B26_SQA_24Q0361-A1_Q_A_(FINAL)_0001.pdf

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AVSO LAND APPRAISAL FOR WATMOUGH BAY ACCESS ACQUIS
Solicitation number
140D0424Q0361
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This document contains questions and answers regarding a request for quotation for an appraisal of land for acquisition by the Department of the Interior. The RFQ seeks an appraisal of land underlying an improved property, where the appraiser would disclose the existence of improvements but exclude them from the valuation. In response to a question, the government confirms a hypothetical condition or extraordinary assumption is not necessary, and the appraisal should treat the subject property as a site while ignoring improvements, in accordance with USPAP guidance.

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RFQ Attachment #1 Questions and Answers

Solicitation – 140D0424Q0361

Question No. Question Government Response

1 Your RFQ suggest that the property may be appraised ignoring the residence on site if there are no damages etc.

That seems like a good idea to me, however, in my opinion, that would mean your appraiser would use comparable land sales, and treat the subject as a site, ignoring the improvements, thus requiring a Hypothetical Condition that the subject property is unimproved.

Please advise if you agree, as allowing this Hypothetical Condition is relevant to the time and expense for the appraisal.

A Hypothetical Condition or Extraordinary Assumption is not necessary to appraise the land underlying an improved property, as indicated in 2024 USPAP - FAQ No. 189, P.

218-219. However, to avoid communicating a misleading appraisal report, the report should disclose the existence of the improvements as part of the property, but the improvements do not have to be included in the valuation.

File details come from the government source that posted it. Updated .