What guidelines must appraisers follow when completing the sales comparison section of the URAR?

The correct choice, the Uniform Appraisal Dataset (UAD), outlines the specific guidelines that appraisers must adhere to when completing the sales comparison section of the Uniform Residential Appraisal Report (URAR). The UAD was established to promote consistency and standardization in the appraisal process, particularly in regard to data collection, reporting, and analysis.

Appraisers use the sales comparison approach by analyzing recent sales of similar properties to determine the market value of the property being appraised. The UAD specifies the required data fields and format for reporting, ensuring that appraisals are uniform and can be reliably used by lenders and other stakeholders in real estate transactions.

While the National Uniform Standards provides a framework for ethical practices in appraisal, it does not provide specific data guidelines for completing URAR forms. The Real Estate Settlement Procedures Act governs the handling of settlement costs during real estate transactions, but it does not dictate the procedures for appraisals. The Fair Housing Act pertains to prohibiting discrimination in housing practices but does not involve appraisal data requirements. Therefore, the Uniform Appraisal Dataset is the critical guideline for appraisers in the context of preparing the sales comparison section.