Collins and Associates, based near Long Beach, Los Angeles County, California, can provide you with an appraisal report in a format that best suits your needs. We follow USPAP guidelines for all our reports. Because of our over 40 years of experience, we can help you determine which option is best for you. Residential and commercial property have different uses and requirements. You many need a full narrative report for full disclosure in commercial transactions, or you may need a restricted appraisal report for your personal use in making business and legal decisions.
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Uniform Standards of Professional Appraisal Practice (USPAP)
Uniform Standards of Professional Appraisal Practice (USPAP) is the appraisal report standard for real property, personal property, intangibles and business valuations in the United States. USPAP was first developed in the 1980s by a joint committee representing the major US and Canadian appraisal organizations. While USPAP answers a specific regulatory need in the US, other professional organizations throughout North America, South America, Europe, and Asia have adopted these standards. Since 2006, USPAP has been updated in a 2 year cycle, which begins on January 1 of even number years. While USPAP provides a minimum set of quality control standards for property appraisals in the US, it does not prescribe the specific methods to be used. USPAP simply requires that appraisers be familiar with and correctly utilize those methods which would be acceptable to other appraisers familiar with the assignment at hand and acceptable to the intended users of the appraisal. USPAP directs this through what is called the Scope of Work rule. At the onset of an assignment, an appraiser is obligated to gather certain specified preliminary data about the project, such as the nature of the property to be appraised, the basis of value (e.g. market, investment, impaired, unimpaired), the interests appraised (e.g. fee, partial), important assumptions, and the effective date of the valuation. Based on this and other key information, the appraiser relies on peer-reviewed methodology to formulate an acceptable workplan.
Appraisal Report Types
Uniform Residential Appraisal Report (URAR)
A Uniform Residential Appraisal Report (URAR) is one of the most common forms used in real estate appraisal which was created to allow for standard reporting and analysis of single-family dwellings. It is also suitable for a building in a planned unit development (PUD). It is not meant to be used for appraisals of manufactured homes or condos.
Uniform Residential Appraisal Report (URAR) Requirements
– Interior and exterior inspection of subject property.
– Street map that shows location of subject property and all comparable properties used.
– Exterior building sketch of improvements that indicates dimensions.
– Clear, descriptive photographs of subject property and comparable sales used.
– Subject: Basic information such as client’s name, address, legal description, owner’s and/or borrower’s names.
– Contract: Information on contract for appraisals in which a change of ownership is to occur.
– Site: Data on size, shape, zoning, access to utilities, and FEMA flood-zone information.
– Improvements: Physical characteristics of property, such as age, materials, and condition.
– Sales comparison approach: Grid analysis.
Single User Restricted Use Appraisal Report
A Single User Appraisal Report, Restricted Appraisal Report, or Restricted Use Appraisal Report contains minimal detail and is intended to be relied upon by the client only, not any other party. It may not be fully understood without secondary documentation, which is only available to the client. Although its use is uncommon, it does serve two very specific purposes – increased privacy and reduced costs. Several situations in which this type of appraisal report is useful is related to legal action, tax issues, or private business decisions. The Restricted Appraisal Report has one primary goal – to determine the value of the property. It is not intended for public use. It is specifically designed to let the client know the valuation of the property – and that is it. The side benefit from this type of report is that it requires less time to produce, therefore it is a less expensive alternative to a full report.
The minimum reporting requirements of the Restricted Appraisal Report are:
– Identity of client and any intended users, by name or type.
– Statement of use restriction that limits use of report only to client.
– Statement of intended use of appraisal.
– Identify of subject property.
– Identify property interest being appraised.
– Statement of type and definition of value.
– Effective date of appraisal and report.
– Identify scope of work used to develop the appraisal.
– Statement of methods, techniques used, and conclusions.
– Reference the workfile.
– Signed certification in accordance with Standards Rule 2-3.
Summary Appraisal Report Definition
A Summary Appraisal Report summarizes is the most common appraisal report within the industry. It satisfies the needs of lenders and large institutions, without getting into the high level of detail in other types of appraisal reports. Summary Appraisal Reports can have one, two, or three approaches to value, depending on the situation of the property and use of the appraisal. In contrast with a Restricted Use Report, a Summary Report provides more information. In comparison to a Self-Contained Report, a Summary Report provides less information.
A Summary Appraisal Report contains the following:
– Identity of client and any intended users, by name or type.
– Intended use of appraisal.
– Summarize information sufficient to identify property involved in the appraisal, including relevant physical and economic characteristics.
– Property appraised.
– Purpose of appraisal, including type and definition of value.
– Effective date of appraisal and date of report.
– Summarize sufficient information to disclose to client and any intended users of scope of work used.
– State all assumptions, hypothetical conditions, and limiting conditions that affected the analyses, opinions, and conclusions.
– Summarize information analyzed, procedures followed and reasoning that supports the analyses, opinions, and conclusions.
– Use of property as of date of value, and rationale for best use of property.
– Explain any departures from specific requirements of STANDARD 1 or 7, and reason for excluding any of the usual appraisal approaches.
– Signed certification in accordance with Standards Rule 2-3 or 8-3.
Narrative Appraisal Report
All real estate appraisals in the United States are reported as either a Narrative or Form format. This is true for both residential and commercial property. A Narrative appraisal report is descriptive in nature. It could be compared to a white paper, research paper, essay, or similar document. The Narrative style includes visual aids, such as pictures, maps, tables, grids, etc. This report style is often 60-120 pages for a commercial property. Due to the nature of developing this report type, it typically takes longer to develop, and as a result, is the more costly, but much more thorough, option. The Narrative style is most commonly used for commercial appraisals. Almost without exception, lenders will only accept an appraisal of a commercial property via a Narrative format.
Technical Appraisal Report or Review
The methodology for performing a technical review of an existing appraisal falls into two different types: desk review and field review. The mechanics of the technical review will vary depending upon the scope of the assignment, the client, policy requirements, or the nature of the property appraised. Although not all reviewers organize their reports in the same manner, most review reports contain certain common features. The required common features are specified in Standard 3 of the Uniform Standards of Professional Appraisal Practice (USPAP). A technical review appraiser is an appraiser who examines the reports of other appraisers to determine whether their conclusions are consistent with the data reported and with other generally known information.
Long Beach Date of Death Valuation, Property Tax Appraisal, Expert Witness Testimony
The date of the death valuation is the fair market value of the assets valued on the decedent’s actual date of death, including:
– Bank, investment and retirement accounts
– Personal effects, business interests and real estate
Collins and Associates provides dependable and accurate property tax appraisals in Long Beach, Los Angeles County, Southern California and beyond. Principal David R. Collins is a licensed Certified General Appraiser (G.A.A., S.C.R.E.A.) with over 40 years of experience. We are an appraiser of commercial, industrial, land, income residential, and residential properties, providing the type of reliable values that banks and major lending institutions require for loans.
Collins and Associates provides experienced real estate expert witness testimony and property appraisals for family court and divorce for commercial and residential real estate.
If you want a private appraisal report that only you have access to, a Restricted Use Appraisal Report might be the best option for you.
Headquartered near Long Beach, California, we provide a broad scope of real estate appraisal services throughout Southern California, including:
Long Beach CA Car Wash Valuations, Appraisals
Long Beach CA Date of Death Valuation, Property Tax Appraisal
Long Beach CA Fast Food Franchise Business Valuations, Appraisals
Long Beach CA Hotel – Motel Business Valuations, Appraisals
Long Beach CA Median Home Price and Appraisal Value
Long Beach CA Property Tax Assessment Appeals
Long Beach CA Real Estate Appraisal Review
Long Beach CA Real Estate Expert Witness Testimony, Property Appraiser for Divorce
Long Beach CA Restricted Use Appraisal Report, Review For Single User
Long Beach California Eminent Domain Just Compensation Appraisal
Long Beach Hospital & Medical Office Building Appraisal for Healthcare Property
Collins and Associates
Long Beach, CA
Contact Person: Dave Collins
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