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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