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Presentations of Uniform Act Final Rule Implementation

New Definition

§ 24.2(a)(33) Waiver valuation.

"The term waiver valuation means the valuation process used and the product produced when the agency determines that an appraisal is not required, pursuant to § 24.102(c)(2) appraisal waiver provisions."

Notes:

This is a new definition, but not a new concept. that was added to the rule in Subpart A. The definition is related to the provisions in Subpart B that can be used when the agency determines that an appraisal is not required. The determination is based on considerations related to the complexity of the appraisal problem and the expected value considering the available real estate market data in the area.

Stated another way, if the appraisal problem is uncomplicated and has a low value, the concept of waiver valuation may be applicable if the agency options to do it.

Updated: 04/02/2013
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