Real Estate Analysis and Commentary.

Uniform Appraisal Dataset Definitions Addendum
July 19th, 2014 9:23 AM

Uniform Appraisal Dataset Definitions Addendum

A valuable and underutilized exhibit that helps the reader of the appraisal report understand some of the abbreviated and standardized responses mandated by UAD is the inclusion of the Uniform Appraisal Dataset Definitions Addendum. This addendum includes the Condition Ratings and Definitions, Quality Ratings and Definitions, and the Abbreviations Used in Data Standardization Text. The “Abbreviations Used” section usually also includes either a few blank lines at the end of the section or a section labeled “Other appraiser defined abbreviations.”

Most appraisers are attentive to include this exhibit in the appraisal report, but many underutilize the section used for the abbreviations that the appraisers themselves have defined in the report. Typically, these abbreviations were used in the sales comparison approach for the view or location field. Other fields where appraisers may use his or her abbreviations include, but are not limited to, the design/style, heating/cooling, energy efficient items, porch/patio/deck or in the other additional line items fields. Additionally, the improvements section often contains appraiser defined abbreviations.

In order to be clear to the intended user, when abbreviations are used in UAD fields, they must be defined in the report. The UAD appraiser defined definitions addendum should include a section where the appraiser can note and define the abbreviation, the full name, and explain in which fields or section of the report the abbreviation may appear.

Here are a few examples:

Abbreviation Full Name Fields where this abbreviation may appear

Gated Gated Community Location, sales comparison approach

BrdedProps Boarded properties View, sales comparison approach

BksHwy Backs to Highway Location and View, sales comparison approach

PP Paver Patio Porch/Patio/Deck, sales comparison approach

CAC Central Air Conditioning Heating/Cooling, sales comparison approach

ST Stucco Exterior Walls, Improvements section

ConBlck Concrete Block Foundation, improvements section

Ldsp Landscaping Other line item, sales comparison approach

Posted in:General
Posted by Wayne Henry on July 19th, 2014 9:23 AMPost a Comment

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