Thanks FHFA, for the clarification?

Pre UAD

The subject is a one-story, brick veneer residence, found to be average quality for a site-built home built in 1973. The condition was rated as average, with no deferred maintenance noted and no need for any immediate repairs.

UAD Compliant

C3; No updates in the prior 5 years; no need for repairs noted.
See you around the water cooler!
UncleZev

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Universal Appraisal Dataset or UAD

I am confident that most of us by now are familiar with the commonly known acronyms that are used in the appraisal industry. There are ASC, BEA, CFR, DESA, EPA, FEMA,  FIRREAFHA, FNMA, FREDDIE, GNMA, HUD,  IMF, JEC, KSC (ok that is actually the Kennedy Space Center – but you try and come up with a relevant K acronym), LOCIS, MSA, NAR, OTS, PHA,  UAD, URAR, VA, and SRIP  to name a few.

But how many of you are familiar with the following list. I take no credit for the majority of these as they have been around longer than the Internet.

ARTOR = Appraiser Really Tired of Rebuttals

BAFV = Best and Final Value

BISS = Because I Said So

CREATURE = Certified Real Estate Appraiser Turmoil Under Rebuttal Episode

FFLOP = Forum for Licensed Objective Professionals

FNMA = Florida National Mortgage Association (inside joke)

FOLO = Freaked Out Loan Officer (some times misspelled, by switching the L with the last O)

FROG = Finished Room Over Garage

FU = Functional Utility

For New Appraisers  – – IMHO = In my humble opinion

For Used Appraisers – – IMNSHO = In my not so humble opinion

Language used by the client – – RUSH = Really Unusual Sh*tty House

Language used by the client – – SUPER RUSH = A particular value needs to be reached

MC Addendum = Market Confusion Addendum

TROUSE = (Trailer house with stick-built addition)

Enjoy – – I know there are several others.. but it is late.

See you around the water cooler!

Uncle Zev