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A Competent Appraisal
Report Has: |
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- A cover document explaining in detail
what type of value is being sought
("purpose") and how the
appraisal is to be used
("function" or "assigned
use").
- The methodology and resources relied
upon, including market analysis and
market(s) selected.
- A complete and accurate description of
the property written in such a manner
that it can be identified without
photos.
- The date(s) and location of inspection,
and the effective date of value.
- A statement by the appraiser that he or
she has no financial interest in the
property, or that such interest in the
property, or that such interest is
disclosed in the report.
- The appraiser's qualifications and
signature.
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Do Not Accept an Appraisal
If: |
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- It is handwritten or unsigned
- The fee is based on a contingency or
upon the value of the property
- The appropriate "purpose" and
"assigned use" are not stated
- The item is beyond the appraiser's
expertise
- The appraiser is not willing and able to
defend it in court (subject to the
appraiser's availability, and separate
fee arrangement)
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