Land use Defined

[Chris POklacki]

I have not been able to find the definition of each land use we are to separate on page 1.
I know I have seen it somewhere but I just can’t find it.

The reason is on the old forms for condos, condos were an option but now they are not. It sounds stupid but I now get confused, is a condo one family (technically I think it is I don’t appraise the building just the unit) or Multi as some appraisers are saying it is.

 

[Tony Blackburn]

You may be confusing "Land Use" with zoning, which are two different things. You can get zoning, which is what the form asks for, from the municipality you are appraising in.

 

[Timothy Wixted]

I lump them in with single-family.

Tim

 

[Chris POklacki]

No I dont mean zoning. The land use and zoning area in different sections and are different items.

Yea, i lump them in with SF as well now that they took it out of the condo form. I though a an instructor in a class I took said it was "lumped" in with one family now. But I have ahd other appraisers question it and it made me question myself.

 

[Mike Garrett RAA]

One the first page of the URAR where it asks you for land use percentages I include single family detached, attached, and condos under the single family classification.

Multifamily denotes non-owned or apartments rather than single family owned.

I just checked Henry Harrison's Illustrated guide for the new URAR form and it is moot on this issue.

One the next page where it asks for comparables, I would only use condos if I was appraising a condo as this is the competition for that property type. I hope this helps.

 

[Chris POklacki]

Mike,
Yes thats exactly what I was doing and i also could not find it in HH book. I also could not find it on any Fannie Mae web site or any other. Seems kid of odd that I cant find it. But it has been argued, to me, that condo should be multi family but I see it the same way you do, non owner occupied.