Free Real Estate Appraisal Forms, URAR 1004, 1025, 1073, 1004MC, 1007, 216, Fannie Mae, Freddie Mac by Mary Cummins real estate appraiser

FREE real estate appraisal forms, 1004, 1072, 1025, 1004D, CDAIR, 1004MC, 216, 1007, Uniform Residential Appraisal Report URAR, Mary Cummins, real estate appraiser, Los Angeles, California, Uniform Appraisal Data Set Definitions, Exterior Only Residential Appraisal Report, Individual Condominium Unit Appraisal Report, Market Conditions Addendum to the Appraisal Report , Appraisal Update Completion Report, Freddie Mac, Fannie Mae, UAD, Small Residential Income Property Appraisal Report , One Unit Residential Appraisal Field Review Report, Operating Income Statement, Single Family Comparable Rent Schedule 

Free real estate appraisal forms. These forms are blank in pdf and jpg format. I'm posting them so people can see the basic real estate appraisal forms used today. These are the most common real estate appraisal forms used in the United States. They are in alphabetical order. I'll be posting samples of each form filled out and completed next. I will also be posting a three part series about how to do a residential appraisal from pulling comparables to the inspection and the completion of the report. We don't just take photos and pull a value out of our hat. There is a lot of work that people don't see. 

If you are an appraiser and want to buy the software with these forms to fill out, check out Alamode, Clickforms, ACIweb, Homeputer to name but a few.  If you're thinking of forging an appraisal with these forms, good luck. These are just standard pdf copies that have a tiny watermark not visible in regular view. These are also not full appraisal reports with subject photos, comparable photos, plat map, sketch with measurements, subject detail page, subject map, comparable location map, copy of appraisal license, copy of appraiser's E&O Insurance... 

Appraisal Update and or Completion Report Fannie Mae form 1004D Freddie Mac 442 March 2005 Mary Cummins real estate appraiser.PDF     

Mary Cummins, real estate appraiser, Los Angeles, California, Appraisal Update and or Completion Report, 1004D form

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Appraisal%20Update%20and%20or%20Completion%20Report%20Fannie%20Mae%20form%201004D%20Freddie%20Mac%20442%20March%202005%20Mary%20Cummins%20real%20estate%20appraiser.PDF

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraisal.PDF

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

Catastrophic Disaster Area Inspection Report CDAIR form Mary Cummins Real Estate Appraiser, Los Angeles, California

  

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Catastrophic%20Disaster%20Area%20Inspection%20Report%20CDAIR%20form%20Mary%20Cummins%20Real%20Estate%20Appraisal.PDF

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser.PDF       

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

Exterior Only Residential Appraisal Report Fannie Mae Freddie Mac form 2055 March 2005 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Exterior%20Only%20Residential%20Appraisal%20Report%20Fannie%20Mae%20Freddie%20Mac%20form%202055%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser.PDF     

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

Individual Condominium Unit Appraisal Report Fannie Mae form 1073 Freddie Mac form 465 March 2005 UAD Mary Cummins Real Estate Appraiser

 

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Individual%20Condominium%20Unit%20Appraisal%20Report%20Fannie%20Mae%20form%201073%20Freddie%20Mac%20form%20465%20March%202005%20UAD%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Market Conditions Addendum to the Appraisal Report Fannie Mae form 1004MC Freddie Mac form 71 March 2009 Mary Cummins Real Estate Appraiser.PDF  

Market Conditions Addendum to the Appraisal Report Fannie Mae form 1004MC Freddie Mac form 71 March 2009 Mary Cummins Real Estate Appraiser

      

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Market%20Conditions%20Addendum%20to%20the%20Appraisal%20Report%20Fannie%20Mae%20form%201004MC%20Freddie%20Mac%20form%2071%20March%202009%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser.PDF    

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

One Unit Residential Appraisal Field Review Report Fannie Mae 2000 Freddie Mac 1032 March 2005 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/One%20Unit%20Residential%20Appraisal%20Field%20Review%20Report%20Fannie%20Mae%202000%20Freddie%20Mac%201032%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser.PDF      

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser

Operating Income Statement Fannie Mae form 216 Freddie Mac form 998 August 1988 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Operating%20Income%20Statement%20Fannie%20Mae%20form%20216%20Freddie%20Mac%20form%20998%20August%201988%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Single Family Comparable Rent Schedule Fannie Mae form 1007 Freddie Mac form 1000 August 1988 Mary Cummins Real Estate Appraiser.PDF

Single Family Comparable Rent Schedule Fannie Mae form 1007 Freddie Mac form 1000 August 1988 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Single%20Family%20Comparable%20Rent%20Schedule%20Fannie%20Mae%20form%201007%20Freddie%20Mac%20form%201000%20August%201988%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser.PDF     

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

Small Residential Income Property Appraisal Report Fannie Mae form 1025 Freddie Mac form 72 March 2005 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Small%20Residential%20Income%20Property%20Appraisal%20Report%20Fannie%20Mae%20form%201025%20Freddie%20Mac%20form%2072%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser.PDF       

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser

Uniform Appraisal Dataset UAD Definitions Addendum Fannie Mae form Mary Cummins real estate appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Uniform%20Appraisal%20Dataset%20UAD%20Definitions%20Addendum%20Fannie%20Mae%20form%20Mary%20Cummins%20real%20estate%20appraiser.PDF

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser.PDF   

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

Uniform Residential Appraisal Report URAR UAD Fannie Mae form 1004 Freddie Mac form 70 March 2005 Mary Cummins Real Estate Appraiser

http://www.marycummins.com/real_estate_appraisal_forms_mary_cummins_appraiser/Uniform%20Residential%20Appraisal%20Report%20URAR%20UAD%20Fannie%20Mae%20form%201004%20Freddie%20Mac%20form%2070%20March%202005%20Mary%20Cummins%20Real%20Estate%20Appraiser.PDF

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

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Racial Bias in Real Estate - Is it the Appraiser's Fault? by Maureen Sweeney

Racial Bias in Real Estate—Is It the Appraiser's Fault? by Maureen Sweeney, SRA, AI-RSS

In the past year, appraisers have been under attack for "racial bias" when providing appraisal services to lenders for home mortgages. Let's take a closer look. A licensed real estate appraiser is expected to perform valuation services competently and in a manner that is independent, impartial and objective. Like doctors in the medical, dental, and veterinary fields, real property appraisers are licensed by the individual states where they practice. Real property appraisers are also regulated by the federal government as a result of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), enacted in 1989 in response to the savings and loan crisis of the late 1980s. Appraisers who develop appraisal reports for federally related transactions must be licensed. An example of a federally related transaction is a home mortgage. If a real property appraiser violates professional standards or the rules and laws governing their license, they can be fined, as well as having their license suspended or revoked. Appraisers collect the data, verify the data from reliable sources, analyze the data, and accurately report the conclusions. If real property appraisers neglect to do this, we can be fined, disciplined, lose our license or go to jail. In the 32 years since Congress charged the appraisal profession with protecting the public trust, I know of no discipline against an individual appraiser that was based solely on racial bias. If appraisal assignment results were based on any bias, including gender, sex, sexual orientation, race, age, mental or physical impairment, or any other protected population, the appraiser who developed that report would be in violation of national and state fair housing laws, appraiser licensing laws, and the clear standards of valuation practice. That appraiser should and must be subjected to peer review and regulatory oversight—and suffer the disciplinary consequences. Licensed appraisers must follow the law, which includes not performing an assignment with bias. Bias is defined as "a preference or inclination that precludes an appraiser's impartiality, independence, or objectivity in an assignment." If an appraiser has bias towards socioeconomic status, race, religion, nationality, gender, sex, age, weight, mental or physical disorders or disabilities, or anything else, the appraiser must withdraw from the assignment. If real property appraisers neglect to do this, we can be fined, disciplined, lose our license, or go to jail. Appraiser's Job The appraiser is central to the checks and balances in the home lending system. The appraiser is hired by the lender to ensure that there is adequate value in the property being used as collateral by the lender to provide funds to the borrower. The licensed broker/agent negotiates the price of the property, but they are not qualified or licensed to estimate the value. Providing valuation services is the job of the appraisal professional. The appraisal professional provides checks and balances in the housing system, as the appraiser has no financial interest in the amount or success of the transaction. Appraisers reflect the market; we do not create it. This may cause some to get angry, especially when their commission is at stake or a homeowner cannot get a home equity loan to update their kitchen or repair the roof. The lender may have reasons to reject a mortgage application that have nothing to do with the appraised value of the property. The borrower may not qualify for the loan, they may have a low credit score, or they have a job that does not pay enough to cover the loan. Because the appraiser is typically the only party in the mortgage process who meets the homeowner in person, the appraiser may become the sole target of the homeowner's disappointment, even if the reason for rejection of a loan has nothing to do with the market value of the property. The Critics In their research article Neighborhoods, Race, and the Twenty-first-century Housing Appraisal Industry, two academics making bias claims against appraisers, Dr. Junia Howell and Dr. Elizabeth Korver-Glenn, identify that "all appraisers complied with a uniform definition of market value that specified that appraisal values should be 'the most probable price' in an open and fair sale." A fair sale means that buyer and seller are each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Howell and Korver-Glenn use "predicted values" to validate their findings. Predicted values are constructed by assigning a chosen value to each explanatory variable in their study. They conclude a predicted value of $479,000 for properties located in neighborhoods where there are higher quality public schools, lower crime rates, more accessibility to public parks, and more convenient to public transportation and employment. Properties located in neighborhoods that have poor or no public schools, high crime rates, no access to public parks, no access to public transportation, and limited employment options or opportunities had concluded predicted values of $58,000 and $65,000.

According to their data, buyers pay more to live in one neighborhood than another. Howell and Korver-Glenn showed through their data and the use of predicted values that the most probable price in an open and fair sale is more for properties in locations that have greater neighborhood amenities and less for properties in locations that have limited neighborhood amenities. As an appraiser, I agree with this conclusion and so does the open market. In their 2018 report, The Devaluation of Assets in Black Neighborhoods, The Case of Residential Properties, authors Andre Perry, Jonathan Rothwell and David Harshbarger also claim racial inequities within the housing market. This study also uses market value. It examines components of neighborhoods and locations including access to schools, the quality of the schools, access to businesses, including stores, restaurants, and other goods and service providers, walkability, crime, income mobility, household income, and educational attainment. This study uses regression analysis to predict home values. They found that violent crime predicts significantly lower property values. They also found that school quality, the number of gas stations, and access to public transportation affect value. In areas where school performance is weaker, commute times are longer and access to business amenities is more limited, the value of housing is less than in locations that have high performing schools, short commute times, and ample access to businesses. I agree with this conclusion also, and so does the open market. In their study Howell and Korver-Glenn investigate whether racial inequality persists in the contemporary appraisal industry and, if present, how it happens. Howell and Korver-Glenn's search criteria was single family houses in various census tracts areas in Harris County, TX in 2015. They use the terms value and price interchangeably and conclude that the market value ("the most probable selling price") in one area with better schools and less crime has higher value than properties in another area with poor performing schools and greater crime. However, the Howell-Korver-Glenn report as well as Perry-Rothwell-Harshbarger conclude this was based on race, and it was the fault of the appraiser, rather than the result of the open market. They ignored their own data and conclusions on the market value, which reflect the decisions and behaviors of knowledgeable buyers and sellers who are typically motivated, well informed, or well advised, and acting in their own best interests. Their conclusions mirror the conclusions of the various appraisers they studied: the likely selling price would be less in one location than in another. Like the results of these various studies, appraisers reflect the market—we do not create it. It is my hope that researchers, journalists, government officials, and the public come to clearly understand the vital role appraisers have in society. The systematic practice of redlining—bias in the approval or rejection of loans, the lack of quality public education, lack of affordable insurance and unfair property taxation are not caused by the appraiser. The appraiser must be independent, impartial, and objective. In a mortgage transaction the appraiser evaluates the property that is to be used as collateral in a mortgage finance transaction. The appraisal is provided to the lender, who uses the appraisal as one of the many criteria to underwrite the loan to determine if it will be funded or not. Contrary to what some believe, the appraiser does not make underwriting or lending decisions. Discrimination is a multi-layered, multi-cultural and multi-generational issue. The systematic, historic, and institutional causes of the various business and government policies and practices need to be addressed and cured. We do not blame the doctor for a cancer diagnosis. Why is the appraiser blamed for reporting on the real estate market?

About the Author Maureen Sweeney, SRA, AI-RRS, has been a residential real estate appraiser since 1989. From 2005 through 2017, she served as an Illinois Real Estate Appraisal Board member. Maureen is a national instructor with the Appraisal Institute and is the author of "The Valuation of Condominiums, Cooperatives, and PUDs" and the developer of their online and in-class 7-hour seminar, "Appraising Condos, Co-ops, and PUDs." She is an AQB Certified USPAP Instructor and resides in Chicago, Illinois.

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

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Different types of home valuations - appraisal by a licensed appraiser, CMA, BPO, AVM by NAR, Mary Cummins

UPDATE: 03/07/2022 I wrote this article originally just to discuss the different types of real estate valuations. In hindsight I should have gone into when to use each type of valuation. 

AVM: Feel free to look at AVMs for entertainment value only. They are not accurate unless you're looking at an average tract home in a tract development of average quality, condition properties with no views in the flats which was built more recently. Even then they are not specifically accurate. The location in the development matters. 

AVMs are not accurate with older homes, homes with views, upgraded homes in better than average condition, homes in less than average condition, homes on the edge of two very different neighborhoods, custom homes, homes on sloped lots, homes on odd lots like flag lots...anything out of the ordinary. If you have an upgraded home in great condition, AVM will probably be lower. If you have a home in horrible condition, AVM will probably be higher. 

VALUATION: Valuation are generally for lenders so it doesn't concern the lay person homeowner. 

CMA, BPO: These are generally just to get a range of values to list your property for sale. Back in my day you would list your property no more than 5% over current market value. If you list too high, you will lose potential buyers. If you list too low, you'll get a confusing bidding war. 

DESKTOP: There is no interior or exterior inspection. If your home is in great condition and fully upgraded, the value will come in lower. If your home is in horrible condition, the value will come in higher. 

HYBRID: While a person takes photos and measures the interior of the home, they are not the appraiser who writes the report. The appraiser has not seen the home, the neighborhood or the sold comparables. The appraiser will most likely be more conservative. If your home is in great condition and fully upgraded, the value may come in lower. If your home is in horrible condition, the value may come in higher. 

FULL APPRAISAL: The actual appraiser sees the interior/exterior of your home, the sold/listed comparables and has driven the neighborhood. They have the best feel of the actual value of the home. If your home is upgraded in good condition, you will get full market value for those improvements. Market value is the market's reaction to the improvements. If you installed a gold toilet and $10,000 worth of rare fruit trees, you won't get added value for that. If you added a new room and bathroom, you will get added value for that though it may not be the full cost of the addition. Not all improvements give 100% return on value. Some give more and some give less. 

If your home has a view, is on a slope, is a custom home, is in great condition, has lots of upgrades and is in a good specific location in the neighborhood (on a cul-de-sac at the top of a hill), you will get a higher valuation with a full appraisal. If your home is in fair condition, has issues, is in a bad specific location in the neighborhood (facing the alley, near industrial, next to a tall apartment building), you will probably get a lower value than a desktop/drive-by. 

I've recently had homeowners tell me they had a drive-by, desktop or hybrid and the value came in what they felt was low. The lender prefers the drive-by, desktop, hybrid because they're cheaper for the lender. The borrower is still paying the same appraisal fee in the cost of the loan whether they realize it or not. The owner then ordered a full appraisal and the value was higher. The value was most likely higher because all of the main factors of value i.e. quality, condition, location, view... could be seen and known by the appraiser. A great view can add 20% to the value of a home. Choose the type of valuation you need.

ORIGINAL 10/05/2021: From the National Association of Realtors. I agree with their brochure, definitions and chart. I was a Realtor for many years when I also worked as a broker. I added the cost of each on the bottom. 

YOUR HOME IS AN INVESTMENT. KNOW ITS VALUE. BE AN INFORMED HOME BUYER.

The appraiser is the independent, impartial, and objective professional in the mortgage transaction. An appraiser develops an appraisal which is a credible, reliable, and supported opinion of value. An appraisal is typically used by the lender in a home purchase transaction; this assists in the lender’s decision to provide funds for a mortgage. While the lender is technically the owner of the appraisal, as a borrower you still have certain rights:

•  You have the right to obtain your own appraisal, even  if you are paying cash for a property. 

•  You have the right to know what type of valuation  service is being ordered for your loan.

•  You have a right to make an appraisal a contingency  in your sales agreement.

A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised! The appraiser will observe the property, analyze the data, and report their findings to  their client. The client may be the lender, borrower, or  other third-party.

An appraisal ordered by a lender is for the benefit of the lender to ensure that the collateral they are using to securitize the loan is sufficient. An appraisal is not a home inspection. While all appraisals are valuation services, not  all valuation services are appraisals.

Product	Appraisal Report	Hybrid or Bifurcated Appraisal	Desktop Appraisal	CMA or BPO	Evaluation	Automated Valuation Model AVM
Source	Appraiser	Appraiser and/or Non-Appraiser	Appraiser and/or Non-Appraiser	Broker or Sales Agent	Non-Appraiser	Computer Generation Algorithm
Definition	An opinion of value that is developed by a licensed appraiser in compliance with the Uniform Standards of Professional Appraisal  Practice (USPAP). It is an unbiased, independent, objective, impartial, credible and reliable opinion of value.	A third-party performs the property inspection and provides the information to the licensed appraiser who uses this information, as well as other data, to complete the appraisal in compliance with USPAP.	A valuation performed without an interior or exterior inspection of the property by an appraiser or any 3rd party. All research is based on information from tax records, MLS data and other reliable sources.	Comparative Market Analysis, or CMA –Commonly prepared by a real estate agent to help their client determine a reasonable listing or purchase nprice for a property. CMAs do not comply with USPAP. Brokers Price Opinion,or BPO – Commonly prepared by a real estate broker to determine price (not value), BPOs are  traditionally associated with short sales, foreclosures and/or relocations. BPOs do not comply with USPAP.	Evaluation – An opinion of value for use by a lender. An evaluation does not have to comply with USPAP and does not have to be completed by a licensed appraiser.	An AVM is a mathematical model which estimates real estate property value. AVMs were designed to speed up the valuation process and reduce costs. Using algorithms and previously collected information, a value estimate is computer generated. Results may not be credible if adequate and relevant data is unavailable. An AVM is an evaluation, which is not an appraisal. Both Fannie Mae and Freddie Mac offer AVM- based valuations. Lenders may refer to this as an appraisal waiver. Borrowers have the right to reject the waiver and request an appraisal report.
Level of Inspection	INTERIOR AND EXTERIOR INSPECTION BYvAN APPRAISER	INSPECTION BY AN APPRAISER OR A THIRD PARTY	NO INSPECTION	MAY OR MAY NOT HAVE INSPECTION BY APPRAISER	NO INSPECTION	NO INSPECTION
Level of Valuation	Most Comprehensive	<-------			------->	Least Comprehensive

Costs

The first three cost money and the last three are free. A full interior/exterior inspection appraisal by a licensed, real estate appraiser is about $350-$550 but could be higher if it's a large, custom home. You receive a full report with measurements, photos and the valuation. Hybrids are supposed to be cheaper but they seem to cost the same and don't save time for anyone. A desktop appraisal runs about $300-$400 but could be higher if it's a large, custom home. Two to four units, apartment buildings, raw land, commercial, retail, warehouse, industrial property, business appraisals ... cost more. My price list is in my website http://marycummins.com/price.htm . I charge less than most. The average for Los Angeles, California for an average size home is $350-$500 per this survey as of September 2021. Lenders generally charge more as they have to pay the AMC who pays the appraiser. The AMC keeps part of the fee which is why it costs more. 

CMA and BPO are okay if you know and trust the real estate agent and just need a range in order to list the property. I've run into a few who intentionally listed the property low to sell to a friend or double end the deal to get both the buyer and seller's commission. While there are a few scammers in every profession there are many reputable agents out there. Ask your friends.

AVMs are okay if you are only looking for a wide range, ballpark figure for curiosity sake. They admit they are not reliable for homes at the lower and higher ends of the price, size, condition and age ranges. They may be okay for a newer average sized tract home or condo in good condition. 

Link to NAR brochure in pdf format.

https://cdn.nar.realtor/sites/default/files/documents/valuation-appraisal-for-homebuyers-12-2020.pdf

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

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