Common use of Appraisal Review Clause in Contracts

Appraisal Review. In connection with appraisal review, Developer shall: 1. Select review appraisers from TxDOT's list of approved fee appraisers and meeting the requirements of Section 7.2.7. The review appraiser selected must follow the appraisal guidelines and procedures found in Chapter 4 of the TxDOT Appraisal & Review Manual. 2. Determine, in consultation with TxDOT, if additional appraisal reports or technical expert reports are required. Initiate, review, and reconcile each report required. 3. Review all appraisal reports for each parcel to determine consistency of methodology, supporting documentation related to the conclusion reached, and compliance with TxDOT standards, as defined in Section 7.3.5.1 - Appraisal Services and this Section 7.3.5.2 - Appraisal Review, TxDOT Appraisal & Review Manual, the Uniform Standards and Federal Land Acquisitions and the requirements of the Appraisal Foundation's USPAP in effect at the time the appraisal is reviewed. The review appraiser must use the most current edition of the standards referenced above and continually monitor these standards to ensure the appraisals conform to the most current requirement of professional appraisal practice. 4. Inspect the subject properties and the sale properties used in direct comparison for each appraisal being reviewed. Upon completion of the review outlined above, the appraiser shall certify in writing to TxDOT that all required standards have been met. This certification will occur by signing on Page 1 of each TxDOT Form ROW-A-5 – Real Estate Appraisal Report or TxDOT Form ROW-A-6 – Real Estate Appraisal Report in the block provided. The review appraiser will also complete TxDOT Form ROW-A-10 - Tabulations of Value to accompany each appraisal. For appraisal updates, the review appraiser will perform a complete review of the updated appraisal, re-inspecting the subject property and the sales used, as of the current date of value. The review appraiser will follow the procedures outlined in the TxDOT Appraisal & Review Manual. A new TxDOT Form ROW-A-10 - Tabulations of Value will be required for each updated appraisal ordered by Developer.

Appraisal Review. In connection with appraisal review, Developer shall: 1. Select review appraisers from TxDOT's list of approved fee appraisers and meeting the requirements of Section 7.2.7. The review appraiser selected must follow the appraisal guidelines and procedures found in Chapter 4 of the TxDOT Appraisal & Review Manual. 2. Determine, in consultation with TxDOT, if additional appraisal reports or technical expert reports are required. Initiate, review, and reconcile each report required. 3. Review all appraisal reports for each parcel to determine consistency of methodology, supporting documentation related to the conclusion reached, and compliance with TxDOT standards, as defined in Section 7.3.5.1 - (Appraisal Services Services) and this Section 7.3.5.2 - (Appraisal Review), the TxDOT Appraisal & Review Manual, the Uniform Standards and Federal Land Acquisitions and the requirements of the Appraisal Foundation's USPAP in effect at the time the appraisal is reviewed. The review appraiser must use the most current edition of the standards referenced above and continually monitor these standards to ensure the appraisals conform to the most current requirement of professional appraisal practice. 4. Inspect the subject properties and the sale properties used in direct comparison for each appraisal being reviewed. 5. Upon completion of the review outlined above, the appraiser shall certify in writing to TxDOT that all required standards have been met. This certification will occur by signing on Page 1 of each TxDOT Form ROW-A-5 – (Real Estate Appraisal Report Report) or TxDOT Form ROW-A-6 – (Real Estate Appraisal Report Report) in the block provided. The review appraiser will also complete TxDOT Form ROW-A-10 - (Tabulations of Value Value) to accompany each appraisal. 6. For appraisal updates, the review appraiser will shall perform a complete review of the updated appraisal, re-inspecting the subject property and the sales used, as of the current date of value. The review appraiser will shall follow the procedures outlined in the TxDOT Appraisal & and Review Manual. A new TxDOT Form ROW-A-10 - Tabulations of Value will be required for each updated appraisal ordered by Developer.

Appraisal Review. In connection with appraisal review, Developer shall: 1. Select review appraisers NO NO a) Review Appraiser may be selected from TxDOT's ’s list of state approved fee appraisers and meeting appraisers. This list is available for viewing at all District offices or the requirements Right of Section 7.2.7Way Division office at 000 X. Xxxxxxxxx Xxxxx, Xxxxxx, Xxxxx upon request. The review appraiser selected must follow the appraisal guidelines and procedures found in Chapter 4 of the TxDOT Appraisal & Review Manual. 2. Determine, in consultation with TxDOT, if additional appraisal reports or technical expert reports are required. Initiate, review, and reconcile each report required. 3. NO NO b) Review all appraisal reports for each parcel to determine consistency of methodologyvalues, supporting documentation related to the conclusion reached, reached and compliance with TxDOT standards, as defined in Section 7.3.5.1 - Appraisal Services TxDOT/COUNTY policies and this Section 7.3.5.2 - Appraisal Review, TxDOT Appraisal & Review Manual, procedures and the Uniform Standards of Professional Appraisal Practices. NO NO c) Prepare and Federal Land Acquisitions and submit to TxDOT the requirements Form ROW-RTA-10 “Tabulation of the Appraisal Foundation's USPAP in effect at the time the appraisal is reviewed. The review appraiser must use the most current edition of the standards referenced above and continually monitor these standards to ensure the appraisals conform to the most current requirement of professional appraisal practice. 4. Inspect the subject properties and the sale properties used in direct comparison Values”, for each appraisal being reviewedappraisal. Upon completion Services Provided By: ENGINEER COUNTY NO NO d) The cost of the review outlined aboveappraiser appearing as an expert witness for testimony at special commissioners hearing must be included in the proposed fee schedule for the review appraiser. The cost of the appraiser’s expert witness testimony for trial is not part of this contract, and shall be paid by the COUNTY. 5) APPRAISAL UPDATES YES NO a) Prepare complete appraisal update for the parcel to be acquired utilizing TxDOT Form No. ROW-A-5, which will be furnished to the provider by TxDOT. These reports shall conform to COUNTY/TxDOT policies and procedures along with the Uniform Standards of Professional Appraisal Practices. YES NO b) As necessary, prepare written notification to COUNTY/TxDOT of any environmental concerns associated with the right of way to be acquired which could require environmental remediation. All completed appraisals will be administratively reviewed by L&G Engineering Right of Way Office and recommended for approval by TxDOT. YES NO c) As necessary, the appraiser shall certify will appear or testify as an Expert Witness in writing to TxDOT that all required standards have been meteminent domain proceedings and be available for pre-hearing or pre-trial meetings as directed by the TxDOT/COUNTY. This certification will occur by signing on Page 1 YES NO d) The cost of each TxDOT Form ROW-A-5 – Real Estate Appraisal Report or TxDOT Form ROW-A-6 – Real Estate Appraisal Report the appraiser appearing as an expert witness for testimony at special commissioners hearing must be included in the block providedproposed fee schedule for the appraiser. The review appraiser will also complete TxDOT Form ROW-A-10 - Tabulations of Value to accompany each appraisal. For appraisal updates, the review appraiser will perform a complete review cost of the updated appraisalappraiser’s expert witness testimony for trial is not part of this contract, re-inspecting and shall be paid by the subject property and the sales used, as of the current date of value. The review appraiser will follow the procedures outlined in the TxDOT Appraisal & Review Manual. A new TxDOT Form ROW-A-10 - Tabulations of Value will be required for each updated appraisal ordered by DeveloperCOUNTY.

Appraisal Review. In connection with (1) Within thirty (30) days, the Board shall develop, adopt, and implement an independent review and analysis process to ensure that appraisals conform to appraisal review, Developer shallstandards and regulations. The appraisal review and analysis process must: 1. Select (a) Include: (i) A review appraisers from TxDOT's list of approved fee appraisers and meeting the requirements appraisals over five hundred thousand dollars ($500,000) by an external, capable, qualified appraiser; and (ii) Training for internal appraisal review staff. (b) Ensure that internal appraisal reviews include a determination of: (i) The quality of Section 7.2.7. The review appraiser selected must follow the appraisal guidelines and procedures found in Chapter 4 whether the appraisal should be accepted or rejected; (ii) The reasonableness of the TxDOT Appraisal & Review Manualdiscount or cap rate used; (iii) The appropriateness and quality of the market comparables; (iv) Support for adjustments to market comparable values; and (v) Support for marketing periods. 2. Determine(c) Establish policies, in consultation with TxDOTprocedures, if additional appraisal reports or technical expert reports are required. Initiateguidelines for ordering, reviewobtaining, and reconcile each report required.reviewing of appraisals on real estate, to ensure that appraisals are: 3. Review all appraisal reports for each parcel to determine consistency of methodology, supporting documentation related to the conclusion reached, and (i) Performed in compliance with TxDOT standards, the appraisal regulation guidelines (12 C.F.R. Part 34) and industry appraisal standards such as defined in Section 7.3.5.1 - Appraisal Services and this Section 7.3.5.2 - Appraisal Review, TxDOT Appraisal & Review Manual, the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the International Valuation Standards (“IVS”) or an equivalent system based upon the IVS; (ii) Consistent with the guidance contained in the “Interagency Appraisal and Federal Land Acquisitions Evaluation Guidelines,” (October 27, 1994) Appendix E to the “Commercial Real Estate and Construction Lending” booklet of the Comptroller’s Handbook; (iii) Consistent with the guidance contained in OCC Bulletin 2005-6, “Appraisal Regulations and the requirements Interagency Statement on Independent Appraisal and Evaluation Functions: Frequently Asked Questions” (March 22, 2005) and OCC Advisory Letter 2003-9, “Independent Appraisal and Evaluation Function” (October 28, 2003); (iv) Organized and supported by adequate and organized file documentation; (v) Performed by appraisers and reviewed by appraisal reviewers whose qualifications and expertise is documented, periodically reviewed, and approved by the Board; and (vi) Performed as part of an appraisal review process which is independent in appearance and in fact. (2) Upon adoption of the Appraisal Foundation's USPAP in effect at appraisal review and analysis process required by this Article, the time Board shall forward a copy of the Bank’s appraisal review and analysis process to the Assistant Deputy Comptroller for review. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the appraisal is reviewed. The review appraiser must use the most current edition of the standards referenced above and continually monitor these standards analysis process developed pursuant to ensure the appraisals conform to the most current requirement of professional appraisal practicethis Article. 4. Inspect the subject properties and the sale properties used in direct comparison for each appraisal being reviewed. Upon completion of the review outlined above, the appraiser shall certify in writing to TxDOT that all required standards have been met. This certification will occur by signing on Page 1 of each TxDOT Form ROW-A-5 – Real Estate Appraisal Report or TxDOT Form ROW-A-6 – Real Estate Appraisal Report in the block provided. The review appraiser will also complete TxDOT Form ROW-A-10 - Tabulations of Value to accompany each appraisal. For appraisal updates, the review appraiser will perform a complete review of the updated appraisal, re-inspecting the subject property and the sales used, as of the current date of value. The review appraiser will follow the procedures outlined in the TxDOT Appraisal & Review Manual. A new TxDOT Form ROW-A-10 - Tabulations of Value will be required for each updated appraisal ordered by Developer.