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Real Estate Appraisal, The Harris Company \ Real Estate Appraiser los angeles, Inspectors, Inspectors Los Angeles, California
The Harris Company,
Commercial 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 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.

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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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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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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Services, Approved Appraisers, Link Partners, HUD Appraiser, Rehab Consultant, Remodel Consultant

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


EMINENT DOMAIN is the power of a government body to take private property for public use.  Numerous public and quasi-public agencies (such as airport
authorities, highway commissions, and community development agencies) are authorized to use eminent domain.  Private property owners are entitled to
compensation for any property taken under eminent domain.  

The taking of
PHA-owned property under eminent domain is exempt from the requirements of Section 18 of the Housing Act of 1937, as amended, 24 CFR
905, Subpart M, and 24 CFR 970.  However, due to HUD’s interest in PHA-owned property (under the Annual Contributions Contract), HUD approval is
necessary for eminent domain involving any PHA-owned property.  

The taking of property under eminent domain authority where all parties agree to the taking is sometimes referred to as "friendly taking."  The agreement
among parties does not negate the need to satisfy HUD requirements regarding eminent domain, nor does it negate the need for compensation to owners of
the property in question.  

After HUD has approved of the taking of PHA-owned property and the replacement/compensation details have been determined, the ACC, the Cooperation
Agreement, and the Declaration of Trust for the development are amended to reflect the replacement.  

Requirements for HUD approval of eminent domain  
The requirements for HUD approval of the taking of PHA-owned property under eminent domain authority were detailed in PIH Notice 92-49:  

The public agency seeking PHA-owned property must be authorized to use eminent domain under state law.

The public agency seeking PHA-owned property must display its intent to assert eminent domain authority by commencing the legal steps necessary for the
taking.  Having eminent domain authority, without commencing the legal steps necessary, is not sufficient basis for HUD approval.  Once the first legal step
has been taken, the parties involved may seek a settlement that precludes completion of the legal proceedings.

The public agency seeking PHA-owned property must provide replacement housing on at least a one-for-one basis, or the agency must pay fair market value
to the Housing Authority.  Replacement housing must be of comparable size and unit configuration as that taken, except where HUD and the Housing
Authority agree that there is a greater need for units of another size and/or configuration.  Replacement housing must also meet HUD’s
construction/acquisition standards.

The public agency seeking PHA-owned property must provide replacement for all non-dwelling facilities taken.

The public agency seeking PHA-owned property must provide fair market value compensation for any vacant property taken, as well as for any damage to the
remaining portion of the development as a result of the taking.

The public agency seeking PHA-owned property must provide for relocation costs associated with the taking.  Any relocation associated with a federally-
assisted development is subject to the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (URA).

HUD approval of the taking of PHA-owned property under eminent domain is also subject to any environmental and/or historical preservation considerations
that may be relevant.
Submission Requirements
After February 2, 2004, SAC will accept only electronic submissions. The Executive Director's signature on the certifcation page may be FAXed or scanned
and attached electronically to the rest of the application.

Note: When attaching supporting documents to the application, PIC users can attach documents with filenames with spaces provided filenames are no longer
than 25 characters (including file type ending, e.g., “.doc”), and as long as filenames conform to Windows Explorer file naming rules: filenames with spaces
must be enclosed in quotation marks.
Example:
Filename as shown in MS Word: PIC FAQ Ideas.doc
Filename to attach to PIC application: “PIC FAQ Ideas.doc"

Applicants should submit one copy of the application to the SAC and a copy to their local Public Housing servicing office. The address for the SAC is listed
below:

Special Applications Center
US Department of Housing and Urban Development
77 West Jackson Boulevard, Room 2401
Chicago, IL 60604-3507
Telephone: (312) 886-9754
Fax: (312) 886-6413

Supreme Court Rules for Property Seizure
In an important eminent domain case, the U.S. Supreme Court ruled that local governments may seize homes and businesses to make way for private projects
that serve a public purpose by promoting economic development.
The decision leaves it up to individual states to establish the rules that cities must follow when exercising eminent domain powers. Some states have stricter
standards than those reviewed by the Court in the Connecticut case. NAR's Customized State Smart Growth Legislation program is available to any state
REALTOR® association that would like to promote legislation to firm up its state eminent domain law. Under this program NAR will work with state associations
to have the necessary legislation drafted and pay half the cost.

16.0
PURPOSE
These rules set out the scheduling and conduct of eminent domain pretrial proceedings, and trials, to the extent specified.
(Rule 16.0 effective 1/1/95.)

APPENDIX A

REQUIREMENTS FOR VALUATION DATA

The parties are ordered to submit appraisal reports upon which they intend to rely at the time of trial, if any, with the clerk in the Eminent Domain Department,
on or before five (5) days prior to the final pretrial rather than on the date of the final pretrial. If any party intends to have an owner or any witness, other than
the appraisers whose appraisal reports are to be submitted, testify in this case with respect to valuation, such party shall also file with the court on the same
date the name of such person, his or her opinion as to valuation, and all factual data, not otherwise submitted, upon which such opinion is based, including
market data, reproduction studies, and capitalization studies, in as much detail as practicable. If the court determines said reports to be comparable, and if it
appears just and proper to do so, an exchange will be ordered. If the court does not order an exchange, the court will initial the documents for identification at
the time of trial. Except as set forth herein, and except for the purpose of rebuttal, the parties will not be permitted to call any witness to testify on direct
examination to an opinion of value, a sale, a reproduction study or capitalization study, unless submitted to the court as set forth above.

In the event a party subsequently discovers any information which should have been submitted as set forth in the preceding paragraph, and desires in good
faith to use the information at time of trial, he must immediately notify the other party to this effect, and provide the other party with the said information, and
show good cause to the court, either in the Eminent Domain Department or the trial department, that he should be permitted to use such information at the
trial.

In the event a party intends to use an expert other than those who will testify with respect to valuation as set forth above, said party shall disclose, prior to the
final pretrial in this case, if possible, or as soon thereafter as such information is available, the name and address of the said person, if known, and the nature
of the testimony of said witness to be used at the trial of this case. Except as set forth herein, and except for the purpose of rebuttal for defendant and
surrebuttal for plaintiff, the parties will not be permitted to call any expert witness to testify on direct examination as to any engineering study or opinion, cost
estimate, feasibility or land use study, zoning plan, economic study or survey, or other matter related to valuation and/or the issues of the case unless said
witness' name, address and nature of testimony is disclosed as indicated above.

The appraisal report shall include clear and concise statements of the following:

(1) A description of the property including, as a minimum, a plot plan (not necessarily to scale) showing the size, shape, dimensions of the property being
acquired and its location to street accesses. Additional information relating to terrain, utilities, principal street accesses, location of improvements upon the
property, and the relationship of the property to and description of a larger parcel of which it is a part, when appropriate, must also be supplied, if necessary,
for understanding of the appraisal problem;

(2) Present zoning of property, and, if the existing use is inconsistent with the present zoning, the authority by which such use is permitted;

(3) A statement of the appraiser's opinion of the highest and best use of the property. If such use is inconsistent with the present zoning, a concise statement
of factual matters, including other zone changes or changes of use in the neighborhood and/or the names and addresses of any experts on zoning and/or
zoning officials upon which the opinion of probate zone change was predicated;

(4) The appraiser's opinion of the market value of the property being acquired and, if the property is part of a larger parcel, his opinion of severance damage,
if any, and special benefits, if any, to the remainder, together with methods of calculations and reasons for said damages and/or benefits;

When included as issues in the case, the appraiser's opinion of precondemnation damages, if any, and the value of loss of business goodwill, if any, together
with the methods of calculations and reasons for said damages and value. If the appraiser is of the opinion that there are no severance or precondemnation
damages or special benefits or value of loss of business goodwill, a statement to this effect should be included, together with reasons therefor, if said issue
was raised, as indicated by the First Pretrial Conference Order;

(5) The valuation approaches or methods utilized in the formation of the appraiser's opinion should be set forth in a brief statement, together with a statement
as to the approach or approaches most relied upon by the appraiser in reaching his ultimate opinion. If any approach or method is not specified, it shall be
presumed that the appraiser did not consider it in arriving at his opinion;

(6) Where market data or sales are utilized, the following information as to each sale:

a) location (legal description and address, if available, or other sufficient designation for identification);

b) total area and shape of property;

c) topography;

d) zoning;

e) nature and brief description of improvements, if any;

f) date of sale (close of escrow date preferred to the recording date;

g) names of buyer and seller;

h) with whom and date the sale was verified and their connection, if any, with the sale property;

i) total sales price;

j) unit price paid, if unimproved (per acre, per square foot);

k) terms of sale;

l) how the sale compares with the opinion of value of the subject property or remainder;

m) If the appraiser uses "before" and "after" sales or sales re different zoning than subject property, he must designate for what purpose the sale was used.

(7) If reproduction cost studies are made, the following information must be submitted:

a) description of improvements;

b) size and area of building or structure;

c) type of construction;

d) age of building or structure;

e) condition of building or structure, including obsolescence and depreciation;

f) remaining economic life of improvements;

g) cost factor or other computation used to establish cost to replace improvements;

h) depreciation allowance used and basis therefor;

(8) If a capitalization or other income study is made, the following minimum information should be included, where relevant:

a) gross income utilized in computations and whether actual income being produced or assumed income is used and the basis therefor;

b) enumeration of expense items expected, the respective amounts thereof and whether said amounts are based upon actual or assumed expenses;

c) method of processing or treating income

d) capitalization rate or rates or multiplier used

e) If the recapture of improvements is provided for (land residual method), a statement of the remaining economic life of improvements used and rate of
capitalization applied to residual land;

f) If annuity method used, a statement of the anticipated economic period in which payments are expected and the discount rate used, and the residual value
of the land adopted in the study. The valuation indicated by said method or methods;

(9) Where lease information is utilized, the following information as to each lease:

a) location and address;

b) total area and shape of property;

c) topography;

d) zoning;

e) nature and brief description of improvements;

f) date of lease;

g) names of lessor and lessee;

h) with whom and date lease was verified and their connection, if any, with the leasehold property;

i) terms of lease;

j) how the lease compares with the opinion of the value of the lease of the subject property pursuant to Section 817, Evidence Code, or the opinion of the
capitalized value of the reasonable net rental value of the subject property, pursuant to Section 818, Evidence Code.

(10) Where precondemnation damages are alleged, the following information should be included, where relevant:

a) dates when damages began and ended;

b) type of damages;

c) cause of damages;

d) amount of damages;

e) methods of determining damages and calculations and reasons therefor.

(11) Where loss of business goodwill is alleged, the following information should be included, where relevant:

a) average gross earnings;

b) average net earnings;

c) percentage estimate of average net earnings as an allowance on the average of net tangible assets;

d) deduction of said allowance from the average net earnings to determine excess attributable to intangible assets;

e) capitalization of (d) at a certain fixed rate to determine the saleable value of the goodwill;

f) any other methods, formulae or basis for determining the loss of business goodwill, including calculations and valuation conclusions.

(12) The appraisal report shall contain separate summaries of the following data wherever applicable:

a) Summary of value conclusions, including the value of each parcel taken; amount of severance damages, if any; special benefits, if any; precondemnation
damages, if any; loss of business goodwill, if any;

b) Summary of the basic data re the subject property as to size, shape, topography, location, zoning, nature, description of improvements, if any;

c) Summary of all market sales used by appraiser in support of the opinion of value in the market sales approach to valuation;

d) Summary of the income capitalization study, if any;

e) Summary of the depreciated reproduction cost study, if any;

f) Summary of the appraiser's educational background, working experience, particularly as it relates to real property and appraisal of real property, affiliations
with professional organizations, previous clients and other information intended to establish the appraiser's qualification pursuant to Section 801, Evidence
Code.

Dated .................................................

(Chap. Sixteen, Appendix A [1/1/95] REQUIREMENTS FOR VALUATION DATA

REPEALED in part, and effective 7/1/98.)


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.

Commercial Property Inspectors, Commercial Real Estate Inspectors, Appraiser, Appraisal, Commercial Appraiser, Real Estate Appraiser LA, Appraisal L.A.,
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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.

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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Inspector, FEMA 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


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.


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 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
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