Review Form Commercial Appraisal PDF Details

Navigating the complexities of commercial real estate transactions requires thorough scrutiny, and the Review Commercial Appraisal form plays a critical role in this process. This document systematically evaluates the appraisal report of commercial properties, ensuring the assessment's accuracy, reliability, and compliance with industry standards. It covers various aspects, including the project's intricacies, appraiser information, and the type of appraisal report, which could range from narrative to printed forms or others. The form divides the review into detailed sections that address the property's identification, ownership, location analysis, and a comprehensive description to assess the physical conditions and zoning compliance. It delves into the highest and best use analysis, property valuation, including different approaches like the cost approach, sales comparison, and income capitalization among others, aiming to reconcile the value determined by various methods. Additionally, it evaluates the overall format and feasibility, appraiser qualifications, and ends with the reviewer's conclusions and recommendations which may influence critical financial decisions. The form, endorsed by the National Association of Review Appraisers and Mortgage Underwriters, stands as an essential tool for ensuring that commercial property appraisals meet the required standards and provides a basis for sound investment decisions.

QuestionAnswer
Form NameReview Form Commercial Appraisal
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namescommercial appraisal review sample, commercial real estate appraisal review form, appraisal review forms, commercial property appraisal review forms

Form Preview Example

COMMERCIAL APPRAISAL REVIEW FORM

The appraisal report which is the subject of this review is briefly identified and described as follows:

Name of Project/Property __________________________________________________________________________________________

Location/Legal __________________________________________________________________________________________________

Type of propert ____________________________________________________________________ ❐ Existing ❐ Proposed Construction

Name of Appraiser _________________________________________________________________ Telephone ____________________

Address

_______________________________________________________________________________________________________

Report Addressed to: _______________________________________________________________ Telephone ____________________

Address

_______________________________________________________________________________________________________

Type of Appraisal Report: ❐ Narrative ❐ Printed Form ❐ Other (identify) ___________________________________________________

Section I — Purpose and Function of Appraisal

Value Sought:

❐ Market Value

❐ Other (identify)

Date of value:

❐ Current

❐ Future

❐ Past

 

 

______________

Definitions Given For:

❐ Value Sought

❐ Interest To Be Valued

Interests Valued:

❐ Fee Simple

❐ Leased Interest

 

❐ Market Rent

❐ Other (identify)

 

❐ Easements

❐ Other (identify)

 

 

__________________

 

 

______________

Assumptions and

❐ Standard

❐ Consistent with

Real Estate Valued

❐ Land

❐ Improvements

Limiting Conditions:

 

Valuation Process

 

❐ Ground Lease

❐ Personal Property

 

❐ Third Party

❐ Unreasonable or

 

❐ Other (identify)_______________

 

Report

Excessive

 

Comments:

 

 

 

 

 

 

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

Section II — Property Identification, Ownership and Assessment

Does the report adequately contain or identify:

Yes

No

N/A

 

 

Yes

No N/A

 

Property Location/Address:

Owners of Record

 

Legal Description

History of Ownership

 

 

 

 

Real Estate Tax Information

If Applicable to Subject Property:

 

 

 

 

Assessments, Bonds, etc.

Amount of Purchase Price

$____________

Existence of:

 

 

 

Pending Sales Price

$____________

Deed Restrictions

Asking Price

$____________

Covenants, Conditions, Restrictions

Option Price

$____________

Moratoriums

Other

$____________

Comments:

 

 

 

 

 

 

 

 

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

Section III — Location Analysis

Does the report adequately describe or identify:

Does report:

 

Region

❐ Yes ❐ No ❐ N/A

Sum up and rate the above area

❐ Yes ❐ No ❐ N/A

City

❐ Yes ❐ No ❐ N/A

Identify and discuss important trends

❐ Yes ❐ No ❐ N/A

Neighborhood

❐ Yes ❐ No ❐ N/A

Identify nuisances or hazards

❐ Yes ❐ No ❐ N/A

Comments:

 

 

 

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

Section IV — Property Description

Comment upon the descriptions and analysis of the following:

IMPROVEMENTS:

 

SITE:

 

Adequate description of physical features ❐ Yes ❐ No

Adequate description of physical features❐ Yes ❐ No

Attention given to:

 

Identification of encumbrances

❐Yes ❐ No

Quality

❐ Yes ❐ No

Does the report state adequacy of site for

 

Functional Utility and Appeal

❐ Yes ❐ No

existing or proposed use

❐Yes ❐ No

Age

❐ Yes ❐ No

Utilities available

❐Yes ❐ No

Condition

❐ Yes ❐ No

Special Problems:

 

Hazardous Conditions

❐ Yes ❐ No

Flood

❐Yes ❐ No

ZONING:

 

Environmental Hazards, Seismic, Toxic etc.

Statement

❐ Yes ❐ No

Other (identify)_________________

❐Yes ❐ No

Definition

❐ Yes ❐ No

Comments:

 

 

 

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

Section V — Highest and Best Use

Definition

❐ Yes ❐ No

Does property conform to zoning and

 

Components

❐ Yes ❐ No

neighborhood

❐ Yes ❐ No

Conclusion of Highest and Best Use______________________

Is use legal and physically possible

❐ Yes ❐ No

Current zoning ______________________________________

Has the report in this or other sections discussed:

Status zoning change _________________________________

Marketability (supply-demand, market trends,

Status of building permit (if possible construction) ____________

absorption occupancy levels)

❐ Yes ❐ No

Does report discuss feasibility/profitability

❐ Yes ❐ No

Other (identify) ____________________________________

 

 

Were other studies/reports considered

❐ Yes ❐No

Comments:

 

 

 

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

Copyright © by the National Association of Review Appraisers and Mortgage Underwriters 1224 North Nokomis NE, Alexandria, Minnesota,USA. This formReview Form No. 4002 may be reproduced without written consent, however, the “National Association of Review Appraisers and Mortgage Underwriter’s must be acknowledged and credited.

SECTION VI — Property Valuation

Comment and rate the approaches to value:

 

 

 

 

COST APPROACH:

Satisfactory

Unsatisfactory

DISCOUNTED CASH FLOW ANALYSIS (DCF)

 

Format

 

 

Satisfactory

Unsatisfactory

Adequacy of data

 

Format

Source of costs

 

Adequacy of data and support for:

 

Land value estimate

 

Holding Period

Estimated cost new

 

Growth Rates

Depreciation estimate

 

Discount Rate

SALES COMPARISON APPROACH:

 

Development of Cash Flow Estimates ❐

Format

 

Reversionary Value

Adequacy of data

 

Other Methods of Processing Income

 

Sources of data

 

Stream (Mortgage Equity, Band of

 

Summary of sales table

 

Investments, etc.)

Use of adjustment grid table

RECONCILIATION:

 

 

Comparative analysis of sales

Indicated values are:

 

 

INCOME CAPITALIZATION APPROACH:

 

Cost Approach

$ __________

 

Format

 

Sales Comparison Approach

$ __________

 

Selection of proper capitalization

 

Income Approach

$ __________

 

method

 

DCF Analysis

$ __________

 

Adequacy of data and support for:

 

 

Other (Pending Sale, etc.)

 

 

Comparable Rentals

 

Value Conclusion

 

$ ________

Vacancy and Loss Factor

 

Allocation as Follows:

 

 

Operating History

 

Land

$ __________

 

Rent Roll

 

Improvements

$ __________

 

Income Estimate

 

Personal Property

$ __________

 

Expense Estimate

 

Other

$ __________

 

Net Operating Income

 

Total Value

 

$ ________

Capitalization Rate

 

 

 

 

Comments:

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

Section VII — Other Report Requirements

Does the report contain a certification ❐ Yes

❐ No

Does the principal appraiser make

 

 

Is the report co-signed

❐ Yes

❐ No

statement of concurrence with value

 

 

Did the principal appraiser sign the

 

conclusion

❐ Yes

❐ No

report

❐ Yes

❐ No

Does the report contain appraiser(s)

 

 

Did the principal appraiser personally

 

qualifications

❐ Yes

❐ No

inspect subject property

❐ Yes

❐ No

 

 

 

 

 

 

 

 

Section VIII — Final Rating of Appraisal

 

 

 

 

 

 

 

 

 

Acceptable

Unacceptable

 

Acceptable

Unacceptable

Report Format

 

 

Property Valuation:

 

 

Readability and neatness

Feasibility/Profitability

Mathematical accuracy

Market Trends

Exhibits (Photos, Maps, etc.)

Cost Approach

Appraiser’s analytical ability

Sales Comparison Approach

Purpose and function of appraisal ❐

Income Approach

Property identification

DCF

Locational analysis

Reconciliation

Property Description

Date of Appraisal

Site

Overall Rating of Appraisal

 

 

Improvements

 

 

 

Highest and Best Use

 

 

 

Brief Comments on Unacceptable Ratings:

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

Section IX — Reviewer’s Conclusions — Recommendations

Scope of Review:

 

 

If reviewer does not concur with the soundness if conclusion, then

Read report

❐ Yes

❐ No

what is the recommended action:

Interviewed appraiser

❐ Yes

❐ No

❐ Totally reject appraisal

Field Review

❐ Yes

❐ No

❐ Have appraiser rework, revise, update the appraisal

Does the Reviewer concur with

 

 

❐ Have another appraisal prepared by someone else

the soundness of conclusion:

❐ Yes

❐ No

❐ Other

Concluding Comments:

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

______________________________________________________________________________________________________________

Reviewer’s Signature _____________________________________________________________________________________________

Name of Reviewer __________________________________________________________________ Date ________________________

Position ___________________________________________________________________________ Department __________________

Address __________________________________________________________________________ Telephone ___________________

City, State, Zip __________________________________________________________________________________________________

Copyright © by the National Association of Review Appraisers and Mortgage Underwriters P.O. Box 879, Palm Springs, California, 92263 USA. This form

Review Form No. 4002

may be reproduced without written consent, however, the “National Association of Review Appraisers and Mortgage Underwriter’s must be acknowledged and credited.

 

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Step 1: You can choose the orange "Get Form Now" button at the top of the web page.

Step 2: You'll notice all of the functions you can undertake on the document when you have accessed the appraisal review forms get editing page.

The following segments will constitute the PDF form that you will be creating:

filling in real estate appraisal review forms part 1

You need to note the details within the section Does the report adequately contain, Deed Restrictions Covenants, Yes No NA Owners of Record, Comments, Does the report adequately, Section III Location Analysis, Region City Neighborhood, Yes No NA Yes No NA Yes No, Sum up and rate the above area, Yes No NA Yes No NA Yes No, Comments, Section IV Property Description, Comment upon the descriptions and, Adequate description of physical, and Yes No Yes No.

stage 2 to finishing real estate appraisal review forms

The software will demand you to insert specific fundamental details to easily fill in the field Adequate description of physical, Yes No Yes No, Yes No, Quality Functional Utility and, ZONING, Statement Definition, Yes No Yes No Yes No Yes, Yes No Yes No, Comments, Section V Highest and Best Use, Yes No Yes No, Definition Components Conclusion, Does property conform to zoning, Yes No Yes No, and Yes No.

Filling in real estate appraisal review forms stage 3

You need to define the rights and responsibilities of each side in space Comment and rate the approaches to, Satisfactory, Unsatisfactory, DISCOUNTED CASH FLOW ANALYSIS DCF, Format Adequacy of data Source of, SALES COMPARISON APPROACH, Format Adequacy of data Sources of, INCOME CAPITALIZATION APPROACH, Format, Selection of proper capitalization, Adequacy of data and support for, Satisfactory, Unsatisfactory, Format Adequacy of data and, and RECONCILIATION Indicated values are.

real estate appraisal review forms Comment and rate the approaches to, Satisfactory, Unsatisfactory, DISCOUNTED CASH FLOW ANALYSIS DCF, Format Adequacy of data Source of, SALES COMPARISON APPROACH, Format Adequacy of data Sources of, INCOME CAPITALIZATION APPROACH, Format, Selection of proper capitalization, Adequacy of data and support for, Satisfactory, Unsatisfactory, Format Adequacy of data and, and RECONCILIATION Indicated values are blanks to insert

End by reviewing these sections and filling them in correspondingly: Adequacy of data and support for, Total Value, Comments, Section VII Other Report, Does the report contain a, Yes, Yes, No No, Does the principal appraiser make, Yes, Yes, Section VIII Final Rating of, Acceptable, Unacceptable, and Acceptable.

Filling out real estate appraisal review forms step 5

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