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Presentations of Uniform Act Final Rule Implementation

Appraisal Review (cont.)

§ 24.104(a)

Notes:

The review appraiser has three options in reporting the review:

  1. Recommend it for approval as the agency's approved appraisal of the fair market value.

  2. Accept the appraisal as complying with all requirements. This option should be used when there are multiple appraisals on a property and more than one meet all requirements. If there are multiple appraisals, the review appraiser can accept two (or more) and recommend one.

  3. The review appraiser should find an appraisal "not acceptable" only after he or she has been unsuccessful in working with the appraiser to obtain an acceptable appraisal.

The agency is given the option of authorizing the staff review appraiser, as part of the review, to approve the appraisal (as the basis for the agency's establishment of the offer of just compensation), as well as the authority to develop and report the amount believed to be just compensation.

The above actions should not be significantly different from the process now followed, except that the review appraiser is now to more formally categorize the assessment of each report.

For most agencies, the review appraiser is authorized to approve the appraisal. This is a meaningful term because the URA refers to the "approved appraisal" as being necessary for supporting the determination of the amount believed to be just compensation.

There is, however, no direct requirement that a reviewed and accepted agency appraisal automatically be the approved appraisal, even if it is recommended for approval. An example situation would be where the property owner's appraisal would be determined after agency appraisal review to be the approved one.

Updated: 04/02/2013
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