Appraisal Institute Debuts Property Use Classification System

Phil Hall

Sep 11, 2018

The Appraisal Institute has launched a new information system to classify and describe property uses while helping real estate-related professionals with their property use data storage and analysis.

The Property Use Classification System (PUCS) is based on the Appraisal Institute’s 15-year-old Commercial Data Storage Standard and expands the number of property classes from 13 to 18 and divides uses for land and buildings. PUCS contains three levels of use classification—property class, property type and property subtype—and provides an expansive number of property types and property subtypes, including newly developed appraisal considerations such as energy, rock-climbing facilities, recycling centers, waste transfer stations and intermodal properties.

“The Appraisal Institute’s Property Use Classification System has wide applicability through the real estate sector,” said Appraisal Institute President James L. Murrett. “It will be of tremendous value to stakeholders and service providers to the valuation profession, real estate brokers, architects, engineers and others.”

PUCS v. 1.0 is made available under a Creative Commons Attribution-NoDerivatives 4.0 International License (CC BY-ND).

Link copied

Published

Sep 11, 2018

Analysis and Data

Mortgage Applications Increase 2.8%

Refinancing activity gains momentum from lowest mortgage rates since August 2023.

Mortgage applications saw a notable increase of 2.8% in the week ending Dec. 1, 2023, according to data released by the Mortgage Bankers Association (MBA). This uptick came following adjustments made to account for the Thanksgiving holiday and is the fifth straight week of i...

People On The Move

Cenlar Hires Two, Makes Internal Promotion

All three will be directors of enterprise portfolio management.

Cenlar FSB, a national mortgage loan subservicer, announced that Kelly O’Donnell and Karen Sim have joined Cenlar and Darrin Borell has been promoted. The trio will be directors of enterprise portfolio management and will be responsible for driving and implementing strategic...