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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

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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.

Review Form Commercial Appraisal – Fill Out and Use

Commercial Real Estate Appraisal Review Form Details

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Review Form Commercial Appraisal – Fill Out and Use

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