BTI APPRAISAL 1A-2015 - Laserfiche WebLink

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f~ , EXHIBIT C U.S. Department of Housing and Urban Development (HUD) Guide for Rreparing An Appraisal Scope of Work HUD Handbook 1378, Appendix 19 The Uniform Relocation Assistance and Real Property Acquisition Policies Act (URA) and its implementing regulations (49 CFR Part 24) set forth minimum requirements for real property acquisition appraisals for Federal and federally-assisted programs. Appraisals subject to the URA must be prepared according to these requirements. The acquiring agency may also have additional supplemental appraisal requirements which may be attached. The acquiring agency has a legitimate role in contributing to the appraisal process, especially in developing the scope of work and defining the appraisal problem. The scope of work and development of an appraisal under these requirements depends on the complexity of the appraisal problem The scope of work is a written set of expectations that form an agreement or understanding between the appraiser and the agency as to the specific requirements of the appraisal, resulting in a report to be delivered to the agency by the appraiser. It includes identification of the intended use and intended user; definition of fair market value; statement of assumptions and limiting conditions; and certifications. It should specify performance requirements, or it should reference them from another source, such as the agency's appraisal procedural manual. The scope of work must address the unique, unusual and variable appraisal performance requirements of the appraisal. Either the appraiser or the agency may recommend modifications to the initial scope of work, but both parties must approve changes. SCOPE OF WORK: The appraiser must, at a minimum: 1. Provide an appraisal meeting the definition of an appraisal found at 49 CFR 24.2(a)(3). 2. Afford the property owner or the owner's designated representative the opportunity to accompany the appraiser on the inspection of the property. 3. Perform an inspection of the subject property. The inspection should be appropriate for the appraisal problem, and the scope of work should address: • The extent of the inspection and description of the neighborhood and proposed project area, • The extent of the subject property inspection, including interior and exterior areas, • The level of detail of the description of the physical characteristics of the property being appraised (and, in the case of a partial acquisition, the remaining property), 4. In the appraisal report, include an adequate description of the physical characteristics of the property being appraised (i.e., sketch of the property and provide the location and dimensions of any improvements) and a description of comparable sales. The appraisal report should also include adequate photographs of the subject property and comparable sales, and provide location maps of the property and comparable sales 5. In the appraisal report, include items required by the acquiring agency, including but not limited to the following: