Pratt Appraising

Common Terms

216 - Operating Income Statement – This report is required in appraising investment property.

1004 – Also referred to as URAR. Appraisal report for a single family residence or townhome.

1004C – Appraisal report of a manufactured home.

1004D- Certificate of completion. This form is used when property is not 100% complete at the time of the original appraisal inspection and requires follow-up inspection.

1007- Comparable Rental Schedule to estimate the market rent of the subject property.

1025 – Multi-family appraisal report: duplex, triplex or fourplex income property. Includes a form 216 Operating Income Statement.

1073 – Condominium and condo-conversion appraisal report.

2000SRF – Review of an appraisal completed by another appraiser. Photos required and ofter the Reviewer’s opinion of Value.

2002 Desk Review- A desk review is generally performed using a customized checklist of items. There are no photos included in this report.

2055- Ext or Drive-By appraisal. There is no entry into the home by the appraiser. Exterior photos only.

Appraised Value - The independent appraiser’s opinion of market value.

Comparable or comp – Properties from within the subject's market area with similar attributes to the subject.

Comp check or verbal value - We do not provide comp checks or verbal values.

GLA- Living area of the home excluding workshops, garages, basements and detached guest houses.

Inspection – The process by which the appraiser measures and observes the subject property.

Manufactured home – A factory-built home driven to the site whereupon the axles and wheels are removed. This home will have a red State of Nevada Housing Authority plate affixed to the home.

Modular home – A factory-built home transported modularly to be assembled on site. This home will have a blue State of Nevada Housing Authority plate affixed to the home.

MLS – Greater Las Vegas Association of Realtors database of sales, rentals and listings.

Retype or Readdressed appraisal – Not offered by Pratt and Associates. We accept this type of assignment as a new appraisal.

Subject – The property being appraised.

USPAP – Uniform Standards of Professional Appraisal Practice chartered by Congress to maintain appraisal standards.