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Appraiser Jargon​

Experience You Can Count On....

You can rely on our expertise and knowledge of the Pee Dee market to provide you an accurate appraisal of your property.

Jonathan D. Chandler, SRA

We recognize that the needs of our clients are unique and varied. If you do not find what you are looking for on our website, please email or telephone us about your specific appraisal need. We’d be delighted to discuss it with you.

Call us today (843) 662-2064 to make your appointment for reliable and dependable appraisal!

Appraiser Jargon

Frequently Asked Questions
Click here for a list of frequently asked questions about our appraisal services or the appraisal process in general.

We'd be happy to answer any of your specific questions . . . Just contact us if your concern isn't addressed below. 


Here are some examples of common appraiser jargon and their meanings.


Adjustment
When comparable properties have been identified, the appraiser adjusts the value of the subject property according to differences in living area, acreage, frontage, amenities and the like.  This is where the professional expertise of an appraiser is most valuable.

Chattel
Personal property that may be on the subject property but which does not figure into the opinion of value in the appraisal report.

Comparable or comp
Properties like the subject property nearby which have sold recently, used as a basis to determine the fair market value of the subject property.  
The Uniform Standards of Professional Appraisal Practice (USPAP) establish clear guidelines for comparable selection.

Drive-by
An appraisal that is limited to examination of comparable sales and a determination that the property is actually there and has no obvious defects or damage visible from the outside.  Fannie Mae’s form for this type of appraisal is its 2055, so you may hear a drive-by referred to as a 2055.

Fair market value
The appraiser’s opinion of value as written in his or her appraisal report should reflect the fair market value of the property what a willing buyer would pay a willing seller in an arm’s-length transaction.

GLA
Gross Living Area, the sum of all above grade floor space, including stairways and closet space.  GLA is often determined using exterior wall measurements.

Latent defects
A defect on the property that is not readily apparent but which impact the fair market value.  Structural damage or termite infestation might be examples.

MLS
A Multiple Listing Service is a proprietary listing of all properties on the market in a given area and their listing prices, as well as a record of all recent closed sales and their sales prices.  Created by and used primary by real estate agents, many appraisers pay for access to these databases to aid in comparable selection and adjustment research.

Obsolescence
The value of assets diminishes as their capabilities degrade or more desirable alternatives are developed.  Functional obsolescence is the presence or absence of a feature which renders the property undesirable.  Obsolescence can also occur because the surrounding area changes, making a feature of the property less desirable.

Subject
Short for the property being appraised the subject property.

Useful life
The time during which a property can provide benefits to its owner.

URAR
Short for Uniform Residential Appraisal Report, Fannie Mae form 1004, it is the form most lenders require if they need a full appraisal (that is, with walk-through inspection).

USPAP
Short for Uniform Standards of Professional Appraisal Practice, USPAP promotes standards and professionalism in appraisal practice, and is often enacted into law in a state.  It is promulgated by the Appraisal Foundation, a non-governmental entity chartered by Congress to, among other things, maintain appraisal standards.

Walk-through
An inspection that includes a visit to each part of the interior of the house used in estimating value.

Did you just hear one of our appraisers say something and you came here to figure out what it meant! Every profession has its jargon..  

Contact us if your appraisal concern isn't addressed below!

We appreciate your interest in our appraisal company and look forward to working with you.


For specific information about any of our services, please use our contact form, or call: (843) 662-2064