BTI APPRAISAL 1A-2015 - Laserfiche WebLink

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I • Property right(s) to be acquired, e.g., fee simple, easement, etc., • Value being appraised (usually fair market value), and its definition • Appraised as if free and clear of contamination (or as specified), • Date of the appraisal report and the date of valuation, • A realty/personality report as required by 49 CFR 24.103(a)(2)(i), • Known and observed encumbrances, if any, • Title information, • Location, • Zoning, • Present use, and • At least a 5-year sales history of the property. 6. In the appraisal report, identify the highest and best use. If highest and best use is in question or different from the existing use, provide an appropriate analysis identifying the market-based highest and best use. 7. Present and analyze relevant market information. (Specific requirements for market information should be included in the agency's appraisal procedural manual and should include research, analysis, and verification of comparable sales. Inspection of the comparable sales should also be specified.) 8. In developing and reporting the appraisal, disregard any decrease or increase in the fair market value of the real property caused by the project for which the property is to be acquired, or by the likelihood that the property would be acquired for the project. (If necessary, the appraiser may cite the Jurisdictional Exception or Supplemental Standards Rules under USPAP to ensure compliance with USPAP while following this and other Uniform Act requirements.) 9. Report his or her analysis, opinions, and conclusions in the appraisal report. ADDITIONAL REQUIREMENTS FOR A SCOPE OF WORK: INTENDED USE: This appraisal is to estimate the fair market value of the property, as of the specified date of valuation, for the proposed acquisition of the property rights specified (i.e., fee simple, etc.) for a Federally assisted project. INTENDED USER: The intended user of this appraisal report is primarily the acquiring agency, but its funding partners may review the appraisal as part of their program oversight activities. App. 19-2 [03/07 ] 1378 CHG-8 Appendix 19 DEFINITION OF FAIR MARKET VALUE: This is determined by State law. Fair market value, however, is generally defined as the price that a seller is willing to accept and a buyer is willing to pay on the open market in an arm's length transaction, and usually includes the following: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, each acting in what he or she considers his or her own best interest; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. CERTIFICATION: The appraisal shall include a certification of the appraiser (see attached sample).