Hybrid Appraisal
An appraisal in which a third-party (not the appraiser) conducts the property inspection and data collection, while the licensed appraiser completes the analysis and value opinion based on the collected data.
Hybrid appraisals split the traditional appraisal process between a property data collector (who may be a real estate agent, inspector, or trained data collector) and the appraiser. The data collector provides photographs, measurements, and condition observations, which the appraiser uses to complete the analysis remotely. This model can reduce turnaround times and costs but raises concerns about data quality and the appraiser's ability to verify property condition. Not all states permit hybrid appraisals, and lender acceptance varies.
Related Terms
Desktop Appraisal
An appraisal performed without a physical inspection of the subject property, relying instead on public records, MLS data, prior appraisals, and other third-party data sources.
Uniform Residential Appraisal Report (URAR)
URARThe standard appraisal report form (Fannie Mae Form 1004 / Freddie Mac Form 70) used for most single-family residential mortgage appraisals.
Scope of Work
The type and extent of research and analysis performed in an appraisal assignment.
Competency Rule
A USPAP rule requiring that an appraiser must have the knowledge and experience necessary to complete an assignment competently, or must take steps to acquire it before accepting the assignment..
More in Report Types & Forms
View allForm 1004
The Fannie Mae designation for the Uniform Residential Appraisal Report (URAR), used for appraisals of one-unit properties and units in planned unit developments (PUDs).
Form 1004D (Appraisal Update)
1004DA form used to update a previously completed appraisal to reflect current market conditions and confirm that the property condition has not materially changed.
Form 2055 (Exterior-Only Appraisal)
2055An appraisal report form for exterior-only inspections of one-unit properties.
Form 1073 (Condominium Appraisal)
1073The standard appraisal form for individual condominium units, including analysis of the unit, the condominium project, and common elements.