Appraising 099 A brief overview Part 1 of a series

Transcript:Appraising 099 A brief overview Part 1 of a series:
Appraising 099 A brief overview Part 1 of a series Appraising 099 Part 1 presented by Dale Crump General Certified Appraiser in Kentucky and Ohio Central Office Reviewer Right of Way Program Specialist II Stand-up Philosopher Appraising 099 Part One Controlling Documents Controlling Documents The URA or Uniform Act : http://www.fhwa.dot.gov/real_estate/uniform_act/ KYTC Appraisal Guidelines: http://transportation.ky.gov/Right-of-Way-and-Utilities/Documents/KYTC%20Appraisal%20Guidelines.pdf USPAP: http://www.appraisalinstitute.org/ USAFLA or Yellow book: http://www.justice.gov/sites/default/files/enrd/legcy/2010/11/16/Uniform-Appraisal-Standards.pdf Controlling Documents cont. Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as amended (The Uniform Act): 1. The purpose is to promote the fair and equitable treatment of people displaced as a result of projects undertaken by a federal agency or state agency with federal financial aid. 2. Requires (except under certain conditions) the appraisal of real property before initiations of negotiations. Controlling Documents cont. KYTC Appraisal Guidelines: was established to provide a consistent format for highway appraisals to ensure that fair and equitable treatment of the public is preformed throughout the valuation process on all KYTC approved projects. Controlling Documents cont. Uniform Standards of Professional Appraisal Practices (USPAP): 1. Developed, published and interpreted by The Appraisal Foundation’s Appraisal Standards Board on behalf of appraisers and users of appraisal services. 2. Used by state and federal regulatory agencies and others. 3. Contains Definitions, Preamble, Rules and Standards. Controlling Documents cont. Uniform Appraisal Standards for Federal Land Acquisition (UASFLA or “The Yellow Book”) 1. Developed and published by the (U.S. Federal) Interagency Land Acquisition Conference. 2. Intent is to promote uniformity in the appraisal of real property among the various agencies acquiring property on behalf of the U.S. 3. Developed in 1973 and revised in 1982 and 2002. Apprising 099 Part 2 Definitions & Terms Personal Property, Fixtures and Trade Fixtures Personal Property: is the items that are not affixed to the real estate. They are not transferred with the property but are transferred by a bill of sale. Fixtures: are items that were once personal property but have since been permanently attached to the real estate so that the items are now regarded as part of the real estate. Trade Fixtures: are not part of the real estate. They are personal property no matter how they are affixed. (found usually in rental situations) Real Estate and Real Property Real Estate: is the physical land and appurtenances (“something” that has been added to a property and has now become an inherent part of it and usually