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APPRAISAL - EXTERIOR APPRAISAL REPORT

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2055 Exterior Appraisal Report
Form 2055 is a Uniform Standards of Professional Appraisal Practice (USPAP) compliant appraisal report that is based on an exterior-only inspection of a single family detached, attached, planned unit development (PUD) property.

The Form 2055 is to be used in appraising a single family property or a single family property with an accessory unit. This form is not to be used with a manufactured home, condominium or cooperative. The report is to include the following information and attachments:
  • A supported opinion of site value.


  • Subject property front and street scene photographs.


  • Comparable property photographs (front view).


  • Location map showing accurate locations of the subject property and all comparable properties.


Exterior-Only Individual Condominium Unit Appraisal Report (1075)

The Exterior-Only Individual Condominium Unit Appraisal Report (Form 1075) is the form used for appraisals of individual condominium units. This six page form complies with the Uniform Standards of Professional Appraisal Practice (USPAP), LandSafe, and customer guidelines and provides for an exterior inspection of the subject property. The form also includes an analysis of the project and the market and a value opinion.

To Form 1075, appraisers must attach the following:
  • Subject property photographs (front and street scene and any amenities substantially affecting marketability and/or value).


  • Comparable property photographs (front view).


  • Location map showing accurate locations of the subject property and all comparables used.


  • Appropriate certifications and limiting conditions that are USPAP compliant.
When appraising one unit in a condominium project, the appraiser should use the Sales Comparison Analysis and consider the Income Approach to value. Because of common building components and development improvements, the Cost Approach is not used in the valuation of an individual condominium unit.

Exterior-Only Individual Cooperative Interest Appraisal Report (2095)
The Exterior-Only Individual Cooperative Interest Appraisal Report (co-op) (Form 2095) is the form used for Exterior-only appraisals of individual co-op units. This six page form complies with the Uniform Standards of Professional Appraisal Practice (USPAP), LandSafe, and customer guidelines and provides for an exterior inspection of the subject property. The form also includes a concise analysis of the project and the market, and a value opinion. The co-op valued using this form may be part of the PUD. However, this form may not be used in valuing a manufactured home or a unit in a condominium project.

Co-ops are a unique property type. Valuation of co-ops requires valuing the cooperative interest (the co-op shares or other evidence of an ownership interest in the cooperative corporation and the accompanying occupancy rights (normally a proprietary lease). The value of the underlying blanket mortgage is excluded.

To Form 2095, appraisers must attach the following:
  • Subject property photographs (front, and street scene and any amenities substantially affecting marketability and/or value). Often a rear scene is not available and an explanation is required.


  • Comparable property photographs (front view).


  • Location may show accurate locations of the subject property and all comparables used (sales and listings).


  • Appropriate certifications and limiting conditions that are USPAP compliant.
When appraising a unit in a cooperative project, the appraiser should use the Sales Comparison Analysis and consider the Income Approach to value. Because of common building components and development improvements, the Cost Approach is not used in the valuation of an individual co-op unit.

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