Understanding the operational differences between single-family appraisals (URAR Form 1004) and condominium appraisals (Form 1073) is essential for quality control departments and mortgage underwriters. While both reviews are designed to establish accurate market value and guarantee compliance, they focus on entirely different architectural, financial, and legal structures.
Form 1004: Focusing on the Lot and Structure
In a traditional Single-Family Residential appraisal (1004), the review is intensely focused on the physical property boundaries, individual land characteristics, zoning regulations, and single-unit building elements. Key check items include:
- Zoning matches (Legal, non-conforming, or illegal usage).
- Site dimension and utility access check.
- Stand-alone building materials, basement components, and individual outbuildings.
Form 1073: Analyzing the Project and Common Amenities
A Condominium Appraisal (1073) shifts focus from independent land to the overarching condo project. The individual condo unit is only one component of a shared estate. The QC reviewer must verify:
- Project Occupancy Ratios: Checking the balance of owner-occupants vs. tenants, which impacts mortgage underwriting eligibility.
- Homeowners Association (HOA) Health: Auditing common elements, HOA financial disclosures, monthly fees, and project controls.
- Comparable Selection: Verifying that comparables represent units both inside the subject's project and from competing condominium complexes to establish true market balance.
Summary
Each review requires specialized training. NovaTech maintains separate dedicated queues for single-family, multi-family, and condominium properties to ensure specialized experts inspect every file.