Exhibit_7_AVSO_Review_Checklist.pdf

Project Name:

Agency Case ID:

AVIS Project Number:

Contracted Appraiser:

Effective Date of Value:

Date of Appraisal Report:

Appraisal Review Report Prepared By:

Appraisal Report Reading Dates:

YES NO N/A

2-1 (a) Clearly and accurately set forth the appraisal in a manner that will not be misleading;

2-1 (b)

2-1 (c)

Reporting Requirements

2-2 (a) (i)

2-2 (a) (ii)

2-2 (a) (iii)

2-2 (a) (iv)

2-2 (a) (v)

2-2 (a) (vi)

USPAP 2020-2021 Checklist

AVSO Review Checklist

Does the report prominently state "Appraisal Report" as the reporting option?

When an opinion of reasonable exposure time has been developed in compliance with Standards Rule 1-2(c), the opinion must be stated in the report.

Contain information, documents, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment.

State the real property interest appraised.

State the type and definition of value and cite the source of the definition.

Each written real property appraisal report must:

Standards Rule 2-1, General Reporting Requirements

Standards Rule 2-2, Content of a Real Property Appraisal Report

Contain sufficient information to enable the intended user(s) of the appraisal to understand the report properly; and

Clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment.

State the identity of the client.

State the identity of any other intended user(s) by name or type.

State the intended use of the appraisal.

AVSO Review Checklist Revised 2/2021

Reporting Requirements (continued) YES NO N/A

2-2 (a) (vii)

2-2 (a) (viii)

2-2 (a) (ix)

2-2 (a) (x)

(1)

(2)

(3)

(4)

(5)

2-2 (a) (xi)

2-2 (a) (xii)

2-2 (a) (xiii)

2-2 (a) (xiv)

Comments:

Summarizing the results of analyzing the subject sales, agreements of sale, options, and listings in accordance with Standards Rule 1-5;

Provide sufficient information to indicate that the appraiser complied with the requirements of Standard 1 by:

Comment: If such information is unobtainable, a statement on the efforts undertaken by the appraiser to obtain the information is required. If such information is irrelevant, a statement acknowledging the existence of the information and citing its lack of relevance is required.

State the use of the real estate existing as of the effective date and the use of the real estate reflected in the appraisal;

When an opinion of highest and best use was developed by the appraiser, state that opinion and summarize the support and rationale for that opinion.

- State all extraordinary assumptions and hypothetical conditions; and

- State that their use might have affected the assignment results.

Include a signed certification in accordance with Standards Rule 2-3.

Stating the value opinion(s) and conclusion(s); and

Summarizing the information analyzed and the reasoning that supports the analyses, opinions, and conclusions, including reconciliation of the data and approaches.

Summarize the scope of work used to develop the appraisal.

Summarize the extent of any significant real property appraisal assistance.

Summarizing the appraisal methods and techniques employed;

Stating the reasons for excluding the sales comparison, cost, or income approach(es) if any have not been developed;

State the effective date of the appraisal and the date of the report.

AVSO Review Checklist

Certification Requirements

2-3 (a)

YES NO N/A

2-3 (b)

Comments:

No one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real property appraisal assistance must be stated.)

I have (or have not) made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.)

My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

My engagement in this assignment was not contingent upon developing or reporting predetermined results.

I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment.

I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

The statements of fact contained in this report are true and correct.

I certify that, to the best of my knowledge and belief:

The wording does not have to match the following verbatim, but each of the elements must be addressed:

An appraiser who signs any part of the appraisal report, including a letter of transmittal, must also sign a certification.

AVSO Review Checklist

2.3.1.1 Per UASFLA YES NO N/A

Should Include

Should Include

Should Include

Should Include

Should Include

Should Include

2.3.1.2 Per UASFLA YES NO N/A

Should Include

Should Include

Should Include

Should Include

Should Include

Should Include

Should Include

Should Include

Should Include

Agency assigned tract or parcel number (if any)

Name of the individual(s) making the report

Address of the individual(s) making the report

Effective date of the appraisal

Comments:

Title Page

Property name

Property address

Identification of any hypothetical conditions, extraordinary assumptions, limiting conditions, or legal instructions identification

Value Opinion

For Partial Acquisitions: Opinions of the value of the larger parcel before the acquisition and the remainder property after the acquisition, and the difference.

Appraiser's signature

Comments:

Letter of Transmittal

Date of the letter

Identification of the property appraised

Identification of the property rights appraised

Reference that the letter is accompanied by an appraisal report

Statement of the effective date of the appraisal

UASFLA 2016 Checklist

INTRODUCTION - UASFLA SECTION 2.3.1

AVSO Review Checklist

2.3.1.3 Per UASFLA YES NO N/A

Should List

Shall List

2.3.1.4 Per UASFLA YES NO N/A

Shall Include

Must Include

Must Include

Must Include

Shall Include

Shall Include

May Add

Should Avoid

Appraiser’s signed certification statement consistent with the certification requirements of USPAP Standard 2

The following statements must be included:

• the appraisal was developed and the appraisal report was prepared in conformity with the Uniform Appraisal Standards for Federal Land Acquisitions

• the appraisal was developed and the appraisal report prepared in conformance with the Appraisal Standards Board’s Uniform Standards of Professional Appraisal Practice and complies with USPAP’s Jurisdictional Exception Rule when invoked by Section

1.2.7.2 of the Uniform Appraisal Standards for Federal Land Acquisitions

• the appraiser has made a physical inspection of the property appraised and that the property owner, or [his][her] designated representative, was given the opportunity to accompany the appraiser on the property inspection.

The appraiser’s opinion of the market value of the subject property as of the effective date of the appraisal.

Table of Contents

Major parts of the appraisal report and their subheadings should be listed.

Items in the addenda of any report shall be listed individually.

Comments:

Appraiser’s Certification

For Partial Acquisitions: The certification shall include both the appraiser’s opinion of the market value of the whole property as of the effective date of the appraisal and the appraiser’s opinion of the remainder property’s market value after the government’s acquisition and the difference between them as of the effective date of the appraisal.

Items that may be required by law and the appraiser’s professional organization(s).

Appraisers should avoid adding certifications that are not pertinent to the specific appraisal (e.g., that the report was prepared in accordance with FIRREA or that are beyond the scope of the appraisers’ assignment (e.g., certifying an opinion of just compensation).

Comments:

AVSO Review Checklist

2.3.1.5 Per UASFLA YES NO N/A

Shall Report

Should Include

Should Include

Should Include

Should Include

Should Include

Should Include

Should Include

2.3.1.6 Per UASFLA YES NO N/A

Shall Show

May

Should

Should

Major facts and conclusions that led to the final opinions(s) of value

Identification of the property appraised

Highest and best use of the property (both before and after the acquisition if a partial acquisition)

Brief description of improvements (both before and after the acquisition if a partial acquisition)

Indicated value of the property by each approach to value employed (both before and after the acquisition if a partial acquisition)

Final opinion of value (both before and after the acquisition if a partial acquisition)

Executive Summary

Except for an overall view, photographs may be incorporated in the body of the report as appropriate, or may be placed in the addenda of the report.

Each photograph should be numbered and show the identification of the property, the date taken, and the name of the person taking the photograph.

Location from which each photograph was taken and the direction the camera lens was facing should be shown on a plot plan of the property in the report’s addenda.

Comments:

Hypothetical conditions, extraordinary assumptions, limiting conditions, or instructions

Effective date of the appraisal

Comments:

Photographs

Photographs shall show the front elevation of the major improvements, any unusual features, views of the abutting properties on either side, views of the property directly opposite, and interior photographs of any unique features.

AVSO Review Checklist

2.3.1.7 Per UASFLA YES NO N/A

Shall State

Shall

Shall State

Unacceptable and Must

Must Avoid

Should Identify

2.3.1.8 Per UASFLA YES NO N/A

Shall Identify

Shall Identify

Shall Identify

Shall Identify

Shall Identify

Shall Identify

Shall Identify

Shall Identify

Statement of Assumptions and Limiting Conditions

Comments:

Description of Scope of Work

The appraiser shall use this section of the report to identify the seven critical elements that defined the appraisal problem to be solved:

• Client

• Intended Users

Any assumptions and limiting conditions that are necessary to the background of the appraisal shall be stated.

Any agency or special legal instructions provided to the appraiser shall be referenced and a copy of such instructions shall be included in the addenda of the appraisal report.

If the appraisal has been made subject to any encumbrances against the property, such as easements, these shall be stated.

It is unacceptable to state that the property has been appraised as if free and clear of all encumbrances, except as stated in the body of the report; the encumbrances must be identified in this portion of the report.

The appraiser must avoid including “boilerplate” assumptions and limiting conditions.

For instance, an assumption that improvements are free from termite infestations is inappropriate in the appraisal of vacant land. Also, assumptions and limiting conditions cannot be used by an appraiser to alter an appraisal contract, assignment letter, or the appraiser’s scope of work.

For Partial Acquisitions: The appraiser should identify those hypothetical conditions, assumptions, and limiting conditions that apply to both the before and after acquisition appraisals, those that apply only to the appraisal of the larger parcel before the acquisition, and those that apply only to the appraisal of the remainder.

• Intended Use

• Definition of Market Value

• Effective Date

• Property Characteristics

• Assignment Conditions

For Partial Acquisitions: The appraiser should identify those hypothetical conditions, assumptions, and limiting conditions that apply to both the before and after acquisition appraisals, those that apply only to the appraisal of the larger parcel before the acquisition, and those that apply only to the appraisal of the remainder.

AVSO Review Checklist

2.3.1.8 Per UASFLA YES NO N/A

Shall Include

Shall and Must

Should Describe

Should

Should State

Shall Discuss and Explain

Must Include

Must Label and Include

1.2.4 & 1.2.7.2 Per UASFLA YES NO N/A

Shall Not Link

Required

Must Not Include

Description of the property rights appraised.

Definition of market value found in Section 1.2.4 of UASFLA (must be placed in this portion of the appraisal report).

Should describe the investigation and analysis that was undertaken in developing the appraisal.

Geographical area and time span searched for market data should be included, as should a description of the type of market data researched and the extent of market data confirmation.

Should state the references and data sources relied upon in developing the appraisal.

The applicability of all approaches to value shall be discussed and the exclusion of any approach to value shall be explained.

Description of Scope of Work (continued)

Did the appraiser invoke USPAP’s Jurisdictional Exception Rule? Note: Not linking an opinion of value to a specific exposure time requires a jurisdictional exception to USPAP Standards Rule 1-2(c).

Estimates of marketing time are not appropriate for just compensation purposes, and must not be included.

Comments:

Explanation and discussion of the implications of hypothetical conditions or extraordinary assumptions must be included.

Hypothetical conditions and extraordinary assumptions must be labeled as such and any legal instructions must be included in the addenda of the report. (1.2.7.1 Must consult client or counsel before use of hypothetical condition)

Comments:

Jurisdictional Exceptions and Exposure Time

The appraiser shall not link an opinion of market value for federal acquisition purposes to a specific exposure time.

AVSO Review Checklist

2.3.2.1 Per UASFLA YES NO N/A

Must

Should Reference

2.3.2.2 Per UASFLA YES NO N/A

Must

Should Exclude

Shall Disregard

2.3.2.3.1 Per UASFLA YES NO N/A

Describe

Describe

Describe

Describe

Describe

Describe

FACTUAL DATA - UASFLA SECTION 2.3.2

Legal Description

The use of “boilerplate” demographic and economic data is unnecessary and, unless the appraiser demonstrates that the specific data directly impacts the current market value of the subject property, it should be excluded.

Changes in the neighborhood brought about by the government’s project for which the property under appraisal is being acquired shall be disregarded. Note: This specific Standard is contrary to USPAP Standards Rule 1-4(f) and is considered a jurisdictional exception.

Comments:

PROPERTY DATA - UASFLA SECTION 2.3.2.3

Site

Must be sufficiently detailed to properly identify the property appraised. Note: If lengthy, it should be referenced and included in the addenda of the report.

If the client agency has assigned a parcel or tract number to the property, that information should also be referenced.

Comments:

Area, City, and Neighborhood Data

This data (mostly demographic and economic) must be kept to an absolute minimum and should only include information that directly affects the subject property, together with the appraiser’s conclusions as to significant trends.

• Present use

• Accessibility and road frontage

• Land contours and elevations

• Soils

• Vegetation (including timber)

• Views

AVSO Review Checklist

2.3.2.3.1 Per UASFLA YES NO N/A

Describe

Describe

Describe

Describe

Describe

Describe

Must

Discuss

Should Address

Required

2.3.2.3.2 Per UASFLA YES NO N/A

Describe

Describe

Describe

Describe

Describe

Describe

Describe

Should Include

• Land area

• Land shape

• Utilities

• Mineral deposits

• Water rights

• Relevant easements

Site (continued)

Improvements

• Dimensions

• Square foot measurements

• Chronological and effective age

• Dates of any significant remodeling/renovation

• Condition

A statement must be made concerning the existence or nonexistence of commercially valuable mineral deposits.

Discuss the beneficial and detrimental factors inherent in the location of the property.

Presence of hazardous substances should be addressed in accordance with UASFLA Sections 1.3.1.1.

An affirmative statement is required if the property is located within a flood hazard area.

Comments:

• Type and quality of construction

• Present use and occupancy

Where appropriate, a statement of the method of measurement used in determining gross building area and net rentable areas should be included.

AVSO Review Checklist

2.3.2.3.2 Per UASFLA YES NO N/A

Describe

Describe

Describe

Describe

Describe

Required

2.3.2.3.3 Per UASFLA YES NO N/A

Describe

Should State

2.3.2.3.4 Per UASFLA YES NO N/A

State

State

Include

• Paving

• Irrigation systems

• Domestic and private water systems

If the appraiser will rely on the cost approach to value, or if the acquisition is a partial acquisition that will structurally impact the improvements, a more comprehensive improvement description is required.

All site improvements require description, including the following:

• Fencing

• Landscaping

Improvements (continued)

Use History

State briefly the history of the use of the property as vacant and as improved. Note: If information is indeterminable, the appraiser must report that fact.

If improved, state the purpose for which the improvements were designed and the dates of original construction and major renovations, additions, and/or conversions. Note: If information is indeterminable, the appraiser must report that fact.

Include a 10-year history of the use and occupancy of the property. Note: If information is indeterminable, the appraiser must report that fact.

Comments:

Comments:

All fixtures are to be described with a statement of the type and purpose of each.

The current physical condition, relative utility, and obsolescence should be stated for each item or group included in the appraisal, and whenever applicable the repair or replacement requirements to bring the fixture to a usable condition.

Comments:

Fixtures

AVSO Review Checklist

2.3.2.3.5 Per UASFLA YES NO N/A

Include

Must Include

Must Include

Must Include

Must Include

Must Include

Must Include

Include

2.3.2.3.6 Per UASFLA YES NO N/A

Report

Should Report

Must Describe

• Price

• Terms and conditions of sale

• The appraiser’s verification of the sale and whether the transaction met the conditions required for a comparable sale under Section 1.5.2.2

Offers to buy or sell the property (if the information is available).

Comments:

Sales History

Include a 10-year record of all sales. Note: If no sale has occurred in the past 10 years, the appraiser must report the last sale of the property, irrespective of date.

• Name of the seller

• Name of the buyer

• Date of sale

Rental History

Report the historical rental or lease history of the property for at least the past three years (if this information can be ascertained).

All current leases should be reported, including the date of the lease, name of the tenant, rental amount, term of the lease, parties responsible for property expenses, and other pertinent lease provisions.

The appraiser must describe the verification process and whether the lease(s) meets the conditions required for a comparable lease.

Comments:

Information to be reported must include:

AVSO Review Checklist

2.3.2.3.7 Per UASFLA YES NO N/A

Include

Should Report

2.3.2.3.8 Per UASFLA YES NO N/A

Identify

Must Report

Must Report

Should Note

Must Report

Discuss

Must

Must Discuss

Include the current assessment and dollar amount of real estate taxes Note: If assessed value is statutorily a percentage of market value, state the percentage.

Some jurisdictions have developed programs wherein property will be assessed based on its current use rather than its highest and best use. These programs often relate to farmlands, timberlands, and open space; for purposes of eligibility, owners may have to agree to leave the property in its existing use for a certain period of time. In such a case, the appraiser should report both the current assessed value and taxes for the property’s existing use and the estimated assessed value and tax load for the property at its highest and best use.

Comments:

Zoning and Other Land Use Regulations

Identify the zoning for the subject property.

The appraiser must also discuss the impact of any private restrictions on the property, such as deed and/or plat restrictions.

Comments:

Zoning must be reported in descriptive terms (e.g., multifamily residential, 5000 sq. ft.

of land per unit) rather than by zoning code (e.g., MF-2).

Other local land use regulations (that have an impact on the highest and best use and value of the property), including setback requirements, off-street parking requirements, and open space requirements must be reported.

The appraiser should also note any master or comprehensive land use plan in existence that may affect the utility or value of the property.

If the property was recently rezoned, that must be reported.

If the rezoning of the property is imminent or probable, discuss in detail the investigation and analysis that led to that conclusion under Section 2.3.3.1 (Highest and Best Use).

Note: The mere assertion by an appraiser that a property could be rezoned is insufficient.

The appraiser must identify all other land use and environmental regulations that have an impact on the highest and best use and value of the property. Note: The impact of the regulations must also be discussed in the highest and best use analysis.

Assessed Value and Annual Tax Load

AVSO Review Checklist

2.3.3.1.1 Per UASFLA YES NO N/A

Must

Must

Must

Must Address

Must Address

Must Address if Improved

Must Address if Improved

Must Address if Improved

Must Address if Improved

Must Address if Improved

Should Discuss

Should Report

Must Describe

Should Identify

DATA ANALYSIS AND CONCLUSIONS - BEFORE ACQUISITION UASFLA SECTION 2.3.3

Highest and Best Use

Highest and Best Use as Vacant: The appraiser must describe the analysis developed under Section 1.4 concerning the highest and best use of the property as if vacant

• Physically possible uses (as improved)

• Financially feasible uses (as improved)

• Maximally productive uses (highest value) (as improved)

The appraiser should discuss the use of the property (as if vacant and as improved), which results in the highest value, and the analysis that supports that conclusion.

If the appraiser concludes a highest and best use that will require rezoning of the property, the investigations and analyses developed under Section 1.3.1.3 concerning the probability of obtaining that zoning change should be reported in sufficient detail for the client and intended users to understand the reasons for the conclusion.

If the appraiser concludes that the highest and best use requires some other form of government approval, the investigations and analyses developed under Sections 1.3.1.3 and 1.4.5 concerning the probability of obtaining those approvals must be described in sufficient detail for the client and intended users to understand the reasons for the conclusion.

• Physically possible uses (as if vacant) Note: The physical characteristics of the property that impact value must be addressed.

These should include property size, shape, topography, access, road frontage, and utilities.

• Legally permissible uses (as if vacant) Note: The appraiser must describe the legal constraints on the property. Zoning requirements, height restrictions, setback and open space requirements, and all other legal constraints on the property should be described and their impact discussed.

• Financially feasible uses (as if vacant)

• Maximally productive uses (highest value) (as if vacant)

Highest and Best Use as Improved: If the property contains improvements, the appraiser must address the highest and best use as improved.

• Legally permissible uses (as improved)

The appraiser should identify the timing of the highest and best use and the likely purchaser and user (as if vacant and as improved).

Comments:

AVSO Review Checklist

2.3.3.1.2 Per UASFLA YES NO N/A

Must Describe

Must Report

2.3.3.2.1 Land Valuation - Sales Comparison Approach Per UASFLA YES NO N/A

Shall Provide

The description of each sale transaction used as a comparable sale should include (at a minimum):

Should

Should

Should

Should

Should

Should

Should

Should

Should

Shall Consider

Shall Include

Shall Include

Shall Include

The three tests (unity of highest and best use, unity of title, and contiguity) must be reported in sufficient detail, with emphasis on the unity of highest and best use.

• Property rights conveyed

• Financing terms

• Price paid

• Name of the seller

• Name of the buyer

• Size of the property

• Location of the property

• Zoning or other legal constraints

Comments:

APPLICATION OF APPROACHES TO VALUE

The appraiser shall provide detailed descriptions of confirmed sales of lands that have the same or similar highest and best use as the subject property

• Date of the transaction

• Conditions of sale

Items of comparison shall include:

• Description of the physical characteristics

• Person with whom the transaction was verified

Differences between the comparable sales and the subject property shall be considered and adjustments made to the sales to address these differences.

Larger Parcel

The appraiser must describe the factual basis and analysis underlying the conclusion of the larger parcel analysis.

AVSO Review Checklist

2.3.3.2.1 Land Valuation - Sales Comparison Approach (continued) Per UASFLA YES NO N/A

Shall Include

Shall Include

Shall Include

Shall Include

Shall Include

Must Summarize

Should Support

Must Provide

2.3.3.2.2 Per UASFLA YES NO N/A

Must Address

Must Present

Must Present

Must Present

Must Present

Must Present

Must Present

• Legal characteristics

• Non-realty components of value included in the sale property

The adjustments must be summarized in an adjustment grid.

Each adjustment (whether qualitative or quantitative) should be supported with market data.

The data and analysis must provide sufficient detail for the client and intended users to understand the data, the analysis, and the logic of the appraiser’s opinion of market value for the subject land as if vacant.

Comments:

• Expenditures made immediately after purchase

• Market conditions

• Location

• Physical characteristics

• Economic characteristics

• Expenses

• Time Lag

• Discount Rate

Land Valuation - Subdivision Development Method

The report must address all of the factors and assumptions used in sufficient detail for the client and intended users to understand the outcome of this method

• Lot Sale

• Absorption Rate

• Development Costs

The market support for each of the following factors used in this analysis must be clearly presented in the report:

AVSO Review Checklist

2.3.3.2.2 Per UASFLA YES NO N/A

Must Include

2.3.3.3 Per UASFLA YES NO N/A

Should

Should State

Must

Should

Should

Shall Explain and Deduct

2.3.3.4 Per UASFLA YES NO N/A

Must Contain

Must

Should Show

The discounted cash flow analysis prepared as part of this analysis must be included in the report.

Comments:

Land Valuation - Subdivision Development (continued)

The dollar amount of depreciation from all causes, including physical deterioration, functional obsolescence, and economic or external obsolescence shall be explained and deducted from reproduction or replacement cost.

Comments:

Sales Comparison Approach

Each appraisal report must contain a sufficient description of the comparable sales used so that it is possible for the reader to understand the conclusions drawn by the appraiser from the comparable sales data.

Photographs of the comparable sales must accompany each appraisal report.

Cost Approach

This portion of the report should be in the form of computational data, arranged in sequence, beginning with reproduction or replacement cost.

The report should state the source (book and page—including last date of page revision—if a national service) of all figures used.

Entrepreneur’s profit, as an element of reproduction or replacement cost, must be considered and discussed.

If applicable, entrepreneur’s profit should be derived from market data whenever possible.

If the appraiser retained the services of a contractor or professional cost estimator to assist in developing the reproduction or replacement cost estimate, this data should be referenced and the estimator’s report included in the addenda of the appraisal report.

Every photograph should show the date taken and the name of the person taking the photograph.

AVSO Review Checklist

2.3.3.4 Per UASFLA YES NO N/A

Shall Include

Shall Include

Shall Include

Shall Include

Shall Include

Shall Include

Shall Include

Shall Include

Shall Include

Shall Include

Shall Include

Shall Include

Should Include

Should

Essential

Shall Explain

Required

• Type of sale instrument

• Document recording information

• Price

• Terms of sale

• Location

• Zoning

• Name of the buyer

• Name of the seller

• Date of sale

• Legal description (this may be abbreviated if lengthy, or reference may be made to a tax parcel number)

Documentation of each comparable sale shall include:

Sales Comparison Approach (continued)

In developing a final opinion of value by the sales comparison approach, the appraiser shall explain the comparative weight given to each comparable sale.

A comparative adjustment chart or graph is required.

Comments:

• Present use

• Highest and best use

• Brief physical description of the property

A plot plan or sketch of each comparable property should be included.

When quantitative and qualitative adjustments are both used in the adjustment process, all quantitative adjustments should be made first.

If using qualitative analysis, it is essential that the comparable sales utilized include both sales that are overall superior and overall inferior to the subject property.

AVSO Review Checklist

2.3.3.5 Per UASFLA YES NO N/A

Should Arrange

Should Explain

Preferred

Should

Should Attempt

Should

2.3.3.6 Per UASFLA YES NO N/A

Must Explain

Must Explain

Must Explain

Shall State

Cannot

Income Approach

The appraisal report shall include adequate factual data to support each figure and factor used.

Comments:

Reconciliation and Final Opinion of Market Value

The appraiser must explain the reasoning applied to arrive at the final opinion of value.

The appraiser must explain how the results of each approach to value were weighed in that opinion.

The appraiser must explain the reliability of each approach to value for solving the particular appraisal problem.

The appraisal report should be arranged in detailed form to show at least (1) estimated gross economic (or market) rent, or income; (2) allowance for vacancy and credit losses;

(3) an itemized estimate of total expenses; and (4) an itemized estimate of the reserves for replacements, if applicable.

The capitalization technique, method, and rate used should be explained in narrative form and supported by a statement of the sources of rates and factors.

The preferred source of an applicable capitalization rate is from actual capitalization rates reflected by comparable sales.

If the property is actually rented, its current rent is often the best evidence of its economic (or market) rent and should be given appropriate consideration by the appraiser in developing an opinion of the gross economic rent of the property.

The appraiser should attempt to obtain at least the last three years’ historical income and expense statements for the property.

If this historical income and expense information is available, it should be included in this portion of the appraisal report or in the addenda.

The appraiser shall also state the final opinion of value of all of the property under appraisal as a single amount, including the contributory value of fixtures, timber, minerals, and water rights, if any.

If that value opinion includes elements of value that were based on estimates developed by others (e.g., timber cruisers, mineral appraisers), the appraiser cannot merely assume their accuracy. The reasonableness of the subsidiary estimates must be confirmed in accordance with Section 1.13.

Comments:

AVSO Review Checklist

2.3.4 Factual Data - After Acquisition (Partial Acquisitions Only) Per UASFLA YES NO N/A

2.3.4.1 Shall Include

2.3.4.1 Should

2.3.4.2 Shall Describe

2.3.4.2 Should Describe

2.3.4.3.1 Must Describe

2.3.4.3.2 Must Describe

2.3.4.3.3 Must Describe

2.3.4.3.4 Must Report

2.3.4.3.5 Must Estimate

2.3.4.3.6 Must Report

Comments:

Legal Description: If the estate acquired is less than a fee interest (e.g., an easement), the legal description under Section 2.3.2.1 may be referenced and the legal description of the property encumbered by the estate acquired should be included. Should be referenced.

Neighborhood Factors: The appraiser shall describe the government project for which the property is being acquired and its impact, if any, on the neighborhood and the remainder property.

Neighborhood Factors: The aspects of the government’s project that will result in damages to the remainder property should be described in specific detail.

Site: The appraiser must describe the remainder site, paying particular attention to the shape, size, available utilities, and available access to the remainder site.

Improvements: The appraiser must describe those improvements remaining in whole or in part.

Fixtures: The appraiser must describe those fixtures remaining.

FACTUAL DATA, DATA ANALYSIS, AND CONCLUSIONS - AFTER ACQUISITION UASFLA SECTION 2.3.4

Legal Description: The legal description of the remainder property shall be included. Note: If not available, appraisers may develop their own by utilizing the before acquisition legal description and excluding from it the legal description of the real estate acquired by the government.

History: If the appraisal is prepared after the date of acquisition, the appraiser must report the utilization of the remainder property since the date of acquisition as well as any sales or rentals of the remainder property.

Assessed Value and Tax Load: The appraiser must estimate what the assessed value and annual tax load will be on the remainder property.

Zoning and Other Land Use Regulations: The appraiser must report the influence of zoning and other land use regulations on the remainder property.

AVSO Review Checklist

2.3.5 YES NO N/A

2.3.5.1 Shall State

2.3.5.1 Shall Describe

2.3.5.1 Shall Explain

2.3.5.1 Must Discuss

2.3.5.2 Will Develop

2.3.5.2 Must Account For

2.3.5.2 Must be Measured

2.3.5.3

2.3.5.4

2.3.5.5

2.3.5.6 Must Describe

Comments:

Analysis of Highest and Best Use: If restoration or rehabilitation of the remainder property will be required before it can be put to its highest and best use, the physical and economic feasibility of such restoration or rehabilitation shall be explained and justified.

Data Analysis & Conclusions - After Acquisition (Partial Acquisitions Only)

Income Capitalization Approach: See Section 2.3.3.5

Reconciliation and Final Opinion of Market Value: The appraiser must describe the reasoning applied to arrive at the final opinion of value of the remainder property.

Analysis of Highest and Best Use: If the acquisition includes a temporary construction easement, or other temporary property interest, the effect of such temporary acquisition on the remainder property’s highest and best use must be discussed.

Land Valuation: The appraiser will develop an opinion of the market value of the remainder land for its highest and best use as if vacant and available for such use.

Land Valuation: If the acquisition includes one or more temporary construction easements, the impact of those easements on the value of the remainder property must be accounted for in the valuation of the land after acquisition.

Land Valuation: Any diminution in the remainder land value by reason of the temporary easements must be measured in accordance with Section 1.9.1, and then be used as the basis for an adjustment to the remainder’s land value in this section of the report.

Cost Approach: See Section 2.3.3.3

Sales Comparison Approach: See Section 2.3.3.4

Analysis of Highest and Best Use: The appraiser shall state and explain the highest and best use of both the remainder land (as if vacant) and the remainder property (as improved).

Analysis of Highest and Best Use: Impacts of the acquisition on the property's highest and best use or the intensity of that use shall be specifically addressed and described.

AVSO Review Checklist

2.3.6 Acquisition Analysis (Partial Acquisitions Only) Per UASFLA YES NO N/A

2.3.6.1 Must Report

2.3.6.2 Shall Explain

2.3.6.2 Must Justify

2.3.6.3 Must Identify

2.3.7 Exhibits and Addenda Per UASFLA YES NO N/A

Must be Presented

Should Display

Should Include

Should Include

Body of Report

Should Depict

Comparable Data Maps: The maps should include a north arrow and show the locations of both the comparable sales and/or rentals and the subject property.

Details of Comparable Sales and Rental Data: This data may be included in the body of the report. Photographs of each comparable property must be included.

Plot Plan: The plot plan should depict the entire subject property, including dimensions and street frontages.

Comments:

EXHIBITS AND ADDENDA 2.3.4

Legal Instructions: Any legal instructions must be presented.

Location Map: This exhibit should display the location of the subject property within the city or area in which the property is located.

Location Map: All maps should include a north arrow and the identification of the subject property.

Recapitulation: The appraiser must report the difference between the value of the larger parcel and the value of the remainder by deducting the property’s after value from its before value.

Allocation and Damages: Damages, as such, are not appraised.

However, the appraiser shall briefly explain any damages to the remainder property and allocate the difference in the value of the property before and after the acquisition between the value of the acquisition and damages to the remainder. Note: Such allocation is an accounting tabulation and not necessarily indicative of the appraisal method employed.

Allocation and Damages: If damages have been measured by a cost to cure, the appraiser must justify the cost to cure and demonstrate that the cost to cure is less than the damage would be if the cure was not undertaken.

Special Benefits: The appraiser shall identify any special or direct benefits accruing to the remainder property and explain how and why those benefits have occurred.

AVSO Review Checklist

2.3.7 Exhibits and Addenda (continued) Per UASFLA YES NO N/A

Should

Should Identify

Should Identify

Sometimes Required

Should Include

Include

2.4 Reporting Requirements for Leasehold Acquisitions Per UASFLA YES NO N/A

2.4.1

2.5 Project Appraisal Reports Per UASFLA YES NO N/A

2.5

UASFLA checklist created by: Justin Lambert and Doug Brennan; April-2017 Revised by: Ben Lindsay; Feb-2021 (Inclusion of USPAP checklist; conversion to pdf form)

Comments:

Comments:

Are the provisions regarding leasehold acquisitions adhered to, if applicable? (2.4.1 - 2.4.3, page 72)

Are the provisions regarding project appraisal reports adhered to, if applicable? (2.5, page 72 - 79).

Floor Plan: Floor plans are required only for reports related to leasehold acquisitions or when they are necessary to describe a unique property feature.

Title Evidence Report: If the agency provided a title evidence report to the appraiser it should be included, but if it is lengthy it may be referenced.

Other Pertinent Reports and Exhibits: These would include, for example, any written instructions given to the appraiser by the agency or its legal counsel, any specialist reports (such as timber appraisals, environmental studies, mineral or water-rights studies or appraisals, reproduction cost estimates, cost to cure estimates, fixture valuations), any pertinent title documents (such as leases or easements), and any charts or illustrations that may have been referenced in the body of the report.

Include the qualifications of all appraisers or technicians who made significant contributions to the completion of the appraisal assignment.

Comments:

Plot Plan: Structural improvements should be shown in their approximate locations;

significant on-site improvements and easements should also be shown. The dimensions of improvements should be noted.

Plot Plan: The location from which each of the subject photographs was taken should be identified on the plot plan, as well as the photograph identification number and the direction in which the photo was taken.

Plot Plan: In a partial acquisition, the plot plan should identify the remainder area and its dimensions. Note: Any significant construction features of the government project for which the property is being acquired should be shown.

LEASEHOLDS AND PROJECTS 2.4 & 2.5

AVSO Review Checklist