misleading; + +(b) contain sufficient information to enable the intended user(s) of the appraisal to understand the report properly; and + +(c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. + +### STANDARDS RULE 8-2, CONTENT OF A PERSONAL PROPERTY APPRAISAL REPORT + +Each written personal property appraisal report must be prepared under one of the following options and prominently state which option is used: Appraisal Report or Restricted Appraisal Report. + +An appraiser may use any other label in addition to, but not in place of, the labels set forth in this Standards Rule for the type of report provided. The use of additional labels such as analysis, consultation, evaluation, study, or valuation does not exempt an appraiser from adherence to USPAP. + +The report content and level of information requirements in this Standards Rule are minimums for each type of report. + +(a) The content of an Appraisal Report must be appropriate for the intended use of the appraisal and, at a minimum: + +(i) state the identity of the client, or if the client requested anonymity, state that the client’s identity is withheld at the client’s request but is retained in the appraiser’s workfile; + +**Comment:** Because the client is an intended user, they must be identified in the report as such. However, if the client has requested anonymity the appraiser must use care when identifying the client to avoid violations of the Confidentiality section of the ETHICS RULE. + +(ii) state the identity of any other intended user(s) by name or type; + +**Comment:** A party receiving a copy of an Appraisal Report in order to satisfy disclosure requirements does not become an intended user of the appraisal unless the appraiser identifies such party as an intended user as part of the assignment. + +(iii) state the intended use of the appraisal; + +**Reference:** In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 38, Content of an Appraisal Report and Restricted Appraisal Report. + +**Reference:** In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. + +USPAP 2024 Edition | GoBack | 49 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_62.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_62.md new file mode 100644 index 0000000000000000000000000000000000000000..3eba4f73ef70513fbf06ac2f428ae9a0e88bfcef --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_62.md @@ -0,0 +1,58 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4 + +## STANDARD 8 + +### 81 + +1. Summarize information sufficient to identify the property involved in the appraisal, including the physical and economic property characteristics relevant to the assignment. +2. State the property interest appraised. +3. State the type and definition of value and cite the source of the definition. + + **Comment:** Stating the definition of value also requires any comments needed to clearly indicate to the intended users how the definition is being applied. + +4. When reporting an opinion of value, state whether the opinion is: + - In terms of cash or of financing terms equivalent to cash; or + - Based on non-market financing or financing with unusual conditions or incentives. + +5. When an opinion of value is based on non-market financing terms or financing with unusual conditions or incentives, summarize the terms of such financing and any influences on value. + +6. When an opinion of reasonable exposure time has been developed in compliance with Standards Rule 7-2(c), the opinion must be stated in the report. + +7. State the effective date of the appraisal and the date of the report. + +8. Summarize the scope of work used to develop the appraisal. + + **Comment:** Summarizing the scope of work includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. + +9. Summarize the extent of any significant personal property appraisal assistance and, in an assignment involving appraisers with expertise in different specialties (e.g., antiques, fine art, or machinery and equipment), disclose the role of each appraiser signing the certification. + +10. Provide sufficient information to indicate that the appraiser complied with the requirements of STANDARD 7 by: + - Summarizing the appraisal methods or techniques employed. + - Stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed. + - Summarizing the results of analyzing the subject property’s sales and other transfers, agreements of sale, options, and listings when, in accordance with Standards Rule 7-5, it was necessary for credible assignment results and if such information was available to the appraiser in the normal course of business. + + **Comment:** If such information is unobtainable, a statement on the efforts undertaken by the appraiser to obtain the information is required. If such information is irrelevant, a statement acknowledging the existence of the information and citing its lack of relevance is required. + + - Stating the value opinion(s) and conclusion(s). + - Summarizing the information analyzed and the reasoning that supports the analyses, opinions, and conclusions, including reconciliation of the data and approaches. + +--- + +**In USPAP GRM, see Advisory Opinion 35, Reasonable Exposure Time in Real and Personal Property Opinions of Value.** + +**82 In USPAP GRM, see Advisory Opinion 34, Retrospective and Prospective Value Opinions.** + +**83 In USPAP GRM, see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work.** + +**84 In USPAP GRM, see Advisory Opinion 31, Assignments Involving More than One Appraiser.** + +**85 In USPAP GRM, see Advisory Opinion 24, Normal Course of Business.** + +--- + +**50** + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_63.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_63.md new file mode 100644 index 0000000000000000000000000000000000000000..89205b147545afba08f1a7d2daa815e97ba0485c --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_63.md @@ -0,0 +1,72 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 8 + +### (xi) +### (xii) +### (xiii) +### (xiv) + +State, as appropriate to the class of personal property involved, the use of the property existing as of the effective date and the use of the property reflected in the appraisal; + +**Comment:** In the context of personal property, value can be a function of the current and alternative use of the subject property, the choice of the appropriate market or market level for the type of item, the type and definition of value, and intended use of the report. + +When, in compliance with Standards Rule 7-3, an opinion of the appropriate market or market level was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion; + +Clearly and conspicuously: + +- State all extraordinary assumptions and hypothetical conditions; and +- State that their use might have affected the assignment results; and +- Include a signed certification in accordance with Standards Rule 8-3. + +### (b) The content of a Restricted Appraisal Report must be appropriate for the intended use of the appraisal and, at a minimum: + +#### (i) +#### (ii) +#### (iii) +#### (iv) +#### (v) +#### (vi) +#### (vii) +#### (viii) +#### (ix) + +State the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile;®° + +**Comment:** Because the client is an intended user, they must be identified in the report as such. However, if the client has requested anonymity the appraiser must use care when identifying the client to avoid violations of the Confidentiality section of the ETHICS RULE. + +State the identity of any other intended user(s) by name;°” + +**Comment:** A Restricted Appraisal Report may be provided when the client is the only intended user; or, when additional intended users are identified by name. + +A party receiving a copy of a Restricted Appraisal Report in order to satisfy disclosure requirements does not become an intended user of the appraisal unless the appraiser identifies such party as an intended user as part of the assignment. + +Clearly and conspicuously state a restriction that limits use of the report to the client and the named intended user(s); + +Clearly and conspicuously warn that the report may not contain supporting rationale for all of the opinions and conclusions set forth in the report; + +State the intended use of the appraisal; + +State information sufficient to identify the property involved in the appraisal; + +State the property interest appraised; + +State the type of value and cite the source of its definition; + +**Comment:** When an opinion of reasonable exposure time has been developed in compliance with Standards Rule 7-2(c), the opinion must be stated in the report.®® + +State the effective date of the appraisal and the date of the report;®° + +In USPAP GRM, see Advisory Opinion 36, /dentification and Disclosure of Client, Intended Use, and Intended Users. + +In USPAP GRM, see Advisory Opinion 36, /dentification and Disclosure of Client, Intended Use, and Intended Users. + +In USPAP GRM, see Advisory Opinion 35, Reasonable Exposure Time in Real and Personal Property Opinions of Value. + +In USPAP GRM, see Advisory Opinion 34, Retrospective and Prospective Value Opinions. + +USPAP 2024 Edition GO BACK * + +© The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_65.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_65.md new file mode 100644 index 0000000000000000000000000000000000000000..26d3ec58085792cf14506333eb1af363c9563c98 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_65.md @@ -0,0 +1,37 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 8 + +### STANDARDS RULE 8-3, CERTIFICATION + +A signed certification is an integral part of the appraisal report. + +#### (a) The wording of a certification does not have to match the following verbatim, but each of the elements must be addressed: + +I certify that, to the best of my knowledge and belief: + +- The statements of fact contained in this report are true and correct. +- The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. +- I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved. +- I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. +- I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. +- My engagement in this assignment was not contingent upon developing or reporting predetermined results. +- My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. +- My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. +- I have (or have not) made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.) +- No one provided significant personal property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant personal property appraisal assistance must be stated.) + +#### (b) An appraiser who signs any part of the appraisal report, including a letter of transmittal, must also sign a certification. + +**Comment:** In an assignment that includes only assignment results developed by the personal property appraiser(s) from the same personal property specialty, any appraiser who signs a certification accepts full responsibility for all elements of the certification, for the assignment results, and for the contents of the appraisal report. In an assignment involving appraisers with expertise in different specialties (e.g., antiques, fine art, or machinery and equipment), an appraiser who signs a certification may accept responsibility only for the elements of the certification, assignment results, and report contents specific to the appraiser’s specialty. The role of each appraiser signing a certification must be disclosed in the report. + +In an assignment that includes real property, business or intangible asset assignment results not developed by the personal property appraiser(s), any personal property appraiser who signs a certification. + +In USPAP GRM, see Advisory Opinion 2, Inspection of Subject Property. +In USPAP GRM, see Advisory Opinion 31, Assignments Involving More than One Appraiser. + +USPAP 2024 Edition GO BACK °° + +© The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_66.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_66.md new file mode 100644 index 0000000000000000000000000000000000000000..e483df9bfb610943c124ad67d5ced9d4a560ac55 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_66.md @@ -0,0 +1,45 @@ +```markdown +1685 +1686 + +1687 +1688 + +1689 +1690 + +1691 +1692 + +1693 +1694 + +1695 +1696 +1697 + +1698 + +### DEFINITIONS STANDARDS [& | 2 + +#### STANDARD 8 + +- Accepts full responsibility for the personal property elements of the certification, for the personal property assignment results, and for the personal property contents of the appraisal report. + +- (c) When a signing appraiser has relied on work done by appraisers and others who do not sign the certification, the signing appraiser is responsible for the decision to rely on their work. + - (i) The signing appraiser is required to have a reasonable basis for believing that those individuals performing the work are competent; and + - (ii) The signing appraiser must have no reason to doubt that the work of those individuals is credible. + +**Comment:** Although a certification must contain the names of individuals providing significant personal property appraisal assistance, it is not required that the description of the extent of their assistance be located in a certification. This disclosure may be in any part(s) of the report. + +#### STANDARDS RULE 8-4, ORAL APPRAISAL REPORT + +- To the extent that it is both possible and appropriate, an oral personal property appraisal report must address the substantive matters set forth in Standards Rule 8-2(a). + +**Comment:** See the RECORD KEEPING RULE for corresponding requirements. + +54 + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_67.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_67.md new file mode 100644 index 0000000000000000000000000000000000000000..55cec16805e2a069cf13e31e3c2824751c8eaeac --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_67.md @@ -0,0 +1,50 @@ +```markdown +# DEFINITIONS STANDARDS + +## STANDARD 9: BUSINESS APPRAISAL, DEVELOPMENT + +In developing an appraisal of an interest in a business enterprise or intangible asset, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete the research and analyses necessary to produce a credible appraisal. + +## STANDARDS RULE 9-1, GENERAL DEVELOPMENT REQUIREMENTS + +In developing an appraisal of an interest in a business enterprise or intangible asset, an appraiser must: + +(a) be aware of, understand, and correctly employ those recognized approaches, methods, and procedures that are necessary to produce a credible appraisal; + +**Comment:** Changes and developments in the economy and in investment theory have a substantial impact on the business and intangible asset appraisal profession. Important changes in the financial arena, securities regulation, financial reporting requirements, and law may result in corresponding changes in appraisal theory and practice. + +(b) not commit a substantial error of omission or commission that significantly affects an appraisal; and + +**Comment:** An appraiser must use sufficient care to avoid errors that would significantly affect his or her opinions and conclusions. Diligence is required to identify and analyze the factors, conditions, data, and other information that would have a significant effect on the credibility of the assignment results. + +(c) not render appraisal services in a careless or negligent manner, such as by making a series of errors that, although individually might not significantly affect the results of an appraisal, in the aggregate affect the credibility of those results. + +## STANDARDS RULE 9-2, PROBLEM IDENTIFICATION + +In developing an appraisal of an interest in a business enterprise or intangible asset, an appraiser must: + +(a) identify the client and other intended users; + +(b) identify the intended use of the appraiser’s opinions and conclusions; + +**Comment:** An appraiser must not allow the intended use of an assignment or a client’s objectives to cause the assignment results to be biased. + +(c) identify the standard (type) and definition of value and the premise of value; + +(d) identify the effective date of the appraisal; + +(e) identify, from sources the appraiser reasonably believes to be reliable, the characteristics of the subject property that are relevant to the standard (type) and definition of value and intended use of the appraisal, including: + +(i) the subject business enterprise or intangible asset, if applicable; + +(ii) the interest in the business enterprise, equity, asset, or liability to be valued; and the attributes of the interest being appraised, including the rights and benefits of ownership; + +**Comment:** The interest to be valued may represent all ownership rights or a subset of those rights, such as a specific right to use the asset. + +**94** In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. + +**95** In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. + +USPAP 2024 Edition | GoBack | 55 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_68.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_68.md new file mode 100644 index 0000000000000000000000000000000000000000..3d9aabdfef880a6de40364702c27c844e65ab76c --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_68.md @@ -0,0 +1,40 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4 + +## STANDARD 9 + +(iii) all buy-sell and option agreements, investment letter stock restrictions, restrictive corporate charter or partnership agreement clauses, and similar features or factors that may have an influence on value; + +(iv) the extent to which the interest contains elements of ownership control; and + +**Comment:** The elements of control in a given situation may be affected by law, distribution of ownership interests, contractual relationships, and many other factors. + +(v) the extent to which the interest is marketable and/or liquid; + +(f) identify any extraordinary assumptions necessary in the assignment. An extraordinary assumption may be used in an assignment only if: + +(i) the extraordinary assumption is required to properly develop credible opinions and conclusions; + +(ii) the appraiser has a reasonable basis for the extraordinary assumption; and + +(iii) use of the extraordinary assumption results in a credible analysis; + +(g) identify any hypothetical conditions necessary in the assignment. A hypothetical condition may be used in an assignment only if: + +(i) use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; and + +(ii) use of the hypothetical condition results in a credible analysis; and + +(h) determine the scope of work necessary to produce credible assignment results in accordance with the SCOPE OF WORK RULE.* + +## STANDARDS RULE 9-3, PREMISE OF VALUE + +In developing an appraisal of an interest in a business enterprise with the ability to cause liquidation, an appraiser must investigate the possibility that the business enterprise may have a higher value by liquidation of all or part of the enterprise than by continued operation as is. If liquidation of all or part of the enterprise is the indicated premise of value, an appraisal of any real property or personal property to be liquidated may be appropriate. + +**Comment:** This Standards Rule requires the appraiser to recognize that continued operation of a business is not always the best premise of value because liquidation of all or part of the enterprise may result in a higher value. However, this typically applies only when the business interest being appraised is in a position to cause liquidation. If liquidation of all or part of the enterprise is the appropriate premise of value, the scope of work may include an appraisal of real property or personal property. If so, competency in real property appraisal (STANDARD 1) or personal property appraisal (STANDARD 7) is required. + +96 In USPAP GRM, see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work. + +56 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_69.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_69.md new file mode 100644 index 0000000000000000000000000000000000000000..508eb80f6f539d77c3c5feeac79ef639dc2fb3a0 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_69.md @@ -0,0 +1,48 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 9 + +### STANDARDS RULE 9-4, APPROACHES TO VALUE + +In developing an appraisal of an interest in a business enterprise or intangible asset, an appraiser must collect and analyze all information necessary for credible assignment results. + +(a) An appraiser must develop value opinion(s) and conclusion(s) by use of one or more approaches that are necessary for credible assignment results. + +(b) An appraiser must, when necessary for credible assignment results, analyze the effect on value, if any, of: + +(i) the nature and history of the business enterprise or intangible asset; + +(ii) financial and economic conditions affecting the business enterprise or intangible asset, its industry, and the general economy; + +(iii) past results, current operations, and future prospects of the business enterprise; + +(iv) past sales and other transfers of capital stock or other ownership interests in the business enterprise or intangible asset being appraised; + +(v) sales and other transfers of capital stock or other ownership interests in similar business enterprises; + +(vi) prices, terms, and conditions affecting past sales and other transfers of similar ownership interests in the asset being appraised or a similar asset; and + +(vii) economic benefit of tangible and intangible assets. + +**Comment on (i)-(vii):** This Standards Rule directs the appraiser to study the prospective and retrospective aspects of the business enterprise in terms of the economic and industry environment within which it operates. + +(c) An appraiser must, when necessary for credible assignment results, analyze the effect on value, if any, of buy-sell and option agreements, investment letter stock restrictions, restrictive corporate charter or partnership agreement clauses, and similar features or factors that may influence value. + +(d) An appraiser must, when necessary for credible assignment results, analyze the effect on value, if any, of the extent to which the interest appraised contains elements of ownership control and is marketable and/or liquid. An appraiser must analyze factors such as holding period, interim benefits, and the difficulty of marketing the subject interest. + +**Comment:** Equity interests in a business enterprise are not necessarily worth the pro rata share of the business enterprise interest value as a whole. Also, the value of the business enterprise is not necessarily a direct mathematical extension of the value of the fractional interests. The degree of control, marketability and/or liquidity or lack thereof depends on a broad variety of facts and circumstances that must be analyzed when applicable. + +### STANDARDS RULE 9-5, RECONCILIATION + +In developing an appraisal of an interest in a business enterprise or intangible asset, an appraiser must: + +(a) reconcile the quality and quantity of data available and analyzed within the approaches, methods, and procedures used; and + +(b) reconcile the applicability and relevance of the approaches, methods and procedures used to arrive at the value conclusion(s). + +--- + +**USPAP 2024 Edition | GoBack | 57** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_7.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_7.md new file mode 100644 index 0000000000000000000000000000000000000000..d1edb431ed298838083e4e8bdbb466c11cb66fb8 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_7.md @@ -0,0 +1,35 @@ +```markdown +# DEFINITIONS STANDARDS + +## TABLE OF CONTENTS + +- **FOREWORD** .................................................... vii +- **PREAMBLE** ...................................................... 1 +- **DEFINITIONS** ................................................... 3 +- **ETHICS RULE** ................................................... 7 +- **RECORD KEEPING RULE** ................................ 12 +- **COMPETENCY RULE** ...................................... 13 +- **SCOPE OF WORK RULE** .................................. 15 +- **JURISDICTIONAL EXCEPTION RULE** .............. 17 + +## STANDARDS AND STANDARD RULES + +- **STANDARD 1:** REAL PROPERTY APPRAISAL, DEVELOPMENT ...................... 18 +- **STANDARD 2:** REAL PROPERTY APPRAISAL, REPORTING ........................ 22 +- **STANDARD 3:** APPRAISAL REVIEW, DEVELOPMENT .................................. 27 +- **STANDARD 4:** APPRAISAL REVIEW, REPORTING ....................................... 31 +- **STANDARD 5:** MASS APPRAISAL, DEVELOPMENT ................................... 35 +- **STANDARD 6:** MASS APPRAISAL, REPORTING ........................................... 41 +- **STANDARD 7:** PERSONAL PROPERTY APPRAISAL, DEVELOPMENT ............. 45 +- **STANDARD 8:** PERSONAL PROPERTY APPRAISAL, REPORTING ................. 49 +- **STANDARD 9:** BUSINESS APPRAISAL, DEVELOPMENT ................................ 55 +- **STANDARD 10:** BUSINESS APPRAISAL, REPORTING ................................... 58 +- **INDEX** .................................................................. 63 + +## STATEMENTS ON APPRAISAL STANDARDS + +Statements on Appraisal Standards (SMT) are authorized by the by-laws of The Appraisal Foundation and are specifically for the purposes of clarification, interpretation, explanation, or elaboration of the Uniform Standards of Professional Appraisal Practice (USPAP). Statements have the full weight of a Standards Rule and can be adopted by the Appraisal Standards Board only after exposure and comment. There are currently no active Statements. + +**USPAP 2024 Edition | GoBack | Vv** +© The Appraisal Foundation COUNES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_70.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_70.md new file mode 100644 index 0000000000000000000000000000000000000000..81d613c738e574577b60898699ce0d99747c89ca --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_70.md @@ -0,0 +1,100 @@ +```markdown +1801 +1802 + +1803 +1804 +1805 + +1806 +1807 + +1808 +1809 + +1810 + +1811 +1812 + +1813 +1814 + +1815 +1816 +1817 +1818 + +1819 +1820 +1821 + +1822 +1823 + +1824 +1825 + +1826 +1827 + +1828 +1829 +1830 + +1831 + +1832 +1833 + +1834 + +# DEFINITIONS STANDARDS + +## STANDARD 10: BUSINESS APPRAISAL, REPORTING + +In reporting the results of an appraisal of an interest in a business enterprise or intangible asset, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading. + +**Comment:** STANDARD 10 addresses the content and level of information required in a report that communicates the results of an appraisal of an interest in a business enterprise or intangible asset developed under STANDARD 9. + +STANDARD 10 does not dictate the form, format, or style of business or intangible asset appraisal reports. The substantive content of a report determines its compliance. + +### STANDARDS RULE 10-1, GENERAL REPORTING REQUIREMENTS + +Each written or oral appraisal report for an interest in a business enterprise or intangible asset must: + +(a) clearly and accurately set forth the appraisal in a manner that will not be misleading; + +(b) contain sufficient information to enable the intended user(s) of the appraisal to understand the report properly; and + +(c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. + +### STANDARDS RULE 10-2, CONTENT OF A BUSINESS APPRAISAL REPORT + +Each written appraisal report for an interest in a business enterprise or intangible asset must be prepared in accordance with one of the following options and prominently state which option is used: Appraisal Report or Restricted Appraisal Report. + +An appraiser may use any other label in addition to, but not in place of, the labels set forth in this Standards Rule for the type of report provided. The use of additional labels such as analysis, consultation, evaluation, study, or valuation does not exempt an appraiser from adherence to USPAP. + +The report content and level of information requirements in this Standards Rule are minimums for both types of report. + +(a) The content of an Appraisal Report must be appropriate for the intended use of the appraisal and, at a minimum: + +(i) state the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; + +**Comment:** Because the client is an intended user, they must be identified in the report as such. However, if the client has requested anonymity the appraiser must use care when identifying the client to avoid violations of the Confidentiality section of the ETHICS RULE. + +(ii) state the identity of any other intended user(s) by name or type; + +**Comment:** A party receiving a copy of an Appraisal Report does not become an intended user of the appraisal unless the appraiser identifies such party as an intended user as part of the assignment. + +(iii) state the intended use of the appraisal; + +97 In USPAP Guidance and Reference Manual (USPAP GRM), see Advisory Opinion 38, Content of an Appraisal Report and Restricted Appraisal Report. + +98 In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. + +99 In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. + +58 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_71.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_71.md new file mode 100644 index 0000000000000000000000000000000000000000..3867ccb2506ee9b8d0b43decf51ca757a9356553 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_71.md @@ -0,0 +1,54 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 10 + +(iv) contain information sufficient to identify the business or intangible asset and the interest appraised, including property characteristics relevant to the type and definition of value and intended use of the appraisal; + +(v) state the extent to which the interest appraised contains elements of ownership control, including the basis for that determination; + +(vi) state the extent to which the interest appraised lacks elements of marketability and/or liquidity, including the basis for that determination; + +(vii) state the standard (type) and definition of value and the premise of value and cite the source of the definition; + +**Comment:** Stating the definition of value also requires any comments needed to clearly indicate to the intended users how the definition is being applied. + +(viii) state the effective date of the appraisal and the date of the report; + +(ix) summarize the scope of work used to develop the appraisal; + +**Comment:** Summarizing the scope of work includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. + +(x) when any portion of the work involves significant business and/or intangible asset appraisal assistance, summarize the extent of that assistance; + +(xi) provide sufficient information to indicate that the appraiser complied with the requirements of STANDARD 9 by: + +1. summarizing the appraisal procedures followed; +2. stating the reason(s) for excluding the market, asset-based (cost), or income approach(es) if any have not been developed; +3. stating the value opinions and conclusions; and +4. summarizing the information analyzed and the reasoning that supports the analyses, opinions, and conclusions, including reconciliation of the data and approaches; + +(xii) clearly and conspicuously: + +- state all extraordinary assumptions and hypothetical conditions; and +- state that their use might have affected the assignment results; + +(xiii) include a signed certification in accordance with Standards Rule 10-3. + +(b) The content of a Restricted Appraisal Report must be appropriate for the intended use of the appraisal and, at a minimum: + +(i) state the identity of the client, or if the client requested anonymity, state that the identity is withheld at the client’s request but is retained in the appraiser’s workfile; + +**Comment:** Because the client is an intended user, they must be identified in the report as such. However, if the client has requested anonymity the appraiser must use care when identifying the client to avoid violations of the Confidentiality section of the ETHICS RULE. + +100 In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. + +101 In USPAP GRM, see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work. + +102 In USPAP GRM, see Advisory Opinion 31, Assignments Involving More than One Appraiser. + +103 In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users. + +USPAP 2024 Edition | GoBack | 59 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_72.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_72.md new file mode 100644 index 0000000000000000000000000000000000000000..3cf533c44c3b74676af2aa32d37c7fba9a29d70b --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_72.md @@ -0,0 +1,65 @@ +```markdown +# DEFINITIONS STANDARDS [& | 4] + +## STANDARD 10 + +### 104 +### 105 + +1. (ii) +2. (iii) +3. (iv) +4. (v) +5. (vi) +6. (vii) +7. (viii) +8. (ix) +9. (x) +10. (xi) +11. (xii) +12. (xiii) +13. (xiv) +14. (xv) + +- State the identity of any other intended user(s) by name. + +**Comment:** A Restricted Appraisal Report may be provided when the client is the only intended user; or, when additional intended users are identified by name. + +A party receiving a copy of a Restricted Appraisal Report does not become an intended user of the appraisal unless the appraiser identifies such party as an intended user as part of the assignment. + +- Clearly and conspicuously state a restriction that limits use of the report to the client and the named intended user(s). +- Clearly and conspicuously warn that the report may not contain supporting rationale for all of the opinions and conclusions set forth in the report. +- State the intended use of the appraisal. +- State information sufficient to identify the business or intangible asset and the interest appraised. +- State the extent to which the interest appraised contains elements of ownership control, including the basis for that determination. +- State the extent to which the interest appraised lacks elements of marketability and/or liquidity, including the basis for that determination. +- State the standard (type) of value and the premise of value, and cite the source of its definition. +- State the effective date of the appraisal and the date of the report. +- State the scope of work used to develop the appraisal. + +**Comment:** Stating the scope of work includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. + +- State the extent of any significant business and/or intangible asset appraisal assistance. +- Provide sufficient information to indicate that the appraiser complied with the requirements of STANDARD 9 by: + 1. Stating the appraisal procedures followed. + 2. Stating the reason(s) for excluding the market, asset-based (cost), or income approach(es) if any have not been developed. + 3. Stating the value opinions and conclusions. + +**Comment:** An appraiser must maintain a workfile that includes sufficient information to indicate that the appraiser complied with the requirements of STANDARD 9 and for the appraiser to produce an Appraisal Report. + +- Clearly and conspicuously: + - State all extraordinary assumptions and hypothetical conditions. + - State that their use might have affected the assignment results. +- Include a signed certification in accordance with Standards Rule 10-3. + +**In USPAP GRM, see Advisory Opinion 36, Identification and Disclosure of Client, Intended Use, and Intended Users.** + +**In USPAP GRM, see Advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work.** + +--- + +**60** + +**USPAP 2024 Edition** +**COENES © The Appraisal Foundation** +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_73.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_73.md new file mode 100644 index 0000000000000000000000000000000000000000..5512f37985a9e4b88cff3f994385e9ce98e831c1 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_73.md @@ -0,0 +1,40 @@ +```markdown +# DEFINITIONS STANDARDS [& [2 + +## STANDARD 10 + +### STANDARDS RULE 10-3, CERTIFICATION + +A signed certification is an integral part of the appraisal report. + +#### (a) +The wording of a certification does not have to match the following verbatim, but each of the elements must be addressed: + +I certify that, to the best of my knowledge and belief: + +- The statements of fact contained in this report are true and correct. +- The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. +- I have no (or the specified) present or prospective interest in the property that is the subject of this report, and I have no (or the specified) personal interest with respect to the parties involved. +- I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. +- I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. +- My engagement in this assignment was not contingent upon developing or reporting predetermined results. +- My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. +- My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. +- No one provided significant business and/or intangible asset appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant business and/or intangible asset appraisal assistance must be stated.) + +#### (b) +An appraiser who signs any part of the appraisal report, including a letter of transmittal, must also sign a certification. + +**Comment:** In an assignment that includes only assignment results developed by the business and/or intangible asset appraiser(s), any appraiser who signs a certification accepts full responsibility for all elements of the certification, for the assignment results, and for the contents of the appraisal report. In an assignment that includes real property or personal property assignment results not developed by the business and/or intangible asset appraiser(s), any business and/or intangible asset appraiser who signs a certification accepts full responsibility for the business and/or intangible asset elements of the certification, for the business and/or intangible asset assignment results, and for the business and/or intangible asset contents of the appraisal report. + +#### (c) +When a signing appraiser has relied on work done by appraisers and others who do not sign the certification, the signing appraiser is responsible for the decision to rely on their work. + +1. The signing appraiser is required to have a reasonable basis for believing that those individuals performing the work are competent; and +2. The signing appraiser must have no reason to doubt that the work of those individuals is credible. + +**106** In USPAP GRM, see Advisory Opinion 31, Assignments Involving More than One Appraiser. + +USPAP 2024 Edition | GoBack | 61 +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_74.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_74.md new file mode 100644 index 0000000000000000000000000000000000000000..b325d2b413355b29bae7310c66970b44abd14098 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_74.md @@ -0,0 +1,20 @@ +```markdown +1947 +1948 +1949 + +### DEFINITIONS STANDARDS [& | 2](#) + +#### STANDARD 10 + +**Comment:** Although a certification must contain the names of individuals providing significant business and/or intangible asset appraisal assistance, it is not required that the description of the extent of their assistance be located in a certification. This disclosure may be in any part(s) of the report. + +#### STANDARDS RULE 10-4, ORAL APPRAISAL REPORT + +To the extent that it is both possible and appropriate, an oral appraisal report for an interest in a business enterprise or intangible asset must address the substantive matters set forth in Standards Rule 10-2(a). + +**Comment:** See the RECORD KEEPING RULE for corresponding requirements. + +62 | GoBack | USPAP 2024 Edition +COENES © The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_75.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_75.md new file mode 100644 index 0000000000000000000000000000000000000000..0f0f0cdbd198ebaf66682b3440f4c032a5642701 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_75.md @@ -0,0 +1,3 @@ +```markdown +# INDEX +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_76.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_76.md new file mode 100644 index 0000000000000000000000000000000000000000..69b09f381c520ed9ffff16c5ac9e97ca35dd66b9 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_76.md @@ -0,0 +1,34 @@ +```markdown +# Heading 1 +## Heading 2 +### Heading 3 + +- List item 1 +- List item 2 +- List item 3 + +1. Numbered item 1 +2. Numbered item 2 +3. Numbered item 3 + +**Bold text** +*Italic text* +~~Strikethrough text~~ + +[Link text](https://example.com) + +![Alt text](https://example.com/image.png) + +> Blockquote + +`Inline code` + +``` +Code block +``` + +| Header 1 | Header 2 | +|----------|----------| +| Cell 1 | Cell 2 | +| Cell 3 | Cell 4 | +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_77.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_77.md new file mode 100644 index 0000000000000000000000000000000000000000..0f6b892ea1029bc14f8717899f1a471976637006 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_77.md @@ -0,0 +1,189 @@ +```markdown +# INDEX + +## DEFINITIONS STANDARDS [& [2 + +- **ad valorem mass appraisal**, + **development STANDARD**, 35-44. + See also **mass appraisal**, + **development STANDARD 5**. + + - Applying conclusions reflected in the model, 35 + - Approaches to value, 39 + - Appropriate market, 36, 37, 38, 42 + - Calibrated mass appraisal model, 39 + - Client, 36 + - Contribution of individual characteristics, 35 + - Cost approach, 39 + - Effective date of the appraisal, 36 + - Errors of omission or commission, 36 + - Extraordinary assumptions, 37 + - Hypothetical conditions, 37 + - Intended use, 36 + - Intended user(s), 36 + - Jurisdictional exception, 35 + - Land value, 39 + - Leases (income approach), 39 + - Letter of transmittal, 43, 44 + - Market area identification, 35, 37 + - Methods and techniques, 35, 40 + - Negligence, 36 + - Personal inspection, 43 + - Personal property, 37 + - Physical inspection of the property, 39 + - Problem identification, 36 + - Produce a credible mass appraisal, 35 + - Property identification, 35, 36 + - Real property, 37 + - Reconciliation, 40 + - Relevant characteristics identification, 36 + - Relevant economic conditions, 37 + - Reliable sources of data, 36 + - Relying on the work of others, 44 + - Sales comparison approach, 39 + - Scope of work, 37 + - Signature, 42 + - Significant mass appraisal assistance, 43 + - Supply and demand, 35 + - Type and definition of value, 36 + - Use of the property, 38 + - What a mass appraisal includes, 35 + +--- + +- **ad valorem mass appraisal, reporting**, 41-44. + See also **mass appraisal**, + **reporting STANDARD 6**. + + - Assumptions, 41 + - Calibration methods, 42 + - Certification, 43 + - Client, 41 + - Data collection (procedures), 42 + - Date of report, 41 + - Effective date, 41 + - Extraordinary assumptions, 41 + - Form or format of report, 41 + - Highest and best use, 42 + - Hypothetical conditions, 41 + - Intended use, 41 + - Intended user(s), 41 + - Hypothetical conditions, 41 + - Law, 42 + - Limiting conditions, 41 + - Methods used, 42 + - Misleading (don’t be), 41 + - Models used, 42 + - Personal inspection, 43 + - Scope of work, 42 + - Signed certification, 43 + - Significant mass appraisal assistance, 43 + - Sufficient information, 41 + - Type and definition of value, 42 + - Written report requirement, 41 + +--- + +- **antidiscrimination** 7, 8, 9. + See also **nondiscrimination**. + +--- + +- **appraisal**, 3 +- **appraisal practice**, 3 + - Acquiring competency, 13 + - Being competent, 13 + - Lack of competency, 14 + +--- + +- **appraisal review**, 3 +- **appraisal review, development STANDARD 3**, 27-30 + - Avoid biased assumptions, 38 + - Avoid stereotyped assumptions, 38 + - Client, 27 + - Condominiums, 36 + - Develop reasons for disagreement, 29 + - Developing an opinion, 29 + - Errors of omission or commission, 27 + - Estimates of value, 35 + - Extraordinary assumption, 28 + - Hypothetical condition, 28 + - Intended use, 27 + - Methods and techniques, 27, 29 + - Negligence, 27 + - Personal inspection, 43 + - Prior services, 43 + - Proposed improvements, 37 + - Reviewer’s own opinion of value, 29, 30 + - Scope of work, 28, 29 + - Signature, 43 + - Significant mass appraisal assistance, 43 + - Work under review, 28, 29, 30 + +--- + +- **appraisal review, reporting STANDARD 4**, 31-34 + - Assumptions, 31 + - Certification, 32, 33 + - Clearly communicating results, 31 + - Client, 31 + - Content of appraisal review report, 31 + - Date of appraisal review report, 31 + - Electronic copy, 12 + - Extraordinary assumption, 31 + - Hypothetical conditions, 31 + - Intended use, 31 + - Intended user, 32 + - Limiting conditions, 31 + - Misleading (don’t be), 31 + - Oral report, 31, 34 + - Personal inspection disclosure, 33 + - Prior services, 43 + - Purpose of the review, 31 + - Reasons for disagreement with work under review, 32 + - Reviewer's opinion of value, 32 + - Scope of work, 32 + - Signed certification, 32 + - Significant appraisal assistance, 32 + - Significant appraisal review assistance, 32 + - Work under review, 31, 32, 33 + +--- + +- **Appraisal Standards Board**, 1, 2 +- **appraiser**, 3 +- **appraiser’s peers**, 3 + - And scope of work acceptability, 16 + +--- + +- **assemblage**, 21, 39, 48 +- **assignment**, 3 +- **assignment conditions**, 3 +- **assignment results**, 3 + +--- + +## B + +- **bias** + - In an assignment, 9 + - Avoid biased assumptions, 38 + - Certification of having no bias, 25 + - Certification of unbiased opinions and conclusions, 25, 32, 43, 53, 61 + - And client’s objectives, 16, 18, 27, 36, 45, 55 + - Definition of, 3 + - And intended use, 16, 18, 27, 36, 45, 55 + +--- + +™N + +USPAP 2024 Edition +© The Appraisal Foundation + +GO BACK + +65 +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_78.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_78.md new file mode 100644 index 0000000000000000000000000000000000000000..25abb7d7f75d67b11c6b6ed7df82bd96ec19fc42 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_78.md @@ -0,0 +1,186 @@ +```markdown +# INDEX + +## DEFINITIONS STANDARDS [& | 2] + +- protected characteristics, 8 +- business appraisal, development + +## STANDARD 9, 55-57 + +- approaches to value, 55, 57 +- attributes being appraised, 55 +- buy-sell agreements, 56, 57 +- client, 55 +- current operations, 57 +- economic benefit, 57 +- economic conditions affect, 57 +- effective date, 55 +- errors of omission or commission, 55 +- extraordinary assumption, 56 +- factors having an influence on value, 56 +- future prospects, 57 +- hypothetical condition, 56 +- intangible asset, 55 +- intended use, 55 +- intended user, 55 +- interest to be valued, 55 +- liquidity of the interest, 56 +- marketability of the interest, 56 +- methods and procedures, 55 +- nature of the business enterprise, 57 +- nature of the intangible asset, 57 +- negligence, 55 +- ownership control, 57 +- past results, 57 +- past sales and other transfers, 57 +- premise of value, 55, 56 +- reconciliation, 57 +- relevant characteristics, 55 +- reliable sources of information, 55 +- scope of work, 56 +- standard (type) and definition of value, 55 + +## business appraisal, reporting + +### STANDARD 10, 58-62 + +- appraisal procedures, 59 +- Appraisal Report, 53 +- assumptions, 58 +- certification, 61 +- client, 58, 59 +- date of report, 59, 60 +- effective date, 59, 60 +- extraordinary assumptions, 59, 60 +- hypothetical conditions, 59, 60 +- intended use, 58, 60 +- intended user, 58, 60 +- limiting conditions, 58 +- liquidity, 59 +- oral appraisal report, 58, 62 +- property characteristics (relevant), 59 +- report form, format or style, 53 +- report options, 58 +- Restricted Appraisal Report, 59-GO +- scope of work, 59 +- signed certification, 60, 61 +- significant business appraisal assistance, 59, 60, 61 +- significant intangible asset appraisal assistance, 59, 60, 61 +- standard (type) and definition of value, 59 +- written appraisal report, 58 + +## business enterprise, 3 + +## business equity, 4 + +## Cc + +- capital stock, 57 +- capitalization, 21, 47, 39 +- cash flow, 21, 39, 47 +- Civil Rights Act of 1866, 7, 8 +- client, 4 + - and confidentiality, 11, 22, 31, 41, 49, 51, 58 +- compensation contingencies, 10 +- disclosed in certifications, 26, 33, 43, 53, 61 + +## competency, 13-14 + +- acquiring competency, 13 +- and all assignments, 2 +- in appraisal review, 27 +- and appraiser’s peers, 3 +- being competent, 13 +- in business appraisal, 48 +- in personal property appraisal, 21, 48 +- in real property appraisal, 48, 56 +- relevant characteristics, identifying, 15 +- lack of, 14 + +## COMPETENCY RULE, 13-14 + +- compliance with USPAP + - jurisdictional exception, 17 + - USPAP does not establish, 1 + - when an appraiser must comply, 1,2,7 + +## confidential information, 4 + +- and the client, 11 + +## confidentiality, 11 + +## Consumer Credit Protection Act, 8 + +## continuously improve skills, 18, 27, 35, 45 + +## cost, 4 + +## cost approach, 20, 39, 42, 47 + +## credible, 4 + +## D + +- depreciation, 20, 39, 47 +- discount rates, 21, 47 +- discrimination. See nondiscrimination. +- disparate impact, 7 +- disparate treatment, 7 + +## E + +- easements, 19, 37 +- effective date, 4 + - in appraisal review, 28, 30, 31, 32 + - in business appraisal, 55, 59, GO + - in COMPETENCY RULE, 13 + - in exposure time, 4 + - in an extraordinary assumption, 4 + - in a hypothetical condition, 4 + - in mass appraisal, 41 + - in personal property appraisal, 46, + - in real property appraisal, 19, 21, 23, 24, 25 + - in SCOPE OF WORK RULE, 15 +- electronic records, 11, 12, 42 +- encumbrances, 19, 3 +- Equal Credit Opportunity Act (ECOA), 7 +- equity interests, 57 + - negligence. +- exposure time, 4 + - in personal property appraisal, 46, 50, 51 + - in real property appraisal, 18, 23, 24 +- extraordinary assumption, 4 + - in appraisal review, 28, 30, 31 + - as an assignment condition, 3, 16 + - in business appraisal, 56, 58, 59, 60 + - in mass appraisal, 37, 41 + - in personal property appraisal, 46, 49, 51, 52 + - in real property appraisal, 19, 22, 24,25 + - in scope of work acceptability, 16 + +## F + +- air housing, 7 +- Fair Housing Act (FHAct), 7, 3 +- easibility analysis, 4 +- Federal Housing Administration (FHA), 7,8 +- ractional interests, 19, 37, 46, 57 + +## H + +- highest and best use, 20, 24, 25, 38, 42 +- hypothetical condition, 4 + - in appraisal review, 28, 29, 31 + - as an assignment condition, 3, 16 + - in business appraisal, 56, 58, 59, 60 + - in mass appraisal, 37, 41 + +66 + +GO BACK + +USPAP 2024 Edition +© The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_79.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_79.md new file mode 100644 index 0000000000000000000000000000000000000000..e1dd0c834b9fdcbf71fe57054b92ffd380b8c7b6 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_79.md @@ -0,0 +1,166 @@ +```markdown +# INDEX + +## DEFINITIONS STANDARDS [& [2 + +- In personal property appraisal, 46, 49, 51, 52 +- In real property appraisal, 20, 22, 24, 25 + +## I + +- **Intangible property (intangible assets)**, 4 +- **Impartiality**, 1, 3, 9 +- **Improvements, proposed**, 19 +- **Incentives, financial**, 19, 23, 36, 42, 46, 50 +- **Independence**, 1, 3, 9 +- **Inspection (of property)**, 19, 39, 42, 46 + - Certifications of personal inspection, 26, 33, 43, 53 + - Definition of personal inspection, 5 +- **Intended use**, 5 +- **Intended users**, 5 + +## J + +- **Jurisdictional Exception Rule**, 1, 2, 17, 35 +- **Jurisdictional exception**, 5 + - Ad valorem taxation, for, 35 + - As an assignment condition, 3, 16 + +## L + +- **Leases**, 19, 21, 37, 39, 46, 47 +- **Legal descriptions**, 19, 42, 49, 53, 58, 61 +- **Liquidation**, 56 +- **Liquidity**, 57, 59, 60 + +## Market Value + +- **Market value**, 5 + - Developing an opinion of, 20, 21 +- **Marketability, in business appraisal**, 57, 59, 60 +- **Mass appraisal**, 5 + - **Mass appraisal, development** + - **STANDARD 5**, 35-40 + - Applying conclusions reflected in the model, 35 + - Approaches to value, 39 + - Appropriate market, 36, 37, 38, 42 + - Calibrated mass appraisal model, 39 + - Client, 36 + - Contribution of individual characteristics, 35 + - Cost approach, 39 + - Effective date of the appraisal, 36 + - Errors of omission or commission, 36 + - Extraordinary assumptions, 37 + - Hypothetical conditions, 37 + - Intended use, 36 + - Intended user(s), 36 + - Jurisdictional exception, 35 + - Land value, 39 + - Leases (income approach), 39 + - Letter of transmittal, 43, 44 + - Market area identification, 35, 37 + - Methods and techniques, 35, 40 + - Negligence, 36 + - Personal inspection, 43 + - Personal property, 37 + - Physical inspection of the property, 39 + - Problem identification, 36 + - Produce a credible mass appraisal, 35 + - Property identification, 35, 36 + - Real property, 37 + - Reconciliation, 40 + - Relevant characteristics identification, 36 + - Relevant economic conditions, 37 + - Reliable sources of data, 36 + - Relying on work of others, 44 + - Sales comparison approach, 39 + - Scope of work, 37 + - Signature, 42 + - Significant mass appraisal assistance, 43 + - Supply and demand, 35 + - Type and definition of value, 36 + - Use of the property, 38 + - What a mass appraisal includes, 35 + - **Mass appraisal, reporting** + - **STANDARD 6**, 41-44 + - Assumptions, 41 + - Calibration methods, 42 + - Certification, 43 + - Client, 41 + - Data collection (procedures), 42 + - Date of report, 41 + - Effective date, 41 + - Extraordinary assumptions, 41 + - Form or format of report, 41 + - Highest and best use, 42 + - Hypothetical conditions, 41 + - Intended use, 41 + - Intended user(s), 41 + - Law, 42 + - Limiting conditions, 41 + - Methods used, 42 + - Misleading (don’t be), 41 + - Models used, 42 + - Personal inspection, 43 + - Scope of work, 42 + - Signed certification, 43 + - Significant mass appraisal assistance, 43 + - Sufficient information, 41 + - Type and definition of value, 42 + - Written report requirement, 41 +- **Mass appraisal model**, 5 + +## N + +- **55**. See also errors. +- **Normal course of business**, 21, 29, 48, 50, 52 +- **Nondiscrimination**, 7 + - Antidiscrimination, 7 + - Civil Rights Act of 1866, 7, 8 + - Consumer Credit Protection Act, 8 + - Disparate impact, 7 + - Disparate treatment, 7 + - Equal Credit Opportunity Act (ECOA), 7 + - Fair Housing Act (FHAct), 7, 3 + - Laws and regulations, 7, 8 + - Person, definition of, 8 + - Protected classes, characteristics, group, 7, 8 + - State and local laws, 8 + +## Pp + +- **Partial holdings**, 19, 37, 46 +- **Peer review committee**, 11, 12 +- **Peers, appraiser’s**, 16 +- **Personal inspection**, 5 +- **Personal property**, 5 +- **Personal property appraisal, development** + - **STANDARD 7**, 45-48 + - Alternative uses of subject property, 47 + - Approaches to value, 47 + - Client, 45 + - Economic conditions, 47 + - Effective date of opinions and conclusions, 46 + - Errors, 45 + - Extraordinary assumption, 46 + - Hypothetical condition, 46 + - Intended use, 45 + - Intended users of, 45 + - Methods and techniques, 45 + - Modifications to subject property, 46, 48 + - Multiple objects, 47 + - Non-personal property items, 48 + - Property characteristics, 46 + - Reconciliation, 48 + +--- + +**USPAP 2024 Edition** +© The Appraisal Foundation + +--- + +**GO BACK** + +67 +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_8.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_8.md new file mode 100644 index 0000000000000000000000000000000000000000..ac606c639c583f035f6f2de0ed802b0aaf016960 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_8.md @@ -0,0 +1 @@ +Please provide the text you'd like to convert into Markdown format. \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_80.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_80.md new file mode 100644 index 0000000000000000000000000000000000000000..658fcc0ec8bbb9c492d151b29caf7afdc62dadd9 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_80.md @@ -0,0 +1,181 @@ +```markdown +# INDEX + +## DEFINITIONS STANDARDS [& | 2] + +- sales and other transfers history, 48 +- scope of work, 46 +- type and definition of value, 45 +- personal property, reporting + +## STANDARD 8, 49-54 + +- Appraisal Report, 49 +- certification, 53-54 +- client, 49, 50 +- dates of the report, 50, 52 +- effective date of value, 50, 52 +- extraordinary assumption, 51, 52 +- hypothetical condition, 51, 52 +- intended use, 49, 51 +- intended users, 49, 51 +- methods and techniques, 50, 52 +- oral report, 54 +- property characteristics, 50 +- property interest appraised, 50, 51 +- property use, 51, 52 +- report form and format, 49 +- report options, 49 +- Restricted Appraisal Report, 51 +- scope of work, 50, 52 +- significant personal property appraisal assistance, 50, 52, 53 +- state a restriction, 51 +- type and definition of value, 50, 51 +- physical characteristics, 5 +- physical segment, 19, 37, 46 + +## PREAMBLE, 1-2 + +- price, 5 +- privacy laws, 11 +- procurement of assignments, 10 +- property characteristics, 23, 38, 50, 59 +- proposed improvements, 19, 36, 37 +- protected characteristic, 9 +- public trust, 1, 7 +- PUDs (planned unit developments), 36 + +## R + +- rarity, 37, 47 +- real estate, 5 +- real property, 5 +- real property appraisal, development + +## STANDARD 1, 18-21 + +- approaches to value, 20 +- client, 18 +- effective date, 19 +- errors of omission or commission, 18 +- extraordinary assumption, 19 +- highest and best use, 20 +- hypothetical condition, 20 +- intended use, 18 +- intended user, 18 +- market analysis, 20 +- market value, 20, 21 +- methods and techniques, 18 +- non-real property items, 21 +- reconciliation, 21 +- relevant property characteristics, 19 +- reliable sources of information, 19 +- sales history and other transfers, 21 +- scope of work, 20 +- subject property, 19 +- type and definition of value, 19 + +## real property appraisal, reporting + +### STANDARD 2, 22-26 + +- Appraisal Report, 22 +- certification, 25-26 +- client, 22, 24 +- date of report, 23, 24 +- effective date of the appraisal, 23, 24 +- extraordinary assumption, 24, 25 +- highest and best use, 24, 25 +- hypothetical condition, 24, 25 +- intended use, 23, 25 +- intended user, 22, 25 +- methods and techniques, 23, 25 +- oral report, 26 +- relevant property characteristics, 23 +- report form and format, 22 +- report options, 22 +- Restricted Appraisal Report, 23 +- scope of work, 23, 24 +- signed certification, 25 +- significant real property appraisal assistance, 23, 24, 26 +- type and definition of value, 23, 24 +- workfile, 25 + +- 34, 54, 62 +- redaction, 11 +- regulatory agencies, state, 11, 12 +- report, 6 +- Restricted Appraisal Report, 24-25, 51-52, 59-60 +- retrospective opinions and conclusions, 13, 57 + +## S + +- sales comparison approach, 20, 23, 25 +- scarcity, 37, 47 +- scope of work, 6 + +## SCOPE OF WORK RULE, 15-16 + +- services regarding subject property, 10 +- sketches, property, 19, 42 +- signature, 6, 10 +- special assessments, 19, 37, 46 +- state appraiser regulatory agencies, 11, 12 +- stock restrictions, 56, 57 + +## T + +- testimony, 12 +- trade fixtures, 19, 21, 37 + +## type and definition of value + +- business appraisals, 55, 59 +- mass appraisals, 36, 38, 42 +- personal property appraisals, 45, 46, 47, 50, 51, 52 +- real property appraisals, 19, 23 +- in SCOPE OF WORK RULE, 15 + +## U + +### USPAP + +- compliance by agreement, 1 +- compliance by choice, 1 +- compliance by law, 1 +- compliance by regulation, 1 +- which assignments must comply, 2 +- who must comply, 2 + +## V + +- vacancy data, 39 +- valuation service, 6 +- value, 6 +- value-in-use appraisals, 38 +- value opinion + - and compensation arrangement, 10, 26 + - business appraisal, 57, 59, 60, 61 + - market value opinion, 20, 21 + - mass appraisal, 37, 42, 43 + - personal property appraisal, 46, 50, 52, 53 + - real property appraisal, 23, 25 + - and reasonable exposure time, 19, 46 + - use-value opinion, 42 + +## W + +- workfile, 6 + - appraisal review, as part of, 28 + - 58, 59 + - real property appraisal, 25 + - in RECORD KEEPING RULE, 12 + - sufficient information to show compliance, 25, 52, 60 + +- 68 + +## GO BACK + +### USPAP 2024 Edition +© The Appraisal Foundation +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_81.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_81.md new file mode 100644 index 0000000000000000000000000000000000000000..fba40668501f388060c33df5b811563e9b782a9c --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_81.md @@ -0,0 +1,264 @@ +```markdown +# PAST APPRAISAL STANDARDS BOARD OFFICERS AND MEMBERS + +## 1989 Board Members +- **Charles B. Akerson** — Chair +- **John J. Leary** — Vice Chair +- Sherwood Darington +- Daniel A. Dinote, Jr. +- John L. Gadd + +## 1990 Board Members +- **John J. Leary** — Chair +- **Sherwood Darington** — Vice Chair +- Daniel A. Dinote, Jr. +- John L. Gadd +- Charles B. Akerson + +## 1991 Board Members +- **John J. Leary** — Chair +- **Sherwood Darington** — Vice Chair +- Daniel A. Dinote, Jr. +- John L. Gadd +- Charles B. Akerson + +## 1992 Board Members +- **John J. Leary** — Chair +- **Sherwood Darington** — Vice Chair +- Daniel A. Dinote, Jr. +- John L. Gadd +- Ritch LeGrand + +## 1993 Board Members +- **Ritch LeGrand** — Chair +- **Sherwood Darington** — Vice Chair +- Daniel A. Dinote, Jr. +- John L. Gadd +- John J. Leary + +## 1994 Board Members +- **Sherwood Darington** — Chair +- **Daniel A. Dinote, Jr.** — Vice Chair +- Tim Leberman +- John J. Leary +- Ritch LeGrand + +## 1995 Board Members +- **Sherwood Darington** — Chair +- **Tim Leberman** — Vice Chair +- Daniel A. Dinote, Jr. +- W. David Snook +- Laurie Van Court + +## 1996 Board Members +- **W. David Snook** — Chair +- **Laurie Van Court** — Vice Chair +- Stephanie Coleman +- Tim Leberman + +## 1997 Board Members +- **W. David Snook** — Chair +- **Laurie Van Court** — Vice Chair +- Stephanie Coleman +- Kenneth J. Kaiser +- Tim Leberman + +## 1998 Board Members +- **Tim Leberman** — Chair +- **Kenneth J. Kaiser** — Vice Chair +- Stephanie Coleman +- Yale Kramer +- W. David Snook +- Laurie Van Court + +## 1999 Board Members +- **Kenneth J. Kaiser** — Chair +- **Tim Leberman** — Vice Chair +- Yale Kramer +- Lawrence E. Ofner +- W. David Snook +- Laurie Van Court + +## 2000 Board Members +- **Kenneth J. Kaiser** — Chair +- Yale Kramer +- Lawrence E. Ofner +- W. David Snook +- Richard A. Southern +- Laurie Van Court +- *No Vice Chair* + +## 2001 Board Members +- **Kenneth J. Kaiser** — Chair +- **Richard A. Southern** — Vice Chair +- Thomas O. Jackson +- Carla G. Glass +- Lawrence E. Ofner +- Danny K. Wiley + +## 2002 Board Members +- **Danny K. Wiley** — Chair +- **Lawrence E. Ofner** — Vice Chair +- Carla G. Glass +- Thomas O. Jackson +- Kenneth J. Kaiser +- Richard A. Southern + +## 2003 Board Members +- **Danny K. Wiley** — Chair +- **Lawrence E. Ofner** — Vice Chair +- Gregory J. Accetta +- Carla G. Glass +- Paula K. Konikoff +- Dawn M. Molitor-Gennrich + +## 2004 Board Members +- **Danny K. Wiley** — Chair +- **Carla G. Glass** — Vice Chair +- Gregory J. Accetta +- Paula K. Konikoff +- Dawn M. Molitor-Gennrich +- Lawrence E. Ofner + +## 2005 Board Members +- **Carla G. Glass** — Chair +- **Gregory J. Accetta** — Vice Chair +- James D. Cannon +- Paula K. Konikoff +- Dawn M. Molitor-Gennrich +- Danny K. Wiley + +## 2006 Board Members +- **Gregory J. Accetta** — Chair +- **Paula K. Konikoff** — Vice Chair +- James D. Cannon +- Carla G. Glass +- Dawn M. Molitor-Gennrich +- William J. Pastuszek, Jr. +- Danny K. Wiley + +## 2007 Board Members +- **Gregory J. Accetta** — Chair +- **Noreen Dornenburg** — Vice Chair +- Paula K. Konikoff +- Dawn M. Molitor-Gennrich +- William J. Pastuszek, Jr. +- William Henry Riley III + +## 2008 Board Members +- **Sandra Guilfoil** — Chair +- **Paula K. Konikoff** — Vice Chair +- Gregory J. Accetta +- Richard L. Borges II +- Richard Knitter +- William Henry Riley III + +## 2009 Board Members +- **Sandra Guilfoil** — Chair +- **J. Carl Schultz, Jr.** — Vice Chair +- Richard L. Borges II +- Jay E. Fishman +- Richard Knitter +- Barry J. Shea + +## 2010 Board Members +- **Sandra Guilfoil** — Chair +- **J. Carl Schultz, Jr.** — Vice Chair +- Richard L. Borges II +- Richard Knitter +- Barry J. Shea +- Jay E. Fishman + +## 2011 Board Members +- **J. Carl Schultz, Jr.** — Chair +- **Barry J. Shea** — Vice Chair +- Dennis L. Badger +- Dennis J. Black +- Margaret A. Hambleton +- Richard Knitter +- R. Lee Robinette + +## 2012 Board Members +- **J. Carl Schultz, Jr.** — Chair +- **Barry J. Shea** — Vice Chair +- Dennis L. Badger +- Dennis J. Black +- Margaret A. Hambleton +- Richard Knitter +- R. Lee Robinette + +## 2013 Board Members +- **Barry J. Shea** — Chair +- **J. Carl Schultz, Jr.** — Vice Chair +- Dennis L. Badger +- Margaret A. Hambleton +- Richard Knitter +- R. Lee Robinette + +## 2014 Board Members +- **Barry J. Shea** — Chair +- **J. Carl Schultz, Jr.** — Vice Chair +- Dennis L. Badger +- Steven H. Berg +- Theddi Wright Chappell +- Margaret A. Hambleton +- Richard Knitter +- R. Lee Robinette + +## 2015 Board Members +- **Barry J. Shea** — Chair +- **Margaret A. Hambleton** — Vice Chair +- Patricia H. Atwood +- Steven H. Berg +- Theddi Wright Chappell +- David Hundrieser +- R. Lee Robinette +- J. Carl Schultz, Jr. + +## 2016 Board Members +- **Margaret A. Hambleton** — Chair +- **J. Carl Schultz, Jr.** — Vice Chair +- Patricia H. Atwood +- Steven H. Berg +- Theddi Wright Chappell +- David Hundrieser +- R. Lee Robinette +- Barry J. Shea + +## 2017 Board Members +- **Margaret A. Hambleton** — Chair +- **R. Lee Robinette** — Vice Chair +- Patricia H. Atwood +- Steven H. Berg +- Theddi Wright Chappell +- David Hundrieser +- Wayne R. Miller +- Shawn L. Telford + +## 2018 Board Members +- **Margaret A. Hambleton** — Chair +- **Wayne R. Miller** — Vice Chair +- Patricia H. Atwood +- Steven H. Berg +- Michelle Czekalski Bradley +- Lisa Desmarais +- R. Lee Robinette + +## 2019 Board Members +- **Wayne R. Miller** — Chair +- **Patricia H. Atwood** — Vice Chair +- Michelle Czekalski Bradley +- Lisa Desmarais +- Roberta Ouellette +- Robert Reardon + +## 2020 Board Members +- **Wayne R. Miller** — Chair +- **Michelle Czekalski Bradley** — Vice Chair +- Patricia H. Atwood +- Riley Busenlener +- Roberta Ouellette +- Tim Luke +- Craig Morley +- Scott Robinson +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_82.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_82.md new file mode 100644 index 0000000000000000000000000000000000000000..51f349aca4a1aa8f5365282380c0468817cda53e --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_82.md @@ -0,0 +1,22 @@ +```markdown +# CONNECT WITH US ON + +## You + +### camel The Appraisal +**FOUNDATION** + +Authorized by Congress as the Source of Appraisal +Standards and Appraiser Qualifications + +--- + +### APPRAISAL STANDARDS BOARD + +1155 15th Street NW, Suite 1111 +Washington, DC 20005-3517 + +**tel** 202 347 7722 + +[www.appraisalfoundation.org](http://www.appraisalfoundation.org) +``` \ No newline at end of file diff --git a/Markdown_files/USPAP_2024_USPAP-e_s/page_9.md b/Markdown_files/USPAP_2024_USPAP-e_s/page_9.md new file mode 100644 index 0000000000000000000000000000000000000000..2017d580c0a599234ce048c1a35b20715ca9a0f6 --- /dev/null +++ b/Markdown_files/USPAP_2024_USPAP-e_s/page_9.md @@ -0,0 +1,32 @@ +```markdown +# DEFINITIONS STANDARDS + +## FOREWORD + +The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. The 2024 edition of USPAP has an effective start date but no end date. As the standards have evolved and matured in the last 35 years, the need for the standards to be updated on a regular basis has decreased, leaving the standards unchanged for a longer period of time. Furthermore, the issues that now impact the standards are more complex and require additional research and time to consider potential changes. + +## NEW CONFIGURATION + +At the same time, changing market conditions have increased the need for new guidance related to the USPAP standards on a more frequent basis. Issues like new technology, fair housing, and the coronavirus pandemic have required the ASB to be responsive to the needs of the profession on a more frequent basis. As a result, the decision was made to publish the 2024 USPAP as a stand-alone publication and to publish the Advisory Opinions (AOs) and Frequently Asked Questions (FAQs), which in recent years have been part of the USPAP publication, separately as the USPAP Guidance and Reference Manual (USPAP GRY). This new publication also includes the USPAP Reference Manual, which was introduced in late 2021, and is now referred to as the Reference Index. + +USPAP continues to comprise five sections: PREAMBLE, DEFINITIONS, Rules, Standards (including Standards Rules), and Statements on Appraisal Standards (there are currently no active Statements). + +It is important that individuals understand and adhere to changes when they are adopted into a new version of USPAP. Various authorities, such as state and federal regulatory agencies or major appraisal organizations, enforce the content of the current or applicable edition of USPAP. + +## HISTORY OF USPAP + +These Standards are based on the original Uniform Standards of Professional Appraisal Practice developed in 1986-87 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal Foundation. The effective date of the original Uniform Standards was April 27, 1987. Prior to the establishment of the ASB in 1989, USPAP had been adopted by major appraisal organizations in North America. USPAP represents the generally accepted and recognized standards of appraisal practice in the United States. + +At its organizational meeting on January 30, 1989, the Appraisal Standards Board unanimously approved and adopted the original USPAP as the initial appraisal standards promulgated by the ASB. Portions of USPAP may be amended, interpreted, supplemented, or retired by the ASB after exposure to the appraisal profession, users of appraisal services, and the public in accordance with established rules of procedure. + +## CHANGES TO USPAP + +Over the years, USPAP has evolved in response to changes in appraisal practice. The ASB has developed a process for developing both Standards and guidance based, in part, on written comments submitted in response to exposure drafts and oral testimony presented at public meetings. + +## GUIDANCE NOW PUBLISHED SEPARATELY + +The ASB issues the AOs, FAQs, and periodic USPAP Q&As as guidance. These do not establish new Standards or interpret existing Standards and are not part of USPAP. They illustrate the applicability of Standards in specific situations and offer advice from the ASB for the resolution of specific appraisal issues and problems. As stated above, this guidance is now part of a separate publication. + +**USPAP 2024 Edition | GoBack | vii** +© The Appraisal Foundation COENES +``` \ No newline at end of file diff --git a/app/__init__.py b/app/__init__.py new file mode 100644 index 0000000000000000000000000000000000000000..e69de29bb2d1d6434b8b29ae775ad8c2e48c5391 diff --git a/app/api/__init__.py b/app/api/__init__.py new file mode 100644 index 0000000000000000000000000000000000000000..e69de29bb2d1d6434b8b29ae775ad8c2e48c5391 diff --git a/app/api/routes.py b/app/api/routes.py new file mode 100644 index 0000000000000000000000000000000000000000..02bd4acf508118f3b10ae39c6f238f4eda971c6d --- /dev/null +++ b/app/api/routes.py @@ -0,0 +1,169 @@ +import logging +import math + +from fastapi import APIRouter, Depends, HTTPException + +from app.api.schemas import ( + AnswerGenerationRequest, + AnswerGenerationResponse, + DocumentSearchRequest, + DocumentSearchResponse, + RetrievedDocument, +) +from app.dependencies import get_rag_service +from app.services.rag_service import RAGService + +router = APIRouter() +logger = logging.getLogger(__name__) + + +def sanitize_score(score: float | None) -> float | None: + """Replace NaN and infinity values with 0.0""" + if score is None: + logger.debug("Score is None, returning None") + return None + + if math.isnan(score): + logger.warning("NaN score detected, replacing with 0.0") + return 0.0 + + if math.isinf(score): + logger.warning(f"Infinite score detected ({score}), replacing with 0.0") + return 0.0 + + logger.debug(f"Score is valid: {score}") + return score + + +def sanitize_retrieved_documents( + documents: list[RetrievedDocument], +) -> list[RetrievedDocument]: + """Ensure all document scores are valid JSON-serializable values""" + logger.debug(f"Sanitizing scores for {len(documents)} documents") + + sanitized_count = 0 + for i, doc in enumerate(documents): + if doc.score is not None: + original_score = doc.score + doc.score = sanitize_score(doc.score) + + if original_score != doc.score: + logger.debug( + f"Document {i + 1}: sanitized score {original_score} -> {doc.score}" + ) + sanitized_count += 1 + else: + logger.debug(f"Document {i + 1}: score {doc.score} unchanged") + + if sanitized_count > 0: + logger.info(f"Sanitized {sanitized_count} document scores") + else: + logger.debug("No score sanitization needed") + + return documents + + +@router.post("/search", response_model=DocumentSearchResponse) +async def search_documents( + request: DocumentSearchRequest, rag_service: RAGService = Depends(get_rag_service) +) -> DocumentSearchResponse: + """ + Search for relevant documents based on the query. + Returns top K most relevant documents. + """ + logger.info( + f"Document search request received: query='{request.query}', top_k={request.top_k}" + ) + + try: + logger.debug("Calling RAG service for document search") + documents = rag_service.search_documents( + query=request.query, top_k=request.top_k + ) + logger.debug(f"RAG service returned {len(documents)} documents") + + logger.debug("Sanitizing document scores") + sanitized_documents = sanitize_retrieved_documents(documents) + + response = DocumentSearchResponse( + query=request.query, + documents=sanitized_documents, + total_results=len(sanitized_documents), + ) + + logger.info( + f"Document search completed successfully: {len(sanitized_documents)} results returned" + ) + return response + + except Exception as e: + logger.error( + f"Document search failed for query '{request.query}': {str(e)}", + exc_info=True, + ) + raise HTTPException(status_code=500, detail=str(e)) from e + + +@router.post("/answer", response_model=AnswerGenerationResponse) +async def generate_answer( + request: AnswerGenerationRequest, rag_service: RAGService = Depends(get_rag_service) +) -> AnswerGenerationResponse: + """ + Generate an answer based on the query using RAG. + Optionally returns the source documents used. + """ + logger.info( + f"Answer generation request received: query='{request.query}', top_k={request.top_k}, include_sources={request.include_sources}" + ) + + try: + logger.debug("Calling RAG service for answer generation") + result = rag_service.generate_answer( + query=request.query, + top_k=request.top_k, + include_sources=request.include_sources, + ) + logger.debug( + f"RAG service returned result with answer length: {len(result.get('answer', ''))}" + ) + + if "sources" in result and result["sources"]: + logger.debug( + f"Sanitizing scores for {len(result['sources'])} source documents" + ) + result["sources"] = sanitize_retrieved_documents(result["sources"]) + else: + logger.debug("No sources to sanitize") + + response = AnswerGenerationResponse(**result) + + answer_length = len(result.get("answer", "")) + documents_used = result.get("documents_used", 0) + retrieval_method = result.get("retrieval_method", "unknown") + + logger.info( + f"Answer generation completed successfully: {answer_length} chars generated, {documents_used} documents used, method={retrieval_method}" + ) + return response + + except Exception as e: + logger.error( + f"Answer generation failed for query '{request.query}': {str(e)}", + exc_info=True, + ) + raise HTTPException(status_code=500, detail=str(e)) from e + + +@router.get("/health") +async def health_check(): + """Check if the service is healthy and index is loaded""" + logger.debug("Health check request received") + + try: + response = {"status": "healthy", "index_loaded": True} + logger.debug("Health check completed successfully") + return response + + except Exception as e: + logger.error(f"Health check failed: {str(e)}", exc_info=True) + return {"status": "unhealthy", "index_loaded": False} diff --git a/app/api/schemas.py b/app/api/schemas.py new file mode 100644 index 0000000000000000000000000000000000000000..57b3a83a0056f73de4f8f51bc8c0118730e4210d --- /dev/null +++ b/app/api/schemas.py @@ -0,0 +1,49 @@ +from typing import Any + +from pydantic import BaseModel, Field + + +class DocumentSearchRequest(BaseModel): + query: str = Field(..., description="Search query") + top_k: int = Field( + default=10, ge=1, le=50, description="Number of documents to retrieve" + ) + + +class RetrievedDocument(BaseModel): + content: str = Field(..., description="Document content") + metadata: dict[str, Any] = Field( + default_factory=dict, description="Document metadata" + ) + score: float | None = Field(None, description="Relevance score") + chunk_id: int | None = Field(None, description="Chunk identifier") + source_file: str | None = Field(None, description="Source filename") + + +class DocumentSearchResponse(BaseModel): + query: str + documents: list[RetrievedDocument] + total_results: int + retrieval_method: str = "hybrid" + + +class AnswerGenerationRequest(BaseModel): + query: str = Field(..., description="Question to answer") + top_k: int = Field( + default=10, ge=1, le=50, description="Number of documents to use for context" + ) + include_sources: bool = Field( + default=True, description="Include source documents in response" + ) + temperature: float = Field(default=0.1, ge=0, le=1, description="LLM temperature") + max_tokens: int = Field( + default=1000, ge=100, le=4000, description="Maximum tokens in response" + ) + + +class AnswerGenerationResponse(BaseModel): + query: str + answer: str + sources: list[RetrievedDocument] | None = None + retrieval_method: str + documents_used: int diff --git a/app/config.py b/app/config.py new file mode 100644 index 0000000000000000000000000000000000000000..efa31da26595ec5c81f251022b1e88f4c321c867 --- /dev/null +++ b/app/config.py @@ -0,0 +1,88 @@ +from functools import lru_cache +from pathlib import Path + +from pydantic_settings import BaseSettings + + +class Settings(BaseSettings): + """Application configuration settings""" + + api_title: str = "NEXUS" + api_version: str = "0.1.0" + + host: str = "0.0.0.0" + port: int = 8000 + + chunk_size: int = 512 + chunk_overlap: int = 256 + + llm_model: str = "gpt-4o" + rerank_model: str = "cross-encoder/ms-marco-MiniLM-L-6-v2" + + use_colbert: bool = True + colbert_model: str = "answerdotai/answerai-colbert-small-v1" + colbert_top_k: int = 20 + colbert_only: bool = False + + dense_top_k: int = 20 + bm25_top_k: int = 20 + final_top_k: int = 10 + bm25_weight: float = 0.55 + colbert_weight: float = 0.45 + use_reranking: bool = True + + data_dir: str = "./data" + index_path: str = "./data/indices" + colbert_index_path: str = "./data/colbert_index" + uploads_dir: str = "./data/uploads" + + openai_api_key: str | None = None + + log_level: str = "INFO" + log_file: str | None = None + + max_concurrent_index_jobs: int = 1 + job_timeout_minutes: int = 60 + + class Config: + env_file = ".env" + case_sensitive = False + extra = "ignore" + + def model_post_init(self, __context) -> None: + """Create necessary directories after model initialization""" + for path in [ + self.data_dir, + self.index_path, + self.colbert_index_path, + self.uploads_dir, + ]: + Path(path).mkdir(parents=True, exist_ok=True) + + @property + def rag_config_dict(self) -> dict: + """Get RAG configuration as dictionary for compatibility with existing code""" + return { + "chunk_size": self.chunk_size, + "chunk_overlap": self.chunk_overlap, + "rerank_model": self.rerank_model, + "llm_model": self.llm_model, + "use_colbert": self.use_colbert, + "colbert_model": self.colbert_model, + "colbert_top_k": self.colbert_top_k, + "colbert_only": self.colbert_only, + "dense_top_k": self.dense_top_k, + "bm25_top_k": self.bm25_top_k, + "final_top_k": self.final_top_k, + "bm25_weight": self.bm25_weight, + "colbert_weight": self.colbert_weight, + "use_reranking": self.use_reranking, + "index_path": self.index_path, + "colbert_index_path": self.colbert_index_path, + "openai_api_key": self.openai_api_key, + } + + +@lru_cache +def get_settings(): + return Settings() diff --git a/app/core/__init__.py b/app/core/__init__.py new file mode 100644 index 0000000000000000000000000000000000000000..e69de29bb2d1d6434b8b29ae775ad8c2e48c5391 diff --git a/app/core/config.py b/app/core/config.py new file mode 100644 index 0000000000000000000000000000000000000000..6129305b1e12dcfd1109e819f6296e9f6c718273 --- /dev/null +++ b/app/core/config.py @@ -0,0 +1,50 @@ +import json +from dataclasses import asdict +from functools import lru_cache + +from pydantic_settings import BaseSettings + + +class Settings(BaseSettings): + """Configuration for the retrieval and generation system""" + + api_title: str = "NEXUS API" + api_version: str = "0.1.0" + chunk_size: int = 512 + chunk_overlap: int = 256 + + embedding_model: str = "text-embedding-ada-002" + rerank_model: str = "cross-encoder/ms-marco-MiniLM-L-6-v2" + llm_model: str = "gpt-4o" + openai_api_key: str | None = None + + use_colbert: bool = True + colbert_model: str = "answerdotai/answerai-colbert-small-v1" + colbert_top_k: int = 20 + colbert_only: bool = False + + bm25_top_k: int = 20 + final_top_k: int = 5 + bm25_weight: float = 0.50 + colbert_weight: float = 0.50 + use_reranking: bool = True + + index_path: str = "./data/indexes/rag_index" + colbert_index_path: str = "./data/indexes/colbert_index" + markdown_directory: str = "./Markdown_files" + + def save(self, path: str): + """Save config to JSON""" + with open(path, "w") as f: + json.dump(asdict(self), f, indent=2) + + @classmethod + def load(cls, path: str): + """Load config from JSON""" + with open(path) as f: + return cls(**json.load(f)) + + +@lru_cache +def get_settings(): + return Settings() diff --git a/app/core/exceptions.py b/app/core/exceptions.py new file mode 100644 index 0000000000000000000000000000000000000000..ab377fee87333446f51cd465b490f225cd58552c --- /dev/null +++ b/app/core/exceptions.py @@ -0,0 +1,16 @@ +class RAGException(Exception): + """Base exception for RAG system""" + + pass + + +class IndexNotLoadedError(RAGException): + """Raised when trying to search without loading index""" + + pass + + +class DocumentProcessingError(RAGException): + """Raised when document processing fails""" + + pass diff --git a/app/core/models.py b/app/core/models.py new file mode 100644 index 0000000000000000000000000000000000000000..907f4881ea869884af86da96e3d29a081db415a6 --- /dev/null +++ b/app/core/models.py @@ -0,0 +1,10 @@ +from dataclasses import dataclass +from typing import Any + + +@dataclass +class KnowledgeDocument: + """Represents a single document or chunk in the knowledge base""" + + content: str + metadata: dict[str, Any] diff --git a/app/dependencies.py b/app/dependencies.py new file mode 100644 index 0000000000000000000000000000000000000000..e82b241f17a190b3b01f9e21e54db53488742833 --- /dev/null +++ b/app/dependencies.py @@ -0,0 +1,23 @@ +from typing import Annotated + +from fastapi import Depends + +from app.services.rag_service import RAGService + +_rag_service_instance = None + + +def set_rag_service(service: RAGService): + """Set the global RAG service instance""" + global _rag_service_instance + _rag_service_instance = service + + +def get_rag_service() -> RAGService: + """Dependency to get the RAG service instance""" + if _rag_service_instance is None: + raise RuntimeError("RAG service not initialized") + return _rag_service_instance + + +RAGServiceDep = Annotated[RAGService, Depends(get_rag_service)] diff --git a/app/main.py b/app/main.py new file mode 100644 index 0000000000000000000000000000000000000000..eb79870f20de8e809ba1bfaf4b41b0c38ce85e9e --- /dev/null +++ b/app/main.py @@ -0,0 +1,78 @@ +import logging +from contextlib import asynccontextmanager +from pathlib import Path + +from dotenv import load_dotenv +from fastapi import FastAPI + +from app.api.routes import router +from app.core.config import get_settings +from app.dependencies import set_rag_service +from app.services.rag_service import RAGService + +logger = logging.getLogger(__name__) +load_dotenv() + + +@asynccontextmanager +async def lifespan(app: FastAPI): + """Manage application lifecycle - load index on startup""" + settings = get_settings() + + logger.info("Initializing RAG service...") + rag_service = RAGService(settings) + set_rag_service(rag_service) + index_path = Path(settings.index_path) + colbert_index_path = Path(settings.colbert_index_path) + + index_exists = ( + (index_path / "bm25_index.pkl").exists() if not settings.colbert_only else True + ) + colbert_exists = ( + (colbert_index_path / "documents.pkl").exists() + if settings.use_colbert + else True + ) + + if index_exists and colbert_exists: + try: + rag_service.load_index() + logger.info("Existing RAG index loaded successfully") + except Exception as e: + logger.error(f"Failed to load index: {e}") + logger.info("Will attempt to rebuild index...") + index_exists = False + else: + logger.info("No existing index found") + + if not (index_exists and colbert_exists): + markdown_path = Path(settings.markdown_directory) + if markdown_path.exists() and any(markdown_path.glob("**/*.md")): + try: + logger.info(f"Building new index from {settings.markdown_directory}...") + rag_service.build_index(settings.markdown_directory) + logger.info("Index built successfully") + except Exception as e: + logger.error(f"Failed to build index: {e}") + logger.warning( + "Application starting without index - you'll need to build it manually" + ) + else: + logger.warning(f"No markdown files found in {settings.markdown_directory}") + logger.warning( + "Application starting without index - add markdown files and restart" + ) + + yield + + logger.info("Shutting down...") + + +app = FastAPI( + title="RAG API", + description="Retrieval Augmented Generation API for Document Q&A", + version="1.0.0", + lifespan=lifespan, +) + +app.include_router(router, prefix="/api/v1") diff --git a/app/models/__init__.py b/app/models/__init__.py new file mode 100644 index 0000000000000000000000000000000000000000..e69de29bb2d1d6434b8b29ae775ad8c2e48c5391 diff --git a/app/models/document.py b/app/models/document.py new file mode 100644 index 0000000000000000000000000000000000000000..e66d806fdba29e32f29a8231782be2e2099fd201 --- /dev/null +++ b/app/models/document.py @@ -0,0 +1,13 @@ +from dataclasses import dataclass +from typing import Any + + +@dataclass +class Document: + """Document model for storing text and metadata""" + + content: str + metadata: dict[str, Any] + + def __hash__(self): + return hash(self.content) diff --git a/app/services/__init__.py b/app/services/__init__.py new file mode 100644 index 0000000000000000000000000000000000000000..e69de29bb2d1d6434b8b29ae775ad8c2e48c5391 diff --git a/app/services/generation.py b/app/services/generation.py new file mode 100644 index 0000000000000000000000000000000000000000..27fc92d1c97035dafe4317c5f01004b7f04bc28e --- /dev/null +++ b/app/services/generation.py @@ -0,0 +1,266 @@ +import logging +import os +import time + +from openai import OpenAI + +from app.core.config import Settings +from app.models.document import Document + +logger = logging.getLogger(__name__) + + +class AnswerGenerator: + """Generate answers using LLM with retrieved context""" + + def __init__(self, settings: Settings): + self.settings = settings + api_key = os.getenv("OPENAI_API_KEY") + if not api_key: + raise ValueError("OPENAI_API_KEY environment variable is required") + self.client = OpenAI(api_key=settings.openai_api_key) + self.model = settings.llm_model + logger.info(f"Initialized AnswerGenerator with model: {self.model}") + + def generate( + self, + query: str, + documents: list[Document], + temperature: float = 0.1, + max_tokens: int = 1000, + ) -> str: + """Generate answer based on query and retrieved documents""" + start_time = time.time() + logger.info( + f"Generating answer for query: '{query[:100]}...' " + f"with {len(documents)} documents" + ) + logger.debug( + f"Generation parameters - temperature: {temperature}, " + f"max_tokens: {max_tokens}" + ) + + context = "\n\n".join([doc.content for doc in documents]) + context_length = len(context) + logger.debug(f"Combined context length: {context_length} characters") + if context_length > 15000: + logger.warning( + f"Large context size ({context_length} chars) may impact performance" + ) + system_prompt = self._create_system_prompt(context) + + try: + logger.info("Sending request to OpenAI API...") + api_start_time = time.time() + response = self.client.chat.completions.create( + model=self.model, + messages=[ + {"role": "system", "content": system_prompt}, + {"role": "user", "content": query}, + ], + temperature=temperature, + max_tokens=max_tokens, + top_p=0.9, + ) + api_duration = time.time() - api_start_time + logger.info(f"OpenAI API call completed in {api_duration:.2f} seconds") + + if response.choices and len(response.choices) > 0: + message_content = response.choices[0].message.content + if message_content is not None: + answer = message_content.strip() + else: + logger.error("Received None content from OpenAI API") + return ( + "I apologize, but I couldn't generate an answer at this time." + ) + else: + logger.error("No choices returned from OpenAI API") + return "I apologize, but I couldn't generate an answer at this time." + + logger.debug( + f"Response details - " + f"finish_reason: {response.choices[0].finish_reason}, " + f"tokens_used: {response.usage.total_tokens if response.usage else 'unknown'}, " + f"answer_length: {len(answer)} chars" + ) + + if response.usage: + logger.debug( + f"Token usage - " + f"prompt: {response.usage.prompt_tokens}, " + f"completion: {response.usage.completion_tokens}, " + f"total: {response.usage.total_tokens}" + ) + + total_duration = time.time() - start_time + logger.info( + f"Answer generation completed successfully in {total_duration:.2f} seconds" + ) + + return answer + + except Exception as e: + logger.error(f"Error generating answer: {e}") + return "I apologize, but I couldn't generate an answer at this time." + + def _create_system_prompt( + self, context: str, property_context: str | None = None + ) -> str: + """Create the system prompt with context""" + source_type = "Real Estate Appraisal Guidelines" + knowledge_base = context + + return f""" + You are an authoritative expert on { + source_type + } with extensive knowledge of real estate appraisal standards and practices. + + + + - Certified real estate appraiser assistant helping appraisers with guideline interpretation and property-specific analysis + - Access to embedded appraisal guidelines and detailed property analysis data + - Provides practical, actionable, and properly cited responses + + + + The following relevant information has been retrieved from { + source_type + } based on the current query: + + {knowledge_base} + + Use this information as your primary reference when answering questions. This content is specifically relevant to the user's query and should be prioritized over general knowledge. + + + + { + f''' + + {property_context} + + + This data represents the actual property being appraised. Reference specific details when answering property-related questions. + + ''' + if property_context + else ''' + + No specific property analysis is currently available. + + ''' + } + + + + - Direct property-specific questions → Use property analysis data with guideline citations + - Guideline interpretation requests → Reference embedded standards first, tools if needed + - Write concisely and naturally, matching response length to question complexity + - Use inline citations: [USPAP Standard 1-2(e)] or [Property Analysis: Kitchen Q4] + - Start with the answer, not background information + - Avoid academic tone or unnecessary transitions + - Comparative analysis → Integrate both property data and guidelines + - General appraisal questions → Use embedded knowledge, avoid unnecessary tool calls + + + + You have access to: + Embedded Guidelines: {source_type} in the initial context + Property Data: Specific analysis including condition ratings, materials, defects + Tools: For additional guideline lookups when initial context is insufficient + Prioritize using existing knowledge before tool calls. Integrate property data with guidelines for practical answers. + + + + Use formatting strategically to enhance readability without overwhelming the text: + + **Bold** - Reserve for maximum impact: + - Critical requirements that must not be missed + - Key regulatory terms when first defined + - Warnings that could affect appraisal validity + - Action items the appraiser must complete + + *Italics* - Use sparingly for: + - Subtle emphasis within sentences + - Example scenarios: *"if the kitchen was updated in 2023"* + - Technical terms on first use only + - Integrated citations: *per USPAP Standard 2-1(a)* + + Lists - Choose the right type: + - Bullets: For non-sequential items (features, options, requirements) + - Numbers: For sequential steps or ranked priorities + - Keep items concise - one line each when possible + - Use sub-bullets sparingly + + > Block quotes - Limited use for: + > Direct regulatory text that must be quoted verbatim + > Critical form instructions that cannot be paraphrased + + **Avoid over-formatting:** + - No underlines (poor readability in digital formats) + - No more than 2-3 bold items per response + - Never bold entire sentences + - Don't mix multiple formats on the same text + + **Natural integration:** + Write first, format second. The response should read naturally even without formatting. Use formatting as enhancement, not structure. + + Example of good formatting: + "The **subject property** must be compared to *at least three* closed sales [FNMA B4-1.3]. Consider these adjustments: + - Location: ±5% typical + - Condition: $5,000 per rating level + - GLA: $75-$85/sqft" + + Example of poor formatting: + "The **subject property** must be ***compared*** to at least **three** __closed sales__ per *[FNMA B4-1.3]*." + + + + - Use tools sparingly (maximum 5 per conversation) + - Only use when initial context lacks needed information + - Tool priority order: + - 'findDefinitionTool': For specific terminology not in context + - 'fetchAdditionalContextTool': For broader regulatory topics + - 'validateInformationTool': To confirm specific requirements + - 'compareSourcesTool': For cross-source validation + - Never mention tool names to the user. Simply state what you're looking up + + + + Answer immediately - No buildup or context setting + Be specific - Use actual property data and exact guideline references + Stay practical - Focus on what to do, not theory + Natural citations - Weave references into sentences + Match complexity - Simple questions get simple answers + Examples: + Simple: "Kitchen rates Q4/C2 with granite counters [Property Analysis: Kitchen]." + Action: "Report as basement amenity, not GLA [URAR Section 3]. Consider $500-1,500 adjustment if comps lack wet bars." + Complex: Brief paragraph with specific guidance and multiple citations + + + + - Don't explain basic appraisal concepts unless asked + - Don't repeat property data without adding insight + - Don't use phrases like "It's important to note" or "In summary" + - Don't create rigid response structures + - Don't exceed word limits unless specifically requested + + + + - **Inline Citations**: [USPAP Standard 2-2(b)(viii)], [URAR Section 15.3] + - **Property References**: [Property Analysis: Basement C3], [Property Analysis: Kitchen Update 2023] + - **Multiple Sources**: Layer citations for comprehensive support + - **Format Integration**: *[Source]* when citation is part of sentence flow + - Always cite specific sections, not just document names + - Group related citations: [USPAP SR 1-2(e), 1-4(a)], [Fannie Mae B4-1.3-08, B4-1.3-09] + + + + Before finalizing any response, ensure: + - ✓ Direct answer appears first + - ✓ Appropriate formatting enhances readability + - ✓ All claims are properly cited + - ✓ Property data is integrated where relevant + - ✓ Response length matches question complexity + - ✓ Actionable guidance is provided + """ diff --git a/app/services/indexes.py b/app/services/indexes.py new file mode 100644 index 0000000000000000000000000000000000000000..f645b68a1a4c3106fc49471090ee0e27cec0a955 --- /dev/null +++ b/app/services/indexes.py @@ -0,0 +1,339 @@ +import logging +import pickle +import re +from pathlib import Path + +import numpy as np +import torch +from rank_bm25 import BM25Okapi +from sentence_transformers import SentenceTransformer +from transformers import AutoModel, AutoTokenizer + +from app.models.document import Document + +logger = logging.getLogger(__name__) + + +class BM25Searcher: + """BM25 keyword-based search index""" + + def __init__(self): + logger.debug("Initializing BM25Searcher") + self.corpus = [] + self.documents = [] + self.bm25 = None + logger.debug("BM25Searcher initialized successfully") + + def build_index(self, documents: list[Document]) -> None: + """Build BM25 index from documents""" + logger.info(f"Building BM25 index with {len(documents)} documents...") + + self.documents = documents + self.corpus = [] + + logger.debug("Starting document tokenization") + for i, doc in enumerate(documents): + if i > 0 and i % 1000 == 0: + logger.debug(f"Tokenized {i}/{len(documents)} documents") + tokens = self._tokenize(doc.content) + self.corpus.append(tokens) + + logger.debug("Creating BM25Okapi instance") + self.bm25 = BM25Okapi(self.corpus) + logger.info("BM25 index built successfully") + + def search(self, query: str, k: int = 10) -> list[tuple[Document, float]]: + """Search documents using BM25 scoring""" + logger.debug(f"BM25 search initiated with query: '{query}', k={k}") + + if self.bm25 is None: + logger.error("BM25 index not built - cannot perform search") + raise ValueError("Index not built. Call build_index() first.") + + logger.debug("Tokenizing search query") + query_tokens = self._tokenize(query) + logger.debug(f"Query tokens: {query_tokens}") + + logger.debug("Computing BM25 scores") + scores = self.bm25.get_scores(query_tokens) + logger.debug(f"Computed scores for {len(scores)} documents") + + top_indices = np.argsort(scores)[::-1][:k] + logger.debug(f"Top {len(top_indices)} indices: {top_indices.tolist()}") + + results = [] + for idx in top_indices: + if scores[idx] > 0: + results.append((self.documents[idx], float(scores[idx]))) + logger.debug(f"Added result: doc_idx={idx}, score={scores[idx]:.4f}") + + logger.info(f"BM25 search completed: {len(results)} results returned") + return results + + def _tokenize(self, text: str) -> list[str]: + """Simple word tokenization""" + tokens = re.findall(r"\b\w+\b", text.lower()) + logger.debug(f"Tokenized text into {len(tokens)} tokens") + return tokens + + def save(self, path: str) -> None: + """Save index to disk""" + logger.info(f"Saving BM25 index to {path}") + save_path = Path(path) + save_path.mkdir(parents=True, exist_ok=True) + logger.debug(f"Created directory structure: {save_path}") + + logger.debug("Serializing BM25 index data") + with open(save_path / "bm25_index.pkl", "wb") as f: + pickle.dump( + {"corpus": self.corpus, "documents": self.documents, "bm25": self.bm25}, + f, + ) + + logger.info(f"BM25 index saved to {path}") + + def load(self, path: str) -> None: + """Load index from disk""" + logger.info(f"Loading BM25 index from {path}") + load_path = Path(path) + + if not (load_path / "bm25_index.pkl").exists(): + logger.error(f"BM25 index file not found at {path}") + raise FileNotFoundError(f"Index file not found at {path}") + + logger.debug("Deserializing BM25 index data") + with open(load_path / "bm25_index.pkl", "rb") as f: + data = pickle.load(f) + self.corpus = data["corpus"] + self.documents = data["documents"] + self.bm25 = data["bm25"] + + logger.debug( + f"Loaded {len(self.documents)} documents and {len(self.corpus)} corpus entries" + ) + logger.info(f"BM25 index loaded from {path}") + + +class ColBERTSearcher: + """ColBERT-style dense retrieval using sentence transformers""" + + def __init__( + self, model_name: str = "colbert-ir/colbertv2.0", device: str | None = None + ): + logger.debug(f"Initializing ColBERTSearcher with model: {model_name}") + self.model_name = model_name + self.device = device or ("cuda" if torch.cuda.is_available() else "cpu") + logger.info(f"Using device: {self.device}") + self.model = None + self.tokenizer = None + self.documents = [] + self.document_embeddings = [] + self._model_loaded = False + self._is_sentence_transformer = False + logger.debug("ColBERTSearcher initialized successfully") + + def _load_model(self): + """Load the ColBERT model""" + logger.info(f"Loading model: {self.model_name}") + + try: + logger.debug("Attempting to load as SentenceTransformer") + self.model = SentenceTransformer(self.model_name) + self._is_sentence_transformer = True + self._model_loaded = True + logger.info(f"Loaded {self.model_name} as SentenceTransformer") + except Exception as e: + logger.warning(f"Failed to load as SentenceTransformer: {e}") + try: + logger.debug("Attempting to load as AutoModel") + self.tokenizer = AutoTokenizer.from_pretrained(self.model_name) + self.model = AutoModel.from_pretrained(self.model_name) + self.model.to(self.device) + self.model.eval() + self._is_sentence_transformer = False + self._model_loaded = True + logger.info(f"Loaded {self.model_name} as AutoModel") + except Exception as e: + logger.error(f"Failed to load model {self.model_name}: {e}") + raise RuntimeError(f"Could not load model {self.model_name}") from e + + def encode_passages( + self, passages: list[str], batch_size: int = 32 + ) -> list[np.ndarray]: + """Encode passages into embeddings""" + logger.info(f"Encoding {len(passages)} passages with batch_size={batch_size}") + + if not self._model_loaded: + logger.debug("Model not loaded, loading now") + self._load_model() + + if self.model is None: + logger.error("Model failed to load during encoding") + raise RuntimeError("Model failed to load") + + all_embeddings = [] + + if isinstance(self.model, SentenceTransformer): + logger.debug("Using SentenceTransformer for encoding") + embeddings = self.model.encode( + passages, + batch_size=batch_size, + show_progress_bar=True, + convert_to_numpy=True, + ) + all_embeddings = list(embeddings) + logger.debug( + f"Generated {len(all_embeddings)} embeddings using SentenceTransformer" + ) + else: + logger.debug("Using AutoModel for encoding") + if self.tokenizer is None: + logger.error("Tokenizer not initialized for AutoModel") + raise ValueError("Tokenizer not initialized for AutoModel") + + num_batches = (len(passages) + batch_size - 1) // batch_size + logger.debug(f"Processing {num_batches} batches") + + for i in range(0, len(passages), batch_size): + batch_num = i // batch_size + 1 + logger.debug(f"Processing batch {batch_num}/{num_batches}") + + batch = passages[i : i + batch_size] + inputs = self.tokenizer( + batch, + padding=True, + truncation=True, + max_length=512, + return_tensors="pt", + ).to(self.device) + + with torch.no_grad(): + outputs = self.model(**inputs) + embeddings = outputs.last_hidden_state.mean(dim=1) + all_embeddings.extend(embeddings.cpu().numpy()) + + logger.info(f"Successfully encoded {len(all_embeddings)} passages") + return all_embeddings + + def build_index(self, documents: list[Document]) -> None: + """Build ColBERT index from documents""" + logger.info(f"Building ColBERT index with {len(documents)} documents...") + + self.documents = documents + logger.debug("Extracting content from documents") + passages = [doc.content for doc in documents] + + logger.debug("Starting passage encoding") + self.document_embeddings = self.encode_passages(passages) + + logger.info("ColBERT index built successfully") + + def search(self, query: str, k: int = 10) -> list[tuple[Document, float]]: + """Search using cosine similarity""" + logger.debug(f"ColBERT search initiated with query: '{query}', k={k}") + + if not self.documents: + logger.error("ColBERT index not built - cannot perform search") + raise ValueError("Index not built. Call build_index() first.") + + if not self._model_loaded: + logger.debug("Model not loaded for search, loading now") + self._load_model() + + if self.model is None: + logger.error("Model failed to load during search") + raise RuntimeError("Model failed to load") + + logger.debug("Encoding search query") + if isinstance(self.model, SentenceTransformer): + logger.debug("Using SentenceTransformer for query encoding") + query_embedding = self.model.encode([query], convert_to_numpy=True)[0] + else: + logger.debug("Using AutoModel for query encoding") + if self.tokenizer is None: + logger.error("Tokenizer not initialized for AutoModel during search") + raise ValueError("Tokenizer not initialized for AutoModel") + inputs = self.tokenizer( + [query], + padding=True, + truncation=True, + max_length=512, + return_tensors="pt", + ).to(self.device) + + with torch.no_grad(): + outputs = self.model(**inputs) + query_embedding = outputs.last_hidden_state.mean(dim=1).cpu().numpy()[0] + + logger.debug( + f"Computing similarities with {len(self.document_embeddings)} document embeddings" + ) + similarities = [] + for i, doc_emb in enumerate(self.document_embeddings): + sim = np.dot(query_embedding, doc_emb) / ( + np.linalg.norm(query_embedding) * np.linalg.norm(doc_emb) + ) + similarities.append(sim) + if i > 0 and i % 1000 == 0: + logger.debug( + f"Computed similarity for {i}/{len(self.document_embeddings)} documents" + ) + + top_indices = np.argsort(similarities)[::-1][:k] + logger.debug(f"Top {len(top_indices)} indices: {top_indices.tolist()}") + + results = [] + for idx in top_indices: + results.append((self.documents[idx], float(similarities[idx]))) + logger.debug( + f"Added result: doc_idx={idx}, similarity={similarities[idx]:.4f}" + ) + + logger.info(f"ColBERT search completed: {len(results)} results returned") + return results + + def save(self, path: str) -> None: + """Save index to disk""" + logger.info(f"Saving ColBERT index to {path}") + save_path = Path(path) + save_path.mkdir(parents=True, exist_ok=True) + logger.debug(f"Created directory structure: {save_path}") + + logger.debug("Saving documents") + with open(save_path / "documents.pkl", "wb") as f: + pickle.dump(self.documents, f) + + logger.debug("Saving embeddings") + with open(save_path / "embeddings.pkl", "wb") as f: + pickle.dump(self.document_embeddings, f) + + logger.info(f"ColBERT index saved to {path}") + + def load(self, path: str) -> None: + """Load index from disk""" + logger.info(f"Loading ColBERT index from {path}") + load_path = Path(path) + + if not (load_path / "documents.pkl").exists(): + logger.error(f"Documents file not found at {path}") + raise FileNotFoundError(f"Documents file not found at {path}") + + if not (load_path / "embeddings.pkl").exists(): + logger.error(f"Embeddings file not found at {path}") + raise FileNotFoundError(f"Embeddings file not found at {path}") + + logger.debug("Loading documents") + with open(load_path / "documents.pkl", "rb") as f: + self.documents = pickle.load(f) + + logger.debug("Loading embeddings") + with open(load_path / "embeddings.pkl", "rb") as f: + self.document_embeddings = pickle.load(f) + + logger.debug( + f"Loaded {len(self.documents)} documents and {len(self.document_embeddings)} embeddings" + ) + + logger.debug("Loading model for loaded index") + self._load_model() + logger.info(f"ColBERT index loaded from {path}") diff --git a/app/services/preprocessing.py b/app/services/preprocessing.py new file mode 100644 index 0000000000000000000000000000000000000000..0d51351c7679402365323d4b9c887fe551164b25 --- /dev/null +++ b/app/services/preprocessing.py @@ -0,0 +1,243 @@ +import logging +import re +from pathlib import Path + +from app.models.document import Document + +logger = logging.getLogger(__name__) + + +class DocumentProcessor: + """Process and chunk documents for indexing""" + + def __init__(self, chunk_size: int = 1000, chunk_overlap: int = 200): + logger.debug( + f"Initializing DocumentProcessor with chunk_size={chunk_size}, chunk_overlap={chunk_overlap}" + ) + self.chunk_size = chunk_size + self.chunk_overlap = chunk_overlap + logger.debug("DocumentProcessor initialized successfully") + + def load_markdown_files(self, directory: str) -> list[Document]: + """Load all markdown files from a directory""" + logger.info(f"Loading markdown files from directory: {directory}") + documents = [] + markdown_path = Path(directory) + + if not markdown_path.exists(): + logger.error(f"Directory {directory} does not exist") + raise ValueError(f"Directory {directory} does not exist") + + logger.debug(f"Searching for markdown files in {markdown_path}") + md_files = list(markdown_path.glob("**/*.md")) + + if not md_files: + logger.error(f"No markdown files found in {directory}") + raise ValueError(f"No markdown files found in {directory}") + + logger.info(f"Found {len(md_files)} markdown files to process") + + successful_loads = 0 + failed_loads = 0 + + for i, md_file in enumerate(md_files): + if i > 0 and i % 100 == 0: + logger.debug(f"Processing file {i}/{len(md_files)}: {md_file.name}") + + try: + logger.debug(f"Reading file: {md_file}") + with open(md_file, encoding="utf-8") as f: + content = f.read() + + logger.debug( + f"File {md_file.name} loaded, size: {len(content)} characters" + ) + + doc = Document( + content=content, + metadata={ + "source": str(md_file), + "filename": md_file.name, + "file_size": len(content), + "file_path": str(md_file.relative_to(markdown_path)), + }, + ) + documents.append(doc) + successful_loads += 1 + logger.debug(f"Document created for {md_file.name}") + + except Exception as e: + logger.error(f"Error reading {md_file}: {e}") + failed_loads += 1 + continue + + logger.info( + f"Successfully loaded {len(documents)} documents (successful: {successful_loads}, failed: {failed_loads})" + ) + return documents + + def create_chunks(self, documents: list[Document]) -> list[Document]: + """Create chunks from documents with overlap""" + logger.info(f"Creating chunks from {len(documents)} documents") + all_chunks = [] + + for i, doc in enumerate(documents): + if i > 0 and i % 50 == 0: + logger.debug(f"Chunking document {i}/{len(documents)}") + + logger.debug( + f"Chunking document: {doc.metadata.get('filename', 'unknown')}" + ) + chunks = self._chunk_document(doc) + logger.debug( + f"Generated {len(chunks)} chunks for document {doc.metadata.get('filename', 'unknown')}" + ) + all_chunks.extend(chunks) + + logger.info(f"Created {len(all_chunks)} chunks from {len(documents)} documents") + return all_chunks + + def _chunk_document(self, document: Document) -> list[Document]: + """Chunk a single document with markdown awareness""" + logger.debug( + f"Starting to chunk document with {len(document.content)} characters" + ) + text = document.content + chunks = [] + + logger.debug("Splitting document by headers") + sections = self._split_by_headers(text) + logger.debug(f"Split into {len(sections)} sections") + + for i, section in enumerate(sections): + logger.debug( + f"Processing section {i + 1}/{len(sections)}, length: {len(section)}" + ) + + if len(section) <= self.chunk_size: + logger.debug(f"Section {i + 1} fits in single chunk") + chunks.append(section) + else: + logger.debug(f"Section {i + 1} too large, splitting into sub-chunks") + sub_chunks = self._split_large_section(section) + logger.debug(f"Section {i + 1} split into {len(sub_chunks)} sub-chunks") + chunks.extend(sub_chunks) + + logger.debug(f"Total chunks created: {len(chunks)}") + + chunk_documents = [] + for i, chunk_text in enumerate(chunks): + if chunk_text.strip(): + chunk_doc = Document( + content=chunk_text, + metadata={ + **document.metadata, + "chunk_id": i, + "chunk_length": len(chunk_text), + "total_chunks": len(chunks), + }, + ) + chunk_documents.append(chunk_doc) + logger.debug( + f"Created chunk {i + 1}/{len(chunks)}, length: {len(chunk_text)}" + ) + else: + logger.debug(f"Skipping empty chunk {i + 1}") + + logger.debug(f"Generated {len(chunk_documents)} non-empty chunk documents") + return chunk_documents + + def _split_by_headers(self, text: str) -> list[str]: + """Split text by markdown headers while preserving structure""" + logger.debug(f"Splitting text by headers, input length: {len(text)}") + header_pattern = r"\n(?=#{1,6}\s+)" + sections = re.split(header_pattern, text) + logger.debug(f"Initial split resulted in {len(sections)} raw sections") + + cleaned_sections = [] + current_section = "" + + for i, section in enumerate(sections): + if not section.strip(): + logger.debug(f"Skipping empty section {i + 1}") + continue + + section_length = len(section) + current_length = len(current_section) + combined_length = current_length + section_length + + logger.debug( + f"Processing section {i + 1}: current={current_length}, section={section_length}, combined={combined_length}" + ) + + if current_section and combined_length > self.chunk_size: + logger.debug( + f"Section combination would exceed chunk_size ({self.chunk_size}), finalizing current section" + ) + cleaned_sections.append(current_section.strip()) + current_section = section + else: + current_section += "\n" + section if current_section else section + logger.debug( + f"Added section to current, new length: {len(current_section)}" + ) + + if current_section: + cleaned_sections.append(current_section.strip()) + logger.debug("Added final section") + + logger.debug( + f"Header splitting completed: {len(cleaned_sections)} final sections" + ) + return cleaned_sections + + def _split_large_section(self, text: str) -> list[str]: + """Split large sections into smaller chunks with overlap""" + logger.debug(f"Splitting large section of {len(text)} characters") + chunks = [] + words = text.split() + logger.debug(f"Section contains {len(words)} words") + + current_chunk = [] + current_size = 0 + overlap_words = self.chunk_overlap // 10 + + logger.debug(f"Using overlap of {overlap_words} words") + + for i, word in enumerate(words): + word_size = len(word) + 1 + + if current_size + word_size > self.chunk_size and current_chunk: + chunk_text = " ".join(current_chunk) + chunks.append(chunk_text) + logger.debug( + f"Created chunk {len(chunks)}: {len(chunk_text)} characters, {len(current_chunk)} words" + ) + + overlap_size = min(len(current_chunk), overlap_words) + if overlap_size > 0: + current_chunk = current_chunk[-overlap_size:] + current_size = sum(len(w) + 1 for w in current_chunk) + logger.debug( + f"Applied overlap: kept {overlap_size} words, new size: {current_size}" + ) + else: + current_chunk = [] + current_size = 0 + logger.debug("No overlap applied") + + current_chunk.append(word) + current_size += word_size + + if i > 0 and i % 1000 == 0: + logger.debug(f"Processed {i}/{len(words)} words") + + if current_chunk: + chunk_text = " ".join(current_chunk) + chunks.append(chunk_text) + logger.debug( + f"Created final chunk {len(chunks)}: {len(chunk_text)} characters, {len(current_chunk)} words" + ) + + logger.debug(f"Large section splitting completed: {len(chunks)} chunks created") + return chunks diff --git a/app/services/rag_service.py b/app/services/rag_service.py new file mode 100644 index 0000000000000000000000000000000000000000..766550adbf7008fff6cf5e709fea9cce11c54887 --- /dev/null +++ b/app/services/rag_service.py @@ -0,0 +1,186 @@ +import logging +from typing import Any + +from app.api.schemas import RetrievedDocument +from app.core.config import Settings +from app.core.exceptions import DocumentProcessingError, IndexNotLoadedError +from app.services.generation import AnswerGenerator +from app.services.preprocessing import DocumentProcessor +from app.services.retrieval import HybridRetriever + +logger = logging.getLogger(__name__) + + +class RAGService: + """Main service orchestrating retrieval and generation""" + + def __init__(self, settings: Settings): + logger.debug("Initializing RAGService") + self.settings = settings + + logger.debug("Creating HybridRetriever instance") + self.retriever = HybridRetriever(settings) + + logger.debug("Creating AnswerGenerator instance") + self.generator = AnswerGenerator(settings) + + logger.debug( + f"Creating DocumentProcessor with chunk_size={settings.chunk_size}, chunk_overlap={settings.chunk_overlap}" + ) + self.processor = DocumentProcessor( + chunk_size=settings.chunk_size, chunk_overlap=settings.chunk_overlap + ) + + self._index_loaded = False + logger.info("RAGService initialized successfully") + + def build_index(self, markdown_directory: str) -> None: + """Build the search index from markdown files""" + logger.info( + f"Starting index build process from directory: {markdown_directory}" + ) + + try: + logger.info(f"Building index from {markdown_directory}") + + logger.debug("Loading markdown files") + documents = self.processor.load_markdown_files(markdown_directory) + logger.info(f"Loaded {len(documents)} documents from markdown files") + + logger.debug("Creating document chunks") + chunks = self.processor.create_chunks(documents) + logger.info(f"Created {len(chunks)} chunks from documents") + + logger.debug("Building retriever index") + self.retriever.build_index(chunks) + logger.debug("Retriever index built successfully") + + logger.debug("Saving index to disk") + self.retriever.save_index() + logger.debug("Index saved to disk successfully") + + self._index_loaded = True + logger.info("Index built successfully") + + except Exception as e: + logger.error(f"Failed to build index: {e}", exc_info=True) + raise DocumentProcessingError(f"Index building failed: {str(e)}") from e + + def load_index(self) -> None: + """Load existing index from disk""" + logger.info("Loading existing index from disk") + + try: + logger.debug("Calling retriever load_index") + self.retriever.load_index() + + self._index_loaded = True + logger.info("Index loaded successfully") + + except Exception as e: + logger.error(f"Failed to load index: {e}", exc_info=True) + raise IndexNotLoadedError(f"Could not load index: {str(e)}") from e + + def search_documents(self, query: str, top_k: int = 10) -> list[RetrievedDocument]: + """Search for relevant documents""" + logger.debug(f"Document search initiated with query: '{query}', top_k={top_k}") + + if not self._index_loaded: + logger.error("Attempted search without loaded index") + raise IndexNotLoadedError("Index not loaded. Call load_index() first.") + + logger.debug("Retrieving documents from retriever") + documents = self.retriever.retrieve(query, top_k) + logger.info(f"Retrieved {len(documents)} documents from retriever") + + logger.debug("Converting documents to RetrievedDocument format") + retrieved_docs = [] + for i, (doc, score) in enumerate(documents): + retrieved_doc = RetrievedDocument( + content=doc.content, + metadata=doc.metadata, + score=score, + chunk_id=doc.metadata.get("chunk_id"), + source_file=doc.metadata.get("filename"), + ) + retrieved_docs.append(retrieved_doc) + logger.debug( + f"Converted document {i + 1}/{len(documents)}: score={score:.4f}, source={doc.metadata.get('filename', 'unknown')}" + ) + + logger.info( + f"Document search completed: {len(retrieved_docs)} documents returned" + ) + return retrieved_docs + + def generate_answer( + self, + query: str, + top_k: int = 10, + include_sources: bool = True, + temperature: float = 0.1, + max_tokens: int = 1000, + ) -> dict[str, Any]: + """Generate answer using RAG""" + logger.info(f"RAG answer generation initiated for query: '{query}'") + logger.debug( + f"Generation parameters: top_k={top_k}, include_sources={include_sources}, temperature={temperature}, max_tokens={max_tokens}" + ) + + if not self._index_loaded: + logger.error("Attempted answer generation without loaded index") + raise IndexNotLoadedError("Index not loaded. Call load_index() first.") + + logger.debug("Retrieving relevant documents") + documents = self.retriever.retrieve(query, top_k) + logger.info(f"Retrieved {len(documents)} documents for answer generation") + + logger.debug("Extracting documents for generation") + doc_list = [doc for doc, _ in documents] + logger.debug(f"Prepared {len(doc_list)} documents for generator") + + logger.debug("Generating answer using AnswerGenerator") + answer = self.generator.generate( + query=query, + documents=doc_list, + temperature=temperature, + max_tokens=max_tokens, + ) + logger.info("Answer generated successfully") + + logger.debug("Building result dictionary") + retrieval_method = self.retriever.get_retrieval_method() + logger.debug(f"Retrieval method: {retrieval_method}") + + result = { + "query": query, + "answer": answer, + "retrieval_method": retrieval_method, + "documents_used": len(documents), + } + + if include_sources: + logger.debug("Including sources in result (top 5 documents)") + sources = [] + for i, (doc, score) in enumerate(documents[:5]): + source_doc = RetrievedDocument( + content=doc.content[:200] + "...", + metadata=doc.metadata, + score=score, + chunk_id=doc.metadata.get("chunk_id"), + source_file=doc.metadata.get("filename"), + ) + sources.append(source_doc) + logger.debug( + f"Added source {i + 1}/5: score={score:.4f}, file={doc.metadata.get('filename', 'unknown')}" + ) + + result["sources"] = sources + logger.debug(f"Added {len(sources)} sources to result") + else: + logger.debug("Sources not included in result") + + logger.info( + f"RAG answer generation completed: {len(answer)} characters generated, {result['documents_used']} documents used" + ) + return result diff --git a/app/services/reranking.py b/app/services/reranking.py new file mode 100644 index 0000000000000000000000000000000000000000..455891fc295d507c4fc21c03926e37dbf7f04657 --- /dev/null +++ b/app/services/reranking.py @@ -0,0 +1,92 @@ +import logging + +from sentence_transformers import CrossEncoder + +from app.models.document import Document + +logger = logging.getLogger(__name__) + + +class CrossEncoderReranker: + """Cross-encoder based reranking for improving retrieval quality""" + + def __init__(self, model_name: str = "cross-encoder/ms-marco-MiniLM-L-6-v2"): + logger.debug(f"Initializing CrossEncoderReranker with model: {model_name}") + self.model_name = model_name + + logger.debug("Loading CrossEncoder model on CPU") + try: + self.model = CrossEncoder(model_name, device="cpu") + logger.info(f"Initialized reranker with model: {model_name}") + except Exception as e: + logger.error(f"Failed to initialize CrossEncoder model {model_name}: {e}") + raise + + def rerank( + self, + query: str, + results: list[tuple[Document, float]], + top_k: int | None = None, + ) -> list[tuple[Document, float]]: + """ + Rerank documents using cross-encoder model + + Args: + query: The search query + results: List of (Document, score) tuples + top_k: Number of top results to return (None = all) + + Returns: + Reranked list of (Document, score) tuples + """ + logger.debug( + f"Reranking initiated with query: '{query}', {len(results)} results, top_k={top_k}" + ) + + if not results: + logger.debug("No results to rerank, returning empty list") + return results + + logger.debug("Creating query-document pairs for reranking") + pairs = [(query, doc.content) for doc, _ in results] + logger.debug(f"Created {len(pairs)} query-document pairs") + + logger.debug("Computing rerank scores using CrossEncoder") + try: + rerank_scores = self.model.predict(pairs) + logger.debug(f"Generated {len(rerank_scores)} rerank scores") + except Exception as e: + logger.error(f"Error during reranking prediction: {e}") + raise + + logger.debug("Combining documents with new rerank scores") + reranked_results = [] + for i, ((doc, original_score), rerank_score) in enumerate( + zip(results, rerank_scores, strict=False) + ): + reranked_results.append((doc, float(rerank_score))) + logger.debug( + f"Document {i + 1}: original_score={original_score:.4f}, rerank_score={rerank_score:.4f}" + ) + + logger.debug("Sorting results by rerank scores (descending)") + reranked_results.sort(key=lambda x: x[1], reverse=True) + + if logger.isEnabledFor(logging.DEBUG): + for i, (doc, score) in enumerate(reranked_results[:5]): + logger.debug( + f"Top {i + 1} after reranking: score={score:.4f}, source={doc.metadata.get('filename', 'unknown')}" + ) + + if top_k is not None: + logger.debug(f"Applying top_k filter: keeping top {top_k} results") + final_results = reranked_results[:top_k] + logger.info( + f"Reranking completed: returned {len(final_results)} of {len(results)} results (top_k={top_k})" + ) + return final_results + + logger.info( + f"Reranking completed: returned all {len(reranked_results)} reranked results" + ) + return reranked_results diff --git a/app/services/retrieval.py b/app/services/retrieval.py new file mode 100644 index 0000000000000000000000000000000000000000..e9452bc58b0094af5a025e3e57ad135f1541d711 --- /dev/null +++ b/app/services/retrieval.py @@ -0,0 +1,241 @@ +import logging + +from app.core.config import Settings +from app.models.document import Document +from app.services.indexes import BM25Searcher, ColBERTSearcher +from app.services.reranking import CrossEncoderReranker + +logger = logging.getLogger(__name__) + + +class HybridRetriever: + """Hybrid retrieval combining BM25, Dense, and ColBERT""" + + def __init__(self, settings: Settings): + logger.debug("Initializing HybridRetriever") + self.settings = settings + + logger.debug("Creating BM25Searcher instance") + self.bm25_searcher = BM25Searcher() + + self.colbert_searcher = None + self.reranker = None + + if settings.use_colbert: + logger.debug( + f"ColBERT enabled, creating ColBERTSearcher with model: {settings.colbert_model}" + ) + self.colbert_searcher = ColBERTSearcher(settings.colbert_model) + else: + logger.debug("ColBERT disabled") + + if settings.use_reranking: + logger.debug( + f"Reranking enabled, creating CrossEncoderReranker with model: {settings.rerank_model}" + ) + self.reranker = CrossEncoderReranker(settings.rerank_model) + else: + logger.debug("Reranking disabled") + + retrieval_method = self.get_retrieval_method() + logger.info(f"HybridRetriever initialized with method: {retrieval_method}") + + def build_index(self, documents: list[Document]) -> None: + """Build all search indexes""" + logger.info(f"Building indexes for {len(documents)} documents") + + if not self.settings.colbert_only: + logger.debug("Building BM25 index") + self.bm25_searcher.build_index(documents) + logger.debug("BM25 index build completed") + else: + logger.debug("Skipping BM25 index (ColBERT-only mode)") + + if self.settings.use_colbert and self.colbert_searcher: + logger.debug("Building ColBERT index") + self.colbert_searcher.build_index(documents) + logger.debug("ColBERT index build completed") + else: + logger.debug("Skipping ColBERT index (not enabled)") + + logger.info("All enabled indexes built successfully") + + def save_index(self) -> None: + """Save indexes to disk""" + logger.info("Saving indexes to disk") + + if not self.settings.colbert_only: + logger.debug(f"Saving BM25 index to: {self.settings.index_path}") + self.bm25_searcher.save(self.settings.index_path) + logger.debug("BM25 index saved successfully") + else: + logger.debug("Skipping BM25 index save (ColBERT-only mode)") + + if self.settings.use_colbert and self.colbert_searcher: + logger.debug(f"Saving ColBERT index to: {self.settings.colbert_index_path}") + self.colbert_searcher.save(self.settings.colbert_index_path) + logger.debug("ColBERT index saved successfully") + else: + logger.debug("Skipping ColBERT index save (not enabled)") + + logger.info("All enabled indexes saved successfully") + + def load_index(self) -> None: + """Load indexes from disk""" + logger.info("Loading indexes from disk") + + if not self.settings.colbert_only: + logger.debug(f"Loading BM25 index from: {self.settings.index_path}") + self.bm25_searcher.load(self.settings.index_path) + logger.debug("BM25 index loaded successfully") + else: + logger.debug("Skipping BM25 index load (ColBERT-only mode)") + + if self.settings.use_colbert and self.colbert_searcher: + logger.debug( + f"Loading ColBERT index from: {self.settings.colbert_index_path}" + ) + self.colbert_searcher.load(self.settings.colbert_index_path) + logger.debug("ColBERT index loaded successfully") + else: + logger.debug("Skipping ColBERT index load (not enabled)") + + logger.info("All enabled indexes loaded successfully") + + def retrieve(self, query: str, top_k: int) -> list[tuple[Document, float]]: + """Retrieve documents using hybrid search""" + logger.debug(f"Hybrid retrieval initiated with query: '{query}', top_k={top_k}") + + if self.settings.colbert_only and self.colbert_searcher: + logger.debug("Using ColBERT-only retrieval") + results = self.colbert_searcher.search(query, top_k) + logger.info(f"ColBERT-only retrieval completed: {len(results)} results") + return results + + logger.debug("Using hybrid retrieval approach") + all_results = [] + + if self.settings.use_colbert and self.colbert_searcher: + logger.debug( + f"Performing ColBERT search with top_k={self.settings.colbert_top_k}, weight={self.settings.colbert_weight}" + ) + colbert_results = self.colbert_searcher.search( + query, self.settings.colbert_top_k + ) + logger.debug(f"ColBERT search returned {len(colbert_results)} results") + all_results.append((colbert_results, self.settings.colbert_weight)) + + logger.debug( + f"Performing BM25 search with top_k={self.settings.bm25_top_k}, weight={self.settings.bm25_weight}" + ) + bm25_results = self.bm25_searcher.search(query, self.settings.bm25_top_k) + logger.debug(f"BM25 search returned {len(bm25_results)} results") + all_results.append((bm25_results, self.settings.bm25_weight)) + + logger.debug(f"Combining results from {len(all_results)} retrievers") + combined = self._combine_results(all_results) + logger.debug(f"Combined results: {len(combined)} unique documents") + + if self.settings.use_reranking and self.reranker: + logger.debug("Applying reranking to combined results") + combined = self.reranker.rerank(query, combined) + logger.debug("Reranking completed") + else: + logger.debug("Skipping reranking (not enabled)") + + final_results = combined[:top_k] + logger.info( + f"Hybrid retrieval completed: {len(final_results)} final results returned" + ) + return final_results + + def _combine_results( + self, results_with_weights: list[tuple[list[tuple[Document, float]], float]] + ) -> list[tuple[Document, float]]: + """Combine results from multiple retrievers with weighted scores""" + logger.debug(f"Combining results from {len(results_with_weights)} retrievers") + doc_scores = {} + total_docs_processed = 0 + + for i, (results, weight) in enumerate(results_with_weights): + logger.debug( + f"Processing retriever {i + 1}: {len(results)} results, weight={weight}" + ) + + if not results: + logger.debug(f"Retriever {i + 1} returned no results, skipping") + continue + + scores = [score for _, score in results] + if not scores: + logger.debug(f"Retriever {i + 1} has no valid scores, skipping") + continue + + min_score = min(scores) + max_score = max(scores) + score_range = max_score - min_score if max_score != min_score else 1 + logger.debug( + f"Retriever {i + 1} score range: {min_score:.4f} to {max_score:.4f} (range: {score_range:.4f})" + ) + + new_docs = 0 + updated_docs = 0 + + for doc, score in results: + normalized_score = (score - min_score) / score_range + weighted_score = normalized_score * weight + doc_id = id(doc) + + if doc_id in doc_scores: + current_doc, current_score = doc_scores[doc_id] + doc_scores[doc_id] = ( + current_doc, + current_score + weighted_score, + ) + updated_docs += 1 + logger.debug( + f"Updated existing doc: original_score={score:.4f}, normalized={normalized_score:.4f}, weighted={weighted_score:.4f}" + ) + else: + doc_scores[doc_id] = (doc, weighted_score) + new_docs += 1 + logger.debug( + f"Added new doc: original_score={score:.4f}, normalized={normalized_score:.4f}, weighted={weighted_score:.4f}" + ) + + total_docs_processed += len(results) + logger.debug( + f"Retriever {i + 1} processing completed: {new_docs} new docs, {updated_docs} updated docs" + ) + + logger.debug( + f"Score combination completed: {len(doc_scores)} unique documents from {total_docs_processed} total results" + ) + + logger.debug("Sorting combined results by final scores") + combined_results = list(doc_scores.values()) + combined_results.sort(key=lambda x: x[1], reverse=True) + + if logger.isEnabledFor(logging.DEBUG): + for i, (doc, score) in enumerate(combined_results[:5]): + source = doc.metadata.get("filename", "unknown") + logger.debug( + f"Top {i + 1} combined result: score={score:.4f}, source={source}" + ) + + logger.debug( + f"Result combination completed: {len(combined_results)} final combined results" + ) + return combined_results + + def get_retrieval_method(self) -> str: + """Get description of retrieval method being used""" + if self.settings.colbert_only: + method = "ColBERT-only" + elif self.settings.use_colbert: + method = "Hybrid (BM25 + ColBERT)" + else: + method = "BM25-only" + + logger.debug(f"Retrieval method: {method}") + return method diff --git a/pyproject.toml b/pyproject.toml new file mode 100644 index 0000000000000000000000000000000000000000..18361d454b147d52e22d8febecb90b5ee27cd3c4 --- /dev/null +++ b/pyproject.toml @@ -0,0 +1,41 @@ +[project] +name = "nexus" +version = "0.1.0" +description = "Add your description here" +readme = "README.md" +requires-python = ">=3.13" +dependencies = [ + "asyncio>=3.4.3", + "colbert-ai>=0.2.21", + "dotenv>=0.9.9", + "faiss-cpu>=1.11.0", + "fastapi[standard]>=0.115.14", + "openai>=1.93.0", + "pydantic>=2.11.7", + "pydantic-settings>=2.10.1", + "rank-bm25>=0.2.2", + 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