Real Estate Appraisal Software Key Terms
Get an overview of the key terms of real estate appraisal applicationsReal 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.
1004MCWith 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.
Mapping featuresOne 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.
Flood mapsFlood 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.
RevaluationRevaluation 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.
Specialized real estate appraisal softwareSpecialized 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.
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