Jul 25, 2016 - 07:58 AM
In developing a real property appraisal, an appraiser must identify the characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal, including its location and physical, legal, and economic attributes.
Given that, appraisers performing appraisals subject to Fannie Mae guidelines (the reference to the "URAR" form suggests such) are expected to comply with Fannie Mae's Selling Guide publication, which states, in part:
Additions without Permits If the appraiser identifies an addition(s) that does not have the required permit, the appraiser must comment on the quality and appearance of the work and its impact, if any, on the market value of the subject property.
For additional information on an appraiser's obligations under Fannie Mae guidelines, we suggest you contact Fannie Mae directly. You may click on the following link to the "Appraisers" page on Fannie Mae's website: