Appraisal Institute Debuts Property Use Classification System – NMP Skip to main content

Appraisal Institute Debuts Property Use Classification System

Phil Hall
Sep 11, 2018
The Appraisal Institute has published a new book that details the challenges in valuating properties that are subject to being condemned through the eminent domain process

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).

 
Published
Sep 11, 2018
Homeward Lays Off 20% Of Staff

Alternative real estate financing company cut about 120 jobs.

Industry News
Aug 12, 2022
Lone Peak Lending Joins Panorama Mortgage Group

Names Donovan Stamps as president.

Industry News
Aug 11, 2022
Fairway Independent Mortgage Hires Former PrimeLending President

Firm says Scott Bristol is part of aggressive originator expansion.

Career
Aug 11, 2022
Mortgage Rates Jump Back Above 5%

Freddie Mac says rates recent volatility continues.

Industry News
Aug 11, 2022
Redfin: Share Of Relocating Buyers At All-Time High In July

People are looking for less expensive and better lifestyles.

Industry News
Aug 11, 2022
Redfin Expands iBuying Business To Florida

RedfinNow, which makes cash offers for homes, now operates in 34 markets in 16 states and the District of Columbia.

Tech
Aug 11, 2022