Italicized, bold font - UAAR

[Pages:30]UAAR?

AgWare, Inc.

File No. #

General Guidance Notes

Overview The guidance notes in this template are based on information in Farmer Mac's Collateral Valuation Supplement (CV Supplement) to its Seller/Servicer Guide, which is available for download from within the Collateral Valuation section on the website. Questions regarding the guidance in this template should be directed to Farmer Mac's Collateral Valuation Consultant, via email to wdsnook@

This template set contains most of the UAAR pages an appraiser might use when the property includes building improvements and permanent planting improvements.

Notes in capitalized font and shown in (BRACKETS) are entered on pages in this template set where necessary to describe the kind of information expected. In certain instances, the standard UAAR Page has Farmer Mac entry annotations. Those appear in italicized, bold font, text.

The Farmer Mac Basic Template (Land Only) contains the UAAR pages that would be expected in an appraisal report on a property without irrigated land or permanent plantings or structures that have significant contributory value. As explained below, the appraiser would add UAAR pages or Farmer Mac forms to the Farmer Mac Basic Template (Land Only) to address such property characteristics as irrigation, permanent plantings, or structures with significant contributory value, ranch properties, timber (if included in the subject property), etc., and narrative pages when necessary to ensure knowledgeable readers understand the property, its market, and the appraiser's scope of work and reasoning in support of the appraisal.

Irrigated Property: If the property includes irrigated land, the appraiser would add the UAAR Irrigation Supplement including, if applicable, the Well/Pump Supplement page in the report. Information in those pages should be, in part, obtained from the Farmer Mac 1013A - Irrigation and Drainage Supplement form, which is completed and signed by the loan applicant or the party responsible for the property. A copy of the Form 1013A may be included in the appraisal report addenda, or retained in the appraiser's work file. The original is to be provided to the Seller by the loan applicant.

Permanent Plantings: If the property includes areas with permanent plantings that have significant contributory value, the appraiser would add the Farmer Mac 1034 - Permanent Planting Data Summary form shown in this template set.

Structure Improvements: If the property includes structure improvements with significant contributory value, the appraiser would add the UAAR Improvements page shown in this template set. If the property structures include a dwelling or dwellings with significant contributory value, the appraiser would add as many residential building description (with RCN) pages as are appropriate.

Analysis Pages: This template set contains the Sales Comparison, Cost, and Income Approach pages that would be included in the appraisal report when the appraiser includes all three approaches in the appraisal. The appraiser would omit the pages for any approach that was not developed in the appraisal (e.g., omit the Cost Approach pages if a Cost Approach was not developed).

Report Exhibits & Photos: The appraisal report would include, at a minimum: (see Farmer Mac Form 1027A - Farmer Mac Appraisal Report Content Requirements) -- Subject Property Location Map; Property Plat/s, Map/s, or Sketch; Property Improvement Sketch (for improvements with significant contributory value, such as in a "facility" or "rural residence/estate property); Photos, as appropriate to illustrate significant property characteristics; and Comparables Location Map/s.

?1998-2012 AgWare, Inc. All Rights Reserved.

Page 1 of 29

UAAR?

AgWare, Inc.

File No. #

General Guidance Notes (Continued)

Report Addenda - The report addenda would contain, at a minimum:

Copy of the appraiser's engagement letter; Subject property legal description; Farmer Mac 1010A - Environmental Survey form (completed and signed by the loan applicant or party responsible for the property); Sale Data Summary and Analysis pages for each comparable used in the appraisal; Other addenda, as deemed necessary by the appraiser, such as analysis worksheets and other supporting documentation, as described in the page that follows the "Appraiser's Certification" page in this template set; Farmer Mac Form 1027A -- Farmer Mac Appraisal Report Content Requirements.

Work file Documentation: An appraiser would typically use additional UAAR pages in the process of developing the appraisal or report, such as the Quick Start page, Sales Adjustment analysis pages, Land Adjustment pages, and others.

Except when required by the appraiser's client or when deemed necessary by the appraiser to illustrate support for an analysis result, the appraiser would not include those other pages in the appraisal report that is presented to the client. Rather, those other pages remain as part of the appraiser's assignment work file. In certain instances, such as in connection with appraisal review, the appraiser may be required to provide copies of analysis worksheets to the client or by the client to other intended users subsequent to delivery of the appraisal report.

Electronic Files Farmer Mac requires an electronic file, which is typically an Adobe PDF file, of the appraisal report. The appraiser should make the electronic file delivery arrangements as part of the engagement process.

The appraiser's client may ask for the report on a CD, or as an attachment to an email. Whichever the client requested, the appraiser should transmit the file on the same day that the hard copy of the report is signed.

If, after sending the report package, the appraiser finds a need to revise or correct the report, simply complete the revisions and label the report as revised (be sure to show the date of the revision) and recreate the CD or email.

?1998-2012 AgWare, Inc. All Rights Reserved.

Page 2 of 29

File No.

Uniform Agricultural Appraisal Report

INCLUDING FARMER MAC SUPPLEMENTS

Prepared For:

Intended User:

(INCLUDE "FARMER MAC" AS AN INTENDED USER)

Prepared By:

Date Prepared:

(ENTER THE DATE THE REPORT IS SIGNED) ?1998-2012 AgWare, Inc. All Rights Reserved.

Uniform Agricultural Appraisal Report AgWare, Inc. Executive Summary

File No #

USE OF APPRAISAL

CLIENT/OWNER CLIENT:

INSPECTION DATE

AG. FINANCE

EFFECTIVE DATE

PURPOSE OF REPORT

DATE OF REPORT

USE/INTENDED USER(S)

RIGHTS APPRAISED

HIGHEST & BEST USE

SCOPE/EXTENT OF PROCESS (REFER TO THE ADDENDA FOR THE SCOPE SUMMARY)

OWNERSHIP/SALES HISTORY Current Owner(s) (ENTER NAME/S AS THEY APPEAR IN THE PUBLIC RECORD)

Ownership Longer than

years.

Currently Listed at $

Property Sold Within Last 3 Years Most recent: $

Date:

Prior: $

Date:

PROPERTY LOCATION

SUBJECT PROPERTY LAND USE

State

Code

County

Code

Section

Township

Range

Lot

Attached:

Legal Description

Property Survey

Property Sketch

Map Addendum

FEMA Map/Zone/Date

Improvement Location: (ENTER THE NAME OF THE NEAREST COMMUNITY)

DISTANCE/DIRECTION

Deeded Acres Eff. Unit Size Crop Acres Primary Land Type Primary Commodity

Code

( ( ( ( ( (

Livestock Capacity

) ) Leased AUMs ) ) Crop Yield ) Avg. P.I. )

From Nearest Services

Miles

Direction

Comments: (STATE WHICH OF THE "ACRES" OR "UNIT SIZE" LABELS IS

From Nearest Market

Miles

Direction

TYPICAL IN THE SUBJECT'S MARKET AREA (E.G., DEEDED ACRES, NET

Access Public Private Access Type

ACRES, IRRIGATED ACRES, WET ACRES, ETC., OR - IF A LIVESTOCK UNIT

(STATE WHETHER PHYSICAL & LEGAL ACCESS ROUTES MATCH, & STATE OR FACILITY - AUs, MILKING COWS, BIRDS, ETC.)

THE APPEAL OF THE SUBJECT'S LOCATION RELATIVE TO ITS COMPETITION)

MARKET AREA DESCRIPTION

SUBJECT DESCRIPTION

Major Commodities

Subject is: ABOVE AVG. AVG. BELOW AVG. NONE

Location

Major Property Types

Legal Access

Physical Access

Market Supply/Demand

Contiguity

Oversupply

Balanced

Undersupply

Shape/Ease Mgt.

Adequacy Utilities

Value Trend (Last

/Months)

Services

Stable Increase +

%/Mo.

Decrease (

)%/Mo. Rentability

Non-Ag Influence

Compatibility

None

Commercial

Urban

Market Appeal

Residential Minerals Recreation

1

2

3

4

Degree of Non-Ag Influence

HAZARDS/DETRIMENTS (STATE "NONE" OR A PAGE REFERENCE)

Large

Moderate

Slight

None

EASEMENTS/ENCROACHMENTS (STATE "NONE" OR A PG. REFERENCE)

ESTIMATE OF EXPOSURE TIME

Mo.

CURRENT ZONING (STATE COMPLETE LABEL)

SUBJECT PROPERTY TYPE

HIGHEST AND BEST USE

UNIT TYPE

Economic Sized Unit

As If Vacant/Unimproved (BE AS SPECIFIC AS PRACTICAL;

Supplemental/Add-on Unit

"AGRICULTURAL" IS A CLASS OF USES, NOT A USE ITSELF)

As Improved

SERVICES

Gas

Electric

Sewer

Public Water Well

Cistern

ESTIMATE OF MARKETING TIME

Mo.

(STATE WHETHER ASSESSMENTS ARE ASSOCIATED WITH SERVICES)

VALUE CONCLUSION

VALUE INDICATED BY APPROACHES

VALUE/UNIT

TOTAL

COST

$0

INCOME

$

Improvements Land Other:

/

$

/

$

/

$

SALES COMPARISON $ ?1998-2012 AgWare, Inc. All Rights Reserved.

TOTAL PROPERTY VALUE $

/

$

Page 3 of 29

UAAR? Area-Regional Boundary:

Major Commodities:

AgWare, Inc.

File No # On and Off Property:

Up

Value Trend: Sales Activity Trend: Population Trend: Employment Trend:

Stable

Down

Above Avg.

Off Property Employment:

Change in Economic Base: From To

Unlikely

Avg. Likely

Below Avg. N/A Taking Place

Market Availability:

Cropland Units: Livestock Units: Recreational Tracts:

Under

Over

No

Supply Balanced Supply Influence

Forces of Value:

(Discuss social, economic, governmental, and environmental forces.)

Area-Regional Description

Exposure Time: Specific Market Area Boundaries:

months. (See attached definition and discussion)

Market Area: Type

Value Trend Sales Activity Trend Population Trend Development Trend

Analysis/Comments:

Rural Up

Suburb Stable

Urban Down

Market Area:

Above Avg.

Avg.

Below Avg. N/A

Property Compatability

Effective Purchase Power

Demand

Development Potential

Desirability

(Discuss positive and negative aspects of market area.)

Market Area Description

?1998-2012 AgWare, Inc. All Rights Reserved.

Page 4 of 29

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