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Appraisal, Appraisal Review, and Waiver Valuations
This section of the training covers material related to Subpart B - Real Property Acquisition. The first part of this section deals with valuation items, including appraisal, appraisal review and waiver valuation option. The second part of this section deals with offers, negotiations, and settlement-related items.
IMPLEMENTATION NOTE: Q.: The final rule preamble section on Subpart B states that FHWA decided to retain the term "fair market value" throughout Subpart B except for § 24.102(b)(1) and (5). Yet the term "market value" appears in the final rule in a number of other places, including §§ 24.102(d), 24.102(j), 24.103(b), and 24.105(c). Which is correct?
A. The Preamble is correct. The FHWA will issue a technical correction in the near future to resolve the problem by changing the term to "fair market value" in all parts of the rule except § 24.102(b)(1)-(5).