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ASTM E2018 Commercial Property Inspector, MORTGAGE FIELD SERVICES-PROPERTY INSPECTIONS, The Harris Company \ Real Estate Appraiser los angeles, Inspectors, Inspectors Los Angeles, California
The Harris Company,
Real Estate Appraiser / Consultant
5780 West Centinela Avenue, Building 1, Suite 408
Los Angeles, California 90045
310.337.1973  
harris_curtis@sbcglobal.net
PIRS/ HARRIS COMPANY AND THE SCIENCE OF REAL ESTATE - PARTNERS
MORTGAGE FIELD SERVICES-PROPERTY INSPECTIONS
REAL PROPERTY INSPECTIONS

A recent addition to our Appraisal Practice is incorporation of the American
Society for Testing Materials (ASTM) E-2018 Commercial Inspection Protocol
into each and every Multi Family Residential, Commercial, and Industrial Appraisal
Report, upon request.  The purpose of this protocol is to define a good commercial
and customary practice in the United States of America for conducting a baseline

Property Condition Assessment (PCA)
of the improvements located on a parcel
of residential, commercial, or industrial real estate.  The process is performed by a
walk-through survey/inspection, and conducting research, as outlined within the
ASTM E-2018 guide.  The goal is to identify and communicate physical
deficiencies to a user.  Physical deficiencies are the presence of conspicuous
defects or material deferred maintenance on a subject property’s material systems,
components, or equipment as observed during the field observer’s walk-through
survey/inspection.  This standard specifically excludes deficiencies that may be
remedied with routine maintenance, miscellaneous minor repairs, normal operating
maintenance, and de minims conditions that generally do not represent material
physical deficiencies of the property.   (
Sample RFP)

The scope of the standard includes a document review, independent research,
and personal interviews which augment the walk-through survey/inspection.  The
work product resulting from completing a PCA in accordance with the
ASTM E-
2018 standard
is a Property Condition Report (PCR).  The PCR incorporates
the information obtained during the Walk-Through Survey, the Document Review
and Interviews, and includes opinions of probable costs for suggested remedies of
the physical deficiencies identified.  The objective of the walk through inspection is
to visually observe the subject property so as to obtain information on material
systems and components for the purposes of providing a brief description,
identifying physical deficiencies to the extent that they are observable, and obtain
information needed to address issues in the PCR.  The purpose of the document
review and interviews is to assist with the consultant’s understanding of the subject
property and identification of physical deficiencies.  Our goal, once again, is to be
the leader in our industry by continuously improving our work product.

Instructions For Preparing
The Multifamily Property Inspection & Evaluation
Report (Form 4255
) This Form 4255 should be completed by the servicer. It
should be submitted to Fannie Mae within 30 days of completion of each
annual physical inspection and at such other times as Fannie Mae requires.
General Instructions Before visiting the site, obtain and review:

• a current Certification to Project Rent Roll (Form 4243)
• a copy of the previous Multifamily Property Inspection and Evaluation Report
While at the site:
• inspect all vacant units
• inspect the lesser of 20 occupied units or 5 percent of the occupied units, if
possible
• inspect units of each unit type
• see enough of the project to assess how the Property is being maintained
• take 5-10 representative color photographs of the buildings, units, and features
inspected
• take photographs of extraordinary items requiring repair, maintenance, or
replacement
• interview the property manager and other on-site staff to follow-up on
maintenance items noted on the last Multifamily

Property Inspection and Evaluation Report and to get feedback on the Property’s
condition and performance After conducting each annual inspection and
completing Form 4255, submit the original of the form along with a copy of the
Certification to Project Rent Roll (Form 4243), and a representative set of
photographs to Multifamily Operations - Asset Management at the following
address:
Fannie Mae
Multifamily Operations - Asset Management
Drawer #AM
3900 Wisconsin Avenue, NW
Washington, DC 20016

Inspection Resource Center
Periodic physical property inspections are a critical component of oversight and
maintenance of commercial and multifamily properties.  
Mortgage Bankers
Association
(MBA) has worked with industry leaders to help increase the level of
communication, standardization of reporting and the quality of the review for
property inspections.  

In 2005, Mortgage Bankers Association (MBA) adopted new inspector
qualifications best practices, which require adequate training and experience for all
those professionals inspecting properties financed by Fannie Mae and Freddie
Mac.  

MBA will continue to work with the members on property inspections in 2006.


Detrimental conditions cause over $50 billion in damages annually, and this figure
is consistently rising.  Some cite the fact that much of today’s developments are in
areas that were once considered too risky because of soil conditions, access,
proximity to airports, jails or prisons, or for other reasons.  
The Real Estate
Disclosure Report was developed as a comprehensive process to report on the
myriad of issues that may be important to the property owner, lender, or other
client, so that the user of the disclosed data has a clear picture of the property’s
condition and environs.  We are one of a very few companies, nation wide,
certified by the Appraisal Institute to prepare Real Estate Disclosure Reports
(RED
Reports).

The RED Report does not put a dollar figure on any conditions.  A proper
disclosure report simply informs the user of the report that certain conditions are
known or believed to exist, but is not a guarantee or substitute for a cost study.  
The conditions may have no impact on value whatsoever.  Items of disclosure
include: General Conditions, Transactional Conditions, Market Conditions, Distress
or Tragic Conditions (Crime, Deaths, etc.), Imposed Conditions (Zoning, CC&R’s,
etc.), Building Conditions, Soils Conditions, Environmental Conditions, Natural
Conditions (Earthquake, Endangered Species, etc.), and Hazardous Conditions.  

INITIAL INSPECTIONS 1950.5 (f)(1)-Within a reasonable time after notification of
either party's intention to terminate the tenancy, or before the end of the lease
term, the landlord shall notify the tenant in writing of his or her option to request an
initial inspection and of his or her right to be present at the inspection.  

In 1999 we were Certified as
Contract Physical Inspectors, for the “NIC” and
“BIC” Contracts, by the
Real Estate Assessment Center (REAC), a newly formed
agency of HUD.  REAC is responsible for obtaining physical inspection and
financial information for HUD-insured and assisted housing.  The purpose of the
Inspection Program is to inspect properties with HUD-held mortgages, properties
for which HUD acts as the Section 8 contract administrator, and properties owned
by Public Housing Agencies.  HUD published a final rule that established uniform
physical condition standards for public housing and housing that was insured
and/or assisted under certain HUD properties.  These standards are intended to
ensure that this housing is decent, safe, sanitary, and in good repair.
thsdfl


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How Safe Are Building
Facades?
Inspecting for Unsafe Conditions
by Michael Petermann and Jeffrey Erdly
The late Clayford T. Grimm, ASTM member and masonry guru, wrote in the March
2000 issue of The Construction Specifier that “Masonry falls off a building facade
somewhere in the United States about every three weeks. Over the past few years
in the United States, at least 49 such masonry failures have killed 30 persons and
injured 81.”
There are over 15,000 buildings currently subject to local municipal laws in various
cities throughout the United States that require periodic inspection of building
facades. These local laws are typically known as facade ordinances. The purpose
of these ordinances is to identify unsafe conditions — loose facade components or
materials — that may fall and cause damage to property, or injury and possibly
death to pedestrians. These ordinances have come about because of previous
damage to property, injury to pedestrians, and loss of life suffered in some of our
cities as noted by Grimm. Some cities have stringent requirements for personnel
required to do the inspections while others do not (see sidebar right). Some cities
require hands-on inspection (touching of facade components or materials) of all
facades by licensed architects or engineers while other cities only require visual
inspection of street-facing facades by architects, engineers, or contractors.

The California Real Estate Inspection Association (
CREIA) is a voluntary, nonprofit
public- benefit organization of real estate inspectors. Founded in 1976, CREIA
provides education, training and support services to its members and the real
estate community. CREIA's Code of Ethics and Standards of Practice are
recognized by the California Business and Professions Codes and are considered
the standard of care by the real estate industry and legal profession in the state.
CREIA Inspector Members have successfully passed the proctored comprehensive
written California Home Inspector Exam on the myriad of systems and components
in the construction and maintenance of residential dwellings.

These
Standards of Practice provide guidelines for a real estate inspection and
define certain terms relating to these inspections. Italicized words in these
Standards are defined in Part IV, Glossary of Terms.

A. A real estate inspection is a survey and basic operation of the systems and
components of a building which can be reached, entered, or viewed without
difficulty, moving obstructions, or requiring any action which may result in damage
to the property or personal injury to the Inspector. The purpose of the inspection is
to provide the Client with information regarding the general condition of the building
(s). Cosmetic and aesthetic conditions shall not be considered.
B. A real estate inspection report provides written documentation of material
defects discovered in the inspectedbuilding’ssystems and components which, in
the opinion of the Inspector, are safety hazards, are not functioning properly, or
appear to be at the ends of their service lives. The report may include the
Inspector's recommendations for correction or further evaluation.
C. Inspections performed in accordance with these Standards of Practice are not
technically exhaustive and shall apply to the primary building and its associated
primary parking structure.   


CREIA's educational mission is to expand the technical knowledge of its members
through continuing education. Certified CREIA Inspectors (CCI), Master CREIA
Inspectors (MCI) and CREIA New Construction Specialist (CNCS) members must
complete a minimum 30 hours of continuing education annually. Educational
credits are obtained through monthly chapter educational meetings, chapter
toolbox seminars, CREIA Advanced Mentoring Program (CAMP), state conferences
in the spring and fall, and other CREIA approved sources. CREIA membership
activities and programs encourage the sharing of experience and knowledge
resulting in betterment of the real estate profession and the consumer public,
which it serves.


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estate appraiser, Certified General Appraiser, Mark to Market Appraisal, Mark to
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Estate Appraiser, Fast Appraiser, Real Estate Consultants, Real Estate
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Consultant, ASTM E2018 Commercial Property Inspector,

Brownfields: How to Spot and Avoid the
Risks

MAY 09, 2007 -- Apartment companies can be faced with open-ended liabilities if
they purchased a brownfield property unknowingly or if their property is situated
next to one. Environmental appraisal experts Rudy R.  managing partner, and
Scott R. Lucas, senior associate, Austin Valuation Consultants, speak to Keat
Foong, executive editor, MHN, to explain what brownfields are and offer advice on
how multi-housing owners can protect themselves legally against this form of
environmental liability. All the same, owning a brownfield is not the end of the
world. Robinson and Lucas also offer insight into how apartment owners can work
with brownfields -- indeed, even purchase then -- and how they are appraised.

A house is a bundle of many goods: The number of bedrooms, bathrooms, the
quality of
local public services, the tidiness of a neighbor’s yard, and the quality of the local
environment.
If transactions in the housing market reflect the interaction of informed buyers and
sellers, then
the price that the house sells for is the sum of the prices the buyer is willing to pay
for each
individual characteristic of the house. It is this notion that motivates environmental
economists
to study property values. If individuals consider the local environment as a
component of the
house they purchase, then information on the house and its sales price allows
researchers to
‘tease out’ the price that individuals would be willing to pay for environmental
goods. This
approach relies on the use of the
hedonic price model.

Modeling the Relationship among
Brownfields, Property
Values, and
Community Revitalization
ASTM E2018 Commercial Property Inspector,
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We Make a Simple
Pledge to

Communicate, in a timely
Fashion, each appraisal,
analysis, and opinion
without
bias or partiality

Abstain from behavior
that
is deleterious to our
clients,
the appraisal profession,
and the public

Hold paramount the
confidential nature of the
appraiser/consultant -
client relationship

and

Comply with the
requirements
of the Uniform Standards
of
Professional Appraisal
Practice
and the
Code of
Professional Ethics of
the National Society of
Real Estate Appraisers
ASTM
E2018
Commercial
Property
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praiser
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