The Complete BRAVE 99-Field Reference

What Is the BRAVE Data Standard?

BRAVE — the Banking Real Estate Appraisal Valuation Exchange — is a structured data standard for commercial real estate appraisals created by Valcre, the leading commercial real estate appraisal software platform. Adopted by Bank OZK in March 2026, BRAVE defines exactly 99 fields that capture the essential data from a CRE appraisal in a machine-readable format. Over 300 appraisal firms now use the standard.

This page is a complete reference of every BRAVE field, organized by the 6 official categories. Use it alongside the BRAVE validator at usebrave.org to ensure your files pass validation. For technical details on the standard, see the Valcre BRAVE support documentation.

For background on why BRAVE exists and who requires it, see What Is BRAVE?.

Download Empty BRAVE Templates

Start with a pre-built template containing all 99 field names with empty Response values:

• Download BRAVE Template (XLSX) — for Excel and Google Sheets
• Download BRAVE Template (CSV) — for any spreadsheet application or programmatic use

The template uses the official two-column format: Field Name (Column A) and Response (Column B).

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1. Job (3 Fields)

The Job category identifies the appraisal engagement itself: the client reference number, report date, and currency.

#	Field Name	Description	Data Type
1	Job.ClientRef	Client-assigned reference or file number	String
2	Job.ReportDate	Date the appraisal report was issued	DateTime
3	Job.CurrencyType	Currency code for all monetary values (e.g., USD)	String

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2. Property (52 Fields)

The largest category. Property fields capture identification, location, land and building characteristics, tax assessment, sales history, and physical attributes.

Address and Identification (Fields 4-14)

#	Field Name	Description	Data Type
4	Property.Name	Property name or project name	String
5	Property.AddressStreet	Street address	String
6	Property.AddressCity	City	String
7	Property.AddressState	State abbreviation (e.g., TX)	String
8	Property.AddressPostalCode	ZIP or postal code	String
9	Property.AddressCounty	County name	String
10	Property.AddressCountry	Country code (e.g., US)	String
11	Property.Latitude	Geographic latitude	Decimal
12	Property.Longitude	Geographic longitude	Decimal
13	Property.LegalDescription	Full legal description of the property	String
14	Property.DevelopmentStatus	Current development status (e.g., Existing, Proposed, Under Construction)	Enum

Tenancy and Classification (Fields 15-18)

#	Field Name	Description	Data Type
15	Property.NumTenantsCount	Number of tenants	Int32
16	Property.Type	Property type (Office, Retail, Industrial, Multifamily, etc.)	String
17	Property.Subtype	Property subtype or further classification	String
18	Property.Owner	Current property owner	String

Sales History (Fields 19-23)

#	Field Name	Description	Data Type
19	Property.RecentSaleDate	Date of most recent sale	DateTime
20	Property.SoldLastThreeYrs	Whether property sold in the last 3 years	Boolean
21	Property.RecentSalePrice	Most recent sale price	Decimal
22	Property.CurrentListPrice	Current listing price, if on market	Decimal
23	Property.CurrentSalePrice	Current contract or pending sale price	Decimal

Tax Assessment (Fields 24-31)

#	Field Name	Description	Data Type
24	Property.Tax.Year	Tax assessment year	Int32
25	Property.Tax.LandValue	Assessed land value	Decimal
26	Property.Tax.ImprovedValue	Assessed improvement value	Decimal
27	Property.Tax.Exemptions	Tax exemptions amount	Decimal
28	Property.Tax.AssessedValueTotal	Total assessed value	Decimal
29	Property.Tax.MarketValueTotal	Total market value per assessor	Decimal
30	Property.Tax.RateAmount	Tax rate or millage rate	Decimal
31	Property.Tax.TotalTaxes	Total annual tax amount	Decimal

Land (Fields 32-37)

#	Field Name	Description	Data Type
32	Property.ParcelCount	Number of parcels	Int32
33	Property.ParcelNumbers	Parcel identification numbers	String
34	Property.LandAreaSF	Total land area in square feet	Decimal
35	Property.LandAreaAC	Total land area in acres	Decimal
36	Property.LandAreaUsableSF	Usable land area in square feet	Decimal
37	Property.LandAreaUsableAC	Usable land area in acres	Decimal

Site Characteristics (Fields 38-40)

#	Field Name	Description	Data Type
38	Property.Zoning	Zoning designation (e.g., C-3, R-1)	String
39	Property.SiteTopography	Site topography description	String
40	Property.SiteFloodZone	FEMA flood zone designation	String

Building Characteristics (Fields 41-55)

#	Field Name	Description	Data Type
41	Property.GrossBuildingArea	Gross building area in square feet	Decimal
42	Property.NetRentableArea	Net rentable area in square feet	Decimal
43	Property.UnitsCount	Number of units or suites	Int32
44	Property.BuildingsCount	Number of buildings	Int32
45	Property.FloorsCount	Number of floors/stories	Int32
46	Property.Elevator	Elevator present (Yes/No)	String
47	Property.BuildingClass	Building class (A, B, C)	String
48	Property.ConstructionClass	Construction class or type	String
49	Property.Quality	Quality rating	String
50	Property.Condition	Condition rating	String
51	Property.ParkingType	Parking type (Surface, Structured, Garage)	String
52	Property.ParkingSpacesCount	Number of parking spaces	Int32
53	Property.YearBuilt	Year originally constructed	Int32
54	Property.YearRenovated	Year of most recent renovation	Int32
55	Property.EconomicLifeRemain	Remaining economic life in years	Decimal

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3. Income (16 Fields)

Income fields capture the property's operating performance: revenue, expenses, and key rates used in income capitalization analysis.

#	Field Name	Description	Data Type
56	Income.RentalIncome	Total rental income	Decimal
57	Income.OtherIncome	Non-rental income (parking, laundry, etc.)	Decimal
58	Income.PotentialGrossIncome	Potential gross income (PGI)	Decimal
59	Income.VacancyLoss	Vacancy and collection loss amount	Decimal
60	Income.EffectiveGrossIncome	Effective gross income (EGI)	Decimal
61	Income.GroundLease	Ground lease payment amount	Decimal
62	Income.OperatingExpenses	Total operating expenses	Decimal
63	Income.Reserves	Replacement reserves amount	Decimal
64	Income.ReservesIncluded	Whether reserves are included in expenses	Boolean
65	Income.GroundLeaseIncluded	Whether ground lease is included in expenses	Boolean
66	Income.NetOperatingIncome	Net operating income (NOI)	Decimal
67	Income.OccupancyRate	Occupancy rate as percentage	Decimal
68	Income.VacancyRate	Vacancy rate as percentage	Decimal
69	Income.RentGrowthRate	Projected rent growth rate	Decimal
70	Income.ExpenseGrowthRate	Projected expense growth rate	Decimal
71	Income.RETaxGrowthRate	Projected real estate tax growth rate	Decimal

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4. Value (24 Fields)

Value fields contain the appraisal's valuation conclusions across all three approaches (cost, sales comparison, income) plus reconciled final values. The Value section supports two value columns: As-Is Market Value and Prospective Upon Completion.

#	Field Name	Description	Data Type
72	Value.Name	Value scenario label (e.g., "As-Is Market Value", "Prospective Upon Completion")	String
73	Value.Date	Effective date of value	DateTime
74	Value.Interest	Property interest appraised (Fee Simple, Leased Fee, etc.)	String
75	Value.CostApproach	Cost approach value conclusion	Decimal
76	Value.CostDirect	Direct (hard) costs in cost approach	Decimal
77	Value.CostIndirect	Indirect (soft) costs in cost approach	Decimal
78	Value.CostApproachProfit	Entrepreneurial profit in cost approach	Decimal
79	Value.CostSiteImpv	Site improvements value in cost approach	Decimal
80	Value.CostDepreciation	Accrued depreciation in cost approach	Decimal
81	Value.LandSalesApproach	Land value via sales comparison	Decimal
82	Value.ExcessLand	Excess land value (manual entry)	Decimal
83	Value.SalesApproach	Sales comparison approach value conclusion	Decimal
84	Value.IncomeApproach	Income approach value conclusion	Decimal
85	Value.CapRate	Overall capitalization rate applied	Decimal
86	Value.CapitalizationValue	Value via direct capitalization	Decimal
87	Value.CashFlowValue	Value via discounted cash flow (DCF)	Decimal
88	Value.DiscountRate	Discount rate used in DCF analysis	Decimal
89	Value.TerminalCapRate	Terminal (reversion) cap rate for DCF	Decimal
90	Value.ReconciledFinal	Final reconciled value conclusion	Decimal
91	Value.InsurableCost	Insurable replacement cost	Decimal
92	Value.FFE	Furniture, fixtures, and equipment value	Decimal
93	Value.BEV	Business enterprise value (manual entry)	Decimal
94	Value.BulkMarketValue	Bulk/portfolio market value (manual entry)	Decimal
95	Value.AggregateRetailSum	Aggregate of individual retail unit values (manual entry)	Decimal

Note: Fields 82, 93, 94, and 95 (Value.ExcessLand, Value.BEV, Value.BulkMarketValue, Value.AggregateRetailSum) are manual-entry fields that are not auto-calculated by the validator.

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5. Appraiser (4 Fields)

Appraiser credentials and licensing. The Appraiser section supports two columns: Appraiser 1 and Appraiser 2 (for co-signed reports).

#	Field Name	Description	Data Type
96	Appraiser.Name	Appraiser's full name and designations	String
97	Appraiser.LicenseState	State of appraiser license	String
98	Appraiser.LicenseNum	Appraiser license number	String
99	Appraiser.LicenseExpiration	License expiration date	DateTime

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Structural Notes

A few important details about the BRAVE file format that are not obvious from the field list alone:

1. Two value columns. The Value section (fields 72-95) has two response columns: "As-Is Market Value" and "Prospective Upon Completion." Fill both when the appraisal includes a prospective value.

2. Two appraiser columns. The Appraiser section (fields 96-99) has two response columns: Appraiser 1 and Appraiser 2. Use both for co-signed reports.

3. Three-level dot notation. Tax fields use three levels of dot notation (e.g., Property.Tax.Year), while all other fields use two levels.

4. Primary Income Valuation Method. The BRAVE file includes a dropdown at the top of the sheet for selecting "Direct Cap" or "DCF" as the primary income valuation method. This is separate from the 99 fields.

5. Manual-entry fields. Four Value fields (ExcessLand, BEV, BulkMarketValue, AggregateRetailSum) are designated as manual entry and are not validated against computed values.

Validation Rules

The usebrave.org validator checks BRAVE files against these rules:

• Data types correct — Decimal fields must be parseable as numbers, Int32 fields as integers, DateTime fields as valid dates, and Boolean fields accept "Yes"/"No"
• Reasonable ranges — cap rates must fall between 0% and 20%, for example
• Empty fields allowed — all fields are optional; blank values pass validation for every type
• Enum values — Property.DevelopmentStatus is validated as an Enum (e.g., "Existing", "Proposed", "Under Construction")

Note: Cross-field logic (e.g., NOI = EGI - Operating Expenses) is documented in the BRAVE specification but is not currently enforced by the usebrave.org validator.

Automating BRAVE File Creation

Filling in 99 fields manually from a PDF appraisal report is time-consuming and error-prone. AppraisalAPI extracts all 99 BRAVE fields directly from your appraisal PDF using AI, producing a validated BRAVE-format file in under two minutes.

For those who prefer to build BRAVE files manually, start with our downloadable templates above and follow our step-by-step guide.

Sources and Further Reading

• Valcre — creator of the BRAVE standard and leading CRE appraisal software
• usebrave.org — official BRAVE validator and standard documentation
• Valcre BRAVE support article — detailed technical reference for the BRAVE format
• Bank OZK BRAVE mandate — context on the first major lender to require BRAVE compliance
• What Is BRAVE? — overview of the standard and its impact on the industry