Which form is the standard appraisal report used in residential real estate?

• A. Residential Appraisal Short Form
• B. Uniform Residential Appraisal Report
• C. Standard Property Appraisal
• D. Residential Appraisal Form

Answer: (B)

The standard form used for mortgage lending on residential properties is the Uniform Residential Appraisal Report. This form is the industry benchmark because it provides a uniform, comprehensive template that lenders can rely on to compare appraisals consistently across different lenders and transactions. It covers all the essential elements needed to support a value opinion for single-family homes and properties with up to four units, including property description, site and improvements details, neighborhood context, and a detailed comparison with recent sales (comps) and adjustments, culminating in the final opinion of value. Lenders, including Fannie Mae and Freddie Mac, require this standardized form, which is why it’s considered the standard in residential real estate financing. Other options are not recognized as the official standardized form, lacking the required structure and detail that the URAR provides.