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Price
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Estate
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Angeles,
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BPO, Broker Price Opinion, The Harris Company \ Real Estate Broker, 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
REAL ESTATE BROKER, BPO, Broker Price Opinion,  

Broker Price Opinion revisited
The North Carolina Appraisal Board has reconsidered its position concerning "broker price opinions." Earlier this year the Board adopted the view that except
when representing a buyer or seller during the ordinary course of a real estate transaction, a licensed real estate broker or salesman must also be a state-
licensed or state-certified appraiser to provide his or her opinion of the value of an identified parcel of real estate. The Board thus took a very strict view of the
exception for comparative market analyses built into the still new appraiser licensing statutes. But after further consideration of the question and more closely
examining customary practice, the Board has somewhat relaxed its view.

Real estate brokers and salesmen occasionally are asked to assist buyers, sellers, and others in determining the probable sales prices of particular parcels of
real property. Under certain circumstances, this type of analysis has come to be called a "broker price opinion." The question is, when may a person not licensed
or certified by the Appraisal Board lawfully perform a broker price opinion?

Under the North Carolina Appraisers Act, a real estate appraisal is any analysis, opinion, or conclusion as to the value of an identified parcel of real property
when performed for compensation. The statute requires that all persons who act as real estate appraisers or hold themselves out to be appraisers must be
licensed or certified by the Board.

Specifically exempted from the requirements of the law is a duly licensed real estate broker or salesman who performs a comparative market analysis - provided
the licensee does not represent himself or herself to be an appraiser.

Although the statute does not define the term "broker price opinion," it does define a comparative market analysis to be an analysis of sales of similar recently
sold properties, performed by a broker or salesman for the broker's or salesman's principal, to get an indication of the probable sales price of a particular
property. Therefore, when a broker price opinion is based upon recent sales of comparable properties, it is, essentially, a comparative market analysis.

Under the Board's newer view, a licensed real estate broker or salesman may perform a comparative market analysis (or broker price opinion) not only for his or
her actual client in a real estate brokerage transaction, but also for prospective clients such as buyers or sellers just entering the real estate market, or banks
and relocation companies who must regularly sell real property through a broker's services. The Board also has expanded its view of the meaning of the word
"principal" to include any person or entity whom the real estate licensee reasonably anticipates may become a client for brokerage services. This view more
closely conforms to customary practice in the real estate industry.

In Conclusion

To perform a comparative market analysis or comparable sales based broker price opinion for his or her principal for compensation, a licensed broker or
salesman need not also be a state-licensed or state certified appraiser - if the principal is actually the licensee's client for brokerage services or if the licensee
reasonably believes the principal may become his or her client.

BPO Broker Price Opinion

Introduction

The broker price opinion you are about to provide will be an important tool for a nationwide lender.  Whether for a foreclosure proceeding or for the sale of a
portfolio of non-performing loans, it will be critical in allowing the lender to complete its transaction within its deadlines and budget.  As such, it is important for you
to keep in mind some simple things when doing your BPO, to ensure that the lender will receive the information it needs.

Receiving an Order
When NMS places an order with you, the paperwork will list the name and contact information of the Account Manager handling the order, form and photograph
requirements, deadlines and all information about the subject property.  If the Account Manager did not speak with you when placing the order, it may be
canceled without notice if you do not confirm it by e-mail, fax or phone.  If you need any additional information to complete the order or cannot complete it by the
deadline, notify the Account Manager promptly.  

Inspecting the Property

You are required to inspect the property.  Any required photographs must be taken at the time of inspection, not from a file.  

Completeness and Accuracy of Data

It is necessary for you to provide all of the information available that pertains to the marketability of the subject.  This includes square footages, room counts and
exterior features of all properties.  If information is not available electronically, use your drive by inspection and knowledge of the market to ascertain probable
information, noting your reasoning in the provided spaces on the BPO form.

Selection of Comparable Properties

Comparable properties should be similar to the subject property in size, location and construction.  If recent sales and listings do not closely match the subject,
use older or less comparable listings, making appropriate adjustments and notes in the spaces provided.  

Valuation of the Subject Property

The value you provide for the subject must be within the range of those of the comparable properties.  Use the provided spaces for value adjustments and notes
to make it so and explain any deviant values.  

Recommending Repairs

It is important that all repairs that you observe the property to require be listed on the form or an addendum, with a description and estimated cost.  

Comments and Notes

These are very important to the lender.  Use the form to provide as much information about marketability of the subject property as possible.  Addenda may be
attached if you require more space.  

Sending a Completed Order

NMS accepts completed orders through its Internet site.  See the relevant section of this manual for instructions.  Although orders can be accepted by fax,
overnight mail and e-mail, use of the Internet site helps ensure timely and quality delivery and processing of your BPO.  If a faxed or e-mailed BPO is illegible or
not in the required format, a handling fee may need to be deducted from your bill.  BPOs lost or delayed in overnight mail will need to be sent again.  

Additional Information

Be sure to provide us with a social security or employer identification number if we do not have one on file for you.  NMS will remit payment within sixty days of
receipt of your BPO or when the lender approves it, whichever is first.  If the lender rejects or requires resubmission of a BPO, NMS cannot remit payment for it.  

Do not disclose your BPO to the property owner or occupant or to other companies.  If you have done a BPO on the property for another company within the last
six months, notify us before proceeding with the order.  If the lender receives a BPO from you by way of two companies, only copy will be payable.  

Broker Price Opinions and REO Listings

Broker price opinions are a crucial part of the REO process.  Presently, NMS primarily handles special or difficult REO cases and regularly does not assign
listings for standard properties.  However, the lender might assign the REO listing to you directly.  If it does, NMS will not ask you for a referral fee.  Since
competition for listings is high, providing a BPO that is accurate, timely and of good quality is necessary for you to be considered for a listing.  

Assistance with a Broker Price Opinion

If you need assistance, contact a NMS Account Manager or refer to the sample BPO in the next section.
EMCBPO



DISCOUNT REAL ESTATE BROKER
Full Service - Discounted Fees
(Maximum broker commission 4%)

Six-Percent Real Estate Broker Business Model
Services: Broker Only
Agents: Four (4)
Commissions Paid by Seller: Four (4)
Royalties to Franchiser: Varies
Savings: None

Our Discount, Real Estate Broker Business Model
Services: Broker, Appraiser, Loan Broker, Attorney Referral
Agents: One (1)
Commissions Paid By Seller: One (1)
Royalties to Franchiser: None (0)
Savings: Minimum Two-Percent (2%)



REAL ESTATE APPRAISAL

Nature of the Work (U.S. Department of Labor
Bureau of Labor Statistics)
Appraisers and assessors of real estate estimate the value of real property for a variety of purposes, such as to assess property tax, to determine a sales price,
or to determine the amount of a mortgage that might be granted on a property. They may be called on to determine the value of any type of real estate, ranging
from farmland to a major shopping center, although they often specialize in appraising or assessing only a certain type of real estate such as residential buildings
or commercial properties. Assessors determine the value of all properties in a locality for property tax purposes whereas appraisers appraise properties one at a
time for a variety of purposes, such as to determine what a good sale price would be for a home or to settle an estate or aid in a divorce settlement. (Discount
Real Estate Broker)

Valuations of all types of real property are conducted using similar methods, regardless of the type of property or who employs the appraiser or assessor.
Appraisers and assessors work in localities they are familiar with so they have a knowledge of any environmental or other concerns that may affect the value of a
property. They note any unique characteristics of the property and of the surrounding area, such as a specific architectural style of a building or a major highway
located next to the parcel. They also take into account additional aspects of a property like the condition of the foundation and roof of a building or any
renovations that may have been done. Additionally, they may take pictures to document a certain room or feature, in addition to taking pictures of the exterior of
the building. After visiting the property, the appraiser or assessor will determine the fair value of the property by taking into consideration such things as
comparable home sales, lease records, location, previous appraisals, and income potential. They will then put all of their research and observations together in a
detailed report, stating not only the value of the parcel but the precise reasoning and methodology of how they arrived at the estimate.

Appraisers have independent clients and focus solely on valuing one property at a time. They primarily work on a client-to-client basis, and make appraisals for a
variety of reasons. Real property appraisers often specialize by the type of real estate they appraise, such as residential properties, golf courses, or strip malls.
In general, commercial appraisers have the ability to appraise any real property but may generally only appraise property used for commercial purposes, such as
stores or hotels. Residential appraisers focus on appraising homes or other residences and only value those that house 1 to 4 families. Other appraisers have a
general practice and value any type of real property.

Assessors predominately work for local governments and are responsible for valuing properties so a tax formula can be used to assess property taxes. Unlike
appraisers, assessors value entire neighborhoods using mass appraisal techniques to value all the homes in a local neighborhood at one time. Although they do
not usually focus on a single property they may assess a single property if the property owner challenges the assessment. They may use a computer-
programmed automated valuation model specifically developed for their assigned jurisdictions. In most jurisdictions the entire community must be revalued
annually or every few years. Depending on the size of the jurisdiction and the number of staff in an assessor’s office, an appraisal firm, often called a revaluation
firm, may do much of the work of valuing the properties in the jurisdiction. These results are then officially certified by the assessor.

When properties are reassessed, assessors issue notices of assessments and taxes that each property owner must pay. Assessors must be current on tax
assessment procedures and must be able to defend their property assessments, either to the owner directly or at a public hearing, as accurate, since assessors
are also responsible for dealing with tax payers who want to contest their assigned property taxes. Assessors also keep a database of every parcel in their
jurisdiction labeling the property owner, issued tax assessment, and size of the property, as well as property maps of the jurisdiction that detail the property
distribution of the jurisdiction.

Appraisers and assessors write a detailed report of each appraisal. Writing these reports has become faster and easier through the use of laptop computers,
allowing them to access data and write at least some of the report on-site. Another computer technology which has impacted this occupation are electronic maps,
made by assessor’s offices, of a given jurisdiction and its respective property distribution. Appraisers and assessors use these maps to obtain an accurate
perspective on the property and buildings surrounding a property. Digital cameras are also commonly used to document the physical appearance of a building or
land at the time of appraisal, and the pictures are also used in the documentation of the report.

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estate appraiser, Certified General Appraiser, Mark to Market Appraisal, Mark to Market Valuations, HUD Appraiser, find a real estate appraiser, PMI Appraiser,
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FannieMae's Property and Appraisal Guidelinesdetails their general requirements for analyzing the property appraisal aspects of conventional mortgages
secured by one- to four-
family properties. It also discusses special considerations for certain types of housing-units in condominium, PUD, and cooperative
projects; manufactured (and other factory-built) homes; Community Living group homes; mixed-use properties; properties affected by environmental hazards;
urban properties; affordable housing program properties; properties located in special assessment or community facilities districts; properties subject to
leasehold interests (including those held by community land trusts); and energy-efficient properties—that merit special consideration in the property and
appraisal review. Because the evaluation of a property is such a vital part of the risk analysis, they expect a lender to place as much emphasis on underwriting
the property and reviewing the appraisal as it does on underwriting the borrower's creditworthiness.

They require the appraiser to provide complete and accurate reports; to report neighborhood and property conditions in factual and specific terms; to be
impartial and specific in describing favorable or unfavorable factors; and to avoid the use of subjective, racial, or stereotypical terms, phrases, or comments in
the appraisal report. The opinion of market value must represent the appraiser's professional conclusion, based on market data, logical analysis, and judgment.
When the information or methodology of an appraisal requires additional clarification or justification, the lender's underwriter must obtain from the appraiser any
information that is necessary to make an informed decision concerning the property.

We require that the appraiser and the lender follow appropriate practices in the property valuation and underwriting processes. Their appraisal standards
specifically prohibit the development of a valuation conclusion that is based on race, color, religion, sex, handicap, familial status, or national origin. The
effectiveness of our property underwriting guidelines is dependent on the ability of a lender and its appraisers to avoid the use of potentially discriminatory
practices in the property appraisal and underwriting processes.

We hold the lender responsible for the accuracy of both the appraisal and its assessment of the marketability of the property; therefore, it is important for a
lender's underwriters to understand their role in the appraisal process and their relationship to the appraiser.

• The appraiser's role is to provide the lender with an accurate, and adequately supported, opinion of value and an accurate description of the property.

• The underwriter's role is to review the appraisal report to assure that it is of professional quality and is prepared in a way that is consistent with our appraisal
standards, to analyze the property based on the appraisal, and to judge the property's acceptability as security for the mortgage requested in view of its value
and marketability.  

These requirements are intended to provide guidance to an underwriter and an appraiser about the type of information that is needed to make a prudent
underwriting decision. They are also designed to provide our minimum acceptable appraisal standards. We recognize that our guidelines may not address every
appraisal problem; therefore, we allow the appraiser discretion to properly develop the value opinion. The appraiser must, however, provide sound reasoning in
his or her appraisal report for any decisions he or she makes that are not specifically covered by our guidelines.

This Part XI consists of four Chapters:

• Chapter 1—Appraiser Qualifications—discusses the lender's responsibility for selecting appraisers and for reviewing their appraisals both initially and on an on-
going basis, the use of supervisory or review appraisers, and our right not only to refuse to accept appraisals prepared by specific appraisers, but also to refer
unacceptable appraisal reports to the appropriate state appraiser licensing or regulatory boards for investigation and action.

• Chapter 2—Appraisal (or Property Inspection) Documentation—describes the various appraisal (or property inspection) report forms that are to be used to
document an appraisal (or property inspection) and any required exhibits to them; discusses requirements related to the age of an appraisal (or property
inspection) report; explains the types of appraisals needed for new, proposed, and existing construction; and references the various certifications that an
appraiser must make.

• Chapter 3—Special Appraisal Considerations—discusses considerations that should be given to properties with unusual features, points out the need for
properties to meet specific eligibility criteria in order for the mortgage to be delivered to us, and explains the detrimental effect that certain environmental
conditions can have on a property's value.

• Chapter 4—Reviewing the Appraisal Report—discusses the requirements for analyzing a property and its appraisal.

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estate appraiser, Certified General Appraiser, Mark to Market Appraisal, Mark to Market Valuations, HUD Appraiser, find a real estate appraiser, PMI Appraiser,
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FDIC Law, Regulations, Related Acts  § 323.4  Minimum appraisal standards.
For
federally related transactions, all appraisals shall, at a minimum:
(a)  Conform to generally accepted appraisal standards as evidenced by the   Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the
Appraisal Standards Board of the Appraisal Foundation, 1029 Vermont Ave., NW., Washington, DC 20005, unless principles of safe and sound banking require
compliance with stricter standards;
(b)  Be written and contain sufficient information and analysis to support the institution's decision to engage in the transaction;
(c)  Analyze and report appropriate deductions and discounts for proposed construction or renovation, partially leased buildings, non-market lease terms, and
tract developments with unsold units;
(d)  Be based upon the definition of market value as set forth in this part; and
(e)  Be performed by state licensed or certified appraisers in accordance with requirements set forth in this part. [Codified to 12 C.F.R. § 323.4]


The Federal Credit Union Act (FCUA) is the source of authority for all federally chartered credit unions and governs the coverage and terms of insured
accounts at all federally insured credit unions. The
FCUA also determines the structure and duties of the National Credit Union Administration.

NCUA issues regulations to interpret and enforce the provisions of the FCUA. Visit our Regulations section to find a PDF version of this publication.

NCUA issues guidance to assist credit unions with the interpretation of regulations, raise awareness of emerging issues and communicate the agency's
interpretation of legal issues. Visit Legal Opinions, Letters to Credit Unions, Regulatory Alerts, Accounting Bulletin and IRPS for more information.

Many consumer protection and financial protection laws are enforced by NCUA and other federal agencies. Visit Laws and Enforcement Authorities for Credit
Unions to view a list of these laws.


For
probate appraisals the appraisal of property in the inventory shall be made by the personal representative, probate referee, or independent expert
as provided in the probate code  


Appraisals for the
Los Angeles Word Airport must comply with requirements established by the City of Los Angeles, the Federal Aviation Administration Audit,
and The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (The Uniform Act), as amended (49 CFR Part 24) which is mandatory
and establishes the minimum Real Property Acquisition Policies for Appraisal, Negotiation, and Property Possession Standards and Requirements.  The
appraisal is a formal written statement used to determine the fair market rent, and value or just compensation for purchase of a specific property.  The Real
Estate Contracting Officer must determine the appropriate type of appraisal method to be used: No appraisal for property value less than $2,500, A Value
Finding (opinion of value) for properties whose value is estimated to be $2,500 to $5,000, A Short Form appraisal for non-complex properties regardless of the
estimated purchase price, and finally a Long Form is required for all eminent domain proceedings regardless of the estimated cost.  For the purchase of real
property the appraisal should include a before and after valuation of the property to determine the value of any severance damage.

According to the “
Appraisal Guide:” “Appraisal problems are often encountered by States, local agencies, and appraisers because there is not a clear
understanding of the relationship between the
“Uniform Act” and the appraisal function on Federal or federally-assisted projects.  This guide was developed to
assist those involved to avoid potential appraisal problems.”  The major topics covered by the guide are: The “Uniform Act,” the “Appraisal Formats,” and an
“Appraisal Glossary.”

The purpose of the “Uniform Act” is to ensure that all property owners are treated fairly and uniformly.  Appraisal requirements are: 1) Establish just
Compensation  2) Disregard Differentials in Value Due to the Public Improvement  3) Consider the Possibility of Uneconomic Remnants  4) Separate Damages
From Value of Property Taken  5) Appraise All Buildings, Structures, and Improvements  6) Consideration of Tenant Owned Buildings, Structures, and
Improvements  7) Appraise Equal Interest in All Buildings, Structures, and Improvements and 8) Separate Tenant Interest in the Appraisal.


Appraisals for the
Los Angeles Unified School District must be prepared in compliance with the Office of Public School Construction (OPSC), site acquisition
guidelines.  The OPSC is primarily a funding agency of the State Allocation Board who is responsible for the equitable allocation of tax dollars.  Their basic
appraisal criteria are:

(a) The land improvements and appurtenances, excluding fixtures, equipment and personal property, were appraised in an as is condition.

(b) Consideration in the appraisal was made for net useable acreage and severance damages.

(c) The district or its legal counsel has contracted for the appraisal service.

(d) The appraiser has certified to the district that the appraisal complies with the Uniform Standards of Professional Appraisal Practice (
USPAP) as promulgated
by the Appraisal Standards Board of the Appraisal Foundation.

(e) The amount of a court award for a site acquired in condemnation may be used in lieu of the appraised value determined in (a) through (d) above, when
specifically approved by the Board.

Preparation of appraisals for
subsidized housing in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) requires knowledge and
experience that goes beyond typical residential competency.  Subsidized housing may be defined as single- or multifamily residential real estate targeted for
ownership or occupancy by low- or moderate-income households as a result of public programs and other financial tools that assist or subsidize the developer,
purchaser, or tenant in exchange for restrictions on use and occupancy.  The United States Department of Housing and Urban Development (HUD) provides the
primary definition of income and asset eligibility standards for low- and moderate-income households.  Other federal, state, and local agencies, like the

California
Tax Credit Allocation Committee and the Housing Authority of the City of Los Angeles, may define income eligibility standards for specific
programs and developments under their jurisdictions.  

Subsidies and incentives that encourage housing for low- and moderate-income households may create intangible property rights in addition to real property
rights and also create restrictions that modify real property rights.  The appraiser should demonstrate the ability to discern the differences between the real and
intangible property rights and value the various rights involved.  
Low-Income Housing Tax Credits (LIHTCs) are an example of an incentive that results in
intangible property rights that are not real property but might be included in the appraisal.  Project-based rent subsidies are an example of a subsidy
accompanied by restrictions that modify real property rights.  Appraisers should be aware that tenant-based rent subsidies do not automatically result in a
property right to the owner or developer of subsidized housing.

In appraisal of subsidized housing, the value definition selected or required by the client and the reporting techniques should be discussed with the client prior to
acceptance of the assignment because the analyses may be based on general market terms, subsidized housing submarket financing with unusual conditions or
incentives, both, or some other defined premise.  Appraisers should be aware that appraisal of subsidized housing usually requires more than one value analysis
predicated on different scenarios.  In appraisal of subsidized housing, value conclusions that include intangibles arising from the programs will also have to be
analyzed under a scenario without the intangibles in order to measure their influence on value and report the results without misleading the intended user.

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What Is a
HUD Appraiser/Appraisal?  An appraiser is a professional person who can tell you what your home is worth. The appraiser will come to your house and
list the number and size of the rooms and any extras, such as a fireplace, porch, pool, or garage. The appraiser will compare your home and property to other
homes that have sold recently with similar features. The appraiser then estimates that your home might sell for approximately the same amount of money as
similar homes. This is called an "appraisal."

An appraisal is an estimate of what amount of money your home may sell for. It is very different from a home inspection which will warn you against anything in
the new home that should be fixed. A home inspection must be conducted by a qualified home inspection.

The reason for a
Relocation Appraisal is to estimate the market value of a transferee's home and to provide insight into the client's needs and objectives. Other
types of appraisals are done for the purpose of insurance, mortgage, probate, or taxes. They all have something in common in that they follow an appraisal
process. However, each of these types of appraisal has a different set of guidelines and procedures to follow; so does the relocation appraisal.

The relocation appraisal has a set of definitions and instructions to appraisers that relate only to the relocation appraisal. These guidelines differ substantially
from the appraisal process for other types of appraisals. A thorough explanation of these guidelines is included in the
Relocation Appraisal Guide published by
the Employee Relocation Council, Washington, D.C.

They direct the appraiser to forecast what the home will sell for in "as is condition" within a reasonable marketing time. They can also direct the appraiser to
estimate the market value within a specified time frame. Confusion often exists as to the interpretation of market value and reasonable marketing time. These
guidelines may be altered at the direction of the client who may have supplemental guidelines.

The relocation appraiser is often asked to take time during the inspection to counsel the transferee on the appraisal process and accept information from the
transferee such as "brag sheets" listing improvements to the home since purchase and a factual record of any recent sales and listings in the neighborhood
which can be verified by the appraiser. The inspection and counseling often require an hour, during which the appraiser has the opportunity to communicate
credibility and professionalism.

The relocation appraisal does not require a cost approach; however, if the appraiser is going to submit this report for experience credit it is suggested that a cost
approach be completed and kept in the appraiser's file for future review by an Admissions Committee. (Note: the Employee Relocation Appraisal Report that was
revised in 1994 and is currently being used in the industry, has the correct departures from the Uniform Standards of Professional Appraisal Practice)

Another way in which a relocation appraisal differs from a mortgage appraisal is the appraisal review process. An appraiser who accepts a relocation appraisal
assignment must be prepared to take the time to write a competent report, discuss the report with the client, and be responsive to the client's questions.
Requests for review of the factual data presented by the transferee or data reported in another appraiser's report is part of the relocation appraisal process. The
appraiser is not being asked to change his value, but merely to review additional data to determine if it could have an impact on his original value conclusion.

The appraiser must be educated in relocation appraising and willing to devote the extra time required for answering client questions about his report. The
appraiser must be aware that two to five appraisal reports are being reviewed and discrepancies often occur. The questions are asked for clarification,
edification, and corrections since the reports are further reviewed by corporate relocation personnel and, ultimately, the transferee.

Reprinted with permission from
The Society of Real Estate Appraisers, Fall 1990 Journal
225 North Michigan Avenue, Suite 724
Chicago, Illinois 60601-7601

THE COST SEGREGATION AUDIT TECHNIQUES GUIDE
This ATG has been developed to assist Internal Revenue Service (Service) examiners in the review and examination of cost segregation studies. The primary
goals are to provide examiners with an understanding of

why cost segregation studies are performed for federal income tax purposes;
how cost segregation studies are prepared; and,
what to look for in the review and examination of these studies.
The ATG was developed by a cross-functional team of Service engineers and agents and is not intended as an official IRS pronouncement. Accordingly, it may
not be cited as authority.

BACKGROUND
In order to calculate depreciation for Federal income tax purposes, taxpayers must use the correct method and proper recovery period for each asset or property
owned. Property, whether acquired or constructed, often consists of numerous asset types with different recovery periods. Thus, property must be separated into
individual components or asset groups having the same recovery periods and placed-in-service dates in order to properly compute depreciation.

When the actual cost of each individual component is available, this is a rather simple procedure. However, when only lump-sum costs are available, cost
estimating techniques may be required to "segregate" or "allocate" costs to individual components of property (e.g., land, land improvements, buildings,
equipment, furniture and fixtures, etc.). This type of analysis is generally called a "cost segregation study," "cost segregation analysis," or "cost allocation study."

In recent years, increasing numbers of taxpayers have submitted either original tax returns or claims for refund with depreciation deductions based on cost
segregation studies. The underlying incentive for preparing these studies for federal income tax purposes is the significant tax benefits derived from utilizing
shorter recovery periods and accelerated depreciation methods for computing depreciation deductions. The issues for Service examiners are the rationale used
to segregate property into its various components, and the methods used to allocate the total project costs among these components.

The most common situation is the allocation or reallocation of building costs to tangible personal property. A building, termed "section (§) 1250 property", is
generally 39-year property eligible for straight-line depreciation. Equipment, furniture and fixtures, termed "section (§) 1245 property", are tangible personal
property. Tangible personal property has a short recovery period (e.g., 5 or 7 years) and is also eligible for accelerated depreciation (e.g., double declining
balance). Thus, a faster depreciation write-off (and tax benefit) can be obtained by allocating property costs to § 1245 property, or by reallocating § 1250
property costs to § 1245 property.

A simple example illustrates the tax benefits of a cost segregation study. In general, a turnkey construction project includes elements of tangible personal
property (e.g., phone system, computer system, process piping, storage tanks). It is relatively easy to identify these items as § 1245 property and allocate a
portion of the total project costs to them. However, a cost segregation study may also report certain building occupancy items, such as carpeting, wall coverings,
partitions, millwork, lighting fixtures, suspended ceilings, doors, as § 1245 property. These items may or may not constitute qualifying § 1245 property depending
on particular facts and circumstances, such as the location of the assets and the specific activities for which the project was designed.

In addition to identifying specific project components that qualify as § 1245 property, cost segregation studies may treat portions of building components as §
1245 property. For example, a study may conclude that 15 percent of a building’s electrical system directly supports § 1245 property, such as specialized kitchen
equipment. Based on that conclusion, the study will then treat 15 percent of the electrical system as § 1245 property. The allocation of building components to §
1245 property is often a contentious issue.

Property allocations and reallocations are typically based on criteria established under the Investment Tax Credit (ITC). A plethora of legislative acts, court
decisions and Service rulings have produced complex and often conflicting guidance with respect to property qualifying for ITC, resulting in no bright-line tests for
distinguishing § 1245 property from § 1250 property. Related issues, such as the capitalization of interest and production costs under IRC § 263A and changes
in accounting method, add to the complexity of this issue.

In a recent landmark decision, the Tax Court ruled that, to the extent tangible personal property is included in an acquisition or in overall costs, it should be
treated as such for depreciation purposes. The court also decided that the rules for determining whether property qualifies as tangible personal property for
purposes of ITC (under pre-1981 tax law) are also applicable to determining depreciation under current law. [See Hospital Corporation of America, 109 T.C. 21
(1997)] The Service acquiesced to the use of ITC rules for distinguishing § 1245 property from § 1250 property. BPO, Broker Price Opinion,  

Based on these developments, the use of cost segregation studies will likely continue to increase. Unfortunately, there are no standards regarding the
preparation of these studies. Accordingly, studies vary widely in terms of the methodology, documentation, depth, format, and expertise of the study’s preparer.
This lack of consistency, coupled with the complexity of the law in this area, often results in an examination that is controversial and burdensome for all parties.

Examiners reviewing cost segregation studies must determine the proper classification and correct costs of property. In some cases (e.g., small projects)
examiners may be able to evaluate a study without assistance. However, other studies may require specialists with expertise, industry experience and specialized
training (e.g., Engineers, Computer Audit Specialists and/or Technical Advisors). Examiners should perform a risk analysis as early as possible to determine the
depth of an exam and the need for assistance.

SUMMARY AND CONCLUSIONS
Depreciation issues involving cost segregation studies cross all LMSB industry lines and impact SB/SE taxpayers as well. The lack of consistency in cost
segregation studies and the absence of bright-line tests for distinguishing property contribute to the difficulties of this issue. The purpose of this ATG is to
provide the foundation to a better understanding of cost segregation studies and to provide the examination steps that will facilitate the audit process and
minimize burden on taxpayers, practitioners and Service examiners alike.


EXPERT WITNESS
Over the years we have worked on numerous projects which were tied to a judicial mandate.  They include dissolution of marriage proceedings, property tax
disputes, inheritance tax liability disputes, probates, and acquisitions by eminent domain.  To our credit all, but one, was settled prior to trial with one requiring a
deposition hearing.  

Our one court appearance was in the Superior Court, State of California-Compton Judicial District, July 1999.  We provided plaintiff expert witness testimony in an
inverse condemnation case.


APPRAISAL REVIEW
Federal and State Laws, and Contractual Agreements precludes the communication of our work product to unauthorized parties.  In lieu of an actual Review
Report I feel it is worth stating that an appraisal review is not an easy assignment.  It is exceedingly important for a “Reviewer” to have a broad base of
experience and education, dependance on affiliation with a particular trade/professional association for review or other assignments is unwise.  

We have designed a process to establish an amicable, communicative relationship between us and the appraiser under review.  We stick to the facts and
support every observed deficiency with a Citation and Supporting Documentation,
WE DO NOT PROVIDE UNSUBSTANTIATED OPINIONS OR
INTERPRETATIONS (USPAP, Standards Rule 3-1.f & g, 1347, 1348 and 1351: ... and develop the reasons for any disagreement)
.  For example, an
appraiser who has used an incorrect legal description would be notified of this fact, given the appropriate Citation from USPAP or the applicable regulation then
provided the correct description contained in the vesting document or similar available document.  It goes without saying that “time is of the essence.”  We have
found that this process  works extremely well in the expeditious completion of our Review Assignments; typically within one week.

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Income Property Appraiser, Appraisal, Appraiser, Commercial Real Estate Appraiser, Fast Appraiser, Real Estate Consultants, Real Estate Appraisers,
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Inspector, MAI, Appraisal Institute, General Appraiser, Full Service Real Estate Consultant, loan calculator, Real Estate Services, Appraisal Services, Approved
Appraisers, Link Partners, HUD Appraiser, Rehab Consultant, Remodel Consultant, BPO, Broker Price Opinion,  


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.


REHAB CONSULTATIONS
The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family
mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised
and have the buyer's credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people
buy homes.

The
Section 203(k) program is the Department's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for
community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes
that Section 203(k) is an important program and we intend to continue to strongly support the program and the lenders that participate in it.

Many lenders have successfully used the Section 203(k) program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate
properties. These lenders, along with state and local government agencies, have found ways to combine Section 203(k) with other financial resources, such as
HUD's HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Several state housing finance agencies have designed programs,
specifically for use with Section 203(k) and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the
rehabilitation processing.

The Department also believes that the Section 203(k) program is an excellent means for lenders to demonstrate their commitment to lending in lower income
communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). HUD is committed to increasing homeownership opportunities
for families in these communities and Section 203(k) is an excellent product for use with CRA-type lending programs.

If you have questions about the 203(k) program or are interested in getting a 203(k) insured mortgage loan, we suggest that you get in touch with an FHA-
approved lender in your area or the Homeownership Center in your area.


Housing rehabilitation is an important component of any strategy aimed at meeting the nation's affordable housing needs. Keeping a home in good working order
or bringing one back from a state of disrepair promotes both sustainability and affordability with every stroke of the hammer and every plumb line snap.
Pursuing
a high quality rehab or renovation can also result in homes that are
better able to withstand storms and other natural disasters.


REAL ESTATE CONSULTATIONS
Consulting is a unique real estate specialty.   It is not considered a specific discipline with a defined body of knowledge, such as brokerage, manager, or
appraisal.   Rather, real estate consulting is a process—one that requires technical competency, thoughtful analysis, and critical inquiry, all of which are directed
toward achieving the best results for a client or employer.   At a minimum your consultant should have a Real Estate Brokers Licence, a General Appraisal
Licence and basic understanding of Architectural Systems, Construction Methods and Inspection Techniques.

A Real Estate Consultant serves as the link between defining the problem and devising a solution, or measurable economic value.  Essential to the consulting
process is the trust and confidence that prevails in the client or employer relationship. No matter the property type, real estate decision makers call upon the
Consultants in-depth knowledge for a breadth of services including:

  • Feasibility Studies
  • Financial Analysis
  • Valuation and Appraisal
  • Acquisitions and Dispositions Consulting  
  • Real Estate Brokerage
  • Development Planning  
  • Asset Management and Capital Budgeting  
  • Site Location, Relocation, Lease/Purchase Evaluation
  • Corporate Real Estate Strategy
  • Commercial Mortgage-Backed Securities (CMBS)
  • Expert Witness Testimony and Litigation Support/Appraisal Review  
  • Investment Analysis
  • Supply/Demand Analysis
  • Highest and Best Use/Reuse Studies
  • Acquisition Due Diligence
  • Property Management and Performance Evaluation
  • Eminent Domain Appraiser/Broker  
  • Land Use Planning
  • Non-Profit Consulting   
  • Mortgage Lending
  • Pension Fund Consulting
  • Public/Private Partnerships
  • Workouts
  • Environmental Consulting
  • Facilities Planning
  • Capital Formation and Syndication
  • Exchanges
  • REITs   
  • Investment Advisory
  • Commercial Property Inspectors, Commercial Real Estate Inspectors, Appraiser, Appraisal, Commercial Appraiser, Real Estate Appraiser LA, Appraisal L.
    A., real estate appraiser, Certified General Appraiser, Mark to Market Appraisal, Mark to Market Valuations, HUD Appraiser, find a real estate appraiser,
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