What form is known as the Uniform Residential Appraisal Report?

The Uniform Residential Appraisal Report is commonly referred to by its abbreviation, URAR. This report is a standardized form utilized by appraisers to detail the findings and opinions regarding the value of a residential property. It is essential in the mortgage lending process as it provides an objective assessment of a home's value, ensuring that lenders do not provide loans for amounts that exceed the property's worth.

The URAR includes essential information such as the property's characteristics, the appraiser's methodology, comparable sales data, and an overall valuation of the property. Its standardization facilitates consistency and reliability across different transactions and lenders, making it a crucial document in real estate finance.