A hypothetical condition in real estate appraisal is an assumption made contrary to fact for the purpose of analysis. It allows valuation or analysis to occur in a different context than the actual current conditions or circumstances.
The Residential Accredited Appraiser (RAA) designation is awarded to state-certified residential appraisers who meet specific requirements set by the National Association of Realtors (NAR). This designation signifies advanced knowledge and higher professional standards in residential appraisal.
The Uniform Residential Appraisal Report (URAR) is a standardized report form used by appraisers when estimating the market value of a residential property, often in conjunction with mortgage underwriting.
