Additional Comparables and/or photos-Request for additional support in the determination of the subject property’s value.

Cancellation Fee-Applied if an appraisal is cancelled after the appraiser has already inspected the property.

Change of Borrower-When a new owner becomes responsible for the subject property and needs an appraisal written in their name. An appraisal can be used if done within the last 6 months. The borrower or lender they are currently working with must submit a release from the previous borrower and a completed appraisal request with the new borrower information.

Change of Lender-When a new lender becomes responsible for the loan on the subject property and needs an appraisal written in their name. An appraisal can be used if done within the last 6 months. The lender must submit a release from the previous lender and a completed appraisal request with all of the lender’s information.

Complex-A property that has a value over $500,000 and is located outside of civilization.

Condition & Marketability Report-

Individual Condominium Unit-Full appraisal performed on a condominium that’s written on an Individual Condominium Unit Appraisal Report, also referred to as a 1073.

Convert Appraisal-Conversion of original appraisal to a Uniform Residential Appraisal Report.

Exterior/Drive By-A specific type of appraisal where the value is determined by the subject property's exterior only.  The interior of the home does not effect the value. 

Fannie Mae Appraisal-Determines if the subject property is conforming and standing but does NOT determine a value. This type of appraisal is written on a Fannie Mae appraisal report, also referred to as a 2075.

FHA Appraisal-Written on a specific FHA Appraisal report.

FHA Condominium-Written on a specific FHA Individual Condominium Unit Appraisal report.

Field Review-

Final Inspection-

Single Family/Full Appraisal-Most commonly ordered appraisal. Can be referred to as a single family, home, residential or full appraisal. This appraisal is written on a Uniform Residential Appraisal Report (URAR), also referred to as a 1004.

Jumbo-A property that has a value over $500,000 and is located within the community.

Land Appraisal-Valuation of a piece of land to determine it's value.

PUD Addendum-

Rental Analysis-Single family comparable rent schedule and operating income statement done on a rental or investment property.

Rush Order-When an appraisal is requested for completion before the normal turn around time. Rush fee is dependent on how soon the appraisal report is needed, subject property location and the appraiser.

Small Residential Income Property-Performed on 2-4 family properties, written on a Small Residential Income Property Appraisal Report, also referred to as a 1025.

Square Foot Appraisal-Performed on manufactured homes. Written on a Marshall & Swift Square Foot Appraisal form.

Summary- Synopsis and inspection of additional units.

Trip Fee-Broken appointment without informing appraiser and/or long distance driving.

Update-