Planned Unit Development (PUD)
A type of residential development where individual lots are owned in fee simple, but common areas (parks, pools, clubhouses) are shared and maintained by a homeowners association. PUDs are appraised on Form 1004 with the PUD section completed.
PUDs differ from condominiums in that the homeowner owns the land beneath and around their unit, not just airspace. PUD appraisals require the appraiser to analyze the HOA, common amenities, and any deed restrictions in addition to the standard residential analysis. Comparables should ideally come from the same PUD or similar PUD communities. The PUD section of the URAR addresses the number of phases, total units, common amenities, monthly assessment, and developer control status.
Related Terms
Homeowners Association (HOA)
HOAAn organization in a subdivision, planned community, or condominium that makes and enforces rules for its members and manages common areas.
Form 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 1073 (Condominium Appraisal)
1073The standard appraisal form for individual condominium units, including analysis of the unit, the condominium project, and common elements.
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.
More in Property Characteristics
View allGross Living Area (GLA)
GLAThe total finished, above-grade living area of a residential property, measured in square feet.
Gross Building Area (GBA)
GBAThe total area of a building measured from the exterior walls, including all finished and unfinished, above-grade and below-grade spaces.
Below-Grade Area
Any portion of a building that is below the ground level on any side.
ANSI Z765 Measurement Standards
ANSIThe American National Standards Institute standard for measuring residential floor area.