If you would like look at a handful of specific details when it comes to the PDF you will work with, here is the facts you might like to go through prior to submitting the review form commercial appraisal.
Question | Answer |
---|---|
Form Name | Review Form Commercial Appraisal |
Form Length | 2 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 30 sec |
Other names | appraisal review forms get, commercial real estate appraisal review form, appraisal review form, appraisal review form form |
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 |
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______________ |
Definitions Given For: |
❐ Value Sought |
❐ Interest To Be Valued |
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Interests Valued: |
❐ Fee Simple |
❐ Leased Interest |
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❐ Market Rent |
❐ Other (identify) |
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❐ Easements |
❐ Other (identify) |
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__________________ |
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______________ |
Assumptions and |
❐ Standard |
❐ Consistent with |
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Real Estate Valued |
❐ Land |
❐ Improvements |
Limiting Conditions: |
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Valuation Process |
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❐ Ground Lease |
❐ Personal Property |
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❐ Third Party |
❐ Unreasonable or |
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❐ Other (identify)_______________ |
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Report |
Excessive |
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Comments: |
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______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
Section II — Property Identification, Ownership and Assessment
Does the report adequately contain or identify: |
Yes |
No |
N/A |
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Yes |
No N/A |
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Property Location/Address: |
❐ |
❐ |
❐ |
Owners of Record |
|
❐ |
❐ |
❐ |
Legal Description |
❐ |
❐ |
❐ |
History of Ownership |
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Real Estate Tax Information |
❐ |
❐ |
❐ |
If Applicable to Subject Property: |
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Assessments, Bonds, etc. |
❐ |
❐ |
❐ |
Amount of Purchase Price |
❐ |
$____________ |
||
Existence of: |
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Pending Sales Price |
❐ |
$____________ |
||
Deed Restrictions |
❐ |
❐ |
❐ |
Asking Price |
❐ |
$____________ |
||
Covenants, Conditions, Restrictions |
❐ |
❐ |
❐ |
Option Price |
❐ |
$____________ |
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Moratoriums |
❐ |
❐ |
❐ |
Other |
❐ |
$____________ |
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Comments: |
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______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
Section III — Location Analysis
Does the report adequately describe or identify: |
Does report: |
|
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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: |
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______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
Section IV — Property Description
Comment upon the descriptions and analysis of the following: |
IMPROVEMENTS: |
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SITE: |
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Adequate description of physical features ❐ Yes ❐ No |
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Adequate description of physical features❐ Yes ❐ No |
Attention given to: |
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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: |
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______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
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 |
||
Status of building permit (if possible construction) ____________ |
absorption occupancy levels) |
❐ Yes ❐ No |
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Does report discuss feasibility/profitability |
❐ Yes ❐ No |
Other (identify) ____________________________________ |
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Were other studies/reports considered |
❐ Yes ❐No |
Comments: |
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______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
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: |
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COST APPROACH: |
Satisfactory |
Unsatisfactory |
DISCOUNTED CASH FLOW ANALYSIS (DCF) |
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Format |
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❐ |
❐ |
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Satisfactory |
Unsatisfactory |
Adequacy of data |
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❐ |
❐ |
Format |
❐ |
❐ |
Source of costs |
|
❐ |
❐ |
Adequacy of data and support for: |
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|
Land value estimate |
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❐ |
❐ |
Holding Period |
❐ |
❐ |
Estimated cost new |
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❐ |
❐ |
Growth Rates |
❐ |
❐ |
Depreciation estimate |
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❐ |
❐ |
Discount Rate |
❐ |
❐ |
SALES COMPARISON APPROACH: |
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Development of Cash Flow Estimates ❐ |
❐ |
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Format |
|
❐ |
❐ |
Reversionary Value |
❐ |
❐ |
Adequacy of data |
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❐ |
❐ |
Other Methods of Processing Income |
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Sources of data |
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❐ |
❐ |
Stream (Mortgage Equity, Band of |
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Summary of sales table |
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❐ |
❐ |
Investments, etc.) |
❐ |
❐ |
Use of adjustment grid table |
❐ |
❐ |
RECONCILIATION: |
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Comparative analysis of sales |
❐ |
❐ |
Indicated values are: |
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INCOME CAPITALIZATION APPROACH: |
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Cost Approach |
$ __________ |
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Format |
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❐ |
❐ |
Sales Comparison Approach |
$ __________ |
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Selection of proper capitalization |
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Income Approach |
$ __________ |
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method |
|
❐ |
❐ |
DCF Analysis |
$ __________ |
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Adequacy of data and support for: |
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Other (Pending Sale, etc.) |
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Comparable Rentals |
|
❐ |
❐ |
Value Conclusion |
|
$ ________ |
Vacancy and Loss Factor |
|
❐ |
❐ |
Allocation as Follows: |
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Operating History |
|
❐ |
❐ |
Land |
$ __________ |
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Rent Roll |
|
❐ |
❐ |
Improvements |
$ __________ |
|
Income Estimate |
|
❐ |
❐ |
Personal Property |
$ __________ |
|
Expense Estimate |
|
❐ |
❐ |
Other |
$ __________ |
|
Net Operating Income |
|
❐ |
❐ |
Total Value |
|
$ ________ |
Capitalization Rate |
|
❐ |
❐ |
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Comments:
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
Section VII — Other Report Requirements
Does the report contain a certification ❐ Yes |
❐ No |
Does the principal appraiser make |
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Is the report |
❐ Yes |
❐ No |
statement of concurrence with value |
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Did the principal appraiser sign the |
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conclusion |
❐ Yes |
❐ No |
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report |
❐ Yes |
❐ No |
Does the report contain appraiser(s) |
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Did the principal appraiser personally |
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qualifications |
❐ Yes |
❐ No |
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inspect subject property |
❐ Yes |
❐ No |
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Section VIII — Final Rating of Appraisal |
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Acceptable |
Unacceptable |
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Acceptable |
Unacceptable |
Report Format |
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Property Valuation: |
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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 |
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Improvements |
❐ |
❐ |
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Highest and Best Use |
❐ |
❐ |
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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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