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Appraisal Review Certification

By Zachary Jordan,2014-09-28 16:21
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Appraisal Review Certification ...

    Appraisal Review Certification

     Route:

     Section:

     Project:

     Job No.:

     County

     Parcel No.:

     Original Supplemental Complex Non-Complex

     Is the Remainder Property an Uneconomic Remnant? Yes

     No

    The attached appraisal report submitted by has been reviewed by the undersigned. In accordance with 49 CFR 24.104, the attached appraisal meets one of the following categories:

     Not Accepted Provide reasoning for non-acceptance.

     Accepted - Meets all requirements, but is not selected

     Recommended - Meets all requirements and is selected as basis for acquisition purposes

    The conclusions of value for the subject property as of , are as follows:

     Fair Market Value of Whole Property $

     Fair Market Value of Property Taken (including improvements) as

     a Part of the Whole $

     Fair Market Value of Remainder as Part of the Whole Property Before Taking $

     Fair Market Value of Remainder After the Taking as will be affected by

     the Contemplated Improvement $

     Damage to Remainder $

     Compensation for Permanent Easement(s) $

     Compensation for Temporary Easement(s) $

     Excess Land to be Acquired $

     Total Compensation $

    Review Appraiser Date

    Type of License License Number Expiration Date

    Approved:

    Regional Engineer Date

Parcel No. Page 1 of 5 LA 203 Template (Rev 2/09)

    Appraisal Review Certification

The undersigned hereby certifies:

1. That on , I visually inspected the property and comparable sales selected, analyzed and

    described in the attached appraisal. I am/ I am not aware of any additional sales data or additional information

    that may impact the value of the subject property.

2. That I have no direct or indirect present or contemplated future personal interest in the property described therein or in

    any benefit from the acquisition, and I have no personal interest or bias with respect to the parties involved.

3. That the facts and data reported by the review appraiser and used in the review process are based on that information

    provided by the author of the attached appraisal report and any specialty reports, and that this information is

    considered true and correct. No one has provided significant professional assistance to the person signing this review

    report.

    4. That the analyses, opinions, and conclusions in this review report are limited only by the assumptions and limiting

    conditions stated in this review report, and are my personal, unbiased professional analyses, opinions and

    conclusions. I have no bias with respect to the property that is the subject of this review or the parties involved.

5. That my determination has been reached independently based on the appraisal without any collusion or direction, and

    my compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or

    the use of, this review report. This review report is based on the data and information provided in the actual appraisal

    report and any specialty reports used therein.

    6. That my analyses, opinions, and conclusions were developed and this review report has/ has not been prepared

    in conformity with the Uniform Standards of professional Appraisal Practice and are based on the scope of work

    described herein.

    7. That I have given consideration in this review to the value of the part taken, and damages and/or benefits to the

    remainder, if any, to the extent allowed under Illinois statutes; and that as near as can be determined

    noncompensable items of damage under Illinois law have not been included in appraisal.

8. In the event that I have completed my own independent research of the subject property and any additional

    information and data or I have documented the attached appraisal, this will be so stated in the accompanying review

    appraisal report. Otherwise, this review has been based on only the data and information provided by the appraiser of

    record for this appraisal report.

    Review Appraiser

Parcel No. Page 2 of 5 LA 203 Template (Rev 2/09)

    Appraisal Review Certification

    APPRAISAL REVIEW REPORT; In accordance with 49 CFR 24.104 and USPAP Standards Rule 3, a review appraiser will prepare an appraisal review report to support the approved value selected for the use as the basis for acquisition

    purposes. This report shall contain the following information, either in a simple format or a more complex format as required for the review assignment: 1) scope of work being reviewed and the scope of work of the review assignment; 2)

    examination of the presentation and analysis of the appraisal report and the development of an opinion as to

    completeness, adequacy, appropriateness of appraisal methods and techniques used; 3) identification of client , intended use and intended user(s); and 4, a signed certification (Page 2 of this Appraisal Review Certification).

     Subject of the review assignment:

     Date of the review:

     Property interest appraised: Fee Simple Dedication/Perpetual Easement

     Permanent Easement Temporary Easement

    Other. If Other, explain (if for disposal of excess land and/or other

    rights, please indicate fee simple, dedication/perpetual easement,

    and/or release of access rights

     Date of work under review:

     Effective date of the opinion or conclusion of the work under review:

     Appraiser(s) who completed work being reviewed:

Describe the scope of work performed in this appraisal review report as required in 49 CFR 24.104 and USPAP Scope of

    Work Rule.

Parcel No. Page 3 of 5 LA 203 Template (Rev 2/09)

    JURISDICTIONAL EXCEPTION CERTIFICATION

    Job No.

    Parcel No.

This report was/ was not developed and reported under the Jurisdictional Exception of the Uniform

    Standards of Professional Appraisal Practice (USPAP) and in compliance with the policies and procedures of

    the Illinois Department of Transportation (IDOT), the intended user, and applicable federal and state laws. The

    only part or parts of the USPAP that have been disregarded are those parts that are contrary to these laws,

    policies and procedures.

Check the appropriate statements:

     The part or parts of the USPAP, which have been disregarded, have been identified and retained in the

    work file. The jurisdictional authority that justifies the Jurisdictional Exception(s) of the USPAP are the

    appraisal requirements of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of

    1970, as amended, 49 CFR 24 and Chapter 2 of IDOT’s Land Acquisition Policies and Procedures Manual.

     I have considered all three approaches to value and have utilized, at the minimum, the Sales Comparison

    Approach in establishing my opinion of value. Given the intended use, and the needs of the user, the

    report is no less reliable without the Cost Approach and Income Approach. I may have developed the

    other approaches to use as a check and balance to the Sales Comparison Approach utilized herein and

    they have been retained in my work file.

     I have developed and reported all applicable approaches to value that, based on the intended use and the

    needs of the intended user, provide reliability to the report.

The scope of work has been identified in the body of the report, in accordance with 49 CFR 24 and USPAP.

    The intended use and the intended user(s) have been appropriately identified in the body of the report.

This is a Self Contained/ Summary/ Restricted Use Report. as defined by USPAP Standard Rule 2-2.

    The conclusion of the fair market value of the part taken, net damage to the remainder , if any, and any

    easements, if any, as of the day of __________, is $ _____________ is based upon

    my independent review of the information presented herein and the exercise of my professional judgment.

_____________________________________________

     Signature

____________________________

     Date

    State License/Certification Title

    State License/Certification No.

    Date of Expiration

Parcel No. Page Appraiser

    Parcel No. Page 4 of 5 LA 203 Template (Rev 2/09)

    Job No.

    Parcel No.

     STANDARD THREE - APPRAISAL REVIEW Standards Standards Rule Rule not

    met

    Except for those Standards Rules marked with an “X,” I have done the

    following in reviewing this appraisal:

    3-1 In reviewing an appraisal, an appraiser must: 3-1(a) Identify the report under review, the real estate and real property interest

    being appraised, the effective date of the opinion in the report under review,

    and the date of the review.

    3-1(b) Identify the extent of the review process to be conducted. 3-1(c) Form an opinion as to the completeness of the report under review in light of

    the requirements in these standards. 3-1(d) Form an opinion as to the apparent adequacy and relevance of the data and

    the propriety of any adjustments to the data.

    3-1(e) Form an opinion as to appropriateness of the appraisal methods and

    techniques used and developed the reasons for disagreement.

    3-1(f) Form an opinion as to whether the analyses, opinions, and conclusions in

    the report under review are appropriate and reasonable, and developed the

    reasons for any disagreement.

    3-2 In reporting the results of an appraisal review, an appraiser must: 3-2(a) Disclose the nature, extent, and detail of the review process. 3-2(b) Disclose the information that must be considered in Standard Rule 3-1(a)

    and (b).

    3-2(c) Set forth the opinions, reasons, conclusions required in Standard Rule 3-

    1(c), (d), (e) and (f). 3-2(d) Include all known pertinent information.

    Parcel No. Page 5 of 5 LA 203 Template (Rev 2/09)

    STATE OF ILLINOIS

    DEPARTMENT OF TRANSPORTATION

    BUREAU OF LAND ACQUISITION

    APPRAISAL REVIEW CERTIFICATION INSTRUCTIONS

     These instructions are for the appraisal review certification template to be used for the

    review of both non-complex and complex appraisal reports. The extent of review analysis is

    dependent on the complexity of the appraisal problem. A review appraiser must understand

    federal and state policies and procedures, as well as have good technical appraisal skills. It is

    the responsibility of the review appraiser to see that all items affecting the value of the property

    have been considered in the appraisal.

     The review appraiser, whether staff or fee, is required to meet with the appraiser and

    relocation agent assigned to a parcel involving relocation assistance, as well as the property

    owner and any impacted tenant(s) that may have personal property on the property for the

    purpose of establishing which items are realty and which items are personal property

    (personalty). It is the review appraiser’s responsibility to make sure that both the list of realty items and of personalty items are included in the appraisal and only the realty items are

    considered in the valuation of the parcel. See Section 2.02-10 for further clarification.

    The review appraiser shall provide a written report and scope of work identifying the appraisal report(s) under review and providing an opinion on the credibility of the findings and

    conclusions arrived at in the review process. Review appraiser shall be allowed to use

    independent judgment in their value estimate. Any damages and/or benefits attributable to any

    remainder property shall be identified in the review appraiser’s appraisal review certification

    report.

    APPRAISAL REVIEW CERTIFICATION

     The upper right hand corner will be filed in with the route designation, such as FAI 57,

    FA 6, SBI 2, FAS 106, construction section number, Federal project number (if any), job number,

    county and the parcel number(s). Check the appropriate box to designate that the review is an

    original or supplemental review. Check the appropriate box to designate what type of appraisal

     complex or non-complex is under review.

     The certification shall name the appraiser whose appraisal report is under review. In

    accordance with federal regulation 49 CFR Part 24.104, the review appraiser shall check the

    appropriate box to designate that the appraisal report under review is either: 1) Not Accepted. 2)

    Accepted (but not selected), or 3) Recommended. An appraisal report marked Recommended,

    once approved by the Agency, shall be used as the basis for the offer to acquire the needed

    right of way.

     The effective date of the valuation of the property is entered next. This date shall be

    either the effective date of the appraisal report or an effective date established by the review

    appraiser should he/she establish their own opinion of value in his/her appraisal review

    certification report.

     Enter the value of the whole property, value of the part taken, value of the remainder as

    part of the whole before the taking, value of the remainder after the taking as will be affected by

    Parcel No. Page 1 of 2 LA 203 Template (Rev 2/09)

the contemplated improvements, damage to the remainder, compensation for permanent

    easement(s), compensation for temporary easement(s), and the total compensation ass

    applicable when the body of the report is complete. Any compensation for new dedication areas,

    previous dedication areas and/or perpetual easement areas (for contaminated or potentially

    contaminated areas) as well as any new right of way areas in fee simple title are to be entered

    on the line entitled “Fair Market Value of Property Taken (including improvements as Part of the

    Whole”.

     Enter the date of the appraisal review certification, type of license (Certified Residential

    or Certified General), license number, and expiration date. The Regional Engineer shall sign

    and date for the final Agency approval.

    Line 1 Enter the date(s) the review appraiser inspected the property. Indicate by checking the

    appropriate box if the review appraiser was or was not aware and/or utilized additional

    sales data and/or other information when approving and/or recommending value. Line 6 Check the appropriate box to indicate that the review certification and report has or has

    not been prepared in conformity with the Uniform Standards of Professional Appraisal

    Practice (USPAP) and the scope of work described herein.

    APPRAISAL REVIEW REPORT

     The following information, when completed, shall be presented as required in 49 CFR

    Part 24.104 and USPAP.

     Enter the parcel number, and name(s) of property owner(s), of the property being

    appraised.

     Enter the date of the review appraisal (when certification and review report was

    complete).

     Check the appropriate box and/or boxes to indicate what type(s) of property interest(s)

    is(are) being acquired. If check, “Other”, provide explanation in space provided.

     Enter the effective date on which valuation is established. This may be the same

    effective date as in the appraisal or a different effective date as established by the review

    appraiser.

     Enter the name of the appraiser whose report is under review.

     This section is available for the review appraiser to set forth his/her scope of work as

    determined by the review assignment. The space is expandable and can be as concise or

    detailed as befits the complexity of the review assignment.

    JURISDICITONAL EXCEPTION CERTIFICATION AND

    STANDARD THREE CHECKLIST

     This section is available for use by the review appraiser, when warranted.

    Parcel No. Page 2 of 2 LA 203 Template (Rev 2/09)

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