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Appraisal.com Nationwide Appraisal Network: Appraisal
Requirements
Condition and
Marketability Report - Interior Inspection (FHLMC 2070)
As a condition of
payment and continued participation, the
following
requirements must be met by all appraisers on
each report produced for the Appraisal.com
Nationwide Appraisal Network. If you have any
questions about these requirements, please
contact the Appraisal.com Appraisal Quality and
Review Department at 716.332.5950 x525 or email
at
support@appraisal.com.
General
(1)
The report must be USPAP compliant, and meet
minimum requirements set forth by Appraisal.com.
(2) The
report must be produced in a manner that is consistent with
all applicable federal, state and local laws.
(3) The
report must be submitted on a typed or computer-generated (not
handwritten) document that is a reasonable facsimile of the
current Freddie Mac Form 2070 (with “Interior and Exterior”
checked under the appraiser's signature at the bottom of page one) and all pertinent fields
must be completed. If the appraiser chooses to omit any
fields, an explanation must be included.
(4) The
report must be delivered to Appraisal.com as an Adobe Acrobat®
PDF document or, if the appraiser is unable to deliver the
document as an Adobe Acrobat PDF document, the report may be
delivered by overnight courier to the Appraisal.com Nationwide
Appraisal Network (620 Main Street, Buffalo, NY 14202).
Delivery by courier shall be at the appraiser's sole expense
and will cause the appraiser to incur a fee (see the
Appraisal.com
Terms of Use) for
Appraisal.com to scan and upload the document as an Adobe
Acrobat PDF document.
(5) The
report must indicate if the site is being utilized for the
highest and best use and, if not, an explanation must be
included.
(6)
Except in cases where the cost approach is clearly
inappropriate (such as an antique structure) the cost approach
section of the report must be completed. If the cost approach
is not included, an explanation as to why it has been excluded
must be included in the report.
(7)
Unless instructed otherwise within the order details, the
report must name the company who ordered the appraisal as the
Client for the report. If requested to do so by Appraisal.com
within 30 days of report delivery, the appraiser must change
the client name to reflect the correct name. However, if the
name change request is due to a change of investor, the
appraiser may charge a fee of up to $100 to Appraisal.com.
(8) The
report must contain the effective date of the report.
(9) The
report must comply with any reasonable requests made within
the special instructions section of the appraisal order.
Appraiser(s)
(1) The
report must be produced by the appraiser (or appraisal firm)
the appraisal assignment was sent to. The appraiser who
produces the report (or the supervisory appraiser, if state
law allows) must hold a current and valid state license and/or
certification.
(2) The
report must contain the signature as well as the date of
signature.
(3) The
report must contain the appraiser's State Certification (or
License) number as well as the expiration date of the State
Certification (or License).
(4) If
an apprentice or assistant produces the report, the
supervisory appraiser must also sign the report and date his
or her signature. The supervisory appraiser must indicate
whether or not he or she inspected the interior and exterior,
exterior of property (from street), or did not inspect property.
Attachments / Addenda
(1) The
report must contain a sketch of the floor plan of the subject
property. The floor plan must indicate the placement of rooms
within the property (either by the inclusion of interior walls
and/or room names) if the placement of the rooms has any
significant bearing upon the value or marketability of the
property (i.e. functional obsolescence due to poor traffic
flow). The sketch must indicate the exterior building
dimensions of the property, unless the property is a
condominium or cooperative unit, in which case the sketch must
indicate the interior perimeter unit dimensions.
(2) The
report must contain a current street map showing the exact
location of the subject property, as well as
the location of any other properties mentioned within the
report as affecting the subject (such as a
neighboring property exhibiting negative characteristics).
(3) If
requested within the special instruction section of the
appraisal order, the report must include a flood map addendum.
Photographs
(1) The
report must contain current, clear and well-framed color
photographs of the following:
· Front of
subject property
· Rear of
subject property
· Street
Scene
· Any
relevant or pertinent items (such as views, orchards, custom
construction features, outbuildings, damage, detrimental
conditions, substandard neighboring properties, obsolete
items, pending construction, etc.) that are described within
the report as affecting the value and/or marketability of the
subject property.
(2) All
photographs of the subject property must have been taken at
time of inspection.
(3) All
photographs must be in focus and taken with sufficient
lighting so that major and minor details of the property can
be clearly viewed.
(4) All
photographs must be framed in such a way that the subject of
the photograph fits completely into the photograph.
(5)
Photographs may not contain people or any element that may
cause a reader of the appraisal to make assumptions regarding
the racial composition of the neighborhood.
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