What are standard appraisal formats often used for residential appraisals?

Standard appraisal formats used for residential appraisals often include the URAR (Uniform Residential Appraisal Report) and the 1004 form. The URAR is a comprehensive report used predominantly for single-family residential properties, which adheres to guidelines established by Fannie Mae and Freddie Mac. It includes detailed information about the property, market analysis, and comparable sales data to support the appraised value.

The 1004 form is essentially a standardized version of the URAR and serves as an official document that appraisers utilize when conducting valuations for loans backed by government-sponsored enterprises. It is designed to facilitate consistency and accuracy in appraisals, which is important for lenders and various stakeholders in the real estate market.

In contrast, the other formats mentioned in the options—such as CMA (Comparative Market Analysis), BPO (Broker Price Opinion), or the 1064 and 1040 forms—are not standard appraisal formats for residential appraisals. CMAs and BPOs are more informal, often used by real estate agents for marketing properties or providing quick market assessments rather than formal valuations.