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Prepared by knowledgeable person.
Not an appraisal.
Review not required.
Owner accompaniment not required.
Agency responsible for:
Basis for preparing.
Establishing just compensation amount.
URA = Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970.
USPAP = Appraisal Foundation's Uniform Standards of Professional Appraisal Practice.
The waiver valuation is not an appraisal. The URA Rule appraisal requirements and USPAP standards relating to appraisals do not apply. An appraisal review is not required, but within the agency, there must be a process to assure that the basis for not preparing an appraisal is appropriate and that the waiver valuation amount is used to determine what is believed to be just compensation.
The basic concept is that the valuation will be prepared by a knowledgeable person who is aware of the general market values in the project area. It is not intended that the person preparing the valuation be an appraiser. The process is designed to free the appraisal staff to concentrate on more complex and difficult appraisal problems. Additionally, the URA requirement for offering the owner the opportunity to accompany the appraiser does not apply to waiver valuations. This will further streamline the process.
There is no specific requirement for "approval" of the waiver valuation (reviewing either the valuation itself or the decision to use a waiver valuation.) Like an appraisal, the waiver valuation is input to the (separate) determination of the just compensation offer. Also, the waiver valuation (or an appraisal) need not directly represent what is believed to be just compensation. Both estimate fair market value, from which the agency determines the just compensation offer (which may not be less than the appraised/valued amount).