Common use of URAR Clause in Contracts

URAR. The appraiser will use the most recent revision of the URAR. (i) The ‘‘Estimated Reproduction Cost-New of Improvements’’ section of the form must be completed when the dwelling is less than 1 year old. (ii) Not less than three comparable sales, which are not more than 12 months old, will be used unless the ap- praiser provides documentation that such comparables are not available in the area. Comparable sales should be located as close as possible to the sub- ject dwelling. When the need arises to use a comparable sale that is a consid- erable distance from the subject, the appraiser must use his or her knowl- edge of the area and apply good judg- ment in selecting comparable sales that are the best indicators of value for the subject property.