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appraisal property - Google News
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Tue, 01 Aug 2006 02:06:56 GMT
Tue, 01 Aug 2006 02:06:56 GMT
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appraisal property - Google News

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Valero Sues Texas Tax Appraisal Districts - KUT
http://news.google.com/news/url?sa=T&ct=us/0-0&fd=R&url=http://publicbroadcasting.net/kut/news.newsmain%3Faction%3Darticle%26ARTICLE_ID%3D948709%26sectionID%3D1&cid=1108368322&ei=QLfORL6ECqTepgLHnv2TAg
tag:news.google.com,2005:cluster=42105bc2
Mon, 31 Jul 2006 22:35:00 GMT

Valero Sues Texas Tax Appraisal Districts
KUT, TX - 3 hours ago
... Valero Energy Corporation has filed some 150 lawsuits against tax appraisal districts across Texas. The company says it has been paying property taxes for ...
Valero files 150 suits over property values in Texas Dallas Morning News (subscription)
Valero Sues Texas Counties Convenience Store Decisions
Valero pursuing 150 lawsuits to lower taxes -report Reuters
KHOU (subscription) - all 35 related

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Quarterly property tax payments due today - Daily News - Galveston County
http://news.google.com/news/url?sa=T&ct=us/1-0&fd=R&url=http://galvestondailynews.com/story.lasso%3Fewcd%3D2d85c0d2de470922&cid=1108384308&ei=QLfORL6ECqTepgLHnv2TAg
tag:news.google.com,2005:cluster=42109a34
Mon, 31 Jul 2006 03:49:00 GMT

Quarterly property tax payments due today
Daily News - Galveston County, TX - 22 hours ago
... For elderly and disabled homeowners, property taxes may be deferred or postponed for as ... A tax deferral affidavit must be filed with the appraisal district to ...
Sheriff’s sale set for Tuesday Daily News - Galveston County
all 2 related

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Self-appraisal - Marshall Independent
http://news.google.com/news/url?sa=T&ct=us/2-0&fd=R&url=http://www.marshallindependent.com/business/articles.asp%3FarticleID%3D4594&cid=0&ei=QLfORL6ECqTepgLHnv2TAg
http://www.marshallindependent.com/business/articles.asp?articleID=4594
Mon, 31 Jul 2006 12:31:00 GMT

Self-appraisal
Marshall Independent, MN - 13 hours ago
... “We are well imbedded in property inspections, home inspections and ... It’sa real estate school that teaches various topics, including appraisal.”.

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Supervisors dissatisfied with tax assessor - Meridian Star
http://news.google.com/news/url?sa=T&ct=us/3-0&fd=R&url=http://www.meridianstar.com/local/local_story_212004223.html&cid=1108389503&ei=QLfORL6ECqTepgLHnv2TAg
tag:news.google.com,2005:cluster=4210ae7f
Mon, 31 Jul 2006 08:39:00 GMT

Supervisors dissatisfied with tax assessor
Meridian Star, MS - 17 hours ago
... County Board of Supervisors who also serve on the county’s appraisal committee sat ... to grant agricultural use to residents with more than 5 acres of property? ...

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Town to mail final property values - Nashua Telegraph (subscription)
http://news.google.com/news/url?sa=T&ct=us/4-0&fd=R&url=http://www.nashuatelegraph.com/apps/pbcs.dll/article%3FAID%3D/20060731/NEWS01/107310187/-1/NEIGHBORS&cid=0&ei=QLfORL6ECqTepgLHnv2TAg
http://www.nashuatelegraph.com/apps/pbcs.dll/article?AID=/20060731/NEWS01/107310187/-1/NEIGHBORS
Mon, 31 Jul 2006 08:08:00 GMT

Town to mail final property values
Nashua Telegraph (subscription), NH - 17 hours ago
... The current work is being done by Vision Appraisal Technology of Northboro, Mass ... of actual sale price, while assessed values of commercial property was 70 ...

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Inflated appraisals bungle refinancing Homeowners find they owe ... - Contra Costa Times
http://news.google.com/news/url?sa=T&ct=us/5-0&fd=R&url=http://www.contracostatimes.com/mld/cctimes/news/local/states/california/15162629.htm&cid=0&ei=QLfORL6ECqTepgLHnv2TAg
http://www.contracostatimes.com/mld/cctimes/news/local/states/california/15162629.htm
Mon, 31 Jul 2006 10:06:00 GMT

Inflated appraisals bungle refinancing Homeowners find they owe ...
Contra Costa Times, CA - 16 hours ago
... the lenders have an incentive to ensure those loans are backed by property valued at ... to buy back a loan if it goes into default and the appraisal was fraudulent ...

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How about a look at the Chronicle's property tax appraisals? - blogHOUSTON
http://news.google.com/news/url?sa=T&ct=us/6-0&fd=R&url=http://www.bloghouston.net/item/3819/catid/3&cid=1108376507&ei=QLfORL6ECqTepgLHnv2TAg
tag:news.google.com,2005:cluster=42107bbb
Sun, 30 Jul 2006 16:25:00 GMT

How about a look at the Chronicle's property tax appraisals?
blogHOUSTON,  United States - Jul 30, 2006
... into the Houston Chronicle's property valuations. We've heard rumors for awhile now that the Chronicle breaks out its big legal guns at appraisal time, and has ...
Mayor gives oil taxes a lube job Houston Chronicle
all 2 related

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County property values continue steep climb - Bryan College Station Eagle
http://news.google.com/news/url?sa=T&ct=us/7-0&fd=R&url=http://www.theeagle.com/stories/073006/local_20060730002.php&cid=1108337380&ei=QLfORL6ECqTepgLHnv2TAg
tag:news.google.com,2005:cluster=420fe2e4
Sun, 30 Jul 2006 13:33:00 GMT


Bryan College Station Eagle
County property values continue steep climb
Bryan College Station Eagle,  United States - Jul 30, 2006
... The deadline for residents who would like to protest their property values has passed. The appraisal district, however, will continue hearing protests through ...
Businesses give big boost to Roanoke Fort Worth Star Telegram
all 2 related

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Property owners seek answers - Brownsville Herald
http://news.google.com/news/url?sa=T&ct=us/8-0&fd=R&url=http://www.brownsvilleherald.com/ts_comments.php%3Fid%3D71948_0_10_0_C&cid=0&ei=QLfORL6ECqTepgLHnv2TAg
http://www.brownsvilleherald.com/ts_comments.php?id=71948_0_10_0_C
Sun, 30 Jul 2006 05:11:00 GMT

Property owners seek answers
Brownsville Herald, TX United States - Jul 29, 2006
... “Every year since then, there has been an increase in the appraisal of our property,” Montanaro said. “Every year, I con-tested ...

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First Calgary Petroleums Ltd. 2006 Second Quarter Results - Canada NewsWire (press release)
http://news.google.com/news/url?sa=T&ct=us/9-0&fd=R&url=http://www.newswire.ca/en/releases/archive/July2006/31/c2011.html&cid=1108387188&ei=QLfORL6ECqTepgLHnv2TAg
tag:news.google.com,2005:cluster=4210a574
Mon, 31 Jul 2006 06:02:00 GMT

First Calgary Petroleums Ltd. 2006 Second Quarter Results
Canada NewsWire (press release), Canada - 20 hours ago
... of block acreage for appraisal following the ... 387 ----- 191,809 108,607 Property, plant and ...
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The Harris Company, REA/C

OUR WORK PLAN, A TECHNICAL / FORENSIC APPROACH
We believe the prerequisites of a successful real estate appraisal, consulting, and
valuation firm are diversity, an extensive background, and specialized knowledge that
when utilized appropriately are the catalysts for complex problem solving.  Accordingly
we have developed a methodology and study approach which exploits the most recent
developments in computer technology for both data analysis and information
management.  In addition to the commercially available software, utilized by our firm,
such as Word Perfect, MicroSoft Office, Generic CADD, FloorPlan, and Plan Ease we
have designed analytical software using Lotus 1-2-3, Fortran IV, and even Basic-A.  Our
proprietary software was designed to prepare market data analysis, building load and
function analysis (based upon key design ratios), standard and discounted cash flow
analysis, sales comparison analysis, multiple regression analysis, lease vs. buy
analysis, and a complete development-investment-and-financial analysis au fait
participating mortgages and equity structures providing simple, cumulative, and
compound preferences.

In the areas of land use (highest and best use), economics, market analysis, and
planning our endeavors have resulted in the production of several computer models
that are capable of measuring the benefits and disadvantages of planned and sporadic
growth patterns.  Aided by tools such as export base multipliers, location quotients,
input/output analysis, and aerial photography we have successfully tracked and
identified, economic and social factors, which have lead to regional prosperity or blight.

We are aware that some jurisdictions may have laws, administrative rules, regulations,
or ordinances that stipulate requirements in the valuation of real estate within their
jurisdictions.  We are then bound to utilize these requirements and comply with USPAP
under the Jurisdictional Exception Rule.

We are well aware that we are in an information driven industry and to insure ready
access to the best and most recent information effecting the real estate industry, we
have made a significant investment in our library which contains Expert Witness in Civil
Trails by Mark A Dombroff, Construction Arbitration by Thomas Oehmke, and a
complete set of the following: California Real Estate Law 2d., by Miller and Stark;
selected volumes, including The California Eminent Domain Law of Deering’s
California Codes published by Bancroft Whitney.  And, a complete text of the following:
Section 49, Code of Federal Regulations, Part 24 – The Uniform Relocation Assistance
and Real Property Acquisition for Federal and Federally Assisted Programs; The
Appraisal Guide, which provides guidance on appraising real estate for acquisition
under 49 CFR, Part 24b, May 2001; The Uniform Appraisal Standards for Federal Land
Acquisition, 1992; Title 2, California Code of Regulations, Office of Public School
Construction, Section 1859.44.1, Site Acquisition Guidelines; Title 5, California Code of
Regulations, Education, Section 1400, Minimum Standards; Title 25, California Code of
Regulations, Housing and Community Development, Section 6182, Acquisition; The
California Health and Safety Code Division 24, Section 33000, en seq – The California
Community Redevelopment Law; The California Evidence Code Section 810-824,
Evidence of Market Value of Property; The California Code of Civil Procedure Section
1258.210-1258.300, Discovery-Exchange of Valuation Data; The Los Angeles County
Superior Court Rules, 1995; and via the Internet, California Law, which consist of 29
codes, covering various subject areas, the State Constitution and Statutes.  Information
presented reflects laws currently in effect.

Real Estate Consultant, Real Property Consultant Real Estate Valuation, Los Angeles,
LA, L.A., RE Consultant,
Real Estate Counselors, Counselor of Real Estate, CRE
Consultant, CRE, Fee Appraiser, Los Angeles World Airport LAWA Appraiser, Real
Estate Consultant, Appraiser, Commercial Appraiser, Real Estate Appraiser, Appraisal,
real estate appraiser, Certified General Appraiser, find a real estate appraiser, PMI
Appraiser, Free Appraisal, Tax Appraiser, Appraisal Institute, Institute Appraiser, MAI
Appraiser, Commercial Appraisal, Commercial Appraiser, Income Property Appraisal,
Income Property Appraiser, Appraisal, Appraiser, Commercial Real Estate Appraiser,
Fast Appraiser, Real Estate Consultants, Real Estate Appraisers, Apartment Appraiser,
Land Appraiser, Real Estate Inspectors, Real Estate Broker, Expert Witness-Real
Estate, ASTM E2018, Insurance Inspector, FEMA Inspector, MAI, Appraisal Institute,
General Appraiser, Full Service Real Estate Consultant, loan calculator, Real Estate
Services, Appraisal Services, Approved Appraisers, Link Partners, HUD Appraiser,
Rehab Consultant, Remodel Consultant

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America’s Most Expensive Home on Market for $135 Million in Colorado

Trump ‘Trumped’ by Saudi Prince’s Aspen-area Compound

RISMEDIA, June 24, 2006—The most expensive single-family home listed in America has just gone on the market for $135 million, taking the “most expensive listing in America” title away from Donald Trump’s oceanfront estate in Palm Beach (FL), which carries a $125 million price tag. The newly listed Aspen (CO) home is owned by Saudi Prince Bandar bin Sultan bin Abdul Aziz, who is selling the estate to pursue his new responsibilities as chairman of his nation’s new national Security Council.

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The Harris Company REA/C Los Angeles, CA>

http://www.harriscompanyrec.com&nbsp;

REAL ESTATE APPRAISAL

Nature of the Work
Appraisers and assessors of real estate estimate the value of real property for a
variety of purposes, such as to assess property tax, to determine a sales price, or
to determine the amount of a mortgage that might be granted on a property. They
may be called on to determine the value of any type of real estate, ranging from
farmland to a major shopping center, although they often specialize in appraising
or assessing only a certain type of real estate such as residential buildings or
commercial properties. Assessors determine the value of all properties in a
locality for property tax purposes whereas appraisers appraise properties one at
a time for a variety of purposes, such as to determine what a good sale price
would be for a home or to settle an estate or aid in a divorce settlement.

Valuations of all types of real property are conducted using similar methods,
regardless of the type of property or who employs the appraiser or assessor.
Appraisers and assessors work in localities they are familiar with so they have a
knowledge of any environmental or other concerns that may affect the value of a
property. They note any unique characteristics of the property and of the
surrounding area, such as a specific architectural style of a building or a major
highway located next to the parcel. They also take into account additional aspects
of a property like the condition of the foundation and roof of a building or any
renovations that may have been done. Additionally, they may take pictures to
document a certain room or feature, in addition to taking pictures of the exterior of
the building. After visiting the property, the appraiser or assessor will determine
the fair value of the property by taking into consideration such things as
comparable home sales, lease records, location, previous appraisals, and
income potential. They will then put all of their research and observations
together in a detailed report, stating not only the value of the parcel but the
precise reasoning and methodology of how they arrived at the estimate.

Appraisers have independent clients and focus solely on valuing one property at
a time. They primarily work on a client-to-client basis, and make appraisals for a
variety of reasons. Real property appraisers often specialize by the type of real
estate they appraise, such as residential properties, golf courses, or strip malls.
In general, commercial appraisers have the ability to appraise any real property
but may generally only appraise property used for commercial purposes, such as
stores or hotels. Residential appraisers focus on appraising homes or other
residences and only value those that house 1 to 4 families. Other appraisers
have a general practice and value any type of real property.

Assessors predominately work for local governments and are responsible for
valuing properties so a tax formula can be used to assess property taxes. Unlike
appraisers, assessors value entire neighborhoods using mass appraisal
techniques to value all the homes in a local neighborhood at one time. Although
they do not usually focus on a single property they may assess a single property
if the property owner challenges the assessment. They may use a computer-
programmed automated valuation model specifically developed for their
assigned jurisdictions. In most jurisdictions the entire community must be
revalued annually or every few years. Depending on the size of the jurisdiction
and the number of staff in an assessor’s office, an appraisal firm, often called a
revaluation firm, may do much of the work of valuing the properties in the
jurisdiction. These results are then officially certified by the assessor.

When properties are reassessed, assessors issue notices of assessments and
taxes that each property owner must pay. Assessors must be current on tax
assessment procedures and must be able to defend their property
assessments, either to the owner directly or at a public hearing, as accurate,
since assessors are also responsible for dealing with tax payers who want to
contest their assigned property taxes. Assessors also keep a database of every
parcel in their jurisdiction labeling the property owner, issued tax assessment,
and size of the property, as well as property maps of the jurisdiction that detail the
property distribution of the jurisdiction.

Appraisers and assessors write a detailed report of each appraisal. Writing
these reports has become faster and easier through the use of laptop
computers, allowing them to access data and write at least some of the report on-
site. Another computer technology which has impacted this occupation are
electronic maps, made by assessor’s offices, of a given jurisdiction and its
respective property distribution. Appraisers and assessors use these maps to
obtain an accurate perspective on the property and buildings surrounding a
property. Digital cameras are also commonly used to document the physical
appearance of a building or land at the time of appraisal, and the pictures are
also used in the documentation of the report.

FannieMae's Property and Appraisal Guidelines—details their general
requirements for analyzing the property appraisal aspects of conventional
mortgages secured by one- to four-family properties. It also discusses special
considerations for certain types of housing-units in condominium, PUD, and
cooperative projects; manufactured (and other factory-built) homes; Community
Living group homes; mixed-use properties; properties affected by environmental
hazards; urban properties; affordable housing program properties; properties
located in special assessment or community facilities districts; properties
subject to leasehold interests (including those held by community land trusts);
and energy-efficient properties—that merit special consideration in the property
and appraisal review. Because the evaluation of a property is such a vital part of
the risk analysis, they expect a lender to place as much emphasis on
underwriting the property and reviewing the appraisal as it does on underwriting
the borrower's creditworthiness.

They require the appraiser to provide complete and accurate reports; to report
neighborhood and property conditions in factual and specific terms; to be
impartial and specific in describing favorable or unfavorable factors; and to avoid
the use of subjective, racial, or stereotypical terms, phrases, or comments in the
appraisal report. The opinion of market value must represent the appraiser's
professional conclusion, based on market data, logical analysis, and judgment.
When the information or methodology of an appraisal requires additional
clarification or justification, the lender's underwriter must obtain from the
appraiser any information that is necessary to make an informed decision
concerning the property.

We require that the appraiser and the lender follow appropriate practices in the
property valuation and underwriting processes. Their appraisal standards
specifically prohibit the development of a valuation conclusion that is based on
race, color, religion, sex, handicap, familial status, or national origin. The
effectiveness of our property underwriting guidelines is dependent on the ability
of a lender and its appraisers to avoid the use of potentially discriminatory
practices in the property appraisal and underwriting processes.

We hold the lender responsible for the accuracy of both the appraisal and its
assessment of the marketability of the property; therefore, it is important for a
lender's underwriters to understand their role in the appraisal process and their
relationship to the appraiser.

• The appraiser's role is to provide the lender with an accurate, and adequately
supported, opinion of value and an accurate description of the property.

• The underwriter's role is to review the appraisal report to assure that it is of
professional quality and is prepared in a way that is consistent with our appraisal
standards, to analyze the property based on the appraisal, and to judge the
property's acceptability as security for the mortgage requested in view of its value
and marketability.

These requirements are intended to provide guidance to an underwriter and an
appraiser about the type of information that is needed to make a prudent
underwriting decision. They are also designed to provide our minimum
acceptable appraisal standards. We recognize that our guidelines may not
address every appraisal problem; therefore, we allow the appraiser discretion to
properly develop the value opinion. The appraiser must, however, provide sound
reasoning in his or her appraisal report for any decisions he or she makes that
are not specifically covered by our guidelines.

This Part XI consists of four Chapters:

• Chapter 1—Appraiser Qualifications—discusses the lender's responsibility for
selecting appraisers and for reviewing their appraisals both initially and on an on-
going basis, the use of supervisory or review appraisers, and our right not only to
refuse to accept appraisals prepared by specific appraisers, but also to refer
unacceptable appraisal reports to the appropriate state appraiser licensing or
regulatory boards for investigation and action.

• Chapter 2—Appraisal (or Property Inspection) Documentation—describes the
various appraisal (or property inspection) report forms that are to be used to
document an appraisal (or property inspection) and any required exhibits to
them; discusses requirements related to the age of an appraisal (or property
inspection) report; explains the types of appraisals needed for new, proposed,
and existing construction; and references the various certifications that an
appraiser must make.

• Chapter 3—Special Appraisal Considerations—discusses considerations that
should be given to properties with unusual features, points out the need for
properties to meet specific eligibility criteria in order for the mortgage to be
delivered to us, and explains the detrimental effect that certain environmental
conditions can have on a property's value.

• Chapter 4—Reviewing the Appraisal Report—discusses the requirements for
analyzing a property and its appraisal.

FDIC Law, Regulations, Related Acts § 323.4 Minimum appraisal standards.
For federally related transactions, all appraisals shall, at a minimum:
(a) Conform to generally accepted appraisal standards as evidenced by the
Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by
the Appraisal Standards Board of the Appraisal Foundation, 1029 Vermont Ave.,
NW., Washington, DC 20005, unless principles of safe and sound banking
require compliance with stricter standards;
(b) Be written and contain sufficient information and analysis to support the
institution's decision to engage in the transaction;
(c) Analyze and report appropriate deductions and discounts for proposed
construction or renovation, partially leased buildings, non-market lease terms,
and tract developments with unsold units;
(d) Be based upon the definition of market value as set forth in this part; and
(e) Be performed by state licensed or certified appraisers in accordance with
requirements set forth in this part. [Codified to 12 C.F.R. § 323.4]

For probate appraisals the appraisal of property in the inventory shall be made
by the personal representative, probate referee, or independent expert
as provided in the probate code

Appraisals for the Los Angeles Word Airport must comply with requirements
established by the City of Los Angeles, the Federal Aviation Administration Audit,
and The Uniform Relocation Assistance and Real Property Acquisition Policies
Act of 1970 (The Uniform Act), as amended (49 CFR Part 24) which is mandatory
and establishes the minimum Real Property Acquisition Policies for Appraisal,
Negotiation, and Property Possession Standards and Requirements. The
appraisal is a formal written statement used to determine the fair market rent,
and value or just compensation for purchase of a specific property. The Real
Estate Contracting Officer must determine the appropriate type of appraisal
method to be used: No appraisal for property value less than $2,500, A Value
Finding (opinion of value) for properties whose value is estimated to be $2,500 to
$5,000, A Short Form appraisal for non-complex properties regardless of the
estimated purchase price, and finally a Long Form is required for all eminent
domain proceedings regardless of the estimated cost. For the purchase of real
property the appraisal should include a before and after valuation of the property
to determine the value of any severance damage.

According to the “Appraisal Guide:” “Appraisal problems are often encountered
by States, local agencies, and appraisers because there is not a clear
understanding of the relationship between the “Uniform Act” and the appraisal
function on Federal or federally-assisted projects. This guide was developed to
assist those involved to avoid potential appraisal problems.” The major topics
covered by the guide are: The “Uniform Act,” the “Appraisal Formats,” and an
“Appraisal Glossary.”

The purpose of the “Uniform Act” is to ensure that all property owners are treated
fairly and uniformly. Appraisal requirements are: 1) Establish just
Compensation 2) Disregard Differentials in Value Due to the Public
Improvement 3) Consider the Possibility of Uneconomic Remnants 4) Separate
Damages From Value of Property Taken 5) Appraise All Buildings, Structures,
and Improvements 6) Consideration of Tenant Owned Buildings, Structures, and
Improvements 7) Appraise Equal Interest in All Buildings, Structures, and
Improvements and 8) Separate Tenant Interest in the Appraisal.

Appraisals for the Los Angeles Unified School District must be prepared in
compliance with the Office of Public School Construction (OPSC), site
acquisition guidelines. The OPSC is primarily a funding agency of the State
Allocation Board who is responsible for the equitable allocation of tax dollars.
Their basic appraisal criteria are:

(a) The land improvements and appurtenances, excluding fixtures, equipment
and personal property, were appraised in an as is condition.

(b) Consideration in the appraisal was made for net useable acreage and
severance damages.

(c) The district or its legal counsel has contracted for the appraisal service.

(d) The appraiser has certified to the district that the appraisal complies with the
Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated
by the Appraisal Standards Board of the Appraisal Foundation.

(e) The amount of a court award for a site acquired in condemnation may be
used in lieu of the appraised value determined in (a) through (d) above, when
specifically approved by the Board.

Preparation of appraisals for subsidized housing in compliance with the Uniform
Standards of Professional Appraisal Practice (USPAP) requires knowledge and
experience that goes beyond typical residential competency. Subsidized housing
may be defined as single- or multifamily residential real estate targeted for
ownership or occupancy by low- or moderate-income households as a result of
public programs and other financial tools that assist or subsidize the developer,
purchaser, or tenant in exchange for restrictions on use and occupancy. The
United States Department of Housing and Urban Development (HUD) provides
the primary definition of income and asset eligibility standards for low- and
moderate-income households. Other federal, state, and local agencies, like the
California Tax Credit Allocation Committee and the Housing Authority of the
City of Los Angeles, may define income eligibility standards for specific
programs and developments under their jurisdictions.

Subsidies and incentives that encourage housing for low- and moderate-income
households may create intangible property rights in addition to real property
rights and also create restrictions that modify real property rights. The appraiser
should demonstrate the ability to discern the differences between the real and
intangible property rights and value the various rights involved. Low-Income
Housing Tax Credits (LIHTCs) are an example of an incentive that results in
intangible property rights that are not real property but might be included in the
appraisal. Project-based rent subsidies are an example of a subsidy
accompanied by restrictions that modify real property rights. Appraisers should
be aware that tenant-based rent subsidies do not automatically result in a
property right to the owner or developer of subsidized housing.

In appraisal of subsidized housing, the value definition selected or required by
the client and the reporting techniques should be discussed with the client prior
to acceptance of the assignment because the analyses may be based on
general market terms, subsidized housing submarket financing with unusual
conditions or incentives, both, or some other defined premise. Appraisers
should be aware that appraisal of subsidized housing usually requires more
than one value analysis predicated on different scenarios. In appraisal of
subsidized housing, value conclusions that include intangibles arising from the
programs will also have to be analyzed under a scenario without the intangibles
in order to measure their influence on value and report the results without
misleading the intended user.

What Is a HUD Appraiser/Appraisal? An appraiser is a professional person who
can tell you what your home is worth. The appraiser will come to your house and
list the number and size of the rooms and any extras, such as a fireplace, porch,
pool, or garage. The appraiser will compare your home and property to other
homes that have sold recently with similar features. The appraiser then
estimates that your home might sell for approximately the same amount of
money as similar homes. This is called an "appraisal."

An appraisal is an estimate of what amount of money your home may sell for. It is
very different from a home inspection which will warn you against anything in the
new home that should be fixed. A home inspection must be conducted by a
qualified home inspection.

The reason for a Relocation Appraisal is to estimate the market value of a
transferee's home and to provide insight into the client's needs and objectives.
Other types of appraisals are done for the purpose of insurance, mortgage,
probate, or taxes. They all have something in common in that they follow an
appraisal process. However, each of these types of appraisal has a different set
of guidelines and procedures to follow; so does the relocation appraisal.

The relocation appraisal has a set of definitions and instructions to appraisers
that relate only to the relocation appraisal. These guidelines differ substantially
from the appraisal process for other types of appraisals. A thorough explanation
of these guidelines is included in the Relocation Appraisal Guide published by
the Employee Relocation Council, Washington, D.C.

They direct the appraiser to forecast what the home will sell for in "as is
condition" within a reasonable marketing time. They can also direct the appraiser
to estimate the market value within a specified time frame. Confusion often exists
as to the interpretation of market value and reasonable marketing time. These
guidelines may be altered at the direction of the client who may have
supplemental guidelines.

The relocation appraiser is often asked to take time during the inspection to
counsel the transferee on the appraisal process and accept information from the
transferee such as "brag sheets" listing improvements to the home since
purchase and a factual record of any recent sales and listings in the
neighborhood which can be verified by the appraiser. The inspection and
counseling often require an hour, during which the appraiser has the opportunity
to communicate credibility and professionalism.

The relocation appraisal does not require a cost approach; however, if the
appraiser is going to submit this report for experience credit it is suggested that a
cost approach be completed and kept in the appraiser's file for future review by
an Admissions Committee. (Note: the Employee Relocation Appraisal Report
that was revised in 1994 and is currently being used in the industry, has the
correct departures from the Uniform Standards of Professional Appraisal
Practice)

Another way in which a relocation appraisal differs from a mortgage appraisal is
the appraisal review process. An appraiser who accepts a relocation appraisal
assignment must be prepared to take the time to write a competent report,
discuss the report with the client, and be responsive to the client's questions.
Requests for review of the factual data presented by the transferee or data
reported in another appraiser's report is part of the relocation appraisal process.
The appraiser is not being asked to change his value, but merely to review
additional data to determine if it could have an impact on his original value
conclusion.

The appraiser must be educated in relocation appraising and willing to devote
the extra time required for answering client questions about his report. The
appraiser must be aware that two to five appraisal reports are being reviewed
and discrepancies often occur. The questions are asked for clarification,
edification, and corrections since the reports are further reviewed by corporate
relocation personnel and, ultimately, the transferee.

Reprinted with permission from
The Society of Real Estate Appraisers, Fall 1990 Journal
225 North Michigan Avenue, Suite 724
Chicago, Illinois 60601-7601

THE COST SEGREGATION AUDIT TECHNIQUES GUIDE
This ATG has been developed to assist Internal Revenue Service (Service)
examiners in the review and examination of cost segregation studies. The
primary goals are to provide examiners with an understanding of

why cost segregation studies are performed for federal income tax purposes;
how cost segregation studies are prepared; and,
what to look for in the review and examination of these studies.
The ATG was developed by a cross-functional team of Service engineers and
agents and is not intended as an official IRS pronouncement. Accordingly, it may
not be cited as authority.

BACKGROUND
In order to calculate depreciation for Federal income tax purposes, taxpayers
must use the correct method and proper recovery period for each asset or
property owned. Property, whether acquired or constructed, often consists of
numerous asset types with different recovery periods. Thus, property must be
separated into individual components or asset groups having the same recovery
periods and placed-in-service dates in order to properly compute depreciation.

When the actual cost of each individual component is available, this is a rather
simple procedure. However, when only lump-sum costs are available, cost
estimating techniques may be required to "segregate" or "allocate" costs to
individual components of property (e.g., land, land improvements, buildings,
equipment, furniture and fixtures, etc.). This type of analysis is generally called a
"cost segregation study," "cost segregation analysis," or "cost allocation study."

In recent years, increasing numbers of taxpayers have submitted either original
tax returns or claims for refund with depreciation deductions based on cost
segregation studies. The underlying incentive for preparing these studies for
federal income tax purposes is the significant tax benefits derived from utilizing
shorter recovery periods and accelerated depreciation methods for computing
depreciation deductions. The issues for Service examiners are the rationale
used to segregate property into its various components, and the methods used
to allocate the total project costs among these components.

The most common situation is the allocation or reallocation of building costs to
tangible personal property. A building, termed "section (§) 1250 property", is
generally 39-year property eligible for straight-line depreciation. Equipment,
furniture and fixtures, termed "section (§) 1245 property", are tangible personal
property. Tangible personal property has a short recovery period (e.g., 5 or 7
years) and is also eligible for accelerated depreciation (e.g., double declining
balance). Thus, a faster depreciation write-off (and tax benefit) can be obtained by
allocating property costs to § 1245 property, or by reallocating § 1250 property
costs to § 1245 property.

A simple example illustrates the tax benefits of a cost segregation study. In
general, a turnkey construction project includes elements of tangible personal
property (e.g., phone system, computer system, process piping, storage tanks). It
is relatively easy to identify these items as § 1245 property and allocate a portion
of the total project costs to them. However, a cost segregation study may also
report certain building occupancy items, such as carpeting, wall coverings,
partitions, millwork, lighting fixtures, suspended ceilings, doors, as § 1245
property. These items may or may not constitute qualifying § 1245 property
depending on particular facts and circumstances, such as the location of the
assets and the specific activities for which the project was designed.

In addition to identifying specific project components that qualify as § 1245
property, cost segregation studies may treat portions of building components as
§ 1245 property. For example, a study may conclude that 15 percent of a building’
s electrical system directly supports § 1245 property, such as specialized kitchen
equipment. Based on that conclusion, the study will then treat 15 percent of the
electrical system as § 1245 property. The allocation of building components to §
1245 property is often a contentious issue.

Property allocations and reallocations are typically based on criteria established
under the Investment Tax Credit (ITC). A plethora of legislative acts, court
decisions and Service rulings have produced complex and often conflicting
guidance with respect to property qualifying for ITC, resulting in no bright-line
tests for distinguishing § 1245 property from § 1250 property. Related issues,
such as the capitalization of interest and production costs under IRC § 263A and
changes in accounting method, add to the complexity of this issue.

In a recent landmark decision, the Tax Court ruled that, to the extent tangible
personal property is included in an acquisition or in overall costs, it should be
treated as such for depreciation purposes. The court also decided that the rules
for determining whether property qualifies as tangible personal property for
purposes of ITC (under pre-1981 tax law) are also applicable to determining
depreciation under current law. [See Hospital Corporation of America, 109 T.C.
21 (1997)] The Service acquiesced to the use of ITC rules for distinguishing §
1245 property from § 1250 property.

Based on these developments, the use of cost segregation studies will likely
continue to increase. Unfortunately, there are no standards regarding the
preparation of these studies. Accordingly, studies vary widely in terms of the
methodology, documentation, depth, format, and expertise of the study’s
preparer. This lack of consistency, coupled with the complexity of the law in this
area, often results in an examination that is controversial and burdensome for all
parties.

Examiners reviewing cost segregation studies must determine the proper
classification and correct costs of property. In some cases (e.g., small projects)
examiners may be able to evaluate a study without assistance. However, other
studies may require specialists with expertise, industry experience and
specialized training (e.g., Engineers, Computer Audit Specialists and/or
Technical Advisors). Examiners should perform a risk analysis as early as
possible to determine the depth of an exam and the need for assistance.

SUMMARY AND CONCLUSIONS
Depreciation issues involving cost segregation studies cross all LMSB industry
lines and impact SB/SE taxpayers as well. The lack of consistency in cost
segregation studies and the absence of bright-line tests for distinguishing
property contribute to the difficulties of this issue. The purpose of this ATG is to
provide the foundation to a better understanding of cost segregation studies and
to provide the examination steps that will facilitate the audit process and
minimize burden on taxpayers, practitioners and Service examiners alike.

EXPERT WITNESS
Over the years we have worked on numerous projects which were tied to a
judicial mandate. They include dissolution of marriage proceedings, property tax
disputes, inheritance tax liability disputes, probates, and acquisitions by eminent
domain. To our credit all, but one, was settled prior to trial with one requiring a
deposition hearing.

Our one court appearance was in the Superior Court, State of California-
Compton Judicial District, July 1999. We provided plaintiff expert witness
testimony in an inverse condemnation case.

APPRAISAL REVIEW
Federal and State Laws, and Contractual Agreements precludes the
communication of our work product to unauthorized parties. In lieu of an actual
Review Report I feel it is worth stating that an appraisal review is not an easy
assignment. It is exceedingly important for a “Reviewer” to have a broad base of
experience and education, dependance on affiliation with a particular
trade/professional association for review or other assignments is unwise.

We have designed a process to establish an amicable, communicative
relationship between us and the appraiser under review. We stick to the facts
and support every observed deficiency with a Citation and Supporting
Documentation, WE DO NOT PROVIDE UNSUBSTANTIATED OPINIONS OR
INTERPRETATIONS (USPAP, Standards Rule 3-1.f & g, 1347, 1348 and 1351: …
and develop the reasons for any disagreement). For example, an appraiser
who has used an incorrect legal description would be notified of this fact, given
the appropriate Citation from USPAP or the applicable regulation then provided
the correct description contained in the vesting document or similar available
document. It goes without saying that “time is of the essence.” We have found
that this process works extremely well in the expeditious completion of our
Review Assignments; typically within one week.

REAL PROPERTY INSPECTIONS
A recent addition to our Appraisal Practice is incorporation of the American
Society for Testing Materials (ASTM) E-2018 Commercial Inspection Protocol
into each and every Multi Family Residential, Commercial, and Industrial
Appraisal Report, upon request. The purpose of this protocol is to define a good
commercial and customary practice in the United States of America for
conducting a baseline Property Condition Assessment (PCA) of the
improvements located on a parcel of residential, commercial, or industrial real
estate. The process is performed by a walk-through survey/inspection, and
conducting research, as outlined within the ASTM E-2018 guide. The goal is to
identify and communicate physical deficiencies to a user. Physical deficiencies
are the presence of conspicuous defects or material deferred maintenance on a
subject property’s material systems, components, or equipment as observed
during the field observer’s walk-through survey/inspection. This standard
specifically excludes deficiencies that may be remedied with routine
maintenance, miscellaneous minor repairs, normal operating maintenance, and
de minims conditions that generally do not represent material physical
deficiencies of the property.

The scope of the standard includes a document review, independent research,
and personal interviews which augment the walk-through survey/inspection. The
work product resulting from completing a PCA in accordance with the ASTM E-
2018 standard is a Property Condition Report (PCR). The PCR incorporates
the information obtained during the Walk-Through Survey, the Document Review
and Interviews, and includes opinions of probable costs for suggested remedies
of the physical deficiencies identified. The objective of the walk through
inspection is to visually observe the subject property so as to obtain information
on material systems and components for the purposes of providing a brief
description, identifying physical deficiencies to the extent that they are
observable, and obtain information needed to address issues in the PCR. The
purpose of the document review and interviews is to assist with the consultant’s
understanding of the subject property and identification of physical deficiencies.
Our goal, once again, is to be the leader in our industry by continuously improving
our work product.

Instructions For Preparing The Multifamily Property Inspection & Evaluation
Report (Form 4255) This Form 4255 should be completed by the servicer. It
should be submitted to Fannie Mae within 30 days of completion of each
annual physical inspection and at such other times as Fannie Mae requires.
General Instructions Before visiting the site, obtain and review:

• a current Certification to Project Rent Roll (Form 4243)
• a copy of the previous Multifamily Property Inspection and Evaluation Report
While at the site:
• inspect all vacant units
• inspect the lesser of 20 occupied units or 5 percent of the occupied units, if
possible
• inspect units of each unit type
• see enough of the project to assess how the Property is being maintained
• take 5-10 representative color photographs of the buildings, units, and features
inspected
• take photographs of extraordinary items requiring repair, maintenance, or
replacement
• interview the property manager and other on-site staff to follow-up on
maintenance items noted on the last Multifamily

Property Inspection and Evaluation Report and to get feedback on the Property’s
condition and performance After conducting each annual inspection and
completing Form 4255, submit the original of the form along with a copy of the
Certification to Project Rent Roll (Form 4243), and a representative set of
photographs to Multifamily Operations – Asset Management at the following
address:
Fannie Mae
Multifamily Operations – Asset Management
Drawer #AM
3900 Wisconsin Avenue, NW
Washington, DC 20016

Inspection Resource Center
Periodic physical property inspections are a critical component of oversight and
maintenance of commercial and multifamily properties. Mortgage Bankers
Association (MBA) has worked with industry leaders to help increase the level of
communication, standardization of reporting and the quality of the review for
property inspections.

In 2005, Mortgage Bankers Association (MBA) adopted new inspector
qualifications best practices, which require adequate training and experience for
all those professionals inspecting properties financed by Fannie Mae and
Freddie Mac.

MBA will continue to work with the members on property inspections in 2006.

Detrimental conditions cause over $50 billion in damages annually, and this
figure is consistently rising. Some cite the fact that much of today’s
developments are in areas that were once considered too risky because of soil
conditions, access, proximity to airports, jails or prisons, or for other reasons.
The Real Estate Disclosure Report was developed as a comprehensive
process to report on the myriad of issues that may be important to the property
owner, lender, or other client, so that the user of the disclosed data has a clear
picture of the property’s condition and environs. We are one of a very few
companies, nation wide, certified by the Appraisal Institute to prepare Real Estate
Disclosure Reports (RED Reports).

The RED Report does not put a dollar figure on any conditions. A proper
disclosure report simply informs the user of the report that certain conditions are
known or believed to exist, but is not a guarantee or substitute for a cost study.
The conditions may have no impact on value whatsoever. Items of disclosure
include: General Conditions, Transactional Conditions, Market Conditions,
Distress or Tragic Conditions (Crime, Deaths, etc.), Imposed Conditions
(Zoning, CC&R’s, etc.), Building Conditions, Soils Conditions, Environmental
Conditions, Natural Conditions (Earthquake, Endangered Species, etc.), and
Hazardous Conditions.

INITIAL INSPECTIONS 1950.5 (f)(1)-Within a reasonable time after notification of
either party's intention to terminate the tenancy, or before the end of the lease
term, the landlord shall notify the tenant in writing of his or her option to request
an initial inspection and of his or her right to be present at the inspection.

In 1999 we were Certified as Contract Physical Inspectors, for the “NIC” and
“BIC” Contracts, by the Real Estate Assessment Center (REAC), a newly
formed agency of HUD. REAC is responsible for obtaining physical inspection
and financial information for HUD-insured and assisted housing. The purpose
of the Inspection Program is to inspect properties with HUD-held mortgages,
properties for which HUD acts as the Section 8 contract administrator, and
properties owned by Public Housing Agencies. HUD published a final rule that
established uniform physical condition standards for public housing and
housing that was insured and/or assisted under certain HUD properties. These
standards are intended to ensure that this housing is decent, safe, sanitary, and
in good repair.

DISCOUNT REAL ESTATE BROKER
Full Service – Discounted Fees
(Maximum broker commission 4%)

Six-Percent Real Estate Broker Business Model
Services: Broker Only
Agents: Four (4)
Commissions Paid by Seller: Four (4)
Royalties to Franchiser: Varies
Savings: None

Our Discount, Real Estate Broker Business Model
Services: Broker, Appraiser, Loan Broker, Attorney Referral
Agents: One (1)
Commissions Paid By Seller: One (1)
Royalties to Franchiser: None (0)
Savings: Minimum Two-Percent (2%)

REAL ESTATE CONSULTATIONS
Consulting is a unique real estate specialty. It is not considered a specific
discipline with a defined body of knowledge, such as brokerage, manager, or
appraisal. Rather, real estate consulting is a process—one that requires
technical competency, thoughtful analysis, and critical inquiry, all of which are
directed toward achieving the best results for a client or employer. At a minimum
your consultant should have a Real Estate Brokers Licence, a General Appraisal
Licence and basic understanding of Architectural Systems, Construction
Methods and Inspection Techniques.

A of Real Estate Consultant serves as the link between defining the problem and
devising a solution, or measurable economic value. Essential to the consulting
process is the trust and confidence that prevails in the client or employer
relationship. No matter the property type, real estate decision makers call upon
the Consultants in-depth knowledge for a breadth of services including:

Feasibility Studies

Financial Analysis

Valuation and Appraisal

Acquisitions and Dispositions Consulting

Real Estate Brokerage

Development Planning

Asset Management and Capital Budgeting

Site Location, Relocation, Lease/Purchase Evaluation

Corporate Real Estate Strategy

Commercial Mortgage-Backed Securities (CMBS)

Expert Witness Testimony and Litigation Support/Appraisal Review

Investment Analysis

Supply/Demand Analysis

Highest and Best Use/Reuse Studies

Acquisition Due Diligence

Property Management and Performance Evaluation

Eminent Domain Appraiser/Broker

Land Use Planning

Non-Profit Consulting

Mortgage Lending

Pension Fund Consulting

Public/Private Partnerships

Workouts

Environmental Consulting

Facilities Planning

Capital Formation and Syndication

Exchanges

REITs

Investment Advisory

http://www.harriscompanyrec.com

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The Harris Company, REA/C

http://www.harriscompanyrec.com
REAL ESTATE APPRAISAL

Nature of the Work
Appraisers and assessors of real estate estimate the value of real property for a
variety of purposes, such as to assess property tax, to determine a sales price, or
to determine the amount of a mortgage that might be granted on a property. They
may be called on to determine the value of any type of real estate, ranging from
farmland to a major shopping center, although they often specialize in appraising
or assessing only a certain type of real estate such as residential buildings or
commercial properties. Assessors determine the value of all properties in a
locality for property tax purposes whereas appraisers appraise properties one at
a time for a variety of purposes, such as to determine what a good sale price
would be for a home or to settle an estate or aid in a divorce settlement.

Valuations of all types of real property are conducted using similar methods,
regardless of the type of property or who employs the appraiser or assessor.
Appraisers and assessors work in localities they are familiar with so they have a
knowledge of any environmental or other concerns that may affect the value of a
property. They note any unique characteristics of the property and of the
surrounding area, such as a specific architectural style of a building or a major
highway located next to the parcel. They also take into account additional aspects
of a property like the condition of the foundation and roof of a building or any
renovations that may have been done. Additionally, they may take pictures to
document a certain room or feature, in addition to taking pictures of the exterior of
the building. After visiting the property, the appraiser or assessor will determine
the fair value of the property by taking into consideration such things as
comparable home sales, lease records, location, previous appraisals, and
income potential. They will then put all of their research and observations
together in a detailed report, stating not only the value of the parcel but the
precise reasoning and methodology of how they arrived at the estimate.

Appraisers have independent clients and focus solely on valuing one property at
a time. They primarily work on a client-to-client basis, and make appraisals for a
variety of reasons. Real property appraisers often specialize by the type of real
estate they appraise, such as residential properties, golf courses, or strip malls.
In general, commercial appraisers have the ability to appraise any real property
but may generally only appraise property used for commercial purposes, such as
stores or hotels. Residential appraisers focus on appraising homes or other
residences and only value those that house 1 to 4 families. Other appraisers
have a general practice and value any type of real property.

Assessors predominately work for local governments and are responsible for
valuing properties so a tax formula can be used to assess property taxes. Unlike
appraisers, assessors value entire neighborhoods using mass appraisal
techniques to value all the homes in a local neighborhood at one time. Although
they do not usually focus on a single property they may assess a single property
if the property owner challenges the assessment. They may use a computer-
programmed automated valuation model specifically developed for their
assigned jurisdictions. In most jurisdictions the entire community must be
revalued annually or every few years. Depending on the size of the jurisdiction
and the number of staff in an assessor’s office, an appraisal firm, often called a
revaluation firm, may do much of the work of valuing the properties in the
jurisdiction. These results are then officially certified by the assessor.

When properties are reassessed, assessors issue notices of assessments and
taxes that each property owner must pay. Assessors must be current on tax
assessment procedures and must be able to defend their property
assessments, either to the owner directly or at a public hearing, as accurate,
since assessors are also responsible for dealing with tax payers who want to
contest their assigned property taxes. Assessors also keep a database of every
parcel in their jurisdiction labeling the property owner, issued tax assessment,
and size of the property, as well as property maps of the jurisdiction that detail the
property distribution of the jurisdiction.

Appraisers and assessors write a detailed report of each appraisal. Writing
these reports has become faster and easier through the use of laptop
computers, allowing them to access data and write at least some of the report on-
site. Another computer technology which has impacted this occupation are
electronic maps, made by assessor’s offices, of a given jurisdiction and its
respective property distribution. Appraisers and assessors use these maps to
obtain an accurate perspective on the property and buildings surrounding a
property. Digital cameras are also commonly used to document the physical
appearance of a building or land at the time of appraisal, and the pictures are
also used in the documentation of the report.

FannieMae's Property and Appraisal Guidelines—details their general
requirements for analyzing the property appraisal aspects of conventional
mortgages secured by one- to four-family properties. It also discusses special
considerations for certain types of housing-units in condominium, PUD, and
cooperative projects; manufactured (and other factory-built) homes; Community
Living group homes; mixed-use properties; properties affected by environmental
hazards; urban properties; affordable housing program properties; properties
located in special assessment or community facilities districts; properties
subject to leasehold interests (including those held by community land trusts);
and energy-efficient properties—that merit special consideration in the property
and appraisal review. Because the evaluation of a property is such a vital part of
the risk analysis, they expect a lender to place as much emphasis on
underwriting the property and reviewing the appraisal as it does on underwriting
the borrower's creditworthiness.

They require the appraiser to provide complete and accurate reports; to report
neighborhood and property conditions in factual and specific terms; to be
impartial and specific in describing favorable or unfavorable factors; and to avoid
the use of subjective, racial, or stereotypical terms, phrases, or comments in the
appraisal report. The opinion of market value must represent the appraiser's
professional conclusion, based on market data, logical analysis, and judgment.
When the information or methodology of an appraisal requires additional
clarification or justification, the lender's underwriter must obtain from the
appraiser any information that is necessary to make an informed decision
concerning the property.

We require that the appraiser and the lender follow appropriate practices in the
property valuation and underwriting processes. Their appraisal standards
specifically prohibit the development of a valuation conclusion that is based on
race, color, religion, sex, handicap, familial status, or national origin. The
effectiveness of our property underwriting guidelines is dependent on the ability
of a lender and its appraisers to avoid the use of potentially discriminatory
practices in the property appraisal and underwriting processes.

We hold the lender responsible for the accuracy of both the appraisal and its
assessment of the marketability of the property; therefore, it is important for a
lender's underwriters to understand their role in the appraisal process and their
relationship to the appraiser.

• The appraiser's role is to provide the lender with an accurate, and adequately
supported, opinion of value and an accurate description of the property.

• The underwriter's role is to review the appraisal report to assure that it is of
professional quality and is prepared in a way that is consistent with our appraisal
standards, to analyze the property based on the appraisal, and to judge the
property's acceptability as security for the mortgage requested in view of its value
and marketability.  

These requirements are intended to provide guidance to an underwriter and an
appraiser about the type of information that is needed to make a prudent
underwriting decision. They are also designed to provide our minimum
acceptable appraisal standards. We recognize that our guidelines may not
address every appraisal problem; therefore, we allow the appraiser discretion to
properly develop the value opinion. The appraiser must, however, provide sound
reasoning in his or her appraisal report for any decisions he or she makes that
are not specifically covered by our guidelines.

This Part XI consists of four Chapters:

• Chapter 1—Appraiser Qualifications—discusses the lender's responsibility for
selecting appraisers and for reviewing their appraisals both initially and on an on-
going basis, the use of supervisory or review appraisers, and our right not only to
refuse to accept appraisals prepared by specific appraisers, but also to refer
unacceptable appraisal reports to the appropriate state appraiser licensing or
regulatory boards for investigation and action.

• Chapter 2—Appraisal (or Property Inspection) Documentation—describes the
various appraisal (or property inspection) report forms that are to be used to
document an appraisal (or property inspection) and any required exhibits to
them; discusses requirements related to the age of an appraisal (or property
inspection) report; explains the types of appraisals needed for new, proposed,
and existing construction; and references the various certifications that an
appraiser must make.

• Chapter 3—Special Appraisal Considerations—discusses considerations that
should be given to properties with unusual features, points out the need for
properties to meet specific eligibility criteria in order for the mortgage to be
delivered to us, and explains the detrimental effect that certain environmental
conditions can have on a property's value.

• Chapter 4—Reviewing the Appraisal Report—discusses the requirements for
analyzing a property and its appraisal.

FDIC Law, Regulations, Related Acts  § 323.4  Minimum appraisal standards.
For
federally related transactions, all appraisals shall, at a minimum:
(a)  Conform to generally accepted appraisal standards as evidenced by the   
Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by
the Appraisal Standards Board of the Appraisal Foundation, 1029 Vermont Ave.,
NW., Washington, DC 20005, unless principles of safe and sound banking
require compliance with stricter standards;
(b)  Be written and contain sufficient information and analysis to support the
institution's decision to engage in the transaction;
(c)  Analyze and report appropriate deductions and discounts for proposed
construction or renovation, partially leased buildings, non-market lease terms,
and tract developments with unsold units;
(d)  Be based upon the definition of market value as set forth in this part; and
(e)  Be performed by state licensed or certified appraisers in accordance with
requirements set forth in this part. [Codified to 12 C.F.R. § 323.4]

For probate appraisals the appraisal of property in the inventory shall be made
by the personal representative, probate referee, or independent expert
as provided in the probate code  

Appraisals for the Los Angeles Word Airport must comply with requirements
established by the City of Los Angeles, the Federal Aviation Administration Audit,
and The Uniform Relocation Assistance and Real Property Acquisition Policies
Act of 1970 (The Uniform Act), as amended (49 CFR Part 24) which is mandatory
and establishes the minimum Real Property Acquisition Policies for Appraisal,
Negotiation, and Property Possession Standards and Requirements.  The
appraisal is a formal written statement used to determine the fair market rent,
and value or just compensation for purchase of a specific property.  The Real
Estate Contracting Officer must determine the appropriate type of appraisal
method to be used: No appraisal for property value less than $2,500, A Value
Finding (opinion of value) for properties whose value is estimated to be $2,500 to
$5,000, A Short Form appraisal for non-complex properties regardless of the
estimated purchase price, and finally a Long Form is required for all eminent
domain proceedings regardless of the estimated cost.  For the purchase of real
property the appraisal should include a before and after valuation of the property
to determine the value of any severance damage.

According to the “Appraisal Guide:” “Appraisal problems are often encountered
by States, local agencies, and appraisers because there is not a clear
understanding of the relationship between the
“Uniform Act” and the appraisal
function on Federal or federally-assisted projects.  This guide was developed to
assist those involved to avoid potential appraisal problems.”  The major topics
covered by the guide are: The “Uniform Act,” the “Appraisal Formats,” and an
“Appraisal Glossary.”

The purpose of the “Uniform Act” is to ensure that all property owners are treated
fairly and uniformly.  Appraisal requirements are: 1) Establish just
Compensation  2) Disregard Differentials in Value Due to the Public
Improvement  3) Consider the Possibility of Uneconomic Remnants  4) Separate
Damages From Value of Property Taken  5) Appraise All Buildings, Structures,
and Improvements  6) Consideration of Tenant Owned Buildings, Structures, and
Improvements  7) Appraise Equal Interest in All Buildings, Structures, and
Improvements and 8) Separate Tenant Interest in the Appraisal.

Appraisals for the Los Angeles Unified School District must be prepared in
compliance with the
Office of Public School Construction (OPSC), site
acquisition guidelines.  The OPSC is primarily a funding agency of the State
Allocation Board who is responsible for the equitable allocation of tax dollars.  
Their basic appraisal criteria are:

(a) The land improvements and appurtenances, excluding fixtures, equipment
and personal property, were appraised in an as is condition.

(b) Consideration in the appraisal was made for net useable acreage and
severance damages.

(c) The district or its legal counsel has contracted for the appraisal service.

(d) The appraiser has certified to the district that the appraisal complies with the
Uniform Standards of Professional Appraisal Practice (
USPAP) as promulgated
by the Appraisal Standards Board of the Appraisal Foundation.

(e) The amount of a court award for a site acquired in condemnation may be
used in lieu of the appraised value determined in (a) through (d) above, when
specifically approved by the Board.

Preparation of appraisals for subsidized housing in compliance with the Uniform
Standards of Professional Appraisal Practice (USPAP) requires knowledge and
experience that goes beyond typical residential competency.  Subsidized housing
may be defined as single- or multifamily residential real estate targeted for
ownership or occupancy by low- or moderate-income households as a result of
public programs and other financial tools that assist or subsidize the developer,
purchaser, or tenant in exchange for restrictions on use and occupancy.  The
United States Department of Housing and Urban Development (HUD) provides
the primary definition of income and asset eligibility standards for low- and
moderate-income households.  Other federal, state, and local agencies, like the

California Tax Credit
Allocation Committee and the Housing Authority of the
City of Los Angeles,
may define income eligibility standards for specific
programs and developments under their jurisdictions.  

Subsidies and incentives that encourage housing for low- and moderate-income
households may create intangible property rights in addition to real property
rights and also create restrictions that modify real property rights.  The appraiser
should demonstrate the ability to discern the differences between the real and
intangible property rights and value the various rights involved.  
Low-Income
Housing Tax Credits (
LIHTCs) are an example of an incentive that results in
intangible property rights that are not real property but might be included in the
appraisal.  Project-based rent subsidies are an example of a subsidy
accompanied by restrictions that modify real property rights.  Appraisers should
be aware that tenant-based rent subsidies do not automatically result in a
property right to the owner or developer of subsidized housing.

In appraisal of subsidized housing, the value definition selected or required by
the client and the reporting techniques should be discussed with the client prior
to acceptance of the assignment because the analyses may be based on
general market terms, subsidized housing submarket financing with unusual
conditions or incentives, both, or some other defined premise.  Appraisers
should be aware that appraisal of subsidized housing usually requires more
than one value analysis predicated on different scenarios.  In appraisal of
subsidized housing, value conclusions that include intangibles arising from the
programs will also have to be analyzed under a scenario without the intangibles
in order to measure their influence on value and report the results without
misleading the intended user.

What Is a HUD Appraiser/Appraisal?  An appraiser is a professional person who
can tell you what your home is worth. The appraiser will come to your house and
list the number and size of the rooms and any extras, such as a fireplace, porch,
pool, or garage. The appraiser will compare your home and property to other
homes that have sold recently with similar features. The appraiser then
estimates that your home might sell for approximately the same amount of
money as similar homes. This is called an "appraisal."

An appraisal is an estimate of what amount of money your home may sell for. It is
very different from a home inspection which will warn you against anything in the
new home that should be fixed. A home inspection must be conducted by a
qualified home inspection.

The reason for a Relocation Appraisal is to estimate the market value of a
transferee's home and to provide insight into the client's needs and objectives.
Other types of appraisals are done for the purpose of insurance, mortgage,
probate, or taxes. They all have something in common in that they follow an
appraisal process. However, each of these types of appraisal has a different set
of guidelines and procedures to follow; so does the relocation appraisal.

The relocation appraisal has a set of definitions and instructions to appraisers
that relate only to the relocation appraisal. These guidelines differ substantially
from the appraisal process for other types of appraisals. A thorough explanation
of these guidelines is included in the Relocation Appraisal Guide published by
the Employee Relocation Council, Washington, D.C.

They direct the appraiser to forecast what the home will sell for in "as is
condition" within a reasonable marketing time. They can also direct the appraiser
to estimate the market value within a specified time frame. Confusion often exists
as to the interpretation of market value and reasonable marketing time. These
guidelines may be altered at the direction of the client who may have
supplemental guidelines.

The relocation appraiser is often asked to take time during the inspection to
counsel the transferee on the appraisal process and accept information from the
transferee such as "brag sheets" listing improvements to the home since
purchase and a factual record of any recent sales and listings in the
neighborhood which can be verified by the appraiser. The inspection and
counseling often require an hour, during which the appraiser has the opportunity
to communicate credibility and professionalism.

The relocation appraisal does not require a cost approach; however, if the
appraiser is going to submit this report for experience credit it is suggested that a
cost approach be completed and kept in the appraiser's file for future review by
an Admissions Committee. (Note: the Employee Relocation Appraisal Report
that was revised in 1994 and is currently being used in the industry, has the
correct departures from the Uniform Standards of Professional Appraisal
Practice)

Another way in which a relocation appraisal differs from a mortgage appraisal is
the appraisal review process. An appraiser who accepts a relocation appraisal
assignment must be prepared to take the time to write a competent report,
discuss the report with the client, and be responsive to the client's questions.
Requests for review of the factual data presented by the transferee or data
reported in another appraiser's report is part of the relocation appraisal process.
The appraiser is not being asked to change his value, but merely to review
additional data to determine if it could have an impact on his original value
conclusion.

The appraiser must be educated in relocation appraising and willing to devote
the extra time required for answering client questions about his report. The
appraiser must be aware that two to five appraisal reports are being reviewed
and discrepancies often occur. The questions are asked for clarification,
edification, and corrections since the reports are further reviewed by corporate
relocation personnel and, ultimately, the transferee.

Reprinted with permission from
The Society of Real Estate Appraisers, Fall 1990 Journal
225 North Michigan Avenue, Suite 724
Chicago, Illinois 60601-7601

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