Real Estate Appraisal Software Key Terms

Get an overview of the key terms of real estate appraisal applications

By Heather Topham Wood, Freelance Writer

Real estate appraisal software applications are used to give out estimates on multiple types of properties. The appraisal software can typically be used to value both residential and commercial properties. It will provide estimations based on location, lot size, property features and amenities.

Many real estate appraisal programs allow you to import data and save figures in order to easily access them at another time. These features can prove invaluable to both realtors and investors.

Web forms

As more and more real estate professionals decide to conduct business online, appraisal software companies are offering Internet based forms. Web appraisal forms permit the appraiser to save their data anywhere that they have Internet access and to send them via email.
Try: E-Trac has an overview of web forms used within their real estate appraisal software program.

1004MC

With all new appraisals, the 1004MC form needs to be included with the reports. The Fannie Mae 1004MC Market Conditions Addendum details historical information regarding an appraised property. Real estate appraisal software should incorporate this form.
Try: Find out more about this mandatory form through Bradford Technologies.

Mapping features

One feature of real estate appraisal software programs is the ability to map out the property. Mapping allows you to keep data about the home stored along with appraisal reports. You can use this application to create your own unique maps of different properties.
Try: United Systems has an overview of inRoads, a mapping feature that is a part of their real estate appraisal software.

Flood maps

Flood maps are required by FEMA and must be a part of your real estate appraisal documentation. Flood maps will show the areas of the property that can be affected by flooding as well as any defenses that the property has against floods. Appraisal software programs can store their flood maps within the program and can usually provide you with a flood insurance rate.
Try: Day One provides potential clients with information about flood maps and FEMA compliance.

Revaluation

Revaluation is a job that is performed by real estate appraisers and can be managed through their software program. Revaluation requires market analysis to determine accurate and equitable values for all the properties within a particular area.
Try: Vision Appraisal, a provider of real estate software, has an informative page with revaluation facts.

Specialized real estate appraisal software

Specialized real estate appraisal programs are a set of applications that perform a specific set of functions. Some specialized features may include the ability to analyze real estate equity acceleration, commercial growth and mortgage accelerator loans.
Try: Real Estate Direct Solutions has an article about specialized real estate appraisal software applications.