UNIFORM APPRAISER / CLIENT AGREEMENT (UACA)
|Step 1: PROBLEM IDENTIFICATION |
|Parties to the Agreement |CLIENT |APPRAISER |PROPERTY OWNER |
| | | |If different from the Client |
| Contact Name | | | |
|Company | | | |
|Street Address | | | |
|City/State/Zip | | | |
|Phone | | | |
|Fax | | | |
|E-mail Address | | | |
|Authorized Signature | | | |
|Users of the Report | |
|Client’s reason | |
|for | |
|ordering AppraisAL | |
|VALUE TYPE AND DEFINITION |Market Value |Value in Use |Disposition Value |Depreciated Value |
|(see attached) |Real Property |Investment Value |Liquidation Value |Other __________ Attach |
| |Going Concern |Cash Value |Book Value |Definition |
|EFFECTIVE DATE |“___” Value As-Is (on |Prospective “________” Value |Prospective “_________” Value |Historic “____” Value |
|OF VALUE |inspection date) |Upon Completion |Upon Occupancy Stabilization |As of ____________ |
|PROPERTY |Property Name |Street |
|CHARACTERISTICS | |Address |
| |City |State |Zip Code |
| |Land Size __________Acres ________________SF |Zoning |
| |Improvements Are: |___ None |___ Existing, No |___ Existing, Plus Additions, |
| | |___ Proposed |Changes Planned |Remodel, or Repairs |
| |Assessor Parcel ID |# Bldgs ___ # Stories___ |Gross Bldg SF |
| | | |Above Grade |
| |Property Category |General Use |Limited Use |Special Use |
|REAL PROPERTY |Fee Simple |Leased Fee |Leasehold |Combination (specify) |
|INTEREST VALUED | | | |___________________ |
|tangibles or Intangibles |Furniture, Fixtures & Equipment |Housing Subsidy |Tax Abatement |
|Valued SEPARATELY |Machinery & Equipment |Bond Financing |Low Income Housing Tax Credits |
| |Trade Fixtures |Business Enterprise Value |Favorable Seller Financing |
|PROPERTY |Property __is __is not owned by Client. Property __is __is not currently in escrow to be acquired by Client. |
|OWNERSHIP |Property __is __is not currently listed for sale or lease. |
| |Property __is __is not leased to 3rd parties other than Client and/or Owner. |
|PROPERTY |An environmental assessment __has __has not been performed by a licensed environmental hazards firm. |
|ENVIRONMENTAL ASSESSMENT |To the best of client’s knowledge the subject property is not impaired. |
| |The subject property is impaired; the value estimate __will __ will not consider costs to remedy the impairment. |
|PROPERTY |The property is subject to easements, leases, reservations, covenants, contracts, declarations, special assessments, ordinances,|
|ENCUMBRANCES |or other items which may affect the property value. See Attached title commitment. |
|ASSIGNMENT |The value estimate may be rendered invalid if the following |Execution of access or parking easement(s) or other agreements |
|CONDITIONS |limiting condition(s) or hypothetical assumption(s) do(es) not |as specified in the report. |
| |come into existence by the effective date of value: |Review of final plans & specs at a future date. |
| |Completion of construction occurs by ____________. |Granting of zoning/entitlements specified in report. |
| |Execution of lease(s) described in report. |Achievement of stabilized occupancy and NOI projected in the |
| |Extension of utility service specified in the report. |report by the stated date. |
| |Completion of construction and/or remodel in accordance with |Repair of all deferred maintenance |
| |plans and specs provided to appraiser. |Other ____________________________________ |
|Step 2: CLIENT AGREEMENT RELATIVE TO SCOPE OF WORK TO BE DEVELOPED |
|VALUE |□ Specific Dollar Value |□ Specific Dollar Range |Dollar Benchmark, such as no less or |
|RECONCILIATION | | |more than $_________) |
|DOCUMENTATION |Minimum Requirements for All Property |Additional Requirements for All |Additional Requirements for Income |
|REVIEW |Sale Contract (if under contract or sold |New Development and/or |Producing Property |
| |last 3 years) |Remodel or Repair Projects |Historical Income & Expense Data |
|Client may choose not to |Any Current Listings, or Offers | |(3 Years preferred) |
|provide the requested |Legal Description (from survey, conveyance|Construction Plans |YTD Income & Expense Data |
|documents; in that event |or title document) |Construction Specifications |Current Year Budget |
|Appraiser may make an |Survey, if available |List of Changes/Repairs Planned |Proforma (for proposed or acquisition |
|Assumption & Limiting |Preliminary Title Report, if available |Detailed Cost Breakdown |projects) |
|Condition that affects the|FF&E Breakdown |Estimated Completion Date |Leases, including all amendments, |
|usability of the report. |Description & cost of improvements since |Proposed public/private on/off-site |addendums, guarantees and exhibits |
| |acquisition, if applicable |improvements |Rent roll summary |
| |Copy of Assessor’s Tax Bill |Market Study, if available |Lease drafts, if any |
| |Other (see attached description) |Other (see attached description) |Letters of Intent (LOI), if any |
| |Other _______________________ |Other _______________________ |Management Contract, if applicable |
| |Other _______________________ |Other _______________________ |Franchise Agreement, if applicable |
| | | |Other ________________________ |
|APPRAISAL |SUBJECT PROPERTY |NEIGHBORHOOD ANALYSIS |HIGHEST & BEST USE; |
|DEVELOPMENT OR |INSPECTION | |MARKET ANALYSIS |
|PERFORMANCE | | | |
|OPTIONS | | | |
| | | | |
|NOTE: If scope of | | | |
|appraisal performance is | | | |
|limited, the | | | |
|usability of the | | | |
|appraisal report may be | | | |
|limited. | | | |
| |Check all that apply: |Check only one in |City |Check One: |
| |No inspection required |each category: |Full Narrative |Level “A” – Analyze rents, occupancy and |
| |Land only inspection | |Abbreviated Narrative |absorption rates for subject and rent or |
| |Exterior Improvement Inspection |Regional |Form-Fill |sale comparables only |
| |100% Interior/Exterior Inspection |Full Narrative |Exclude |Level “B” – Level “A” PLUS analyze rents, |
| |Inspect at least one of each model |Abbreviated | |occupancy and absorption rates for |
| |Inspect ___% of total # of units |Narrative | |regional market and sub-market |
| |Inspect ___% of square footage |Form-Fill | |Level “C” – Level “B” PLUS prepare |
| |Videotaped Inspection |Exclude | |complete supply and demand analysis using |
| |Physically Measure Improvements | | |current and projected demographics |
| |Use size from public sources or plans | | |Restricted Use Appraisal Report Option |
| |Tax Comparable Analysis | | |Only |
| | | |Neighborhood | |
| | | |Full Narrative | |
| | | |Summary | |
| | | |Form-Fill | |
| | | |Exclude | |
| |DEVELOPMENT OF MOST APPLICABLE APPROACHES TO VALUE |
| |(Check all that apply) |
| |Land Valuation |Sales Comparison Approach |Income Capitalization Approach |
| |Not Applicable |Improved Property |Not Applicable |
| |Applicable but Not Used |Not Applicable |Applicable but Not Used |
| |Automated Valuation Model (AVM) |Applicable but Not Used |Automated Valuation Model (AVM) |
| |Sales Comparison Method |Automated Valuation Model (AVM) |Review all Leases |
| |Compare subject site with a minimum of 3 |Compare subject as improved with a minimum of|Sample review ___% of Leases |
| |similar arms-length land sales which |3 similar arms-length improved sales which |Review all Lease Abstracts |
| |closed within last 12 months in subject |closed within last 12 months with similar |Review Rent Roll Only |
| |market with similar highest/best use |highest and best use |Compare subject contract or proforma |
| |Inspect selected land sales |Inspect Selected Improved Sales |rental income with a minimum of 3 similar |
| |Confirm details of each sale with |Confirm details with: |arms-length rent comparables for each |
| |A principal or broker |A principal or broker |rental category type with similar highest |
| |Public records |Public records |and best use |
| |MLS or equivalent database |MLS or equivalent database |Rely on “asking rents” of rent |
| |Show and support adjustments |Show and support adjustments |comparables (not signed leases) |
| |Other Methodology_____________ |Show derivation of Overall Rate from each |Inspect Rent Comparables |
| |Perform broker survey; narrate result |sale consistently, i.e., based on historical,|Confirm details of each rental with |
| | |actual or proforma NOI, or adjusted |A principal or broker |
| |Cost Approach |Perform Broker Survey; narrate result |Public records |
| |Not Applicable | |MLS or equivalent database |
| |Applicable but Not Used | |Show and support adjustments |
| |Automated Valuation Model (AVM) |Other Analysis (Describe): |Compare subject historical expense data |
| |Analyze and compare cost budget of subject|_______________________________ |with |
| |with actual costs of similar projects and | |Comparable published data |
| |cost index |_______________________________ |comparable actual data |
| |Research a cost index such as Marshall | |Derive capitalization rate from: |
| |Valuation |_______________________________ |published data |
| |Research costs of recent similar projects | |band of investment theory |
| |locally |_______________________________ |comparable sales. Show derivation from |
| |Estimate depreciation from all sources | |each sale consistently, i.e., based on |
| |based on: |_______________________________ |historical, actual or proforma NOI, or |
| |Age Life Method | |adjusted |
| |Marshall Valuation Tables |_______________________________ |Apply Direct Capitalization Analysis |
| |_______________________ | |Apply DCF Analysis |
| | | |Other _______________________ |
|Step 3. REPORTING |
|APPRAISAL |Income Capitalization |Sales Comparison |Land Value |Cost Approach |
|REPORTING |Approach |Approach | | |
|OPTIONS | | | | |
| | | | | |
| |Approach Not Done |Approach Not Done |Approach Not Done |Approach Not Done |
| |Self-Contained |Self-Contained |Self-Contained |Self-Contained |
| |Summary Narrative |Summary Narrative |Summary Narrative |Summary Narrative |
| |(Evaluation) |(Evaluation) |(Evaluation) |(Evaluation) |
| |Summary Form |Summary Form |Summary Form |Summary Form |
| |Restricted Use |Restricted Use |Restricted Use |Restricted Use |
| |Oral |Oral |Oral |Oral |
| |Other_________ |Other_________ |Other_________ |Other_________ |
| | | | | |
|SCHEDULE OF APPRAISAL REPORT EXHIBITS To Be Included |
|(Check all that apply) |
| | |
| | |
|Appraiser Exhibits |Sales Comparison Approach |
| | |
|Engagement Letter for This Assignment |Improved Sale Location Map |
|General Assumptions & Limiting Conditions |Improved Sale Comparable Photos |
|Specific Assumptions & Limiting Conditions |Improved Sale Comparable Write-Ups / MLS Printout |
|Signed Certification |Improved Sale Comparable Adjustment Grid |
|Appraiser's Statement of Qualifications |AVM Printout |
|Appraiser’s List of Current Clients / References |Other (specify)__________________________ |
|Appraiser’s List of Recently Completed Appraisals |Other (specify)__________________________ |
|Appraiser’s State License or Certification |Other (specify)__________________________ |
|Other (specify)__________________________ | |
| |Income Capitalization Approach |
|Subject Property – General | |
| |Leases, Existing & Proposed; Letters of Intent (LOIs) |
|Regional Location Map with Subject Neighborhood Identified |Lease Abstracts |
|Neighborhood Location Map with Subject Identified |Rent Roll |
|Neighborhood Photos |Rent Comparable Location Map |
|Subject Photos - Exterior with Legend |Rent Comparable Photos |
|Subject Photos - Interior with Legend |Rent Comparable Write-Ups |
|Subject Inspection Video Electronic File Media |Rent Comparable Adjustment Grid |
|Subject Survey (reduced to 11x17) |Proforma Income & Expense; or Actual Budget |
|Subject Plot Plan |Historical Income & Expense (3 Yr) |
|Subject Plans (reduced to 11x17) |Expense Comparables |
|Assessor's Property Record Card |DCF Printout |
|Assessor's Printout |DCF Electronic File Media |
|Title Commitment or Policy |Other (specify)__________________________ |
|Legal Description (from conveyance or title document) |Other (specify)__________________________ |
|Sale Contract (if in escrow or sold last three years) |Other (specify)__________________________ |
|Listing Agreement(s) | |
|Offer(s) |Land Valuation |
|FF&E Breakdown | |
|Management Contract |Land Sale Comparable Location Map |
|Franchise Agreement |Land Sale Comparable Photos |
|Market Study |Land Sale Comparable Adjustment Grid |
|Other (specify)__________________________ |Land Sale Comparable Write-Ups / MLS Printout |
|Other (specify)__________________________ | |
|Other (specify)__________________________ |Cost Approach |
| | |
| |Developer's Cost Breakdown |
| |Cost Index Printout (ex: Marshall Valuation) |
| |Actual Cost Comps |
| |Other (specify)__________________________ |
| |Other (specify)__________________________ |
| |Other (specify)__________________________ |
|OTHER TERMS OF AGREEMENT |
|DOCUMENTS TO BE |APPRAISAL |ELECTRONIC DELIVERY |FEE AMOUNT |
|REVIEWED DELIVERY DATE |DELIVERY DATE |_____ # OF ORIGINAL COPIES | |
| | | |$______________ |
|Step 4. COMPLIANCE WITH OTHER USPAP RULES |
|Ethics Rule & Related Issues |
|ETHICS RULE |Appraiser is not to report a predetermined opinion or |Appraiser has not paid fees, commissions, etc. in |
| |conclusion, and Appraiser is not an advocate of anything |connection with procurement of this assignment. |
| |other than his assignment results. | |
|ETHICS RULE |Appraiser or appraiser’s firm ___has or ___ has never |This assignment is a new assignment for a different |
|& |previously appraised this property. |Client. |
|PRIOR | |This assignment is a new report or update of a prior |
|APPRAISAL | |report for the same property for the same Client. |
|ETHICS RULE |Appraiser will keep any value conclusion confidential. |The Appraiser may redact all information provided by |
|& |Appraiser will keep data provided by Client confidential |Client for analysis use in connection with future |
|FUTURE |unless said data becomes a matter of public record |assignments. |
|RE-APPRAISAL | | |
|Competency Rule & Related Issues |
|COMPETENCY RULE |The Appraiser has the appropriate education and experience to appraise the subject property based on its |
| |classification above and its geographical location and has previously appraised similar properties in the subject|
| |market. See Appraiser’s Qualification Statement and List of Recent Assignments included in report. |
| |The Appraiser has never appraised a property similar to the subject, or has never appraised a property in the |
| |subject market, and does not have the appropriate education and experience to appraise the subject property. |
| |However, appraiser will take all steps necessary to develop a credible opinion of value as required under USPAP |
| |(see attached description). |
|ASSISTANCE WITH |No one shall provide appraiser with assistance. |_______________________ will be assigned to assist with|
|APPRAISAL |Appraiser may select any staff appraiser to assist in |the development and reporting of appraisal, and he or |
| |development and reporting of appraisal, and they may sign|she may sign the report and be given credit in the |
| |the report and be given credit in the certification. |certification. |
|APPRAISER |The Appraiser is currently licensed or certified in the |Neither the Appraiser nor any person designated to |
|LICENSING & |state where the property is located. |provide assistance is licensed in the state where the |
|CERTIFICATION |The person designated to provide assistance is currently |property is located, but a temporary practice permit |
| |licensed or certified in the state where the property is |will be obtained by both, and a copy included in the |
| |located. |report. |
|REPORT |Report shall contain a certification in compliance with USPAP, signed by all persons who worked on the assignment|
|CERTIFICATION | |
|Additional Contract Requirements |
|Depending on the client and the intended use, the assignment may be subject to requirements in addition to USPAP. The appraiser should |
|clarify with the client at the outset if there are any additional requirements required by the following: |
|Government agencies (such as OCC, FDIC, OTS, NCUA, Federal Reserve, HUD, VA, etc.) |
|Government sponsored enterprises (GSEs such as FNMA, FHLMC, etc.) |
|Other entities that establish public policy (such as city or county governments, etc.) |
|Other____________________________________ |
|Federal financial institution staff as well as third party appraisers/reviewers/evaluators, when ordering/preparing/reviewing appraisals|
|or evaluations prepared for use in “federally related transactions” should be familiar with and comply with the following: |
| |
|Real Estate Lending & Appraisals published by the Comptroller of the Currency, Treasury (12 CFR § 34—as amended several times) |
|Interagency Appraisal and Evaluation Guidelines dated October 27, 1994 |
|Independent Appraisal and Evaluation Functions, dated October 28, 2003 (for example, OCC AL 2003-9) |
|Frequently Asked Questions on the Appraisal Regulations & Independent Appraisal and Evaluation Functions dated March 22, 2005 (for |
|example, OCC 2005-6) |
|Frequently Asked Questions on Residential Tract Development Lending dated September 8, 2005 (for example, OCC 2005-32) |
|2006 Revisions to USPAP dated June 22, 2006 (for example, OCC 2006-27) |
|Appraisal Guidelines, for example, of a specific financial services institution |
|Other __________________________________________________ |
|Property Types & Sub-Types Listing |
|Agricultural |Processing/production/ref|Lodging and Hospitality |Office/R&D |Senior Housing |Sports & Entertainment |
|Agribusiness |inery facility |All-suite |Office/Warehouse |Assisted living residence|Amusement facility |
|Aquaculture |Chemical |Bed & Breakfast |Other |Congregate senior housing|Theme park |
|Dairy |processing/refinery |Campground/RV-trailer |Retail-Commercial |Continuing care |Arcade |
|Grain Elevator |Energy production |camp |Car wash |retirement community |Go-cart track |
|Greenhouse/nursery |Food processing |Casino Hotel |Full-service |Skilled nursing facility |Miniature golf |
|Livestock Farms |Mineral processing |Economy/limited service |Hybrid |Other |Waterslide park |
|Pasture/Ranch |Water treatment |Extended-stay |Self-service |Shopping Center |Swimming Pool / Aquatic |
|Permanent crops |Research & Development |Full-service |Convenience Store |Community center |Facilityl |
|Row Crops |(R&D) |Luxury |Day Care facility/nursery|Convenience/Strip center |Bowling alley |
|Timberland |Salvage yard |Mixed-use |Garden Center |Fashion/specialty center |Casino/gaming facility |
|Undeveloped agricultural |Sawmill/lumberyard |Hotel-Office |Mixed-use |Neighborhood center |Equestrian center/stable |
|Other |Self-storage/mini-storage|Hotel-office-Retail |Retail-office |Outlet Center |Fitness court, and spa |
|Assembly / Meeting Place |facility |Hotel-Retail |Retail-office-residential|Power center |facility |
|Armory/club/lodge |Tank farm/petroleum |Hotel-Residential |Retail-residential |Regional center |Court facility |
|facility |storage |Resort/spa |Parking facility |Super-regional |Health and fitness |
|Community/recreation |Truck |Other |Garage |center/mall |center/sports club/gym |
|center |terminal/hub/transit |Multifamily |Surface |Theme/festival center |Spa resort |
|Convention Center |facility |Garden/low-rise |Post Office |Other |Golf-related |
|Reception hall/banquet |Underground/cave storage |Gov’t Subsidized |Restaurant |Special Purpose |Driving range |
|facility |Warehouse |Mid/High-rise |Fast Food |Airport-airplane hangar |Golf course/club |
|Religious facility |Air Cargo |Mobile/Mf’d Park |Full-service |Cemetery/mausoleum |Golf resort |
|Other |Distribution |Student-oriented housing |Limited Service |Courthouse |Racetrack |
|Health Care |Loft/multi-story |Dormitory |Sit-down |Funeral home/mortuary |Auto |
|Acute care hospital |Refrigerated/ cold |Fraternity/sorority |Multi-screen/megaplex |Jail/correctional |Dog |
|Ambulatory surgery center|storage |Apartment |theatre |facility |Horse |
|Behavioral care facility |Storage |Office |Retail-pad |Landfill |Skating rink |
|Clinical laboratory |Other |Creative/loft |Tavern, bar, nightclub, |Library |Ski Resort |
|Comprehensive ambulatory |Land |Office Building |microbrewery |Marina |Sports arena /stadium |
|care center |Undeveloped agricultural |Low-rise |Service station/gas |Military facility |Indoor |
|Medical center |Industrial |Mid-rise |station |Mine-quarry |Outdoor |
|Medical Office |Multifamily |High-rise |Single-screen theatre |Museum/gallery |Theatre / performing arts|
|Rehabilitation |Apartment |Institutional/ |Freestanding building |Outdoor sign |facility |
|center/hospital |Duplex, triplex and |governmental |Bank branch |Salvage yard |Auditorium |
|Other |4-plex |Medical Office |Box box |Sawmill/lumberyard |Concert hall/arena |
|Industrial |Office |Mixed Use |Department Store |School/university |Drive-in theater |
|Flex space |Park/open space |Office-industrial |Grocery Store |Tank farm/petroleum |Multi-screen /megaplex |
|Industrial-business park |Residential |Office-Multifamily |Freestanding Other |storage |theater |
|Industrial condominium |lot |Office-Retail |Street Retail |Train station/bus |Outdoor amphitheater |
|Intermodal facility |Subdivision |Office-Retail-Industrial |Vehicle Related |terminal |Single-screen theater |
|Manufacturing |Retail |Office-Retail-Multifamily|Dealership |Truck |Other |
|Heavy |Retail pad |Office/business park |Lube shop |terminal/hub/transit | |
|Light |Water-related | |Tire store |facility | |
|High-tech |Coastal/island | |Service & repair facility|Zoo/nature facility | |
|Office/showroom |Flood zone | |Other |Other | |
| |Wetland/ marshland | | | | |
| |Wilderness | | | | |
| |Other | | | | |
NOTE: Many of the above property types are limited or special use properties
for which current data to appraise the property may be limited.
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