APPENDIX D: VALUATION PROTOCOL

The appraisal process is the lender's tool for determining if a property
meets the minimum requirements and eligibility standards for a
FHA-insured mortgage. *Underwriters bear primary responsibility for
determining eligibility; however, the appraiser is the on-site
representative for the lender and provides preliminary verification that
the General Acceptability Criteria standards have been met.*

FHA RESIDENTIAL APPRAISAL REQUIREMENTS

This section provides specific instructions for completing appraisal
report forms.

The appraisal reporting form to be used will depend on the property type
that is being appraised. The appraiser must select the appropriate
appraisal form for reporting an FHA appraisal from the following:

1.  Uniform Residential Appraisal Report (Fannie Mae Form 1004
    March 2005) -- Required to report an appraisal of a one-unit
    property or a one-unit property with an accessory unit.

2.  Manufactured Home Appraisal Report (Fannie Mae Form 1004C
    March 2005) -- Required to report an appraisal of a one-unit
    manufactured home.

3.  Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073
    March 2005) -- Required to report an appraisal of a unit in a
    condominium project or a condominium unit in a planned unit
    development (PUD).

4.  Small Residential Income Property Appraisal Report (Fannie Mae
    Form 1025) -- Required to report an appraisal of a two- to four-unit
    property.

An appraisal performed for HUD/FHA purposes requires that all sections
of the appraisal form be addressed. The appraiser must complete the form
in a manner that clearly reflects the thoroughness of the investigation
and analysis of the appraisal findings. The conclusions about the
observed conditions of the property provide the rationale for the
opinion of market value. The completed appraisal form utilized, together
with the required exhibits, constitutes the reporting instrument to HUD
for FHA-insured mortgages.

+-----------------------+----------------------------------------------+
| **The FHA Appraisal   | Under the following conditions               |
| is made**             |                                              |
+-----------------------+----------------------------------------------+
| A. "As Is"            | 1.  There is/are no repair(s), alteration(s) |
|                       |     or inspection conditions noted by the    |
|                       |     appraiser, or                            |
|                       |                                              |
|                       | 2.  Establishing the "as is" value for a     |
|                       |     regular 203(k), or                       |
|                       |                                              |
|                       | 3.  The property is being recommended for    |
|                       |     rejection                                |
+-----------------------+----------------------------------------------+
| B. "Subject to        | 1.  Proposed Construction where construction |
| Completion per Plans  |     has not started, or                      |
| and Specifications"   |                                              |
|                       | 2.  Under Construction but not yet complete  |
|                       |     (less than 90%), or                      |
|                       |                                              |
|                       | 3.  Regular 203(k)                           |
+-----------------------+----------------------------------------------+
| C. "Subject to the    | 1.  Repair or Alteration Condition(s) noted  |
| following Repairs or  |     by the appraiser, or                     |
| Alterations"          |                                              |
|                       | 2.  Streamline 203K, or                      |
|                       |                                              |
|                       | 3\. Under Construction, more than 90%        |
|                       | complete with only minor finish work         |
|                       | remaining (buyer preference items i.e.,      |
|                       | floor coverings, appliances, fixtures,       |
|                       | landscaping, etc.). This eliminates the need |
|                       | for construction exhibits.                   |
+-----------------------+----------------------------------------------+
| D. "Subject to the    | 1\. Required Inspection(s) noted by the      |
| following Required    | appraiser                                    |
| Inspection"           |                                              |
+-----------------------+----------------------------------------------+

# FHA Quick Tips {#fha-quick-tips .unnumbered}

Minimum Property Requirements (MPR) and Minimum Property Standards (MPS)

For new construction to be eligible for FHA financing, it must comply
with HUD's Minimum Property Standards (including 24 CFR 200.926d).
Existing construction must comply with HUD's

Minimum Property Requirements (HUD Handbook 4905.1). .

In the performance of an FHA appraisal, the appraiser must denote any
deficiency in the appropriate section(s) (site issues in the site
section, improvement issues in the improvements section) of the
appraisal report. The appraiser is to note those repairs necessary to
make the property comply with FHA's Minimum Property Requirements (MPR)
or Minimum Property Standards (MPS) together with the estimated cost to
cure. The lender will determine which repairs for existing properties
must be made for the property to be eligible for FHA-insured financing.

Cosmetic repairs are not required; however, they are to be considered in
the overall condition rating and valuation of the property. Examples of
cosmetic repairs would include surface treatments, beautification or
adornment not required for the preservation of the property. For
example, generally, worn floor finishes or carpeting, holes in window
screens, or a small crack in a windowpane are examples of deferred
maintenance that do not rise to the level of a required repair but must
be reported by the appraiser.

The physical condition of existing building improvements is examined at
the time of the appraisal to determine whether repairs, alterations or
inspections are necessary - essential to eliminate conditions
threatening the continued physical security of the property.

Required repairs will be limited to necessary requirements to:

-   protect the health and safety of the occupants **(Safety)**

-   protect the security of the property **(Security**)

-   correct physical deficiencies or conditions affecting structural
    integrity **(Soundness)**

    A property with defective conditions is unacceptable until the
    defects or conditions have been remedied and the probability of
    further damage eliminated. Defective conditions include:

```{=html}
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```
-   defective construction

-   other readily observable conditions that impair the safety,
    sanitation or structural soundness of the dwelling

    Typical conditions that would require further inspection or testing
    by qualified individuals or entities:

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```
-   infestation -- evidence of termites

-   inoperative or inadequate plumbing, heating or electrical systems

-   structural failure in framing members

-   leaking or worn-out roofs

-   cracked masonry or foundation damage

-   drainage problems

Appraisers are reminded not to recommend inspections only as a means of
limiting liability. The reason or indication of a particular problem
must be given when requiring an inspection of any mechanical system,
structural system, etc.

These guidelines are provided to assist in the examination of the
property. To perform this analysis, the appraiser must have full access
to all property improvements.

If unable to visually evaluate the improvements in their entirety,
contact the lender and reschedule a time when a complete visual
inspection can be performed. This includes access to the crawl space and
attic. The appraiser is not required to disturb insulation, move
personal items, furniture, equipment, plant life, soil, snow, ice or
debris that obstructs access or visibility.

An inspection done in accordance with these guidelines is visual and is
not technically exhaustive. These guidelines are applicable to buildings
with four or less dwellings units and their related property
improvements.

**Unacceptable Locations**

FHA guidelines require that a site be rejected if the property being
appraised is subject to hazards, environmental contaminants, noxious
odors, offensive sights or excessive noises *to the point of endangering
the physical improvements or affecting the livability of the property,
its marketability, or the health and safety of its occupants.* Rejection
may also be appropriate if the future economic life of the property is
shortened by obvious and compelling pressure to a higher use, making a
long-term mortgage impractical.

If the condition is clearly a health and safety violation, contact the
lender for further instructions before completing the appraisal. The
lender must clear the condition and may require an inspection or reject
the property. If there is any doubt as to the severity, report the
condition and submit the completed report. For those conditions that
cannot be repaired, such as site factors, the appraised value is based
upon the existing conditions.

**Site** **Hazards And Nuisances**

The appraiser must note and comment on all hazards and nuisances
affecting the subject property that may endanger the health and safety
of the occupants and/or the structural integrity or marketability of the
property, including: subsidence, operating and abandoned oil and gas
wells, abandoned wells, slush pits, heavy traffic, airport noise and
hazards, runway clear zones/clear zones, proximity to high pressure gas,
liquid petroleum pipelines or other volatile and explosive products,
residential structures located within the fall distance of a
high-voltage transmission line, radio/TV transmission tower, etc.,
excessive hazard from smoke, fumes, odors, and stationary storage tanks
containing flammable or explosive material.

If hazards or nuisances are observed, the appraiser must describe the
condition(s) and make a requirement for repair and/or for further
inspection, and prepare the appraisal "subject to repairs" and/or
"subject to inspection" in the **site section** of the report.
Supporting documentation provided by the appraiser may include extra
photos or copies of site studies or analyses, property reports, surveys
or plot plans, etc.

Any and all references to Valuation Condition items addressed in
Chapters 2 and 3 are to be addressed in the appropriate section of the
applicable appraisal reporting form. For example, Chapter 2, Sec. 2-2-E,
Slush Pits, instructs: "If there is any readily observable evidence of
slush pits, mark the \"yes\" column in VC-1". The new protocol will
require the appraiser to address this condition in the site section of
the appraisal report and note that the property may not be eligible for
FHA financing referencing the information contained in chapter 2;
otherwise, the guidance provided by chapters 2 and 3 remains in effect.

**Soil Contamination**

Check readily observable evidence of hazardous substances in the soil.
Conditions that could indicate soil contamination include pools of
liquid, pits, ponds, lagoons, stressed vegetation, stained soils or
pavement, drums or odors. If any of these conditions exist further
analysis or testing is required.

Note the proximity to dumps, landfills, industrial sites or other sites
that could contain hazardous wastes.

If there is any readily observable surface evidence of leakage from an
underground storage tank, further analysis or testing is required. If
there is readily observable evidence of on-site contamination, make a
requirement for further inspection in the **site section** of the
report.

**Grading and Drainage**

Check for readily observable evidence of grading and drainage problems.
Proper drainage control measures may include gutters and downspouts or
appropriate grading or landscaping to divert the flow of water away from
the foundation. If the grading does not provide positive drainage from
the improvements, make a repair requirement. Note any readily observable
evidence of standing water near the property that indicates improper
drainage. If the standing water is problematic, make a repair
requirement in the **site section** of the report.

## 

## Individual Water Supply and Sewage Systems

Identify the type of utilities in the **site section** of the appraisal
report. When water and sewer are private, well and septic testing is to
be governed by state or local requirements; however, the appraiser must
note any readily observable deficiencies regarding the well or septic
system. The appraiser is also required to report on the availability of
connection to public and/or community water/sewer systems. The lender is
responsible for the determination of the feasibility for requiring
connection.

**Wood Destroying Insects/Organisms**

Report any evidence of infestation in the "improvements section" of the
appraisal report under **"foundation"** by simply marking the evidence
of infestation box.

**Private Road Access and Maintenance**

Address private road access in site area under **"off-site**
**improvements"**. Private streets must be protected by permanent
recorded easements or be owned and maintained by a HOA. Shared driveways
must also meet these requirements.

Each property must have vehicular or pedestrian access.  If the property
is inaccessible by foot or by vehicle, note this deficiency. FHA defines
all-weather surface as a road surface over which emergency vehicles can
pass in all types of weather. If the property is not provided with an
all-weather surface, note the absence of such in the appraisal..

## Structural Conditions

Appraiser must answer yes/no question on the appraisal addressing
physical deficiencies affecting structural integrity. If answered "yes",
provide an explanation addressing the nature of the deficiency and
recommend repairs, alterations or required inspections, in the
improvements section under **physical deficiencies/adverse conditions.**

## 

## Foundation {#foundation .unnumbered}

Report any evidence of dampness or settlement by noting such under the
**foundation section** of improvements description.

Describe the nature of the deficiency and recommend repairs, alterations
or required inspections, if any, in the improvements section under
**physical deficiencies/adverse conditions.**

**Roofing**

Identify roofing material type, and the condition observed, in the
**improvements section** of the report. The nature and degree of any
noted deficiency will determine whether the appraiser addresses the
deficiency in the narrative comments area of the report under
**"condition of the property",** or **"physical deficiencies"**
affecting livability or structural soundness.

## Mechanical Systems {#mechanical-systems .unnumbered}

Report on the condition of the improvements, which includes mechanical
systems. The nature and degree of any noted deficiency will determine
whether to address the deficiency in the narrative comments area of the
report under **"condition of the property"**, or **"physical
deficiencies"** affecting livability or structural soundness.

Check mechanical, plumbing and electrical systems in the subject
property to ensure that they are in proper working order. This
examination entails turning on the applicable systems and observing
their performance. If any conditions exist that would affect the health
or safety of the occupants, condition the appraisal on the repair or
alteration of the condition" and/or a "required inspection." The
following is not an all-inclusive list, but a listing of the more common
readily observable property deficiencies.

Electrical System

-   Examine the electrical system to ensure that there is no visible
    frayed wiring, or exposed wires in living areas and note if the
    amperage appears adequate for the property.

-   Operate a representative number of lighting fixtures, switches and
    receptacles inside the house, garage and on the exterior walls and
    note any deficiencies. If the appliances present at the time of the
    inspection do not appear to be reasonable (undersized), determine if
    there is adequate amperage to run "standard" appliances, as per
    local code.

> • The appraiser is not required to insert any tool, probe or testing
> device inside the panels or to dismantle any electrical device or
> control.

Plumbing System

> • Flush the toilets and turn on a representative number of faucets to
> determine that the plumbing system is intact, that it does not emit
> foul odors, that faucets function appropriately, that both cold and
> hot water run and that there is no readily observable evidence of
> leaks or structural damage under fixtures.
>
> • Turn on several cold water faucets in the house to check water
> pressure and flow. Flushing a toilet at the same time will also reveal
> any weaknesses in water pressure.
>
> **•** If the property has a septic system, examine it for any signs of
> failure or surface evidence of malfunction.

**Other Health and Safety Deficiencies**

Address all health and safety issues, physical deficiencies or adverse
conditions that affect the livability, soundness or structural integrity
of the property. The nature and degree of any health and/or safety
issues will determine whether to address said deficiency in the
narrative comments area of the report under **"condition of the
property",** or **"physical deficiencies"** affecting livability or
structural soundness.

**Lead Based Paint Hazards**

> For any home built prior to 1978, check for evidence of defective
> paint surfaces, including: peeling, scaling or chipping paint. For all
> FHA insured properties, correction is required to all defective paint
> surfaces in or on structures and/or property improvements built before
> January 1, 1978 in accordance with 24 CFR Part 35. Provide a detailed
> description and identify the exact location of any deficiency under
> **"physical deficiencies"** affecting livability.

**Comparable Selection**

At a minimum, comparable selection should be based on properties having
the same or similar locational characteristics as well as physical
characteristics which includes: style, age, size, utility and condition.

Comparable sales should never be selected based on sales price.

In selecting comparables, use the bracketing method. Bracketing, as
defined in [The Dictionary of Real Estate Appraisal, Fourth Edition,
Appraisal Institute]{.underline}, is "a process in which the an
appraiser determines a probable range of values for a property by
applying qualitative techniques of comparative analysis to a group of
comparable sales. The array of comparable sales may be divided into two
groups -- those superior to the subject and those inferior to the
subject. The adjusted sales prices reflected by these two groups limit
the probable range of value for the subject and identify a bracket in
which the final value opinion will fall." It is advisable to bracket
sales using both dwelling size and sales price whenever possible. If
bracketing is not possible, the appraiser should explain why.

For properties in established subdivisions, or for units in established
condominium or PUD projects that have resale activity, the appraiser
should use comparable sales from within the same subdivision or project
as the subject property if there are any available. Resale activity from
within the subdivision or project should be the best indicator of value
for properties in that subdivision or project. If the appraiser uses
sales of comparable properties that are located outside of the subject
neighborhood, he or she must include an explanation with the analysis.

For properties in new subdivisions, or for units in new (or recently
converted) condominium projects, the appraiser must compare the subject
property to other properties in its general market area as well as to
properties within the subject subdivision or project. This comparison
should help demonstrate market acceptance of new developments and the
properties within them. The comparable selection should include at least
one sale outside the subdivision or project and one sale from within the
subdivision or project. The third sale may be either.

In selecting the comparable sales, the appraiser should keep in mind
that sales or resales from within the subject subdivision or project are
preferable to sales from outside the subdivision or project as long as
the developer or builder of the subject property is not involved in the
transactions.

Rural properties often have larger lot sizes and their locations can be
relatively undeveloped. As a consequence, there may be a shortage (or
absence) of recent comparable sales in the immediate vicinity. This may
cause the appraiser to select comparable sales that are located a
considerable distance from the subject property. In those instances, the
appraiser must use his or her knowledge of the area and apply good
judgment in selecting comparable sales that are the best indicators of
value for the subject property. In these situations, the appraiser must
include an explanation of why the particular comparable sales were
selected.

Only closed (settled) sales may be used as comparable sales 1, 2 or 3.
If a sale is over six months is used, an explanation must be provided.

No sales over one year old are permitted except as "additional
comparable sales" and would be identified as comparable sale(s) 4, 5 or
6. Properties under contract may be also be submitted as additional
comparable sales 4, 5 or 6 to support trends or value conclusions
observed.

FHA, VA, Conventional or cash sales are acceptable as comparable sales.

### Intended Use of Appraisal

The intended use for all appraisals prepared for FHA is to support the
underwriting requirements for an FHA-insured mortgage.

## FHA Appraisals

FHA appraisals are no guarantee that the property is free from defects.
The appraisal only establishes the value of the property for mortgage
insurance purposes. Buyers need to secure their own home inspections
through the services of a qualified inspector and satisfy themselves
about the condition of the property.

###  {#section-2 .unnumbered}

### Contractual Responsibility of Appraisers {#contractual-responsibility-of-appraisers .unnumbered}

The appraiser is hired by the lender and therefore has a contractual
responsibility to the lender. However, the appraiser provides services
for HUD programs, and therefore, has an obligation to perform these
services commensurate with the standards and requirements of HUD. This
dual responsibility of the appraiser is recognized in the review and
reporting requirements of HUD. The lender and the appraiser must meet
their respective obligations as prescribed by HUD/FHA. These contractual
obligations to the lender and HUD/FHA are in addition to the appraiser's
legal obligations to his or her credentialing state.

## For HUD/FHA purposes {#for-hudfha-purposes .unnumbered}

FHA appraisals are subject to the following scope of work, intended use,
intended user, definition of market value, statement of assumptions and
limiting conditions, and certifications. Modifications, additions, or
deletions to the intended use, intended user, definition of market
value, or assumptions and limiting conditions are not permitted. The
appraiser may expand the scope of work to include any additional
research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also
not permitted. However, additional certifications that do not constitute
material alterations to this appraisal report, such as those required by
law or those related to the appraiser's continuing education or
membership in an appraisal organization, are permitted.

  -----------------------------------------------------------------------
  **Field**      **Protocol**
  -------------- --------------------------------------------------------
  Scope of Work  The scope of work for this appraisal is defined by the
                 complexity of this appraisal assignment and the
                 reporting requirements of this appraisal report form,
                 including the following definition of market value,
                 statement of assumptions and limiting conditions, and
                 certifications. The appraiser must, at a minimum: (1)
                 perform a complete visual inspection of the interior and
                 exterior areas of the subject property, (2) inspect the
                 neighborhood, (3) inspect each of the comparable sales
                 from at least the street, (4) research, verify, and
                 analyze data from reliable public and/or private
                 sources, and (5) report his or her analysis, opinions,
                 and conclusions in this appraisal report.

  Intended Use   The intended use of this appraisal report is for the
                 lender/client to evaluate the property that is the
                 subject of this appraisal for a mortgage finance
                 transaction.

  Intended User  The intended user of this appraisal report is the
                 lender/client and HUD/FHA

  Definition of  \"The most probable price which a property should bring
  Market Value   in a competitive and open market under all conditions
                 requisite to a fair sale, the buyer and seller, each
                 acting prudently, knowledgeably and assuming the price
                 is not affected by undue stimulus.\"
  -----------------------------------------------------------------------

**Statement of Assumptions** **and Limiting Conditions:** The
appraiser's certification in this report is subject to the following
assumptions and limiting conditions:

  -----------------------------------------------------------------------
  **Field**       Protocol
  --------------- -------------------------------------------------------
  1\. Matters of  The appraiser will not be responsible for matters of a
  a Legal Nature  legal nature that affect either the property being
                  appraised or the title to it, except for information
                  that he or she became aware of during the research
                  involved in performing this appraisal. The appraiser
                  assumes that the title is good and marketable and will
                  not render any opinions about the title.

  2\. Sketch of   The appraiser has provided a sketch in this appraisal
  Improvements    report to show the approximate dimensions of the
                  improvements. The sketch is included only to assist the
                  reader in visualizing the property and understanding
                  the appraiser's determination of its size.

  3\. Special     The appraiser has examined the available flood maps
  Flood Hazard    that are provided by the Federal Emergency Management
  Area            Agency (or other data sources) and has noted in this
                  appraisal report whether any portion of the subject
                  site is located in an identified Special Flood Hazard
                  Area. Because the appraiser is not a surveyor, he or
                  she makes no guarantees, express or implied, regarding
                  this determination.

  4\. Court       The appraiser will not give testimony or appear in
  Testimony       court because he or she made an appraisal of the
                  property in question, unless specific arrangements to
                  do so have been made beforehand, or as otherwise
                  required by law.

  5\. Adverse     The appraiser has noted in this appraisal report any
  Conditions      adverse conditions (such as needed repairs,
                  deterioration, the presence of hazardous wastes, toxic
                  substances, etc.) observed during the inspection of the
                  subject property or that he or she became aware of
                  during the research involved in performing this
                  appraisal. Unless otherwise stated in this appraisal
                  report, the appraiser has no knowledge of any hidden or
                  unapparent physical deficiencies or adverse conditions
                  of the property (such as, but not limited to, needed
                  repairs, deterioration, the presence of hazardous
                  wastes, toxic substances, adverse environmental
                  conditions, etc.) that would make the property less
                  valuable, and has assumed that there are no such
                  conditions and makes no guarantees or warranties,
                  express or implied.
  -----------------------------------------------------------------------

  --------------- -------------------------------------------------------
  **Field**       Protocol

  5\. Adverse     The appraiser will not be responsible for any such
  Conditions,     conditions that do exist or for any engineering or
  con't           testing that might be required to discover whether such
                  conditions exist. Because the appraiser is not an
                  expert in the field of environmental hazards, this
                  appraisal report must not be considered as an
                  environmental assessment of the property.

  6\. Repairs or  The appraiser has based his or her appraisal report and
  Alterations     valuation conclusion for an appraisal that is subject
                  to satisfactory completion, repairs, or alterations on
                  the assumption that the completion, repairs, or
                  alterations of the subject property will be performed
                  in a professional manner.
  --------------- -------------------------------------------------------

***Appraiser\'s Certification:** The Appraiser certifies and agrees
that:*

+--------------+-------------------------------------------------------+
| **[Field]{.  | Protocol                                              |
| smallcaps}** |                                                       |
+==============+=======================================================+
| 1\. Scope of | I have, at a minimum, developed and reported this     |
| Work         | appraisal in accordance with the scope of work        |
|              | requirements stated in this appraisal report.         |
+--------------+-------------------------------------------------------+
| 2\. Complete | I performed a complete visual inspection of the       |
| Visual       | interior and exterior areas of the subject property.  |
|              | I reported the condition of the improvements in       |
| Inspection   | factual, specific terms. I identified and reported    |
|              | the physical deficiencies that could affect the       |
|              | livability, soundness, or structural integrity of the |
|              | property.                                             |
+--------------+-------------------------------------------------------+
| 3\. USPAP    | I performed this appraisal in accordance with the     |
| Compliant    | requirements of the Uniform Standards of Professional |
|              | Appraisal Practice that were adopted and promulgated  |
|              | by the Appraisal Standards Board of The Appraisal     |
|              | Foundation and that were in place at the time this    |
|              | appraisal report was prepared.                        |
+--------------+-------------------------------------------------------+
| 4\. Sales    | I developed my opinion of the market value of the     |
| Comparison   | real property that is the subject of this report      |
| Approach     | based on the sales comparison approach to value. I    |
|              | have adequate comparable market data to develop a     |
|              | reliable sales comparison approach for this appraisal |
|              | assignment. I further certify that I considered the   |
|              | cost and income approaches to value but did not       |
|              | develop them, unless otherwise indicated in this      |
|              | report.                                               |
+--------------+-------------------------------------------------------+
| 5\. Current  | I researched, verified, analyzed, and reported on any |
| Agreement    | current agreement for sale for the subject property,  |
| for Sale     | any offering for sale of the subject property in the  |
|              | twelve months prior to the effective date of this     |
|              | appraisal, and the prior sales of the subject         |
|              | property for a minimum of three years prior to the    |
|              | effective date of this appraisal, unless otherwise    |
|              | indicated in this report.                             |
+--------------+-------------------------------------------------------+
| 6\. Prior    | I researched, verified, analyzed, and reported on the |
| Sales of     | prior sales of the comparable sales for a minimum of  |
|              | one year prior to the date of sale of the comparable  |
| Comparable   | sale, unless otherwise indicated in this report.      |
| Sales        |                                                       |
+--------------+-------------------------------------------------------+
| 7\. Most     | I selected and used comparable sales that are         |
| Similar      | locationally, physically, and functionally the most   |
| Comparable   | similar to the subject property.                      |
| Sales        |                                                       |
+--------------+-------------------------------------------------------+
| 8\.          | I have not used comparable sales that were the result |
| Combining    | of combining a land sale with the contract purchase   |
| Land Sales   | price of a home that has been built or will be built  |
|              | on the land.                                          |
+--------------+-------------------------------------------------------+
| 9\.          | I have reported adjustments to the comparable sales   |
| Adjustments  | that reflect the market\'s reaction to the            |
| to           | differences between the subject property and the      |
| Comparable   | comparable sales.                                     |
| Sales        |                                                       |
+--------------+-------------------------------------------------------+
| 10\.         | I verified, from a disinterested source, all          |
| Verification | information in this report that was provided by       |
|              | parties who have a financial interest in the sale or  |
|              | financing of the subject property.                    |
+--------------+-------------------------------------------------------+
| 11\.         | I have knowledge and experience in appraising this    |
| Competency   | type of property in this market area.                 |
+--------------+-------------------------------------------------------+
| 12\.         | I am aware of, and have access to, the necessary and  |
| Resources    | appropriate public and private data sources, such as  |
|              | multiple listing services, tax assessment records,    |
|              | public land records and other such data sources for   |
|              | the area in which the property is located.            |
+--------------+-------------------------------------------------------+
| 13\.         | I obtained the information, estimates, and opinions   |
| Reliable     | furnished by other parties and expressed in this      |
| Sources      | appraisal report from reliable sources that I believe |
|              | to be true and correct.                               |
+--------------+-------------------------------------------------------+
| 14\. Factors | I have taken into consideration the factors that have |
| Impacting    | an impact on value with respect to the subject        |
| Value        | neighborhood, subject property, and the proximity of  |
|              | the subject property to adverse influences in the     |
|              | development of my opinion of market value. I have     |
|              | noted in this appraisal report any adverse conditions |
|              | (such as, but not limited to, needed repairs,         |
|              | deterioration, the presence of hazardous wastes,      |
|              | toxic substances, adverse environmental conditions,   |
|              | etc.) observed during the inspection of the subject   |
|              | property or that I became aware of during the         |
|              | research involved in performing this appraisal. I     |
|              | have considered these adverse conditions in my        |
|              | analysis of the property value, and have reported on  |
|              | the effect of the conditions on the value and         |
|              | marketability of the subject property.                |
+--------------+-------------------------------------------------------+
| 15\.         | I have not knowingly withheld any significant         |
| Knowingly    | information from this appraisal report and, to the    |
| Withholding  | best of my knowledge, all statements and information  |
| Information  | in this appraisal report are true and correct.        |
+--------------+-------------------------------------------------------+
| 16\.         | I stated in this appraisal report my own personal,    |
| Professional | unbiased, and professional analysis, opinions, and    |
| Analysis     | conclusions, which are subject only to the            |
|              | assumptions and limiting conditions in this appraisal |
|              | report.                                               |
+--------------+-------------------------------------------------------+
| 17\. Present | I have no present or prospective interest in the      |
| or           | property that is the subject of this report, and I    |
| Prospective  | have no present or prospective personal interest or   |
| Interest     | bias with respect to the participants in the          |
|              | transaction. I did not base, either partially or      |
|              | completely, my analysis and/or opinion of market      |
|              | value in this appraisal report on the race, color,    |
|              | religion, sex, age, marital status, handicap,         |
|              | familial status, or national origin of either the     |
|              | prospective owners or occupants of the subject        |
|              | property or of the present owners or occupants of the |
|              | properties in the vicinity of the subject property or |
|              | on any other basis prohibited by law.                 |
+--------------+-------------------------------------------------------+
| 18\.         | My employment and/or compensation for performing this |
| Employment   | appraisal or any future or anticipated appraisals was |
| and          | not conditioned on any agreement or understanding,    |
| Compensation | written or otherwise, that I would report (or present |
|              | analysis supporting) a predetermined specific value,  |
|              | a predetermined minimum value, a range or direction   |
|              | in value, a value that favors the cause of any party, |
|              | or the attainment of a specific result or occurrence  |
|              | of a specific subsequent event (such as approval of a |
|              | pending mortgage loan application).                   |
+--------------+-------------------------------------------------------+
| 19\.         | I personally prepared all conclusions and opinions    |
| Personally   | about the real estate that were set forth in this     |
| Prepared     | appraisal report. If I relied on significant real     |
| Report       | property appraisal assistance from any individual or  |
|              | individuals in the performance of this appraisal or   |
|              | the preparation of this appraisal report, I have      |
|              | named such individual(s) and disclosed the specific   |
|              | tasks performed in this appraisal report. I certify   |
|              | that any individual so named is qualified to perform  |
|              | the tasks. I have not authorized anyone to make a     |
|              | change to any item in this appraisal report;          |
|              | therefore, any change made to this appraisal is       |
|              | unauthorized and I will take no responsibility for    |
|              | it.                                                   |
+--------------+-------------------------------------------------------+
| 20\.         | I identified the lender/client in this appraisal      |
| Identified   | report who is the individual, organization, or agent  |
| L            | for the organization that ordered and will receive    |
| ender/Client | this appraisal report.                                |
+--------------+-------------------------------------------------------+
| 21\.         | The lender/client may disclose or distribute this     |
| L            | appraisal report to: the borrower; another lender at  |
| ender/Client | the request of the borrower; the mortgagee or its     |
| Disclosure   | successors and assigns; mortgage insurers; government |
| and          | sponsored enterprises; other secondary market         |
| Distribution | participants; data collection or reporting services;  |
| of Appraisal | professional appraisal organizations; any department, |
| Report       | agency, or instrumentality of the United States; and  |
|              | any state, the District of Columbia, or other         |
|              | jurisdictions; without having to obtain the           |
|              | appraiser's or supervisory appraiser's (if            |
|              | applicable) consent. Such consent must be obtained    |
|              | before this appraisal report may be disclosed or      |
|              | distributed to any other party (including, but not    |
|              | limited to, the public through advertising, public    |
|              | relations, news, sales, or other media).              |
+--------------+-------------------------------------------------------+
| 22\.         | I am aware that any disclosure or distribution of     |
| Disclosure   | this appraisal report by me or the lender/client may  |
| and          | be subject to certain laws and regulations. Further,  |
| Distribution | I am also subject to the provisions of the Uniform    |
| by Appraiser | Standards of Professional Appraisal Practice that     |
|              | pertain to disclosure or distribution by me.          |
+--------------+-------------------------------------------------------+
| 23\. Who May | The borrower, another lender at the request of the    |
| Rely on      | borrower, the mortgagee or its successors and         |
| Appraisal    | assigns, mortgage insurers, government sponsored      |
| Report       | enterprises, and other secondary market participants  |
|              | may rely on this appraisal report as part of any      |
|              | mortgage finance transaction that involves any one or |
|              | more of these parties.                                |
+--------------+-------------------------------------------------------+
| 24\.         | If this appraisal report was transmitted as an        |
| Electronic   | "electronic record" containing my "electronic         |
| Signature    | signature," as those terms are defined in applicable  |
|              | federal and/or state laws (excluding audio and video  |
|              | recordings), or a facsimile transmission of this      |
|              | appraisal report containing a copy or representation  |
|              | of my signature, the appraisal report shall be as     |
|              | effective, enforceable and valid as if a paper        |
|              | version of this appraisal report were delivered       |
|              | containing my original hand written signature.        |
+--------------+-------------------------------------------------------+
| 25\. Civil   | Any intentional or negligent misrepresentation(s)     |
| Liabilities  | contained in this appraisal report may result in      |
| & Criminal   | civil liability and/or criminal penalties including,  |
| Penalties    | but not limited to, fine or imprisonment or both      |
|              | under the provisions of Title 18, United States Code, |
|              | Section 1001, et seq., or similar state laws.         |
+--------------+-------------------------------------------------------+

## Appraiser /Client Information {#appraiser-client-information .unnumbered}

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Signature    | -   For FHA appraisals, the only signature permitted  |
|              |     is that of the Lender Selected FHA Roster         |
|              |     Appraiser. Supervisory signatures are not         |
|              |     permitted.                                        |
|              |                                                       |
|              | -   The signature, as defined in USPAP, is            |
|              |     personalized evidence indicating authentication   |
|              |     of the work performed by the appraiser and the    |
|              |     acceptance of responsibility for content,         |
|              |     analysis, and the conclusions of the report. It   |
|              |     may be an original or electronic signature.       |
|              |                                                       |
|              | -   An electronic signature must be controlled by a   |
|              |     personal identification number, or other media,   |
|              |     where the appraiser has sole personal control of  |
|              |     affixing the signature.                           |
|              |                                                       |
|              | -   The appraiser bears the responsibility for the    |
|              |     report with their signature on it. Therefore,     |
|              |     appraisers are advised to keep their personal     |
|              |     control code confidential.                        |
+--------------+-------------------------------------------------------+
| Name         | -   Enter appraiser name as it appears on the         |
|              |     license.                                          |
+--------------+-------------------------------------------------------+
| Company Name | -   Enter company name if applicable.                 |
+--------------+-------------------------------------------------------+
| Company      | -   Enter address of business or company with city,   |
| Address      |     state and zip code.                               |
+--------------+-------------------------------------------------------+
| Telephone    | -   Enter phone number with area code.                |
| Number       |                                                       |
+--------------+-------------------------------------------------------+
| Email        | -   Enter e-mail address if you send reports          |
| Address      |     electronically.                                   |
+--------------+-------------------------------------------------------+
| Date of      | -   Enter the date the report is signed.              |
| Signature    |                                                       |
| and Report   |                                                       |
+--------------+-------------------------------------------------------+
| Effective    | -   Enter the effective date of the appraisal which,  |
| Date of      |     for FHA purposes, is the date the property was    |
| Appraisal    |     inspected.                                        |
+--------------+-------------------------------------------------------+
| State        | -   Enter state certification number if applicable.   |
| C            |                                                       |
| ertification |                                                       |
| \#           |                                                       |
+--------------+-------------------------------------------------------+
| or State     | -   Enter state license number.                       |
| License \#   |                                                       |
+--------------+-------------------------------------------------------+
| or Other     | -   Enter "N/A"                                       |
| (describe)   |                                                       |
+--------------+-------------------------------------------------------+
| State        | -   Enter the state of licensure.                     |
+--------------+-------------------------------------------------------+
| Expiration   | -   Enter the expiration date of State Certification  |
| Date         |     or License Number.                                |
+--------------+-------------------------------------------------------+
| ADDRESS OF   | -   This field should auto populate with the          |
| PROPERTY     |     appraisal software used. If not, enter the full   |
| APPRAISED    |     property address including street, city, state    |
|              |     and zip code.                                     |
+--------------+-------------------------------------------------------+
| APPRAISED    | -   Enter the appraised value.                        |
| VALUE OF     |                                                       |
| SUBJECT      |                                                       |
| PROPERTY \$  |                                                       |
+--------------+-------------------------------------------------------+
| Name         | -   Enter the name of person who ordered the          |
|              |     appraisal.                                        |
+--------------+-------------------------------------------------------+
| Company Name | -   Enter name of lender/client                       |
+--------------+-------------------------------------------------------+
| Company      | -   Enter company address                             |
| Address      |                                                       |
+--------------+-------------------------------------------------------+
| Email        | -   Enter email address where report where report was |
| Address      |     transmitted if applicable                         |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Required   |                                                       |
| Attachme     |                                                       |
| nts/Exhibits |                                                       |
| for FHA      |                                                       |
| appraisals** |                                                       |
+--------------+-------------------------------------------------------+
| **Item**     | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Street Map   | -   Include a legible street map showing the location |
|              |     of the subject and each of the comparable sales   |
|              |     utilized. If substantial distance exists between  |
|              |     the subject and comparable sales, additional      |
|              |     legible maps should be submitted to show the      |
|              |     location of the comparable sales.                 |
+--------------+-------------------------------------------------------+
| Sketch       | -   Include a building sketch showing the Gross       |
|              |     Living Area Above Grade, including all exterior   |
|              |     dimensions of the house. Include patios, porches, |
|              |     garages, breezeways and other offsets. State      |
|              |     "covered" or "uncovered" to indicate a roof or no |
|              |     roof (such as over a patio).                      |
|              |                                                       |
|              | -   Show calculations used to arrive at the estimated |
|              |     gross living area.                                |
|              |                                                       |
|              | -   An interior sketch or floor plan is required for  |
|              |     properties exhibiting functional obsolescence     |
|              |     attributable to the lay out.                      |
+--------------+-------------------------------------------------------+
| Subject      | -   Front and rear at opposite angles to show all     |
| Photographs  |     sides of the dwelling,                            |
|              |                                                       |
|              | -   Any improvements with contributory value that are |
|              |     not captured in either the front or rear          |
|              |     photograph,                                       |
|              |                                                       |
|              | -   Street scene photo to include a portion of the    |
|              |     subject site.                                     |
|              |                                                       |
|              | -   If the subject property is proposed construction  |
|              |     and the improvement has not started, the          |
|              |     appraiser should take a photograph that shows the |
|              |     grade of the vacant lot.                          |
+--------------+-------------------------------------------------------+
| Comparable   | -   Photos depicting the front view of each           |
| Photos       |     comparable sale utilized must be those taken by   |
|              |     the appraiser. The photos taken by the appraiser  |
|              |     are considered evidence of compliance with the    |
|              |     Scope of Work of having inspected each comparable |
|              |     sale from the street. Use of MLS photos to        |
|              |     exhibit comparable condition at the time of sale  |
|              |     is acceptable; however, the appraiser must        |
|              |     include [their]{.underline} photos as well to     |
|              |     document compliance.                              |
+--------------+-------------------------------------------------------+

The documentation provided by the required attachments/exhibits
satisfies FHA's minimum requirements. However, additional exterior
and/or interior photos, reports, studies, analysis, or copies of prior
listings may be included in support of the appraiser's observation and
analysis, e.g. photographs of positive or negative view influences,
property deficiencies, or adverse conditions, provides strong supporting
documentation of conditions observed on the date of the appraisal. Photo
documentation of property condition is always advisable.

**D-1 Uniform Residential Appraisal Report**

This section provides specific instructions for completing the Uniform
Residential Appraisal Report (Fannie Mae Form 1004 March 2005, URAR).

This report form is designed to report an appraisal of a one-unit
property or a one-unit property with an accessory unit; including a unit
in a planned unit development (PUD), based on an interior and exterior
inspection of the subject property. This form is not designed to report
an appraisal of a manufactured home or a unit in a condominium or
cooperative project.

#  {#section-3 .unnumbered}

# Section 1 - Subject {#section-1---subject .unnumbered}

This section provides the factual data to identify the property and the
parties to the appraisal process. The \*FHA case number together with
\*borrower and/or \*property information will be supplied by the
lender/client who engages the appraiser.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| \*File       | • Insert the FHA Case Number at the top right corner  |
| Number       | of the page.                                          |
|              |                                                       |
|              | -   The FHA appraisal may not be transmitted to the   |
|              |     lender without a case number.                     |
+--------------+-------------------------------------------------------+
| \*Property   | • Enter the property street number and name, city,    |
| Address      | state and zip code for the property. A post office    |
|              | box number is not acceptable. Enter the nearest       |
|              | intersection if a house number is not available.      |
+--------------+-------------------------------------------------------+
| \*Borrower   | -   Enter the name of the borrower/mortgagor.         |
+--------------+-------------------------------------------------------+
| Owner of     | -   Enter the name of the owner as listed in public   |
| Public       |     records. If the seller is not the owner of public |
| Record       |     record the appraiser must explain.                |
+--------------+-------------------------------------------------------+
| County       | -   Enter the name of the county in which the         |
|              |     property is located. It further provides          |
|              |     locational parameters. If not applicable enter    |
|              |     "N/A".                                            |
+--------------+-------------------------------------------------------+
| Legal        | • Enter the legal description of the property. The    |
| Description  | four types of legal descriptions are: lot and block   |
|              | system, geodetic survey, government survey system and |
|              | metes and bounds system. If the space provided is     |
|              | insufficient, enter this information with the heading |
|              | "Legal Description" in the "Additional Comments"      |
|              | section of the form report or attach this information |
|              | as an addendum.                                       |
+--------------+-------------------------------------------------------+
| Assessor's   | -   Enter the parcel number assigned by the local tax |
| Parcel \#    |     assessor. For those areas that do not have an     |
|              |     assessor's parcel number, enter the tax           |
|              |     identification number.                            |
+--------------+-------------------------------------------------------+
| Tax Year     | -   Enter the current tax year used by the locale,    |
|              |     e.g. fiscal year or actual year.                  |
+--------------+-------------------------------------------------------+
| R. E. Taxes  | -   Enter the dollar amount of the annual real estate |
| \$           |     taxes, including all relevant taxes (school       |
|              |     district tax, fire district tax, etc.).           |
+--------------+-------------------------------------------------------+
| Neighborhood | -   Enter the name of the subdivision, if applicable, |
| Name         |     or the commonly known local neighborhood          |
|              |     designation. If the subject property is in a      |
|              |     planned unit development, provide the name of the |
|              |     development.                                      |
+--------------+-------------------------------------------------------+
| Map          | -   Enter location map reference, page number and     |
| Reference    |     coordinates, from source used. This reference     |
|              |     should relate to the location maps most commonly  |
|              |     used in the locale.                               |
+--------------+-------------------------------------------------------+
| Census Tract | -   Enter the census tract number. The census tract   |
|              |     number must be provided.                          |
|              |                                                       |
|              | -   Census tract numbers have four digits and may     |
|              |     have a two digit decimal suffix. Where the basic  |
|              |     census tract number is less than four digits, the |
|              |     Census Bureau includes leading zeros except when  |
|              |     displaying numbers on maps or printed reports. To |
|              |     uniquely identify a census tract, a two-digit     |
|              |     state code and three-digit county code precede    |
|              |     the four-or six-digit census tract number. The    |
|              |     Census Bureau has an internet resource guide for  |
|              |     locating census information. It can be found at   |
|              |     URL: [www.census.gov](http://www.census.gov/)     |
+--------------+-------------------------------------------------------+
| Occupant     | -   Mark the box signifying the occupancy status at   |
|              |     the time of the appraisal.                        |
|              |                                                       |
|              | If vacant, the appraiser should note, in the          |
|              | "Improvements" section under "condition of the        |
|              | property," whether the utilities were on or off at    |
|              | the time of the appraisal. If off, condition the      |
|              | appraisal on a satisfactory re-inspection that the    |
|              | utility that was off at the time of the appraisal     |
|              | does not require alteration, repair or further        |
|              | inspection.                                           |
+--------------+-------------------------------------------------------+
| Special      | -   Report the dollar amount of special assessments   |
| Assessments  |     for the subject property, if any, and provide a   |
| \$           |     brief explanation for the assessment. Special     |
|              |     assessments can include municipal bond debt for   |
|              |     off-site improvements. Larger than typical        |
|              |     special assessments may affect marketability. If  |
|              |     not applicable enter "N/A".                       |
+--------------+-------------------------------------------------------+
| PUD HOA\$    | • Enter the dollar amount of the HOA fee and mark the |
|              | box indicating if the fees are paid "per year" or     |
|              | "per month".                                          |
+--------------+-------------------------------------------------------+
| Property     | • Mark the appropriate box indicating the property    |
| Rights       | rights appraised for the subject property as of the   |
| Appraised    | date of the appraisal. "Other" includes Land Trust.   |
+--------------+-------------------------------------------------------+
| Assignment   | -   Mark the appropriate box indicating the           |
| Type         |     assignment type.                                  |
+--------------+-------------------------------------------------------+
| L            | • Enter the name of the lender/client who ordered and |
| ender/Client | will receive the appraisal report.                    |
|              |                                                       |
| Address      | -   The use of the appraisal is to support FHA's      |
|              |     decision to provide mortgage insurance on the     |
|              |     real property that is the subject of the          |
|              |     appraisal; therefore, intended users include the  |
|              |     lender/client and FHA.                            |
|              |                                                       |
|              | -   Enter the lender/client's address.                |
+--------------+-------------------------------------------------------+
| Currently    | -   The appraiser's certification states in part "I   |
| offered for  |     have researched, verified, analyzed and reported  |
| sale or      |     on any current agreement of sale of the subject   |
| offered for  |     property, any offering for sale of the subject    |
| sale in last |     property in the twelve months prior to the effect |
| 12 months.   |     date of the appraisal..."                         |
|              |                                                       |
|              | -   Mark the appropriate box indicating whether the   |
|              |     subject is currently offered for sale or has been |
|              |     offered for sale in the 12-month period prior to  |
|              |     the effective date of the appraisal. If there are |
|              |     multiple actions, report each instance. Research  |
|              |     may reveal an expired or withdrawn listing. The   |
|              |     prior listing may provide a good indication of    |
|              |     the upper limit of value.                         |
+--------------+-------------------------------------------------------+
| Report data  | -   Complete this field regardless of whether the     |
| source(s)    |     property is currently offered for sale or has     |
| used,        |     been for sale in the 12 months preceding the date |
| offering     |     of the appraisal.                                 |
| price(s),    |                                                       |
| and date(s)  | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Identify source(s) used, price(s) and date(s) of  |
|              |     current or prior listings.                        |
+--------------+-------------------------------------------------------+

## Section 2 -- Contract

This section must be completed when the appraisal assignment involves a
purchase transaction, otherwise enter "N/A" for not applicable. FHA
requires that the appraiser be provided with a complete copy of the
ratified sales contract, including all addenda, for the subject
property.

It provides the agreed-on contract price (accepted offer), date of sale,
and all financial terms implicit in the offer. If unable to obtain this
information, the appraiser is to state what efforts were made to obtain
it.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Analyze      | -   Explain the results of the analysis (terms and    |
| Contract for |     conditions) of the contract of sale or why the    |
| Sale         |     analysis was not performed.                       |
|              |                                                       |
|              | -   The analysis may include a reference to the       |
|              |     number of pages contained in the contract for     |
|              |     sale provided.                                    |
+--------------+-------------------------------------------------------+
| Contract     | • Enter the final agreed upon contract price.        |
| Price \$     |                                                       |
+--------------+-------------------------------------------------------+
| Date of      | • Enter the date of the contract. This is the date    |
| Contract     | when all parties have agreed to the terms of, and     |
|              | signed the contract.                                  |
+--------------+-------------------------------------------------------+
| Is The       | •    Mark the appropriate box indicating whether or   |
| Property     | not the seller is the owner of public record. The     |
| Seller The   | appraiser is instructed to contact the lender/client  |
| Owner of     | if the seller is someone other than the owner of      |
| Public       | record. The property may not be eligible for FHA      |
| Record       | financing if it involves flipping (resale in less     |
|              | than 90 days). The lender will make a determination   |
| Data         | for any exceptions to FHA's Flipping Rule and advise  |
| Source(s)    | the appraiser.                                        |
|              |                                                       |
|              | • Report where the information was obtained.          |
+--------------+-------------------------------------------------------+
| Sales        | -   Mark the appropriate box indicating whether or    |
| Concessions  |     not there is any financial assistance (loan       |
| Down Payment |     charges, sales concessions, gift or down payment  |
| Assistance   |     assistance, etc.) paid by any party on behalf of  |
|              |     the borrower. If necessary, use the "Additional   |
|              |     Comments" section of the appraisal reporting      |
|              |     form, or an addendum, and enter the heading       |
|              |     "Sales Concessions" completing the description.   |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   If yes, the appraiser is to report the total      |
|              |     dollar amount and describe the items to be paid.  |
|              |     If the sale involves personal property (e.g.      |
|              |     above ground pool, lawn mower, furniture, etc.)   |
|              |     it should be identified and excluded from the     |
|              |     valuation.                                        |
+--------------+-------------------------------------------------------+

# 

# Section 3 -- Neighborhood

This section should reflect the area surrounding the subject property.
The appraiser must observe neighborhood characteristics and surrounding
properties to make determinations that will be incorporated into the
valuation of the subject property. In all instances, the appraiser must
mark the appropriate box for each line in neighborhood characteristics
and housing trends. Failure to note conditions that may adversely affect
the value of the property is poor appraisal practice and violates the
Uniform Standards of Professional Appraisal Practice.

NOTE: Race and the racial composition of the neighborhood are not
appraisal factors.

+--------------+-------------------------------------------------------+
| **           |                                                       |
| Neighborhood |                                                       |
| Chara        |                                                       |
| cteristics** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Location     | • Enter the type of area surrounding the subject      |
|              | property.                                             |
|              |                                                       |
|              | **Urban** -- relates to a city                        |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **           |                                                       |
| Neighborhood |                                                       |
| Chara        |                                                       |
| cteristics** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Location     | **Suburban** -- relates to an area adjacent to a city |
|              |                                                       |
|              | **Rural** -- relates to the country or beyond the     |
|              | suburban area                                         |
+--------------+-------------------------------------------------------+
| Built-up     | • Enter the built-up percentage -- the percentage of  |
|              | available land that has been improved. Land such as a |
|              | state park would not be considered available land.    |
+--------------+-------------------------------------------------------+
| Growth       | • Enter the growth rate. If many lots are available,  |
|              | the growth rate may be rapid, stable or slow, but if  |
|              | the neighborhood is fully developed, select the       |
|              | "stable" box.                                         |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ###          |                                                       |
|  One-Unit Ho |                                                       |
| using Trends |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol {#protocol .unnumbered}                   |
+--------------+-------------------------------------------------------+
| Property     | • Mark the box describing the current trend in        |
| Values       | property values for One-Unit single family homes in   |
|              | the community. Comparing houses that have been sold   |
|              | and resold in recent years is an effective way to     |
|              | determine market trends. Appraisers who use this      |
|              | method, however, should make sure to factor in any    |
|              | improvements or changes made to the property between  |
|              | sales.                                                |
+--------------+-------------------------------------------------------+
| Demand/      | • Mark the appropriate demand/supply trend. To        |
| Supply       | determine the equilibrium status of supply and demand |
|              | in the neighborhood, compare the number of houses     |
|              | sold to the number of houses listed for sale in a     |
|              | recent time period. The similarity or difference      |
|              | between the number of houses sold and listed, not the |
|              | absolute numbers, should determine the demand/supply  |
|              | level.                                                |
+--------------+-------------------------------------------------------+
| Marketing    | • Mark the appropriate marketing time -- the typical  |
| Time         | length of time a property similar to the subject      |
|              | property would have to stay on the market before      |
|              | being sold at a price near its market value.          |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ### One-     |                                                       |
| Unit Housing |                                                       |
+--------------+-------------------------------------------------------+
| Price Age    | • Indicate the low and high neighborhood prices and   |
|              | ages as well as the predominant value and age. The    |
|              | high and low for both price and age should exclude    |
|              | the extreme.                                          |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ### Presen   |                                                       |
| t Land Use % |                                                       |
+--------------+-------------------------------------------------------+
| One-Unit,    | • Estimate each type of land usage in the             |
| 2-4 Unit,    | neighborhood. If there is no land in the neighborhood |
| M            | with one of the designated classifications, enter a   |
| ulti-Family, | "0". If a portion of the land consists of parks or    |
| Commercial,  | other unspecified classifications, enter the          |
| Other        | estimated percentages on the "Other" line and explain |
|              | in the neighborhood description section.              |
+--------------+-------------------------------------------------------+

+--------------+---+-------------------------------------------------------+
| ##           |   |                                                       |
| # Neighborho |   |                                                       |
| od Narrative |   |                                                       |
+--------------+---+-------------------------------------------------------+
| Neighborhood |   | • The appraiser must clearly define the boundaries -- |
| Boundaries   |   | north, south, east and west -- of the subject's       |
|              |   | neighborhood. Providing a description of neighborhood |
|              |   | boundaries by physical features such as streets, rail |
|              |   | lines, other man-made barriers or well defined        |
|              |   | natural barriers (i.e. rivers, lakes, etc.) details   |
|              |   | the make up and understanding regarding neighborhood  |
|              |   | composition.                                          |
+--------------+---+-------------------------------------------------------+
| Neighborhood |   | • Discuss factors that would attract residents or     |
| Description  |   | cause them to reject the neighborhood. Some typical   |
|              |   | factors important to discuss include:                 |
|              |   |                                                       |
|              |   | -   Level of maintenance and condition of homes       |
|              |   |                                                       |
|              |   | -   Housing styles, ages, sizes, etc.                 |
|              |   |                                                       |
|              |   | -   Land uses                                         |
|              |   |                                                       |
|              |   | -   Proximity to employment and amenities, including  |
|              |   |     travel distance and time to local employment      |
|              |   |     sources and community amenities                   |
|              |   |                                                       |
|              |   | -   Employment stability, in terms of variety of      |
|              |   |     employment opportunities and industries           |
|              |   |                                                       |
|              |   | -   Overall appeal of the neighborhood as compared to |
|              |   |     competitive neighborhoods in the same market      |
|              |   |                                                       |
|              |   | -   Convenience to shopping with respect to distance, |
|              |   |     time and required means of transportation         |
|              |   |                                                       |
|              |   | -   Convenience to schools in terms of the distance   |
|              |   |     and time for travel to school                     |
+--------------+---+-------------------------------------------------------+
| Market       | - |                                                       |
| Conditions   |   |                                                       |
| (including   |   |                                                       |
| support for  |   |                                                       |
| the above    | P |                                                       |
| conclusions) | r |                                                       |
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|              | . |                                                       |
+--------------+---+-------------------------------------------------------+

## Section 4 -- Site

This information provides the description of the land underlying the
subject property. Insert factual information on each of the lines
provided and report the conclusions as directed. Consider all aspects of
the physical description and reconcile them in the opinion of market
value. This section of the appraisal requires the appraiser to consider
any adverse site conditions or adverse external factors that may impact
value.

+--------------+-------------------------------------------------------+
| **Field**    | **• Protocol**                                        |
+==============+=======================================================+
| Dimensions   | • List all dimensions of the site beginning with the  |
|              | frontage. If the shape of the site is irregular, show |
|              | the boundary dimensions (85\' X 150\' X 195\' X       |
|              | 250\'), or attach a property survey, site plan or     |
|              | plat or legal description with the comment, "see      |
|              | attached ." Do not list site area on the dimensions   |
|              | line.                                                 |
+--------------+-------------------------------------------------------+
| Area         | • Enter the site area in square feet or acres. This   |
|              | entry must be consistent with the dimensions provided |
|              | in the "Dimensions" field                             |
+--------------+-------------------------------------------------------+
| Shape        | • Describe the shape of the site, e.g. triangular,    |
|              | square, rectangular, irregular, flag lot.             |
+--------------+-------------------------------------------------------+
| View         | • Briefly describe the view from the property (None   |
|              | is not an acceptable response).                       |
|              |                                                       |
|              | -   Identify a view with a significant positive or    |
|              |     negative influence on the value.                  |
|              |                                                       |
|              | -   Photographs are recommended for any negative or   |
|              |     positive view influences affecting value or       |
|              |     marketability.                                    |
+--------------+-------------------------------------------------------+
| Specific     | • Enter the specific zoning classification used by    |
| Zoning       | the local municipality or jurisdiction, e.g., R-1     |
| Cl           |                                                       |
| assification | -   If none exists enter "None Exists".               |
+--------------+-------------------------------------------------------+
| Zoning       | -   Describe what the specific classification means.  |
| Description  |     Include a general statement describing what the   |
|              |     zoning permits. For example: R-1 =                |
|              |     Residential-Single Family                         |
|              |                                                       |
|              | -   If "None" exists, describe the prevalent use of   |
|              |     sites in the neighborhood.                        |
+--------------+-------------------------------------------------------+
| Zoning       | • Determine whether the current use is in compliance  |
| Compliance   | with the zoning ordinances. Mark whether it is Legal, |
|              | Legal Non-Conforming (Grandfathered Use), No Zoning,  |
|              | or Illegal Use.                                       |
|              |                                                       |
|              | • If the existing property does not comply with all   |
|              | of the current zoning regulations (use, lot size,     |
|              | improvement size, off street parking, etc.) but is    |
|              | accepted by the local zoning authority, enter "Legal  |
|              | Non-Conforming" and provide a brief explanation.      |
|              |                                                       |
|              | -   If the use is not legal, the property is not      |
|              |     eligible for FHA mortgage insurance.              |
+--------------+-------------------------------------------------------+
| Highest and  | • Mark the appropriate box. This entry questions the  |
|              | categorization as the highest and best use of the     |
| Best Use     | site as improved or, as proposed and completed, in    |
|              | relation to the neighborhood and current market       |
|              | conditions.                                           |
|              |                                                       |
|              | • If current use represents the highest and best use, |
|              | mark \"yes\".                                         |
|              |                                                       |
|              | • If it does not, mark \"no\" and provide an          |
|              | explanation.                                          |
+--------------+-------------------------------------------------------+
| Utilities    | • Mark either "Public" or \"Other.\" If "Other\" is   |
|              | marked, describe. Public utilities mean               |
|              | governmentally supplied and regulated. Public does    |
|              | not include any community systems sponsored, owned or |
|              | operated by the developer or a private company not    |
|              | subject to government regulation or financial         |
|              | assistance.                                           |
|              |                                                       |
|              | • Note if there are mechanical chlorinators or        |
|              | water-flow that decreases noticeably while running    |
|              | simultaneous plumbing fixtures.                       |
|              |                                                       |
|              | -   Visually inspect the septic system and its        |
|              |     surrounding area. If there are obvious or readily |
|              |     observable signs of system failure, "require      |
|              |     inspection" to ensure that the system is in       |
|              |     proper working order.                             |
|              |                                                       |
|              |     **Note:** The appraiser shall indicate whether a  |
|              |     public water or sewage disposal system is         |
|              |     available to the site. If available, connection   |
|              |     must be made to public or community water/sewage  |
|              |     disposal system if connection costs are           |
|              |     reasonable. The lender will determine whether     |
|              |     connection is feasible.                           |
+--------------+-------------------------------------------------------+
| Off-site     | • Briefly describe the off-site improvements under    |
| Improv       | \"Type\" and enter road surface material and mark     |
| ements--Type | Public or Private. For example: \"Street-Asphalt;     |
|              | Public\", "Alley-None"                                |
|              |                                                       |
|              | • Public refers to an improvement dedicated to and    |
|              | accepted by a unit of government -- not including     |
|              | Home Owner\'s Associations.                           |
+--------------+-------------------------------------------------------+
| FEMA Special | • FEMA (Federal Emergency Management Agency) is       |
| Flood Hazard | responsible for mapping flood hazard areas. If the    |
| Area         | property is within a Special Flood Hazard Area, mark  |
|              | \"YES\". Otherwise, mark "NO".                        |
|              |                                                       |
|              | • Attach a copy of the flood map panel for properties |
|              | located within an identified flood hazard area.       |
+--------------+-------------------------------------------------------+
| FEMA Flood   | • Εnter the FEMA Zone designation. Only properties    |
| Zone         | within Special Flood Hazard Areas, such as zones      |
|              | \"A\" a special flood hazard area and \"V\" a coastal |
|              | area, require flood insurance. Zones \"B\" \"C\" and  |
|              | "X" do not.                                           |
+--------------+-------------------------------------------------------+
| FEMA Map \#  | • Enter the FEMA Map number and map date. If it is    |
| and FEMA Map | not shown on any map, enter                           |
| Date         |                                                       |
|              | "Not Mapped."                                         |
+--------------+-------------------------------------------------------+
| Are          | -   Mark the appropriate box indicating whether the   |
| utilities    |     utilities and off-site improvements are typical   |
| and off site |     for the market area.                              |
| improvements |                                                       |
| typical for  | -   If "No" is marked, describe what is typical.      |
| the market   |                                                       |
| area         |                                                       |
+--------------+-------------------------------------------------------+
| Any adverse  | • Mark the appropriate box indicating whether there   |
| site         | are any adverse site conditions or external factors   |
| conditions   | (easements, encroachments, environmental conditions,  |
| or external  | land uses, etc.).                                     |
| factors      |                                                       |
|              | -   If "No" is marked, no comment is necessary, if    |
|              |     "Yes" is marked, an explanation is required.      |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Describe any adverse site conditions or adverse   |
|              |     factors. Consider easements affecting the         |
|              |     functional utility of the property in the         |
|              |     conclusions of both the highest and best use and  |
|              |     market value. For example, discuss adverse        |
|              |     easements, encroachments, slide areas, illegal or |
|              |     non-conforming zoning use, etc. Consider surface, |
|              |     sub-surface and overhead easements.               |
|              |                                                       |
|              | -   List any adverse environmental conditions,        |
|              |     including hazardous waste, toxic substances and   |
|              |     others.                                           |
|              |                                                       |
|              | -   Explain all deficiencies that do not require      |
|              |     repair (extreme slope, etc.) and consider them in |
|              |     the opinion of value.                             |
|              |                                                       |
|              |     • Discuss the observations with direct            |
|              |     relationship to value and consider them in the    |
|              |     approaches to value.                              |
+--------------+-------------------------------------------------------+

# Section 5 -- Improvements

This section describes the subject improvements. Accurately report the
conditions observed. Describe needed repairs, or the existence of any
functional or external obsolescence. Enter factual information on each
of the lines provided and report the conclusions. Consider all aspects
of the physical description and reconcile them in the opinion of market
value*.*

# Accessory Unit / Accessory Dwelling Unit

The accessory unit is defined as a habitable living unit added to,
created within, or detached from a single-family dwelling that provides
the basic requirements for living, sleeping, eating, cooking, and
sanitation.

Accessory Dwelling Units (ADUs) are commonly understood to be a separate
additional living unit, including separate kitchen, sleeping, and
bathroom facilities, attached or detached from the primary residential
unit, on a single-family lot. ADUs are usually subordinate in size,
location, and appearance to the primary unit and may or may not have
separate means of ingress or egress.

Attached units, contained within a single-family home, known variously
as \"mother-in-law apartments,\" are the most common type of accessory
dwelling unit. Accessory units usually involve the renovation of a
garage, basement, or small addition to a single-family home.

**FHA Criteria**

"Accessory dwelling unit\" means a subordinate dwelling unit may or may
not be incorporated within, or detached from a single-family structure.
Accessory units may not be subdivided or otherwise segregated in
ownership from the primary residence structure.

Some accessory units may predate the adoption of local zoning ordinance
and may therefore be classified as legal nonconforming units.

## Utility Service Requirements

An accessory apartment must be connected to the utilities (except
telephone, television and cable) of the dwelling unit and may not have
separate services.

+--------------+-------------------------------------------------------+
| **General    |                                                       |
| D            |                                                       |
| escription** |                                                       |
+==============+=======================================================+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Units        | • Mark the appropriate box. The URAR is designed for  |
|              | one-unit dwelling or one-unit with an accessory unit. |
+--------------+-------------------------------------------------------+
| \# of        | • Enter the number of stories *above grade*,          |
| Stories      | including half stories. Do not include the basement.  |
+--------------+-------------------------------------------------------+
| Type         | • Mark the box that identifies the type of dwelling,  |
|              | \"Det.\" (Detached), "Att." (Attached), \"S-Det."     |
|              | (Semi-Detached) or "End Unit" (End unit of a group of |
|              | rowhouses or townhouses).                             |
+--------------+-------------------------------------------------------+
| Stage of     | • Mark the box signifying the stage of construction,  |
| Construction | Existing, Proposed or Under Construction. Properties  |
|              | that are either Proposed or Under Construction        |
|              | require plans and specifications for the appraiser to |
|              | review.                                               |
+--------------+-------------------------------------------------------+
| Design       | • Enter a brief description of the house design style |
| (Style)      | using historical or contemporary fashion. For         |
|              | example: Cape Cod, bi-level, split level, split       |
|              | foyer, colonial, town house, rowhouse, etc. Do not    |
|              | use builder\'s model name. Avoid generic descriptions |
|              | such as Traditional or Conventional.                  |
+--------------+-------------------------------------------------------+
| Year Built   | • If the property is less than one year old, include  |
|              | both the month and year completed.                    |
|              |                                                       |
|              | • If it is over one year old, insert the year         |
|              | completed.                                            |
+--------------+-------------------------------------------------------+
| Effective    | • Enter the effective age of the improvements. A      |
| Age (Yrs)    | range is acceptable. The effective age reflects the   |
|              | condition of the property relative to similar         |
|              | competitive properties. The effective age may be      |
|              | greater than, less than or equal to the actual age.   |
|              |                                                       |
|              | • Note any significant difference between the actual  |
|              | and effective ages and explain in the "condition of   |
|              | property" comments section.                           |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Attic** -- |                                                       |
| Enter the    |                                                       |
| attic and    |                                                       |
| observe the  |                                                       |
| interior     |                                                       |
| roofing for  |                                                       |
| insulation,  |                                                       |
| deficient    |                                                       |
| materials,   |                                                       |
| leaks or     |                                                       |
| readily      |                                                       |
| observable   |                                                       |
| evidence of  |                                                       |
| significant  |                                                       |
| water        |                                                       |
| damage,      |                                                       |
| structural   |                                                       |
| problems,    |                                                       |
| previous     |                                                       |
| fire damage, |                                                       |
| FRT          |                                                       |
| sheathing,   |                                                       |
| exposed and  |                                                       |
| frayed       |                                                       |
| wiring and   |                                                       |
| adequate     |                                                       |
| ventilation  |                                                       |
| by vent, fan |                                                       |
| or window.   |                                                       |
| If any of    |                                                       |
| these        |                                                       |
| deficiencies |                                                       |
| exist,       |                                                       |
| condition    |                                                       |
| the          |                                                       |
| appraisal on |                                                       |
| their repair |                                                       |
| and prepare  |                                                       |
| the          |                                                       |
| appraisal    |                                                       |
| "subject to  |                                                       |
| repairs"     |                                                       |
| and/or       |                                                       |
| "subject to  |                                                       |
| inspection". |                                                       |
|              |                                                       |
| The attic    |                                                       |
| must be      |                                                       |
| entered, at  |                                                       |
| a minimum,   |                                                       |
| by head and  |                                                       |
| shoulders,   |                                                       |
| whether      |                                                       |
| access is by |                                                       |
| pull-down    |                                                       |
| stairway or  |                                                       |
| scuttle.     |                                                       |
| Size of the  |                                                       |
| scuttle and  |                                                       |
| a            |                                                       |
| ccessibility |                                                       |
| of the attic |                                                       |
| dictate the  |                                                       |
| level of     |                                                       |
| entry.       |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| None         | Enter 'X" if there is no attic.                       |
+--------------+-------------------------------------------------------+
| Drop Stair   | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Stairs       | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Floor        | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Scuttle      | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Finished     | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Heated       | Enter "X" if the attic is heated.                     |
+--------------+-------------------------------------------------------+

**Foundation**

The appraiser is required to inspect the foundation and the basement.
The appraiser must address all visible deficiencies and may require a
recommendation for an inspection. Consider deferred maintenance and
physical deterioration in the valuation process.

**Basement**

Generally, may be partially or completely below grade (ground level). Do
not count the basement in the finished gross living area at the grade
level. The information provided must be consistent with the description
in the Foundation section.

+--------------+-------------------------------------------------------+
| **           |                                                       |
| Foundation** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Concrete     | -   Mark this box if any part of the foundation       |
| Slab         |     system has concrete slab.                         |
+--------------+-------------------------------------------------------+
| Crawl Space  | -   Mark this box if any part of the foundation       |
|              |     system has crawl space.                           |
|              |                                                       |
|              | -   Access to the space should be clear. Examine the  |
|              |     crawl space for inadequate access (minimum entry  |
|              |     of the head and shoulders).                       |
|              |                                                       |
|              | -   Check the distance from the bottom of floor       |
|              |     joists to ground. Space should be adequate for    |
|              |     maintenance and repair. A minimum distance of 18  |
|              |     inches from the ground to the bottom of the       |
|              |     joists is highly recommended but not mandated.    |
+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Crawl Space  | -   Check for insulation, and ventilation or for any  |
|              |     structural problems. The support beams should be  |
|              |     intact and of structural soundness.               |
+--------------+-------------------------------------------------------+
| Full         | -   Mark this box if there is a full basement.        |
| Basement     |                                                       |
+--------------+-------------------------------------------------------+
| Partial      | -   Mark this box if there is a partial basement.     |
| Basement     |                                                       |
|              | -   For a dirt basement floor, determine whether such |
|              |     a property is typical for the area and is readily |
|              |     marketable. If so, it is not required that a      |
|              |     concrete basement floor be installed. Mechanical  |
|              |     equipment, however, must be located on a concrete |
|              |     pad.                                              |
+--------------+-------------------------------------------------------+
| Basement     | -   Enter the square footage of the basement.         |
| Area Sq Ft   |                                                       |
+--------------+-------------------------------------------------------+
| Basement     | -   Enter the percentage of basement (figure above)   |
| Finish %     |     that is finished.                                 |
+--------------+-------------------------------------------------------+
| Outside      | -   Mark this box only if there is an outside         |
| Entry/Exit   |     entry/exit, otherwise leave blank.                |
|              |                                                       |
|              | -   If there is an entry, make sure door is operable. |
+--------------+-------------------------------------------------------+
| Sump Pump    | • Mark this box only if there is a sump pump,         |
|              | otherwise leave blank.                                |
+--------------+-------------------------------------------------------+
| Evidence of  | -   Mark this box if there is evidence of             |
|              |     infestation, including the house and/or other     |
| Infestation  |     structures within the legal boundaries of the     |
|              |     property, otherwise leave blank.                  |
|              |                                                       |
|              |     • Examine the subject property for readily        |
|              |     observable evidence of wood boring insects.       |
|              |                                                       |
|              | -   Do not require a pest inspection based solely on  |
|              |     the age of a property. Inspections are necessary  |
|              |     whenever there is evidence of decay, pest         |
|              |     infestation, suspicious damage or when it is      |
|              |     customary to the area or required by state law.   |
+--------------+-------------------------------------------------------+
| Evidence of  | • Mark this box if there is evidence of dampness,     |
| Dampness     | otherwise leave blank.                                |
|              |                                                       |
|              | -   Examine the foundation/basement for dampness or   |
|              |     readily observable evidence of water damage.      |
|              |     Signs of past water problems may include          |
|              |     efflorescence, mold, mildew or stains on walls or |
|              |     mechanical equipment.                             |
|              |                                                       |
|              | -   Basement or crawl space area must not have        |
|              |     excessive dampness or ponding of water.           |
|              |                                                       |
|              | -   If any of these inadequacies exist, condition the |
|              |     appraisal "subject to repairs" to correct the     |
|              |     condition, or "subject to inspection" to          |
|              |     determine the source of problem and corrective    |
|              |     measures necessary by a qualified party.          |
+--------------+-------------------------------------------------------+
| Evidence of  | • Mark this box if there is evidence of settlement,   |
| Settlement   | otherwise leave blank.                                |
|              |                                                       |
|              | •    Examine foundation for readily observable        |
|              | evidence of settlement.                               |
|              |                                                       |
|              | -   Hairline step-cracks are common, however,         |
|              |     horizontal cracks, bulging walls or separation of |
|              |     sill plate from top of foundation wall are        |
|              |     critical and require inspection.                  |
+--------------+-------------------------------------------------------+

**Mechanical Systems**

An appraiser must examine mechanical, plumbing and electrical systems of
the subject property to ensure that they are in proper working order.
This examination includes turning on the applicable systems and
observing their performance. Electrical, plumbing, and/or heating
certifications may be called for by the appraiser when he/she cannot
determine if one or all of these systems are working properly.

An appraiser should not arbitrarily call for such certifications.
However, the appraiser is still responsible for checking the
functionality of these systems at the time of appraisal.

+---------------+-------------------------------------------------------+
| ## H          |                                                       |
| eating and Co |                                                       |
| oling Systems |                                                       |
+---------------+-------------------------------------------------------+
| **Field**     | ## Protocol                                           |
+---------------+-------------------------------------------------------+
| Heating       | • Enter an "X" in the box indicating the type of      |
|               | heating system: FWA (forced warm air), HWBB (hot      |
|               | water baseboard), Radiant or "Other". If "Other" is   |
|               | marked, provide a brief description, e.g. EBB (for    |
|               | electric baseboard).                                  |
|               |                                                       |
|               | -   Turn on the furnace/heating system to test        |
|               |     functionality, weather permitting, and that no    |
|               |     unusual noises are heard, no odors or smoke are   |
|               |     emitted indicating a defective unit, etc.         |
|               |     However, do not operate the systems if doing so   |
|               |     may damage equipment or when outside temperatures |
|               |     will not allow system to operate.                 |
|               |                                                       |
|               | -   Note significant holes/deterioration on the unit. |
+---------------+-------------------------------------------------------+
| Heating       | -   Turn on the hot water to ensure that the water    |
|               |     heater is operating appropriately.                |
+---------------+-------------------------------------------------------+
| Fuel          | • Enter type of fuel used: coal, gas, oil, propane,   |
|               | electric, etc.                                        |
+---------------+-------------------------------------------------------+
| Cooling       | -   Enter an "X" in the box indicating the type of    |
|               |     cooling system: Central Air Conditioning,         |
|               |     Individual or Other. If "Other" is marked,        |
|               |     provide a brief description, e.g. permanently     |
|               |     affixed fans, zoned air-conditioning, etc.        |
|               |                                                       |
|               | ```{=html}                                            |
|               | <!-- -->                                              |
|               | ```                                                   |
|               | -   Turn on the air conditioning system to test       |
|               |     functionality, weather permitting, and that no    |
|               |     unusual noises are heard, no odors or smoke are   |
|               |     emitted indicating a defective unit, etc.         |
|               |     However, do not operate the systems if doing so   |
|               |     may damage equipment or when outside temperatures |
|               |     will not allow system to operate.                 |
|               |                                                       |
|               | ```{=html}                                            |
|               | <!-- -->                                              |
|               | ```                                                   |
|               | -   Note significant holes/deterioration on the unit  |
+---------------+-------------------------------------------------------+

**Exterior Materials/Condition**

Enter the types of Materials and rate the observed Condition of the
Materials (Good, Average, Fair, and Poor). Make every effort to describe
accurately and explain in detail "Fair" and "Poor" ratings and whether
or not the item(s) described require repair, replacement or further
inspection. The rating must relate to the habitability of the house
given local standards (Photo documentation of property condition is
always advisable).

+--------------+-------------------------------------------------------+
| **Exterior   |                                                       |
| Description  |                                                       |
| materials    |                                                       |
| /condition** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Foundation   | -   Enter the material type: poured concrete, block,  |
| Walls        |     brick, stone, treated wood, etc. and rate the     |
|              |     observed condition.                               |
+--------------+-------------------------------------------------------+
| Exterior     | • Enter the material type: aluminum, vinyl or wood    |
| Walls        | siding, brick veneer, stucco, stone, etc. If a        |
|              | combination of materials, show the predominant        |
|              | portion first and rate the observed condition.        |
+--------------+-------------------------------------------------------+
| Roof Surface | • Enter the material type: composition shingle,       |
|              | asphalt shingle, wood, slate, clay tile, aluminum,    |
|              | built-up, etc. and rate the observed condition.       |
|              |                                                       |
|              | -   View the roof from ground level to determine if   |
|              |     the integrity of the roof is sufficient.          |
|              |                                                       |
|              | -   Observe roof coverings, roof drainage systems,    |
|              |     flashing, skylights, or chimneys for readily      |
|              |     observable evidence of leakage or abnormal        |
|              |     condensation on building components.              |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Exterior   |                                                       |
| Description  |                                                       |
| materials    |                                                       |
| /condition** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Roof Surface | -   Note any evidence of deterioration of roofing     |
|              |     materials (missing tiles, shingles, flashing).    |
|              |     Deteriorated roofing materials include those that |
|              |     are worn, cupped, or curled.                      |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   If the roof is otherwise unobservable, look for   |
|              |     telltale signs of roof problems on the interior,  |
|              |     such as damage or water stains to the ceiling     |
|              |     area of a room or closet.                         |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   The appraiser must note in the appraisal that     |
|              |     he/she could not adequately observe the entire    |
|              |     roof area (state which area(s) were               |
|              |     unobservable). Based on the information reported  |
|              |     by the appraiser, the underwriter will determine  |
|              |     whether or not a roofing inspection is required.  |
+--------------+-------------------------------------------------------+
| Gutters and  | • Enter the material type: galvanized, aluminum,      |
| Downspouts   | plastic, vinyl, PVC, etc. and rate the condition      |
|              | observed.                                             |
+--------------+-------------------------------------------------------+
| Window Type  | • Enter window type: Double Hung, Single Hung,        |
|              | Casement, Sliders, etc. and identify the window frame |
|              | material: wood, aluminum, steel, vinyl, etc. Rate the |
|              | condition observed.                                   |
|              |                                                       |
|              | -   Bedroom windows with security bars require a      |
|              |     quick release mechanism for emergency egress. If  |
|              |     not so equipped or inoperable, condition the      |
|              |     appraisal on a "required repair".                 |
+--------------+-------------------------------------------------------+
| Storm Sash / | • Describe storm sash material or state if windows    |
| Insulated    | are double glazed, etc. or a combination of the two.  |
|              | Rate the condition observed. If none, so state.       |
+--------------+-------------------------------------------------------+
| Screens      | -   Describe style (full, half, none) and rate the    |
|              |     condition observed.                               |
+--------------+-------------------------------------------------------+

A brief description of an amenity may include its material type and/or
size and/or dimensions.

+---------------+-------------------------------------------------------+
| **Amenities** |                                                       |
+===============+=======================================================+
| **Field**     | Protocol                                              |
+---------------+-------------------------------------------------------+
| Woodstove \#  | -   Enter "X" if this amenity exists and provide a    |
|               |     specific number.                                  |
+---------------+-------------------------------------------------------+
| Fireplace(s)  | -   Enter "X" if this amenity exists and provide a    |
| \#            |     specific number.                                  |
+---------------+-------------------------------------------------------+
| Fence         | -   Enter "X" if this amenity exists. Describe        |
|               |     material/type in additional features.             |
+---------------+-------------------------------------------------------+
| Patio/Deck    | -   Enter "X" if this amenity exists. Describe        |
|               |     material/type in additional features              |
+---------------+-------------------------------------------------------+
| Porch         | -   Enter "X" if this amenity exists. Describe        |
|               |     material/type in additional features.             |
+---------------+-------------------------------------------------------+
| Pool          | -   Enter "X" if this amenity exists. Describe in     |
|               |     additional features. Specify whether in-ground or |
|               |     above-ground. Above-ground pools are considered   |
|               |     personal property and are not to be included in   |
|               |     the value.                                        |
+---------------+-------------------------------------------------------+
| Other         | -   Enter "X" if this line is used to report another  |
|               |     amenity or salient feature not listed above that  |
|               |     has contributory value. Describe "Other" in       |
|               |     additional features. Be sure to compare the       |
|               |     subject and comparable sales in relation to that  |
|               |     amenity or feature and make the appropriate       |
|               |     adjustments.                                      |
+---------------+-------------------------------------------------------+

**Interior Materials/Condition**

Enter the types of Materials and rate the observed Condition of the
Materials (Good, Average, Fair, and Poor) and whether or not the item(s)
described require repair, replacement or further inspection. Make every
effort to describe accurately and explain in detail \"Fair\" and
\"Poor\" ratings. The rating must relate to the habitability of the
house given local standards.

+---------------+-------------------------------------------------------+
| **Interior    |                                                       |
| material      |                                                       |
| s/condition** |                                                       |
+---------------+-------------------------------------------------------+
| Field         | ## Protocol {#protocol-2 .unnumbered}                 |
+---------------+-------------------------------------------------------+
| Floors        | -   Enter material type --- tile, hardwood, carpet,   |
|               |     etc. --- rate condition observed.                 |
+---------------+-------------------------------------------------------+
| Walls         | •    Enter material type --- plaster, drywall,        |
|               | paneled etc. --- rate condition observed.             |
+---------------+-------------------------------------------------------+
| Trim/Finish   | • Enter material type --- wood, metal, vinyl --- rate |
|               | condition observed.                                   |
+---------------+-------------------------------------------------------+
| Bath Floor    | • Enter material type --- ceramic tile, vinyl, carpet |
|               | --- rate condition observed                           |
+---------------+-------------------------------------------------------+
| Bath Wainscot | • Enter material type that protects walls from        |
|               | moisture --- ceramic tile, fiberglass, etc. --- rate  |
|               | condition observed.                                   |
+---------------+-------------------------------------------------------+

**Car Storage**

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| None         | -   If the property does not have a garage, carport   |
|              |     or driveway, mark \"NONE\".                       |
+--------------+-------------------------------------------------------+
| Driveway \#  | -   If applicable, mark this box and enter the number |
| of Cars      |     of cars that can be parked. A single lane         |
|              |     driveway is considered to be a one-car driveway.  |
|              |     It would be considered a two car driveway if      |
|              |     either car can be moved without disturbing the    |
|              |     other.                                            |
+--------------+-------------------------------------------------------+
| Driveway     | -   Enter surface type: concrete, gravel, macadam,    |
| Surface      |     etc., if none so state.                           |
+--------------+-------------------------------------------------------+
| Garage \# of | -   Enter the number of cars the structure can        |
| Cars         |     accommodate.                                      |
+--------------+-------------------------------------------------------+
| Carport \#   | -   Enter the number of cars the structure can        |
| of Cars      |     accommodate.                                      |
+--------------+-------------------------------------------------------+
| Ga           | -   If there is a garage, designate whether it is     |
| rage/Carport |     "Attached", "Detached" or "Built-in" and Enter an |
| Type         |     "X" in the box(es) indicating the style "Att.",   |
|              |     "Det., "Built-in"                                 |
+--------------+-------------------------------------------------------+

**Appliances**

Make an entry \[X\] in the boxes to indicate that these items exist. An
entry in a box means that the item was considered part of the real
estate and is included in the value. If an item is personal property,
put a \"P\" in the box and do not include it in the opinion of value.
Treat non-functioning equipment as existing, but as deferred maintenance
in the valuation process.

  -----------------------------------------------------------------------
  **Field**       **Protocol**
  --------------- -------------------------------------------------------
  Refrigerator    Enter "X" if this item exists. Enter "P" if personal
                  property.

  Range/Oven      Enter "X" if this item exists. Enter "P" if personal
                  property.

  Dishwasher      Enter "X" if this item exists. Enter "P" if personal
                  property.

  Disposal        Enter "X" if this item exists. Enter "P" if personal
                  property.

  Fan/Hood        Enter "X" if this item exists. Enter "P" if personal
                  property.

  Microwave       Enter "X" if this item exists. Enter "P" if personal
                  property.

  Washer/Dryer    Enter "X" if this item exists. Enter "P" if personal
                  property.

  Other           Enter "X" for existing item not listed above and
                  describe. Do not include personalty.
  -----------------------------------------------------------------------

## 

## Gross Living Area

Room design and count should reflect local custom. A dining area built
as an L-shape off the kitchen may or may not be considered a room
depending on the size.

To determine whether one or two rooms should be counted, hypothetically
insert a wall to separate the two areas that have been built as one: if
the residents can use the resulting two rooms with the same or more
utility without increased inconvenience, count the room as two.

If the hypothetical wall would result in a lack of utility and increased
inconvenience, count the room as one. The room count typically includes
a living room (LR), dining room (DR), kitchen (KT), den (DN), recreation
room (REC) and one or more bedrooms (BR). Typically, the foyer, bath and
laundry room are not counted as rooms. A room is a livable area with a
specific use.

## Room Count and Gross Living Area {#room-count-and-gross-living-area .unnumbered}

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Finished     | • To complete this section, enter the total *number*  |
| area         | of above grade rooms, the total number of bedrooms    |
| **above**    | above grade, and the total number of bathrooms above  |
| grade        | grade. Do not include foyers, basement finished rooms |
| contains     | or unfinished attic space.                            |
|              |                                                       |
|              | -   Calculate square footage by using exterior        |
|              |     dimensions.                                       |
|              |                                                       |
|              | -   Enter the total square footage of the gross       |
|              |     living area above grade.                          |
+--------------+-------------------------------------------------------+

**Narrative Comments Section**

The completion of this section is critical to the opinion of market
value. The appraiser must discuss all adverse conditions and observed
physical and functional deficiencies noted. If necessary, use the
Additional Comments section of the form report, or an addendum, for
additional discussion or description.

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Additional   | • Use this space to describe special energy efficient |
| Features     | features such as solar energy or geothermal systems   |
|              | and/or to further describe the additional features,   |
|              |                                                       |
|              | • Please elaborate on any special or unusual aspects  |
|              | of items, e.g. gas fireplace or wood burning          |
|              | fireplace, 16' X 32' inground pool, etc.              |
+--------------+-------------------------------------------------------+
| [Condition   | • Describe any physical deterioration and/or          |
| of the       | functional or external depreciation noted in or on    |
| property]    | the property.                                         |
| {.underline} |                                                       |
| (including   | • Provide a conclusion as to the overall condition of |
| needed       | the improvements that is supported by the previous    |
| repairs,     | descriptive sections.                                 |
| de           |                                                       |
| terioration, | -   Describe needed repairs for property to meet      |
| renovations, |     FHA's MPR or MPS.                                 |
| remodeling,  |                                                       |
| etc.)        |                                                       |
+--------------+-------------------------------------------------------+
| [Physical    | -   Enter an "X " in the applicable box indicating    |
| d            |     whether or not there are any physical             |
| eficiencies] |     deficiencies or adverse conditions that affect    |
| {.underline} |     the livability, soundness, or structural          |
| or adverse   |     integrity of the property. If the response is     |
| conditions   |     "No", no explanation is required or needed.       |
|              |     However, if the response is "Yes", an explanation |
|              |     is required and, if necessary, condition the      |
|              |     appraisal on the "repair or alteration of the     |
|              |     condition" or a "required inspection" by          |
|              |     appropriately qualified individuals or entities,  |
|              |     which may include professional engineers,         |
|              |     tradespersons, HUD Fee Inspectors.                |
|              |                                                       |
|              | **Lead-Based Paint Hazard**                           |
|              |                                                       |
|              | -   If the home was built before 1978, this may       |
|              |     indicate a lead paint hazard. For all FHA insured |
|              |     properties, correction is required to all         |
|              |     defective paint in or on structures and/or        |
|              |     property improvements built before January 1,     |
|              |     1978 in accordance with 24 CFR Part 35.           |
+--------------+-------------------------------------------------------+
| [Physical    | **Lead-Based Paint Hazard**                           |
| d            |                                                       |
| eficiencies] | -   Observe all interior and exterior surfaces, such  |
| {.underline} |     as walls, stairs, deck porch, railing, windows or |
| or adverse   |     doors for defective (chipping, flaking or         |
| conditions   |     peeling) paint. (Exterior surfaces include        |
|              |     surfaces on fences, detached garages, storage     |
|              |     sheds and other outbuildings and appurtenant      |
|              |     structures.). Note any areas affected (be         |
|              |     specific) and condition the appraisal on their    |
|              |     repair.                                           |
+--------------+-------------------------------------------------------+
| Property     | -   Enter an "X " in the applicable box indicating    |
| conformity   |     whether or not the subject generally conforms to  |
|              |     the neighborhood (functional utility, style,      |
|              |     condition, use, construction, etc.). If the       |
|              |     response is "Yes", no explanation is required or  |
|              |     needed. However, if the response is "No", an      |
|              |     explanation is required.                          |
+--------------+-------------------------------------------------------+

# Section 6 -- Sales Comparison Analysis

## Comparable Data Pool

The appraiser is required to report the number of comparable properties
currently offered for sale, as of the effective date of the appraisal,
and the number of comparable sales in the subject neighborhood, within
12 months of the effective date of the appraisal, in this section.
Unlike the neighborhood price data, which includes all sales, this
section focuses only on those properties that are comparable to the
subject, not the universe of sales.

If there was difficulty in locating comparable properties, i.e. the
subject is a "rambler" or "rancher" and one or more of the comparable
properties was a "split level" or "split foyer", etc., then for purposes
of this section, all such properties in the subject's neighborhood are
to be treated as comparable and counted.

  -----------------------------------------------------------------------
  **Field**       Protocol
  --------------- -------------------------------------------------------
  Comparable      Enter the number of comparable properties currently
  properties      offered for sale, including those under contract,
  offered for     within the subject neighborhood together with the price
  sale            range.

  Comparable      Enter the number of comparable sales that occurred
  sales           within the 12-month period preceding the effective date
                  of the appraisal, and within the subject neighborhood,
                  together with the price range.
  -----------------------------------------------------------------------

Enter factual data in each field or line.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Address      | • Enter the address that can be used to locate each   |
|              | property. Enter community, if needed, to identify     |
|              | property. For rural properties, list location by road |
|              | name, nearest intersection and/or side road.          |
+--------------+-------------------------------------------------------+
| Proximity to | • Enter proximity in straight-line distance and       |
| Subject      | direction. For example, \"1.5 miles NE\" or "3 blocks |
|              | south". If comparable distance from the subject is    |
|              | more than a generally accepted distance, or located   |
|              | outside the defined neighborhood boundaries, be sure  |
|              | to explain why the sale is applicable in the          |
|              | \"Summary of Sales Comparison Approach\" section.     |
+--------------+-------------------------------------------------------+
| Sale Price   | • Enter the purchase price (total paid) for the       |
|              | subject and each of the comparable sales. This means  |
|              | the closed or settled price of the comparable sale.   |
|              |                                                       |
|              | -   If the appraisal involves a refinance of the      |
|              |     subject, enter "Refi" as the subject's sale       |
|              |     price.                                            |
+--------------+-------------------------------------------------------+
| Sale Price / | • Enter price per square foot for the above grade     |
| Gross Liv.   | living area for the subject, if a purchase            |
| Area         | transaction, and each comparable sale.                |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and property  |
| Source(s)    |     information.                                      |
+--------------+-------------------------------------------------------+
| Verification | -   Enter verification source(s), the document or     |
| Source(s)    |     party from which the additional proof was         |
|              |     obtained. MLS by itself is not considered a       |
|              |     verification source.                              |
|              |                                                       |
|              | -   Contacting someone with first-hand knowledge of   |
|              |     the transaction (agent, broker, buyer, seller,    |
|              |     etc.), especially where it involves confirmation  |
|              |     of seller concessions, is the preferred method of |
|              |     verification.                                     |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   A single source may be used if the quality of     |
|              |     data is such that sales data are confirmed and    |
|              |     verified by settled transactions. Information     |
|              |     provided should permit the reader of the report   |
|              |     to locate the data from the sources cited.        |
+--------------+-------------------------------------------------------+
| Verification | -   Do not use, as market data, sales that are not    |
| Source(s)    |     verified and adjusted to reflect the terms and    |
|              |     conditions of sale.                               |
+--------------+-------------------------------------------------------+

**Value Adjustments**

Adjustments are made to the price of the sale properties for
price-influencing dissimilarities between each sale and the subject
property. Not all dissimilarities require adjustment because not all
dissimilarities achieve price differentials in the market. All
adjustments must be extracted from and supported by the actions of the
market.

For each adjustment item, enter the description of the adjustment and
whether it is an upward or downward adjustment. Do not make an
adjustment unless it has a material effect on value.

Be careful that adjustments are reasonable and not excessive. If a
property is overvalued, there is a high probability that the reason can
be traced to an excessive adjustment made in one or more of the areas
above the room count line. Make adjustments only if the dissimilarity
has a noticeable effect on the value. Small differences do not usually
require adjustments.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Sales or     | -   Report the type of financing such as              |
| Financing    |     Conventional, FHA or VA, etc.                     |
| Concessions  |                                                       |
|              | -   Report the type and amount of sales concession    |
|              |     for each comparable sale listed. If no            |
|              |     concessions exist, the appraiser must note        |
|              |     "none."                                           |
|              |                                                       |
|              | -   The appraiser is required to make market-based    |
|              |     adjustments to the comparable sales for any sales |
|              |     or financing concessions that may have affected   |
|              |     the sales price.                                  |
|              |                                                       |
|              | -   The adjustment for such affected comparable sales |
|              |     must reflect the difference between the sales     |
|              |     price with the sales concessions and what the     |
|              |     property would have sold for without the          |
|              |     concessions.                                      |
+--------------+-------------------------------------------------------+
| Date of Sale | • State month and year of settlement. Showing the     |
| / Time       | contract date and settled date is also acceptable.    |
|              |                                                       |
|              | -   Time adjustments, if any, must be supported by    |
|              |     the market and consistent with the neighborhood   |
|              |     market conditions noted. If this is the case,     |
|              |     show both the contract date and settled date as   |
|              |     any time adjustment should be calculated using    |
|              |     the contract date (meeting of the minds) rather   |
|              |     than the settled date. Explanation is required    |
|              |     for any time adjustments.                         |
+--------------+-------------------------------------------------------+
| Location     | -   Enter the name of the subdivision or PUD. If none |
|              |     is applicable enter the neighborhood name that is |
|              |     commonly used to refer to the property's location |
|              |     or,                                               |
|              |                                                       |
|              | -   Location adjustments may be warranted for         |
|              |     positive or negative factors that influence sales |
|              |     price such as a busy street versus a quiet street |
|              |     rather than using the name of the community or    |
|              |     subdivision.                                      |
|              |                                                       |
|              | -   Explain any adjustments made in this area.        |
+--------------+-------------------------------------------------------+
| Leasehold /  | • State whether the property was sold as Fee Simple   |
| Fee Simple   | or as a Leasehold Estate. An adjustment is required   |
|              | if the estate differs from the rights appraised for   |
|              | the subject property.                                 |
+--------------+-------------------------------------------------------+
| Site         | • Enter the site size in square feet or acreage. Make |
|              | adjustments only for measurable differences. Small    |
|              | differences in lot sizes do not usually call for an   |
|              | adjustment if the size is typical.                    |
|              |                                                       |
|              | • If necessary, consider the possibility of excess or |
|              | surplus land.                                         |
+--------------+-------------------------------------------------------+
| View         | • Describe the view from the site, i.e. similar       |
|              | homes, commercial area, water view, scenic view, etc. |
|              | Such terms as "Average" or "Good" are only to be used |
|              | as adjuncts, i.e. "Residential/Average", "Water       |
|              | view/Good".                                           |
|              |                                                       |
|              | -   Make adjustments only if the view is superior or  |
|              |     inferior to the subject. If the subject has a     |
|              |     superior view and adjustments are made, a         |
|              |     photograph of the view amenity is recommended;    |
|              |     likewise for an inferior view.                    |
+--------------+-------------------------------------------------------+
| Design       | • Enter the style according to a description used by  |
| (Style)      | local custom. Be consistent with improvement          |
|              | description.                                          |
+--------------+-------------------------------------------------------+
| Quality of   | • Enter \"Good\", \"Average\", \"Fair\", etc. using   |
| Construction | the quality rating from your cost service             |
|              | subscription or provider.                             |
|              |                                                       |
|              | -   Adjustments may also be warranted for interior    |
|              |     construction quality and should be explained. For |
|              |     example, the second floor of a 1-½ story home     |
|              |     finished with lower grade materials and finish    |
|              |     compared to first floor.                          |
+--------------+-------------------------------------------------------+
| Actual Age   | • Enter only the actual age of the subject and each   |
|              | comparable sale.                                      |
+--------------+-------------------------------------------------------+
| Condition    | • Enter the condition of the subject and comparable   |
|              | sales.                                                |
|              |                                                       |
|              | -   Ratings to be used are: "New", "Good", "Average", |
|              |     "Fair" and "Poor" or a combination if more        |
|              |     accurate.                                         |
|              |                                                       |
|              |     • Consider required repairs or alterations, to    |
|              |     the subject, completed when determining the need  |
|              |     for adjustments to the comparable sales.          |
+--------------+-------------------------------------------------------+
| Above Grade  | • Enter room count, consistent with the description   |
| Room Count   | of improvements on the front of the appraisal form.   |
|              | Up to three adjustments may be entered:               |
|              |                                                       |
|              | -   The first line is for bathroom count differences. |
|              |     A deficiency or surplus in the number of baths    |
|              |     should be adjusted first.                         |
|              |                                                       |
|              | -   The second line adjustment is for room count.     |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   The third is for a difference in square footage.  |
|              |                                                       |
|              |     • Explain any comparable property that has an     |
|              |     adjustment in both square feet and room count.    |
+--------------+-------------------------------------------------------+
| Gross Living | • Enter the total square footage of the above grade   |
| Area         | living areas.                                         |
|              |                                                       |
|              | -   Adjust for market recognized differences where    |
|              |     warranted.                                        |
+--------------+-------------------------------------------------------+
| Basement &   | • Provide total square footage of basement area       |
| Finished     | and/or enter percentage of basement in relation to    |
| Rooms Below  | first floor area.                                     |
| Grade        |                                                       |
|              | • Enter the type of rooms below grade: bedroom,       |
|              | recreation room, laundry, full bath, etc.             |
|              |                                                       |
|              | • Explain any special features or finishes in the     |
|              | "Summary of Sales Comparison Approach."               |
|              |                                                       |
|              | -   If no basement, enter none or " N/A"              |
+--------------+-------------------------------------------------------+
| Functional   | • Enter \"Average\", \"Superior\" or \"Inferior\" as  |
| Utility      | a total of the items rated in the Improvement         |
|              | Analysis compared to the subject. Use the \"Summary   |
|              | of Sales Comparison Approach" to explain differences. |
|              |                                                       |
|              | • Adjust for functional obsolescence observed in the  |
|              | subject, and not found in the comparables.            |
|              |                                                       |
|              | -   Floor plan of the subject is required when        |
|              |     functional obsolescence is attributable to layout |
|              |     or poor floor plan.                               |
+--------------+-------------------------------------------------------+
| Heating /    | • Enter type of heating and cooling systems, e.g. Gas |
| Cooling      | FWA C/Air.                                            |
|              |                                                       |
|              | -   Any adjustment for differences in heating and     |
|              |     cooling systems should be based on market         |
|              |     expectations.                                     |
+--------------+-------------------------------------------------------+
| Energy       | • Describe energy efficient items: storm windows and  |
| Efficient    | doors, solar installations, replacement windows, etc. |
| Items        | and enter an adjustment for differences if warranted. |
|              | If none, so state.                                    |
+--------------+-------------------------------------------------------+
| Garage /     | •    Enter description of garage/carport. Calculate   |
| Carport      | adjustments in accordance with market acceptance of   |
|              | carport value versus garage and size (one car, two    |
|              | cars, etc.).                                          |
+--------------+-------------------------------------------------------+
| Porch,       | • Enter these features for the subject and comparable |
| Patio, Deck  | sales if they exist. Base any adjustments on local    |
|              | market expectations.                                  |
+--------------+-------------------------------------------------------+
| Blank Lines  | • Τhree blank lines are provided for the appraiser's  |
|              | use to describe additional amenities, features or     |
|              | individual characteristics not listed or addressed    |
|              | elsewhere in the sales grid, e.g. woodstove,          |
|              | fireplace, fencing, pool or other.                    |
|              |                                                       |
|              | -   Enter appropriate adjustments. For example, a     |
|              |     pool located in an area that expects pools might  |
|              |     bring a dollar premium in comparison to a         |
|              |     comparable without a pool.                        |
+--------------+-------------------------------------------------------+
| Net Adjusted | • Mark either \[+\] or \[-\] box to indicate if the   |
| (Total)      | total net adjustments will increase or decrease the   |
|              | value and note by how much. If any adjustment is      |
|              | excessive, review the comparable sales to determine   |
|              | if the best ones were selected. If the total          |
|              | adjustments appear excessive in relation to the sale  |
|              | price; the appraiser should reexamine the             |
|              | comparability of that sale.                           |
|              |                                                       |
|              | • Explain any adjustment that appears to be           |
|              | excessive.                                            |
+--------------+-------------------------------------------------------+
| Adjusted     | • Total all of the adjustments and add them to or     |
| Sale Price   | subtract them from the sales price of each            |
| of           | comparable. Generally, adjustments should not exceed  |
| Comparables  | 10% for line items, 15% for net adjustments and 25%   |
|              | for gross adjustments. If any adjustments exceed      |
|              | stated guidelines an explanation must be provided     |
|              | including reasons for not using more similar          |
|              | comparable sales.                                     |
+--------------+-------------------------------------------------------+
| Research     | -   Enter an "X " in the applicable box indicating    |
| sale or      |     whether you "did" or "did not" research the sale  |
| transfer     |     or transfer history of the subject property and   |
| history of   |     comparable sales. If not, provide explanation.    |
| subject &    |                                                       |
| comps        |                                                       |
+--------------+-------------------------------------------------------+
| Research     | -   Enter an "X " in the applicable box indicating    |
| prior sales  |     whether your research "did" or "did not" reveal   |
| or transfers |     any [prior sales]{.underline} or transfers of the |
| of subject   |     subject property for the [three                   |
| property     |     years]{.underline} prior to the effective date of |
|              |     this appraisal.                                   |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and transfer  |
| Source(s)    |     information.                                      |
|              |                                                       |
|              | -   Appraisers are to be familiar with the data       |
|              |     source(s), e.g. how the data is gathered and how  |
|              |     often it is updated                               |
+--------------+-------------------------------------------------------+
| Research     | -   Enter an "X " in the applicable box indicating    |
| prior sales  |     whether your research "did" or "did not" reveal   |
| or transfers |     any [prior sales]{.underline} of transfers of the |
| of           |     comparable sales [for the year prior to the date  |
| comparable   |     of sale of the comparable sale]{.underline}.      |
| sales        |                                                       |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and transfer  |
| Source(s)    |     information. Two sources are recommended for      |
|              |     researching prior sales and transfers, local MLS  |
|              |     and local public records at a minimum.            |
|              |                                                       |
|              | -   Appraisers should be familiar with the data       |
|              |     source(s), e.g. how the data is gathered and how  |
|              |     often it is updated.                              |
+--------------+-------------------------------------------------------+

  -----------------------------------------------------------------------
  Report the results of the research and analysis of the
  [prior]{.underline} sale or transfer history of the subject property
  and comparable sales (report additional prior sales in the "Additional
  Comments" section or an addendum).

  -----------------------------------------------------------------------

+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol                                           |
+--------------+-------------------------------------------------------+
| Date of      | -   Report the date(s) of prior sale(s) or            |
| Prior Sale / |     transfer(s) of the subject that occurred within   |
| Transfer     |     three years of the effective date of the          |
|              |     appraisal.                                        |
|              |                                                       |
|              | -   Report the date(s) of prior sale(s) or            |
|              |     transfer(s) of each comparable sale for the year  |
|              |     prior to the date of the comparable sale.         |
+--------------+-------------------------------------------------------+
| Price of     | -   Report the price of the prior sale(s) or          |
| Prior Sale / |     transfer(s) of the subject that occurred within   |
|              |     three years of the effective date of the          |
| Transfer     |     appraisal.                                        |
|              |                                                       |
|              | -   Report the price of the prior sale(s) or          |
|              |     transfer(s) of each comparable for the year prior |
|              |     to the date of the comparable sale.               |
+--------------+-------------------------------------------------------+
| Data         | -   Identify data source(s) used.                     |
| Source(s)    |                                                       |
+--------------+-------------------------------------------------------+
| Effective    | -   Enter the date the data was published or updated  |
| Date of Data |     by the source. For example, the local MLS may     |
| Source(s)    |     update their database multiple times during the   |
|              |     week or month whereas property transfers recorded |
|              |     at the local land records office may take six or  |
|              |     eight weeks after settlement. The property        |
|              |     transfer records may have an effective date that  |
|              |     is eight weeks earlier than the appraisal date    |
|              |     and the MLS data is within one week of the        |
|              |     appraisal date.                                   |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ## Narr      |                                                       |
| ative Commen |                                                       |
| ts {#narrati |                                                       |
| ve-comments  |                                                       |
| .unnumbered} |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Analysis of  | -   Provide analysis of prior sale or transfer        |
| prior sale   |     history of the subject and comparable sales.      |
| or transfer  |                                                       |
| history of   | -   Analysis may address changes in property          |
| subject and  |     conditions between sale dates or verifying if     |
| comparable   |     prior sale was an arm's-length transaction.       |
| sales        |                                                       |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ## Narrat    |                                                       |
| ive Comments |                                                       |
|  {#narrative |                                                       |
| -comments-1  |                                                       |
| .unnumbered} |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Summary of   | -   Explain comparable selection and any necessary    |
| Sales        |     explanation of adjustments.                       |
| Comparison   |                                                       |
| Approach     | -   Explain any adjustments exceeding guidelines.     |
|              |                                                       |
|              | -   Explain which comparable sale or sales is/are     |
|              |     given most weight or consideration and why.       |
+--------------+-------------------------------------------------------+
| Indicated    | -   Enter the Indicated Value                         |
| Value by     |                                                       |
| Sales        |                                                       |
| Comparison   |                                                       |
| Approach     |                                                       |
+--------------+-------------------------------------------------------+

**Section 7 -- Reconciliation**

The appraiser should consider all appropriate approaches to value and
all information relevant to the subject property and the market
conditions in the opinion of market value.

If there is insufficient space in the reconciliation section to list and
describe any "repairs, alterations or required inspections" noted, then
the appraiser is instructed to insert a reference in the reconciliation
section "see **Additional Comments** section on the next page" and list
and describe the items under the heading **"Repairs, Alterations,
Required Inspections".** If necessary, due to space limitations, use an
addendum with the same heading.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Indicated    | -   Enter the Indicated Value for each of the         |
| Value by:    |     approaches to value developed. If the approach    |
|              |     was not developed, enter "ND or "Not Dev" for not |
|              |     developed.                                        |
|              |                                                       |
|              | -   Reconcile the three approaches to value with a    |
|              |     brief description of the validity of each         |
|              |     approach with respect to the appraisal            |
|              |     assignment.                                       |
+--------------+-------------------------------------------------------+

## This appraisal is made  {#this-appraisal-is-made .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when:                                                 |
| box          |                                                       |
|              | -   There is/are no repair(s), alteration(s) or       |
| **"as is"**  |     required inspection condition(s) noted.           |
|              |                                                       |
|              | -   Establishing the "as is" value for a regular      |
|              |     203(k) when needed.                               |
|              |                                                       |
|              | -   The property is ineligible for FHA financing and  |
|              |     is being rejected.                                |
+--------------+-------------------------------------------------------+

## This appraisal is made {#this-appraisal-is-made-1 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal involves:                          |
| box          |                                                       |
|              | -   Proposed construction, or                         |
| **"per plans |                                                       |
| & specs"**   | -   Under construction, less than 90% complete, or a  |
|              |                                                       |
|              | -   203(k) with a Plan Review and Specification of    |
|              |     Repairs prepared by a 203(k) Consultant.          |
+--------------+-------------------------------------------------------+

## This appraisal is made {#this-appraisal-is-made-2 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal involves existing housing, or new  |
| box          | construction more than 90% complete with only buyer   |
|              | preference items remaining (floor coverings,          |
| "subject to  | appliances, landscaping packages (soil must be        |
| repairs or   | stabilized to prevent erosion)), requiring repairs or |
| alterations" | alterations to:                                       |
|              |                                                       |
|              | -   Protect the health and safety of the occupants    |
|              |                                                       |
|              | -   Protect the security of the property              |
|              |                                                       |
|              | -   Correct physical deficiencies or conditions       |
|              |     affecting structural integrity                    |
|              |                                                       |
|              | -   Complete buyer preference items for new homes, or |
|              |     to                                                |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Complete repairs/improvements noted in work order |
|              |     or contractor estimates for the Streamline K      |
|              |                                                       |
|              | -   Meet FHA Minimum Property Requirements            |
+--------------+-------------------------------------------------------+
| The          |                                                       |
| appraiser    |                                                       |
| must         |                                                       |
| indicate the |                                                       |
| extent of    |                                                       |
| repairs and  |                                                       |
| note this in |                                                       |
| the          |                                                       |
| appropriate  |                                                       |
| section of   |                                                       |
| the          |                                                       |
| appraisal,   |                                                       |
| or in the    |                                                       |
| "additional  |                                                       |
| comments"    |                                                       |
| section, or  |                                                       |
| in an        |                                                       |
| addendum,    |                                                       |
| under the    |                                                       |
| heading of   |                                                       |
| "Re          |                                                       |
| conciliation |                                                       |
| -- Required  |                                                       |
| Repairs"     |                                                       |
| listing the  |                                                       |
| repairs      |                                                       |
| noted        |                                                       |
| together     |                                                       |
| with an      |                                                       |
| estimated    |                                                       |
| cost to      |                                                       |
| cure.        |                                                       |
+--------------+-------------------------------------------------------+

## This appraisal is made {#this-appraisal-is-made-3 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal calls for a required inspection    |
| box          | to:                                                   |
|              |                                                       |
| **"subject   | -   Certify the condition and/or status of a          |
| to a         |     mechanical or structural element of the property  |
| required     |                                                       |
| i            | ```{=html}                                            |
| nspection"** | <!-- -->                                              |
|              | ```                                                   |
|              | -   Protect the health and safety of the occupants    |
|              |                                                       |
|              | -   Protect the security of the property              |
|              |                                                       |
|              | -   Meet FHA Minimum Property Requirements or Minimum |
|              |     Property Standards                                |
+--------------+-------------------------------------------------------+
| The          |                                                       |
| appraiser    |                                                       |
| must         |                                                       |
| indicate the |                                                       |
| reasoning    |                                                       |
| for any      |                                                       |
| required     |                                                       |
| inspections  |                                                       |
| and note     |                                                       |
| this in the  |                                                       |
| appropriate  |                                                       |
| section of   |                                                       |
| the          |                                                       |
| appraisal,   |                                                       |
| or in the    |                                                       |
| "additional  |                                                       |
| comments"    |                                                       |
| section, or  |                                                       |
| in an        |                                                       |
| addendum,    |                                                       |
| under the    |                                                       |
| heading of   |                                                       |
| "Re          |                                                       |
| conciliation |                                                       |
| -- Required  |                                                       |
| Inspection " |                                                       |
| listing the  |                                                       |
| required     |                                                       |
| inspections. |                                                       |
|              |                                                       |
| The value    |                                                       |
| "subject to  |                                                       |
| completion   |                                                       |
| per plans    |                                                       |
| and          |                                                       |
| spec         |                                                       |
| ifications", |                                                       |
| "subject to  |                                                       |
| the          |                                                       |
| following    |                                                       |
| repairs or   |                                                       |
| a            |                                                       |
| lterations", |                                                       |
| or "subject  |                                                       |
| to the       |                                                       |
| following    |                                                       |
| required     |                                                       |
| inspection"  |                                                       |
| must be      |                                                       |
| consistent   |                                                       |
| with the     |                                                       |
| subject      |                                                       |
| property     |                                                       |
| condition(s) |                                                       |
| described.   |                                                       |
+--------------+-------------------------------------------------------+
| Opinion of   | -   Enter the opinion of Market Value                 |
| Market Value |                                                       |
+--------------+-------------------------------------------------------+
| Final        | • This entry should contain the appraiser\'s          |
| Re           | reasoning for arriving at the final value.            |
| conciliation |                                                       |
+--------------+-------------------------------------------------------+
| Date of      | • Enter the date when the property was inspected.     |
| Value        |                                                       |
+--------------+-------------------------------------------------------+

More than one box may be marked in the reconciliation section depending
on the assignment and property conditions.

**Section 8 -- Additional Comments**

These comment lines provide additional space for the appraiser to fully
describe any item, area or condition where the commentary exceeds the
space provided in other sections of the report. It is recommended that
any information carried forward to the additional comments section, or
an addendum if needed, follow the sequence of the form with a proper
heading identifying said section.

For example, the neighborhood "market conditions" comments exceed the
space provided on the form. In that case, on page one in neighborhood
market conditions enter "See additional comments", in the "additional
comments" section enter the heading "Neighborhood Market Conditions" and
provide the narrative in this section.

Follow the same procedure for any section of the report where commentary
exceeds space provided. This will provide the reader with the proper
identification and linkage of additional comments together with a
logical flow of information in a standardized reporting format.

**Section 9 -- Cost Approach**

If the subject property is new construction (less than one year old), or
the Cost Approach is recognized in the market as a basis for pricing,
the appraiser may complete the Cost Approach; however, it is not
required for an FHA appraisal. If, however, the subject is a unique
property, has specialized improvements, is manufactured housing, or the
client requests the Cost Approach be completed, then the Cost Approach
is required and must be completed. The square foot method is to be used.

-   State the Remaining Economic Life as a single number or as a range.
    [This line must be completed for every FHA appraisal whether or not
    the cost approach is completed.]{.underline} An explanation is
    required if the remaining economic life is less than 30 years.

+--------------+-------------------------------------------------------+
| **Cost       |                                                       |
| Approach To  |                                                       |
| Value**      |                                                       |
+--------------+-------------------------------------------------------+
| Provide      |                                                       |
| adequate     |                                                       |
| information  |                                                       |
| for the      |                                                       |
| l            |                                                       |
| ender/client |                                                       |
| to replicate |                                                       |
| the below    |                                                       |
| cost figures |                                                       |
| and          |                                                       |
| c            |                                                       |
| alculations. |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Support for  | -   Provide a summary of the comparable land sales or |
| opinion of   |     other methods (abstraction, allocation, land      |
| site value   |     residual, extraction) of estimating site value in |
|              |     support of the opinion of site value.             |
+--------------+-------------------------------------------------------+
| Reproduction | -   Mark the box indicating which cost estimating     |
| or           |     method was used                                   |
| Replacement  |                                                       |
| Cost         | -   Reproduction Cost -- exact duplicate with all     |
|              |     deficiencies and obsolescence                     |
|              |                                                       |
|              | -   Replacement Cost -- cost at current prices with   |
|              |     equivalent utility.                               |
+--------------+-------------------------------------------------------+
| Source of    | -   Provide the name of the cost service and          |
| Cost Data    |     reference page numbers of cost tables or factors. |
|              |     Reviewer or reader must be able to replicate.     |
+--------------+-------------------------------------------------------+
| Quality      | -   Enter the quality rating of the cost tables or    |
| Rating       |     factors referenced.                               |
+--------------+-------------------------------------------------------+
| Effective    | -   Enter the edition and date of latest updates      |
| Date         |     referenced.                                       |
+--------------+-------------------------------------------------------+
| Comments     | -   Describe how physical depreciation was calculated |
|              |                                                       |
|              | -   Describe functional or external obsolescence,     |
|              |                                                       |
|              | -   Enter gross living area calculations or refer to  |
|              |     property sketch.                                  |
+--------------+-------------------------------------------------------+
| Economic     | -   Enter remaining economic life of improvements     |
| Life         |     (required for all FHA appraisals).                |
+--------------+-------------------------------------------------------+
| Provide      |                                                       |
| adequate     |                                                       |
| information  |                                                       |
| for the      |                                                       |
| l            |                                                       |
| ender/client |                                                       |
| to replicate |                                                       |
| the below    |                                                       |
| cost figures |                                                       |
| and          |                                                       |
| c            |                                                       |
| alculations. |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Opinion of   | -   Enter the Opinion Of Site Value                   |
| Site Value   |                                                       |
+--------------+-------------------------------------------------------+
| Dwelling Sq. | -   Enter the GLA, multiply it by the square foot     |
| Ft. @ \$     |     factor -- enter result.                           |
+--------------+-------------------------------------------------------+
| Basement Sq. | -   Enter basement square feet, multiply it by square |
| Ft. @ \$     |     foot factor -- enter result.                      |
+--------------+-------------------------------------------------------+
| Blank Line   | -   Use this line for lump sum adjustments for        |
|              |     plumbing fixtures, dormers, fireplaces, built-in  |
|              |     appliances, pools, etc. Add together -- enter the |
|              |     sum.                                              |
+--------------+-------------------------------------------------------+
| Gar/Crprt    | -   Enter the car storage square feet, multiply it by |
| Sq. Ft @ \$  |     square foot factor -- enter result.               |
+--------------+-------------------------------------------------------+
| Total Cost   | -   Add the results of the first five lines together  |
| New          |     -- enter the sum.                                 |
+--------------+-------------------------------------------------------+
| Less         | -   Enter the amount of estimated depreciation as a   |
| Depreciation |     specific dollar amount, as a percentage or as a   |
|              |     combination of both. Entries made in either       |
|              |     functional or external depreciation require       |
|              |     explanation in the comments section. Add together |
|              |     all forms of depreciation -- enter the sum and    |
|              |     deduct this total from the total cost new.        |
+--------------+-------------------------------------------------------+
| Depreciated  | -   Enter the difference from the total cost new less |
| Cost         |     depreciation.                                     |
+--------------+-------------------------------------------------------+
| "As-is"      | -   Enter the "as-is" value of site improvements      |
| Value of     |                                                       |
| Site         |                                                       |
| Improvements |                                                       |
+--------------+-------------------------------------------------------+
| Blank Line   | -   Enter marketing costs here; generally averages    |
|              |     6%. Also, if applicable, identify and include     |
|              |     impact fees.                                      |
+--------------+-------------------------------------------------------+
| Indicated    | -   Add together depreciated cost of improvements,    |
| Value        |     "as-is" value of site improvements, marketing     |
|              |     expense and/or impact fees -- enter the total.    |
+--------------+-------------------------------------------------------+

# 

# Section 10 -- Income Approach

In a single-family residential property, the Income Approach is
generally not recognized as a basis for buying by the market. The
approach typically provides minimal applicability in the opinion of
market value. Therefore, the Income Approach is not required for FHA
appraisals completed on the Uniform Residential Appraisal Report, Fannie
Mae Form 1004.

  --------------- -------------------------------------------------------
  **Income        
  Approach To     
  Value (not      
  required for    
  FHA             
  appraisals)**   

  **Field**       **Protocol**

  Income Approach • Enter "N/A" in each blank field in this section of
                  the report.
  --------------- -------------------------------------------------------

# Section 11 -- PUD Information

A PUD is a project that includes common property and improvements owned
and maintained by an owners' association for the use and benefit of the
individual units in the subdivision. If not applicable, leave blank.

+--------------+-------------------------------------------------------+
| Project      |                                                       |
| Information  |                                                       |
| for PUDs (if |                                                       |
| applicable)  |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Devel        | • Enter an "X" in the box indicating whether or not   |
| oper/Builder | the developer/builder is in control of the Home       |
| in           | Owners' Association (HOA).                            |
|              |                                                       |
| control of   |                                                       |
| HOA          |                                                       |
+--------------+-------------------------------------------------------+
| Unit Type(s) | -   Enter an "X" in the box indicating unit type,     |
|              |     Detached or Attached.                             |
+--------------+-------------------------------------------------------+

  -----------------------------------------------------------------------
  Provide the following information for PUDs only if the developer is in
  control of the HOA and the subject property is an attached dwelling
  unit.

  -----------------------------------------------------------------------

The information requested is self-explanatory. Appraisers may choose to
answer the last question referencing common elements and recreational
facilities in support of a location adjustment regardless of dwelling
style.

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Legal name   |                                                       |
| of project   |                                                       |
+--------------+-------------------------------------------------------+
| Total number |                                                       |
| of phases    |                                                       |
| Total number |                                                       |
| of units     |                                                       |
| Total number |                                                       |
| of units     |                                                       |
| sold         |                                                       |
+--------------+-------------------------------------------------------+
| Total units  |                                                       |
| rented       |                                                       |
+--------------+-------------------------------------------------------+
| Total units  |                                                       |
| for sale     |                                                       |
+--------------+-------------------------------------------------------+
| Data         | -   Provide source(s) of information, e.g. HOA board, |
| source(s)    |     management company, etc.                          |
+--------------+-------------------------------------------------------+
| Was the      |                                                       |
| project      |                                                       |
| created by   |                                                       |
| the          |                                                       |
| conversion   |                                                       |
| of an        |                                                       |
| existing     |                                                       |
| building(s)  |                                                       |
| into a PUD?  |                                                       |
| If Yes, date |                                                       |
| of           |                                                       |
| conversion.  |                                                       |
+--------------+-------------------------------------------------------+
| Does the     |                                                       |
| project      |                                                       |
| contain any  |                                                       |
| mu           |                                                       |
| lti-dwelling |                                                       |
| units? Yes   |                                                       |
| No Data      |                                                       |
| source(s)    |                                                       |
+--------------+-------------------------------------------------------+
| Are the      |                                                       |
| units,       |                                                       |
| common       |                                                       |
| elements,    |                                                       |
| and          |                                                       |
| recreation   |                                                       |
| facilities   |                                                       |
| complete?    |                                                       |
| Yes No If    |                                                       |
| no, describe |                                                       |
| the status   |                                                       |
| of           |                                                       |
| completion.  |                                                       |
+--------------+-------------------------------------------------------+
| Describe     |                                                       |
| common       |                                                       |
| elements and |                                                       |
| recreational |                                                       |
| facilities.  |                                                       |
+--------------+-------------------------------------------------------+

![](media/image1.png){width="5.429861111111111in"
height="8.99236111111111in"}

![](media/image2.png){width="5.429861111111111in"
height="8.989583333333334in"}

![](media/image3.png){width="5.377083333333333in" height="9.0in"}

![](media/image4.png){width="5.4222222222222225in"
height="8.989583333333334in"}

![](media/image5.png){width="5.392361111111111in"
height="8.997222222222222in"}

![](media/image6.png){width="5.339583333333334in"
height="8.997222222222222in"}

**D-2 Manufactured Home Appraisal Report**

This section provides specific instructions for completing the
Manufactured Home Appraisal Report (Fannie Mae Form 1004C March 2005).

This report form is designed to report an appraisal of a one-unit
manufactured home; including a unit in a planned unit development (PUD),
based on an interior and exterior inspection of the subject property.
This form is not designed to report an appraisal of a conventionally
constructed "stick" or "site" built home or a unit in a condominium or
cooperative project. Manufactured homes within a condominium regime or a
cooperative project are not eligible as collateral for a FHA-insured
loan.

#  {#section-7 .unnumbered}

A manufactured home is defined as a structure that is transportable in
one or more sections. In the traveling mode, the home is eight feet or
more in width and forty feet or more in length and is built on a
permanent chassis and designed to be used as a dwelling when connected
to the required utilities, which includes the plumbing, heating,
air-conditioning and electrical systems contained therein. A
manufactured home is designed and constructed to the Federal
Manufactured Home Construction and Safety Standards (MHCSS) as evidenced
by an affixed certification label. Manufactured homes may also be
referred to as mobile homes, sectionals, multi-sectionals, double-wides,
triple-wides or single wides. Modular housing is built to the
local/state codes and is not to be considered manufactured housing. When
erected on site, to be eligible for FHA insurance the manufactured home
is:

-   Built on or after June 15, 1976 based on MHCSS,

-   At least 400 square feet in gross living area,

-   Built and remains on a permanent chassis,

-   Designed to be used as a dwelling with a permanent foundation which
    is designed and constructed to HUD/FHA criteria and,

```{=html}
<!-- -->
```
-   Have a HUD Certification Label/Seal affixed to the exterior of the
    home.

Appraisers are reminded to pay particular attention to Appraiser's
Certifications #8 and #11 of the Manufactured Home Appraisal Report and
the Competency Rule of USPAP which addresses an appraiser's familiarity
with a specific property type.

# Section 1 -- Subject {#section-1-subject .unnumbered}

This section provides the factual data to identify the property and the
parties to the appraisal process. The \*FHA case number together with
\*borrower and/or \*property information will be supplied by the
lender/client who engages the appraiser.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| \*File       | • Insert the FHA Case Number at the top right corner  |
| Number       | of the page.                                          |
|              |                                                       |
|              | -   The FHA appraisal may not be transmitted to the   |
|              |     lender without a case number.                     |
+--------------+-------------------------------------------------------+
| \*Property   | • Enter the property street number and name, city,    |
| Address      | state and zip code for the property. A post office    |
|              | box number is not acceptable. Enter the nearest       |
|              | intersection if a house number is not available.      |
+--------------+-------------------------------------------------------+
| \*Borrower   | -   Enter the name of the borrower/mortgagor.         |
+--------------+-------------------------------------------------------+
| Owner of     | -   Enter the name of the owner as listed in public   |
| Public       |     records. If the seller is not the owner of public |
| Record       |     record the appraiser must explain.                |
+--------------+-------------------------------------------------------+
| County       | -   Enter the name of the county in which the         |
|              |     property is located. It further provides          |
|              |     locational parameters. If not applicable enter    |
|              |     "N/A".                                            |
+--------------+-------------------------------------------------------+
| Legal        | • Enter the legal description of the property. The    |
| Description  | four types of legal descriptions are: lot and block   |
|              | system, geodetic survey, government survey system and |
|              | metes and bounds system. If the space provided is     |
|              | insufficient, enter this information with the heading |
|              | "Legal Description" in the "Additional Comments"      |
|              | section of the form report or attach this information |
|              | as an addendum.                                       |
+--------------+-------------------------------------------------------+
| Assessor's   | -   Enter the parcel number assigned by the local tax |
| Parcel \#    |     assessor. For those areas that do not have an     |
|              |     assessor's parcel number, enter the tax           |
|              |     identification number.                            |
+--------------+-------------------------------------------------------+
| Tax Year     | -   Enter the current tax year used by the locale,    |
|              |     e.g. fiscal year or actual year.                  |
+--------------+-------------------------------------------------------+
| R. E. Taxes  | -   Enter the dollar amount of the annual real estate |
| \$           |     taxes, including all relevant taxes (school       |
|              |     district tax, fire district tax, etc.).           |
|              |     Manufactured homes must be taxed as real estate   |
|              |     to be eligible for Title II FHA insurance.        |
+--------------+-------------------------------------------------------+
| Neighborhood | -   Enter the name of the subdivision, if applicable, |
| Name         |     or the commonly known local neighborhood          |
|              |     designation. If the subject property is in a      |
|              |     planned unit development or manufactured housing  |
|              |     park, provide the name of the development.        |
+--------------+-------------------------------------------------------+
| Map          | -   Enter location map reference, page number and     |
| Reference    |     coordinates, from source used. This reference     |
|              |     should relate to the location maps most commonly  |
|              |     used in the locale.                               |
+--------------+-------------------------------------------------------+
| Census Tract | -   Enter the census tract number. The census tract   |
|              |     number must be provided.                          |
|              |                                                       |
|              | -   Census tract numbers have four digits and may     |
|              |     have a two digit decimal suffix. Where the basic  |
|              |     census tract number is less than four digits, the |
|              |     Census Bureau includes leading zeros except when  |
|              |     displaying numbers on maps or printed reports. To |
|              |     uniquely identify a census tract, a two-digit     |
|              |     state code and three-digit county code precede    |
|              |     the four-or six-digit census tract number. The    |
|              |     Census Bureau has an internet resource guide for  |
|              |     locating census information. It can be found at   |
|              |     URL: [www.census.gov](http://www.census.gov/)     |
+--------------+-------------------------------------------------------+
| Occupant     | -   Mark the box signifying the occupancy status at   |
|              |     the time of the appraisal.                        |
|              |                                                       |
|              | If vacant, the appraiser should note in the           |
|              | "Improvements" section under "condition of property"  |
|              | whether the utilities were on or off at the time of   |
|              | the appraisal. If off, condition the appraisal on a   |
|              | satisfactory re-inspection that the utility that was  |
|              | off at the time of the appraisal does not require     |
|              | alteration, repair or further inspection.             |
+--------------+-------------------------------------------------------+
| Special      | -   Report the dollar amount of special assessments   |
| Assessments  |     for the subject property, if any, and provide a   |
| \$           |     brief explanation for the assessment. Special     |
|              |     assessments can include municipal bond debt for   |
|              |     off-site improvements. Larger than typical        |
|              |     special assessments may affect marketability. If  |
|              |     not applicable enter "N/A".                       |
+--------------+-------------------------------------------------------+
| PUD HOA\$    | • Enter the dollar amount of the HOA fee and mark the |
|              | box indicating if the fees are paid "per year" or     |
|              | "per month".                                          |
+--------------+-------------------------------------------------------+
| Property     | • Mark the appropriate box indicating the property    |
| Rights       | rights appraised for the subject property as of the   |
| Appraised    | date of the appraisal. "Other" includes Land Trust.   |
+--------------+-------------------------------------------------------+
| Assignment   | -   Mark the appropriate box indicating the           |
| Type         |     assignment type.                                  |
+--------------+-------------------------------------------------------+
| L            | • Enter the name of the lender/client who ordered and |
| ender/Client | will receive the appraisal report. After the client's |
|              | name add **"its successors or assigns"**.             |
| Address      |                                                       |
|              | -   The use of the appraisal is to support FHA's      |
|              |     decision to provide mortgage insurance on the     |
|              |     real property that is the subject of the          |
|              |     appraisal; therefore, intended users include the  |
|              |     lender/client and FHA.                            |
|              |                                                       |
|              | -   Enter the lender/client's address.                |
+--------------+-------------------------------------------------------+
| Currently    | -   The appraiser's certification states in part "I   |
| offered for  |     have researched, verified, analyzed and reported  |
| sale or      |     on any current agreement of sale of the subject   |
| offered for  |     property, any offering for sale of the subject    |
| sale in last |     property in the twelve months prior to the effect |
| 12 months.   |     date of the appraisal..."                         |
|              |                                                       |
|              | -   Mark the appropriate box indicating whether the   |
|              |     subject is currently offered for sale or has been |
|              |     offered for sale in the 12-month period prior to  |
|              |     the effective date of the appraisal. If there are |
|              |     multiple actions, report each instance. Research  |
|              |     may reveal an expired or withdrawn listing. The   |
|              |     prior listing may provide a good indication of    |
|              |     the upper limit of value.                         |
+--------------+-------------------------------------------------------+
| Report data  | -   Complete this field regardless of whether the     |
| source(s)    |     property is currently offered for sale or has     |
| used,        |     been for sale in the 12 months preceding the date |
| offering     |     of the appraisal.                                 |
| price(s),    |                                                       |
| and date(s)  | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Identify source(s) used, price(s) and date(s) of  |
|              |     current or prior listings.                        |
+--------------+-------------------------------------------------------+

## Section 2 - Contract

This section must be completed when the appraisal assignment involves a
purchase transaction, otherwise enter "N/A" for not applicable. FHA
requires that the appraiser be provided with a complete copy of the
ratified sales contract, including all addenda, for the subject
property. It provides the agreed-on contract price (accepted offer),
date of sale, and all financial terms implicit in the offer. If unable
to obtain this information, the appraiser is to state what efforts were
made to obtain it.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Analyze      | -   Explain the results of the analysis (terms and    |
| Contract of  |     conditions) of the contract of sale or why the    |
| Sale         |     analysis was not performed.                       |
|              |                                                       |
|              | -   The analysis may include a reference to the       |
|              |     number of pages contained in the contract for     |
|              |     sale provided.                                    |
|              |                                                       |
|              | -   The analysis should include a description of any  |
|              |     non-realty items included in the contract         |
+--------------+-------------------------------------------------------+
| Contract     | • Enter the final agreed upon contract price for     |
| Price \$     | purchase transaction.                                 |
|              |                                                       |
|              | -   If the manufactured home is new construction,     |
|              |     does the contract price include: all delivery,    |
|              |     installation and setup costs.                     |
+--------------+-------------------------------------------------------+
| Date of      | • Enter the date of the contract. This is the date    |
| Contract     | when all parties have agreed to the terms of, and     |
|              | signed the contract.                                  |
+--------------+-------------------------------------------------------+
| Is The       | •    Mark the appropriate box indicating whether or   |
| Property     | not the seller is the owner of public record. The     |
| Seller The   | appraiser is instructed to contact the lender/client  |
| Owner of     | if the seller is someone other than the owner of      |
| Public       | record. The property may not be eligible for FHA      |
| Record       | financing if it involves flipping (resale in less     |
|              | than 90 days). The lender will make a determination   |
| Data         | for any exceptions to FHA's Flipping Rule and advise  |
| Source(s)    | the appraiser.                                        |
|              |                                                       |
|              | • Report where the information was obtained.          |
+--------------+-------------------------------------------------------+
| Sales        | -   Mark the appropriate box indicating whether or    |
| Concessions  |     not there is any financial assistance (loan       |
| Downpayment  |     charges, sales concessions, gift or down payment  |
| Assistance   |     assistance, etc.) paid by any party on behalf of  |
|              |     the borrower. If necessary, use the "Additional   |
|              |     Comments" section of the appraisal reporting form |
|              |     or an addendum and enter the heading "Sales       |
|              |     Concessions" completing the description.          |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   If yes, the appraiser is to report the total      |
|              |     dollar amount and describe the items to be paid.  |
|              |     If the sale involves personal property (e.g.      |
|              |     above ground pool, lawn mower, furniture, etc.)   |
|              |     it should be identified and excluded from the     |
|              |     valuation.                                        |
+--------------+-------------------------------------------------------+
| Ma           | -   Applies only to new construction (initial sale    |
| nufacturer's |     from manufacturer). Mark the appropriate box and  |
|              |     explain the results of the analysis (terms and    |
| Invoice      |     conditions) of the manufacturer's invoice or why  |
|              |     the analysis was not performed.                   |
|              |                                                       |
|              | -   If the invoice is not available, the appraiser is |
|              |     to note the unavailability.                       |
+--------------+-------------------------------------------------------+
| Retailer's   | -   Applies only to new construction (initial sale    |
| Name         |     from manufacturer). Provide name of retailer or   |
|              |     distributor who sold unit.                        |
+--------------+-------------------------------------------------------+

# Section 3 -- Neighborhood

This section should reflect the area surrounding the subject property.
The appraiser must observe neighborhood characteristics and surrounding
properties to make determinations that will be incorporated into the
valuation of the subject property. In all instances, the appraiser must
mark the appropriate box for each line in neighborhood characteristics
and housing trends. Failure to note conditions that may adversely affect
the value of the property is poor appraisal practice and violates the
Uniform Standards of Professional Appraisal Practice.

NOTE: Race and the racial composition of the neighborhood are not
appraisal factors.

+--------------+-------------------------------------------------------+
| **           |                                                       |
| Neighborhood |                                                       |
| Chara        |                                                       |
| cteristics** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Location     | • Enter the type of area surrounding the subject      |
|              | property.                                             |
|              |                                                       |
|              | **Urban** -- relates to a city                        |
|              |                                                       |
|              | **Suburban** -- relates to an area adjacent to a city |
|              |                                                       |
|              | **Rural** -- relates to the country or beyond the     |
|              | suburban area                                         |
+--------------+-------------------------------------------------------+
| Built-up     | • Enter the built-up percentage -- the percentage of  |
|              | available land that has been improved. Land such as a |
|              | state park would not be considered available land.    |
+--------------+-------------------------------------------------------+
| Growth       | • Enter the growth rate. If many lots are available,  |
|              | the growth rate may be rapid, stable or slow, but if  |
|              | the neighborhood is fully developed, select the       |
|              | "stable" box.                                         |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ### Man      |                                                       |
| ufactured Ho |                                                       |
| using Trends |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol {#protocol-4 .unnumbered}                 |
+--------------+-------------------------------------------------------+
| Property     | • Mark the box describing the current trend in        |
| Values       | property values for manufactured housing in the       |
|              | community. Comparing manufactured housing units that  |
|              | have been sold and resold in recent years is an       |
|              | effective way to determine market trends. Appraisers  |
|              | who use this method, however, should make sure to     |
|              | factor in any improvements or changes made to the     |
|              | property between sales.                               |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ### Man      |                                                       |
| ufactured Ho |                                                       |
| using Trends |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol {#protocol-5 .unnumbered}                 |
+--------------+-------------------------------------------------------+
| Property     | -   If the subject property is one of few             |
| Values       |     manufactured homes in the neighborhood, indicate  |
|              |     this scarcity in market conditions, identify the  |
|              |     most predominant housing type within neighborhood |
|              |     and address trends in value for that identified   |
|              |     type.                                             |
+--------------+-------------------------------------------------------+
| D            | • Mark the appropriate demand/supply trend. To        |
| emand/Supply | determine the equilibrium status of supply and demand |
|              | in the neighborhood, compare the number of houses     |
|              | sold to the number of houses listed for sale in a     |
|              | recent time period. The similarity or difference      |
|              | between the number of houses sold and listed, not the |
|              | absolute numbers, should determine the demand/supply  |
|              | level.                                                |
|              |                                                       |
|              | -   If the subject property is one of few             |
|              |     manufactured homes in the neighborhood, indicate  |
|              |     this scarcity under market conditions, identify   |
|              |     the most predominant housing type within          |
|              |     neighborhood and address trends in demand/supply  |
|              |     for that identified type.                         |
+--------------+-------------------------------------------------------+
| Marketing    | • Mark the appropriate marketing time -- the typical  |
| Time         | length of time a property most similar to the subject |
|              | property would have to stay on the market before      |
|              | being sold at a price near its market value.          |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ### Manufact |                                                       |
| ured Housing |                                                       |
+--------------+-------------------------------------------------------+
| Price Age    | • Indicate the low and high neighborhood prices and   |
|              | ages as well as the predominant value and age of      |
|              | manufactured housing. The high and low for both price |
|              | and age should exclude the extreme. If the subject    |
|              | property is one of few manufactured homes in the      |
|              | neighborhood, indicate this paucity under market      |
|              | conditions, identify the most predominant housing     |
|              | type/style within neighborhood and address prices and |
|              | ages for that identified type.                        |
+--------------+-------------------------------------------------------+

+--------------+---+-------------------------------------------------------+
| ### Presen   |   |                                                       |
| t Land Use % |   |                                                       |
+--------------+---+-------------------------------------------------------+
| One-Unit,    | • |                                                       |
| 2-4 Unit,    | E |                                                       |
| M            | s |                                                       |
| ulti-Family, | t |                                                       |
| Commercial,  | i |                                                       |
| Other        | m |                                                       |
|              | a |                                                       |
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|              | . |                                                       |
+--------------+---+-------------------------------------------------------+
| Neighborhood |   | • The appraiser must clearly define the boundaries -- |
| Boundaries   |   | north, south, east and west -- of the subject's       |
|              |   | neighborhood. Providing a description of neighborhood |
|              |   | boundaries by physical features such as streets, rail |
|              |   | lines, other man-made barriers or well defined        |
|              |   | natural barriers (i.e. rivers, lakes, etc.) details   |
|              |   | the make up and understanding regarding neighborhood  |
|              |   | composition.                                          |
+--------------+---+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ##           |                                                       |
| # Neighborho |                                                       |
| od Narrative |                                                       |
+--------------+-------------------------------------------------------+
| Neighborhood | • Discuss factors that would attract residents or     |
| Description  | cause them to reject the neighborhood. These are      |
|              | typical factors important to discuss:                 |
|              |                                                       |
|              | -   Level of maintenance and condition of homes       |
|              |                                                       |
|              | -   Housing styles, ages, sizes, etc.                 |
|              |                                                       |
|              | -   Land uses                                         |
+--------------+-------------------------------------------------------+

+--------------+---+-------------------------------------------------------+
| ##           |   |                                                       |
| # Neighborho |   |                                                       |
| od Narrative |   |                                                       |
+--------------+---+-------------------------------------------------------+
| Neighborhood |   | -   Proximity to employment and amenities, including  |
| Description  |   |     travel distance and time to local employment      |
|              |   |     sources and community amenities                   |
|              |   |                                                       |
|              |   | -   Employment stability, in terms of variety of      |
|              |   |     employment opportunities and industries           |
|              |   |                                                       |
|              |   | -   Overall appeal of the neighborhood as compared to |
|              |   |     competitive neighborhoods in the same market      |
|              |   |                                                       |
|              |   | -   Convenience to shopping with respect to distance, |
|              |   |     time and required means of transportation         |
|              |   |                                                       |
|              |   | -   Convenience to schools in terms of the distance   |
|              |   |     and time for travel to school                     |
+--------------+---+-------------------------------------------------------+
| Market       | - |                                                       |
| Conditions   |   |                                                       |
| (including   |   |                                                       |
| support for  |   |                                                       |
| the above    | P |                                                       |
| conclusions) | r |                                                       |
|              | o |                                                       |
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|              | n |                                                       |
|              | t |                                                       |
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|              |   |                                                       |
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|              |   |                                                       |
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|              | . |                                                       |
+--------------+---+-------------------------------------------------------+

## Section 4 -- Site

This information provides the description of the land underlying the
subject property. Insert factual information on each of the lines
provided and report the conclusions as directed. Consider all aspects of
the physical description and reconcile them in the opinion of market
value. This section of the appraisal requires the appraiser to consider
any adverse site conditions or adverse external factors that may impact
value.

+--------------+-------------------------------------------------------+
| **Field**    | **• Protocol**                                        |
+--------------+-------------------------------------------------------+
| Dimensions   | • List all dimensions of the site beginning with the  |
|              | frontage. If the shape of the site is irregular, show |
|              | the boundary dimensions (85\' X 150\' X 195\' X       |
|              | 250\'), or attach a property survey, site plan or     |
|              | plat or legal description with the comment, "see      |
|              | attached ." Do not list site area on the dimensions   |
|              | line.                                                 |
+--------------+-------------------------------------------------------+
| Area         | • Enter the site area in square feet or acres. This   |
|              | entry must be consistent with the dimensions provided |
|              | in the "Dimensions" field.                            |
+--------------+-------------------------------------------------------+
| Shape        | • Describe the shape of the site, e.g. triangular,    |
|              | square, rectangular, irregular, flag lot.             |
+--------------+-------------------------------------------------------+
| View         | • Briefly describe the view from the property (None   |
|              | is not an acceptable response).                       |
|              |                                                       |
|              | -   Identify a view with a significant positive or    |
|              |     negative influence on the value.                  |
|              |                                                       |
|              | -   Photographs are recommended for any negative or   |
|              |     positive view influences affecting value or       |
|              |     marketability.                                    |
+--------------+-------------------------------------------------------+
| Specific     | • Enter the specific zoning classification used by    |
| Zoning       | the local municipality or jurisdiction, e.g., R-1     |
| Cl           |                                                       |
| assification | -   If none exists enter "None Exists"                |
+--------------+-------------------------------------------------------+
| Zoning       | -   Describe what the specific classification means.  |
| Description  |     Include a general statement describing what the   |
|              |     zoning permits. For example: R-1 =                |
|              |     Residential-Single Family                         |
|              |                                                       |
|              | -   If "None Exists" describe the prevalent use of    |
|              |     sites in the neighborhood.                        |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field**    | **• Protocol**                                        |
+--------------+-------------------------------------------------------+
| Zoning       | • Determine whether the current use is in compliance  |
| Compliance   | with the zoning ordinances. Mark the box indicating   |
|              | whether the use is Legal, Legal Non-Conforming        |
|              | (Grandfathered Use), No Zoning, or Illegal Use.       |
|              |                                                       |
|              | • If the existing property does not comply with all   |
|              | of the current zoning regulations (use, lot size,     |
|              | improvement size, off street parking, etc.) but is    |
|              | accepted by the local zoning authority, enter "Legal  |
|              | Non-Conforming" and provide a brief explanation.      |
|              |                                                       |
|              | -   If the use is not legal, the property is not      |
|              |     eligible for FHA mortgage insurance.              |
+--------------+-------------------------------------------------------+
| Highest and  | • Mark the appropriate box. This entry represents the |
|              | highest and best use of the site, as improved, in     |
| Best Use     | relation to the neighborhood and current market       |
|              | conditions.                                           |
|              |                                                       |
|              | • If current use represents the highest and best use, |
|              | mark \"yes\".                                         |
|              |                                                       |
|              | • If it does not, mark \"no\" and provide a detailed  |
|              | explanation.                                          |
+--------------+-------------------------------------------------------+
| Utilities    | • Mark either "Public" or \"Other.\" If "Other\" is   |
|              | marked, describe. Public utilities mean               |
|              | governmentally supplied and regulated. Public does    |
|              | not include any community systems sponsored, owned or |
|              | operated by the developer or a private company not    |
|              | subject to government regulation or financial         |
|              | assistance.                                           |
|              |                                                       |
|              | • Note if there are mechanical chlorinators or        |
|              | water-flow that decreases noticeably while running    |
|              | simultaneous plumbing fixtures.                       |
|              |                                                       |
|              | •    Visually inspect the septic system and its       |
|              | surrounding area. If there are obvious or readily     |
|              | observable signs of system failure, "require          |
|              | inspection" to ensure that the system is in proper    |
|              | working order.                                        |
|              |                                                       |
|              | **Note:** The appraiser shall indicate whether a      |
|              | public water or sewage disposal system is available   |
|              | to the site. If available, connection must be made to |
|              | public or community water/sewage disposal system if   |
|              | connection costs are reasonable. The lender will      |
|              | determine whether connection is feasible.             |
+--------------+-------------------------------------------------------+
| Off-site     | • Briefly describe the off-site improvements under    |
| Improv       | \"Type\" and mark Public or Private. For example:     |
| ements--Type | \"Street-Asphalt; Public\", "Alley-None"              |
|              |                                                       |
|              | • Public refers to an improvement dedicated to and    |
|              | accepted by a unit of government -- not including     |
|              | Home Owner\'s Associations.                           |
+--------------+-------------------------------------------------------+
| FEMA Special | • FEMA (Federal Emergency Management Agency) is       |
| Flood Hazard | responsible for mapping flood hazard areas. If the    |
| Area         | property is within a Special Flood Hazard Area, mark  |
|              | \"YES\". Otherwise, mark "NO".                        |
|              |                                                       |
|              | • Attach a copy of the flood map panel for properties |
|              | located within an identified flood hazard area.       |
|              |                                                       |
|              | **Note:** To be eligible for FHA-insurance, the       |
|              | finished grade level beneath a manufactured home must |
|              | be at or above the 100-year return frequency          |
|              | elevation. If the site supporting a manufactured home |
|              | is within a FEMA designated flood hazard area, the    |
|              | lender should order a FEMA Elevation Certificate to   |
|              | determine whether the manufactured home qualifies for |
|              | FHA-insurance.                                        |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field**    | **• Protocol**                                        |
+--------------+-------------------------------------------------------+
| FEMA Flood   | • Enter the FEMA Zone designation. Only properties    |
| Zone         | within Special Flood Hazard Areas, such as zones      |
|              | \"A\" a special flood hazard area and \"V\" a coastal |
|              | area, require flood insurance. Zones \"B\" \"C\" and  |
|              | "X" do not.                                           |
+--------------+-------------------------------------------------------+
| FEMA Map \#  | • Enter the FEMA Map number and map date. If it is    |
| and FEMA Map | not shown on any map, enter \"Not Mapped.\"           |
| Date         |                                                       |
+--------------+-------------------------------------------------------+
| Are          | -   Mark the appropriate box indicating whether the   |
| utilities    |     utilities and off-site improvements are typical   |
| and off site |     for the market area.                              |
| improvements |                                                       |
| typical for  | -   If "No" is marked, explain why the utilities      |
| the market   |     and/or off site improvement are not typical.      |
| area?        |                                                       |
+--------------+-------------------------------------------------------+
| Is site      | -   Mark the appropriate box indicating whether the   |
| size, shape  |     site size, shape and topography are generally     |
| and          |     conforming to and acceptable in the market area.  |
| topography   |                                                       |
| conforming?  | -   If "no" is marked, explain why and its impact on  |
|              |     value and/or marketability.                       |
+--------------+-------------------------------------------------------+
| Vehicular    | -   Mark the appropriate box indicating whether there |
| access       |     is adequate vehicular access to the subject       |
|              |     property.                                         |
|              |                                                       |
|              | -   If "no" is marked, provide explanation.           |
+--------------+-------------------------------------------------------+
| Street       | -   Mark the appropriate box indicating whether the   |
| maintenance  |     street is properly maintained.                    |
|              |                                                       |
|              | -   If "no" is marked, describe the condition of the  |
|              |     street, lack of an all weather surface and/or     |
|              |     adequacy maintenance.                             |
+--------------+-------------------------------------------------------+
| Any adverse  | • Mark the appropriate box indicating whether there   |
| site         | are any adverse site conditions or external factors   |
| conditions   | (easements, encroachments, environmental conditions,  |
| or external  | land uses, etc.).                                     |
| factors      |                                                       |
|              | -   If "No" is marked, no comment is necessary, if    |
|              |     "Yes" is marked, a detailed explanation is        |
|              |     required.                                         |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Describe any adverse site conditions or adverse   |
|              |     factors. Consider easements affecting the         |
|              |     functional utility of the property in the         |
|              |     conclusions of both the highest and best use and  |
|              |     market value. For example, discuss adverse        |
|              |     easements, encroachments, slide areas, illegal or |
|              |     non-conforming zoning use, etc. Consider surface, |
|              |     sub-surface and overhead easements.               |
|              |                                                       |
|              | -   List any adverse environmental conditions,        |
|              |     including hazardous wastes, toxic substances and  |
|              |     others.                                           |
|              |                                                       |
|              | -   Explain all deficiencies that do not require      |
|              |     repair (extreme slope, etc.) and consider them in |
|              |     the opinion of value.                             |
|              |                                                       |
|              |     • Discuss the observations with direct            |
|              |     relationship to value and consider them in the    |
|              |     approaches to value.                              |
+--------------+-------------------------------------------------------+

# 

# Section 5 -- HUD Data Plate

The Federal Manufactured Home Construction and Safety Standards, Part 24
of the Code of Federal Regulations (CFR) 3280, requires that "each
manufactured home shall bear a data plate affixed in a permanent manner
near the main electrical panel or other readily accessible or visible
location." Typically, the HUD Data Plate is adjacent to the electric
service panel, the utility room or within a cabinet in the kitchen. Over
time, homeowners often remove this sheet and it is common for the data
plate to be missing from a manufactured home.

Copies of the data plate are generally available only from the
manufacturer of the home or the in-plant inspection agency responsible
for inspecting the home prior to its shipment from the manufacturing
plant. If the data plate is missing, locating a replacement or the
specific data plate information from the manufacturer or in-plant
inspection agency may be impractical or expensive. Some manufacturers
are no longer in business or the in-plant inspection agency may no
longer have the information.

The HUD Data Plate (Manufacturer's Data Plate) provides information on:

1.  Name and address of the manufacturing plant where the home was
    constructed;

2.  Serial number, model designation and date of manufacture (date the
    certification label was applied to the home).

3.  Compliance statement;

4.  List of certification label(s) number(s);

5.  List of major factory installed equipment, and

6.  Roof zone and wind zone maps designating the zones for which the
    home has been constructed.

The heating/cooling certification and insulation maps may be on the data
plate, or may be in separate documentation provided with the home. The
data plate is not required to include the heating and cooling
certification. Manufacturers and in-plant inspection agencies are not
required to maintain the heating and cooling certification information.

The **Certification Label** (aka HUD Seal) is a 2 inch by 4 inch
aluminum plate, permanently attached to the home, located at one end of
each section of the home, approximately one foot up from the floor and
one foot in from the road side, or as near that location on a permanent
part of the exterior of the home as practicable. This Certification
Label is often referred to as the HUD Label, or the HUD Tag. Etched on
the Certification Label is the Certification Label Number, also referred
to as the HUD Label Number. Label numbers **are not** required to be
sequential on multi-section homes.

Verifications of the Certification Label Numbers are available from the
manufacturer, the in-plant inspection agency, and HUD, sometimes
at-cost. Contacts for the in-plant inspection agencies are available on
HUD's manufactured housing website. Information on requesting these
verifications is available at the website for the manufactured housing
program at
[http://www.hud.gov/offices/hsg/sfh/mhs/mhslabels.cfm]{.underline}.

# 

+--------------+-------------------------------------------------------+
| **Field**    | **• Protocol**                                        |
+--------------+-------------------------------------------------------+
| HUD Data     | • Mark the appropriate box to indicate if the Data    |
| Plate        | Plate is attached. If the Data Plate is missing       |
|              | and/or the appraiser is unable to locate it, the      |
|              | appraiser only needs to report this fact and is not   |
|              | required to secure the Data Plate information from    |
|              | another source.                                       |
+--------------+-------------------------------------------------------+
| C            | • To be eligible for FHA-insured financing, the       |
| ertification | manufactured home must have a HUD Certification Label |
| Label        | affixed to the tail-light end of each transportable   |
|              | section.                                              |
| (aka HUD     |                                                       |
| Seal)        | -   If the appraiser is unable to locate the HUD      |
|              |     Certification Label (HUD Seal), the lender must   |
|              |     be notified.                                      |
+--------------+-------------------------------------------------------+
| Ma           | •    Enter the manufacturer's serial number or VIN \# |
| nufacturer's | which can be found on the HUD Data Plate. If the Data |
| Serial \# or | Plate is missing, the serial number is stamped on the |
| VIN \#       | foremost cross member of the supporting frame of the  |
|              | hitch-end of the manufactured home.                   |
+--------------+-------------------------------------------------------+
| HUD          | -   Enter the label #s for each section.              |
| C            |                                                       |
| ertification |                                                       |
| Label #(s)   |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **• Protocol**                                        |
+--------------+-------------------------------------------------------+
| Ma           | • Provide the manufacturer's name, model name of the  |
| nufacturer's | subject unit and date of manufacturer. This           |
| Name,        | information can be found on the HUD Data Plate.       |
| Trade/Model, |                                                       |
| and date of  |                                                       |
| Manufacture  |                                                       |
+--------------+-------------------------------------------------------+
| Wind, Roof   | -   The HUD Data Plate contains wind, roof load and   |
| Load and     |     thermal zone maps which designate the zone for    |
| Thermal      |     which the home was constructed. Mark the          |
| Zones        |     appropriate box.                                  |
|              |                                                       |
|              | -   Mark the appropriate box indicating whether the   |
|              |     subject meets zone requirements for its location. |
|              |                                                       |
|              | -   Marked "no" if the zone map indicates the         |
|              |     manufactured home was constructed for a           |
|              |     geographic area different from where the home is  |
|              |     located, the appraiser should note and highlight  |
|              |     this discrepancy.                                 |
|              |                                                       |
|              | -   Mark "no" if the Data Plate is missing. The       |
|              |     appraiser should note: Date plate missing, unable |
|              |     to determine compliance with wind, roof load and  |
|              |     thermal zones requirements.                       |
+--------------+-------------------------------------------------------+

# 

# Section 6 -- Improvements

This section describes the subject improvements. Accurately report the
conditions observed. Describe needed repairs, or the existence of any
functional or external obsolescence. Enter factual information on each
of the lines provided and report the conclusions. Consider all aspects
of the physical description and reconcile them in the opinion of market
value*.*

+--------------+-------------------------------------------------------+
| **General    |                                                       |
| D            |                                                       |
| escription** |                                                       |
+==============+=======================================================+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Uni          | • Mark the appropriate box. The Manufactured Home     |
| ts/Additions | Appraisal Report is designed solely for the valuation |
|              | of a one-unit manufactured home. The appraiser is to  |
|              | indicate if the original manufactured home (as        |
|              | delivered and installed) to the site has been altered |
|              | or added on to by marking the box for additions.      |
+--------------+-------------------------------------------------------+
| \# of        | • Enter the number of stories *above grade*,          |
| Stories      | including half stories. Do not include the basement.  |
+--------------+-------------------------------------------------------+
| Design       | • Enter a brief description of the house design style |
| (Style)      | using historical or contemporary fashion. For         |
|              | example: Cape Cod, bi-level, split level, split       |
|              | foyer, colonial, town house, etc. Do not use          |
|              | builder\'s model name. Avoid generic descriptions     |
|              | such as Traditional or Conventional.                  |
+--------------+-------------------------------------------------------+
| \# of        | • Mark the appropriate box denoting the number of     |
| Sections     | sections. Mark "Other" if subject made up of four or  |
|              | more sections.                                        |
+--------------+-------------------------------------------------------+
| Type         | • Mark the box that identifies the type of dwelling,  |
|              | \"Det.\" (Detached), "Att." (Attached), \"S-Det."     |
|              | (Semi-Detached) or "End Unit" (End unit of a group of |
|              | rowhouses or townhouses).                             |
+--------------+-------------------------------------------------------+
| Stage of     | • Mark the box signifying the stage of construction,  |
| Construction | Existing, Proposed or New Construction (new           |
|              | construction would only apply to foundation).         |
+--------------+-------------------------------------------------------+
| Year Built   | • If the manufactured home is less than one year old, |
|              | include both the month and year completed.            |
|              |                                                       |
|              | • If it is over one year old, insert the year built.  |
+--------------+-------------------------------------------------------+
| Effective    | • Enter the effective age of the improvements. A      |
| Age (Yrs)    | range is acceptable. The effective age reflects the   |
|              | condition of the property relative to similar         |
|              | competitive properties. The effective age may be      |
|              | greater than, less than or equal to the actual age.   |
|              |                                                       |
|              | • Note any significant difference between the actual  |
|              | and effective ages and explain in the "condition of   |
|              | property" comments section.                           |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Attic** -- |                                                       |
| Enter the    |                                                       |
| attic and    |                                                       |
| observe the  |                                                       |
| interior     |                                                       |
| roofing for  |                                                       |
| insulation,  |                                                       |
| deficient    |                                                       |
| materials,   |                                                       |
| leaks or     |                                                       |
| readily      |                                                       |
| observable   |                                                       |
| evidence of  |                                                       |
| significant  |                                                       |
| water        |                                                       |
| damage,      |                                                       |
| structural   |                                                       |
| problems,    |                                                       |
| previous     |                                                       |
| fire damage, |                                                       |
| FRT          |                                                       |
| sheathing,   |                                                       |
| exposed and  |                                                       |
| frayed       |                                                       |
| wiring and   |                                                       |
| adequate     |                                                       |
| ventilation  |                                                       |
| by vent, fan |                                                       |
| or window.   |                                                       |
| If any of    |                                                       |
| these        |                                                       |
| deficiencies |                                                       |
| exist,       |                                                       |
| condition    |                                                       |
| the          |                                                       |
| appraisal on |                                                       |
| their repair |                                                       |
| and prepare  |                                                       |
| the          |                                                       |
| appraisal    |                                                       |
| "subject to  |                                                       |
| repairs"     |                                                       |
| and/or       |                                                       |
| "subject to  |                                                       |
| inspection". |                                                       |
|              |                                                       |
| The attic    |                                                       |
| must be      |                                                       |
| entered, at  |                                                       |
| a minimum,   |                                                       |
| by head and  |                                                       |
| shoulders,   |                                                       |
| whether      |                                                       |
| access is by |                                                       |
| pull-down    |                                                       |
| stairway or  |                                                       |
| scuttle.     |                                                       |
| Size of the  |                                                       |
| scuttle and  |                                                       |
| a            |                                                       |
| ccessibility |                                                       |
| of the attic |                                                       |
| dictate the  |                                                       |
| level of     |                                                       |
| entry.       |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| None         | Enter 'X" if there is no attic.                       |
+--------------+-------------------------------------------------------+
| Drop Stair   | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Stairs       | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Floor        | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Scuttle      | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Finished     | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Heated       | Enter "X" if the attic is heated.                     |
+--------------+-------------------------------------------------------+

**Foundation**

The appraiser is required to inspect the foundation and basement. The
appraiser must address all visible deficiencies and may require a
recommendation for an inspection. Consider deferred maintenance and
physical deterioration in the valuation process.

**Basement**

Generally, may be partially or completely below grade (ground level). Do
not count the basement in the finished gross living area at the grade
level. The information provided must be consistent with the description
in the Foundation section.

+--------------+-------------------------------------------------------+
| **           |                                                       |
| Foundation** |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Poured       | -   Mark this box if any part of the foundation       |
| Concrete     |     system has a concrete slab.                       |
+--------------+-------------------------------------------------------+
| Concrete     | -   Mark this box if any part of the foundation       |
| Runners      |     system has concrete runners upon which the        |
|              |     manufactured home rests in some fashion.          |
+--------------+-------------------------------------------------------+
| Block & Pier | •    Mark this box if the manufactured home is        |
|              | supported by concrete/masonry blocks constructed on   |
|              | free standing piers or by a continuous perimeter      |
|              | enclosure.                                            |
+--------------+-------------------------------------------------------+
| Other-Att.   | -   Mark this box if the foundation supporting the    |
| Description  |     manufactured home does not fall under the above   |
|              |     types and describe the foundation supporting the  |
|              |     manufactured home.                                |
+--------------+-------------------------------------------------------+
| Full         | -   Mark this box if there is a full basement.        |
| Basement     |                                                       |
+--------------+-------------------------------------------------------+
| Partial      | -   Mark this box if there is a partial basement.     |
| Basement     |                                                       |
|              | -   For a dirt basement floor, determine whether such |
|              |     a property is typical for the area and is readily |
|              |     marketable. If so, it is not required that a      |
|              |     concrete basement floor be installed. Mechanical  |
|              |     equipment, however, must be located on a concrete |
|              |     pad.                                              |
+--------------+-------------------------------------------------------+
| Basement     | -   Enter the square footage of the basement area     |
| Area Sq Ft   |     using exterior dimensions.                        |
+--------------+-------------------------------------------------------+
| Basement     | -   Enter the percentage of basement (figure above)   |
| Finish %     |     that is finished.                                 |
+--------------+-------------------------------------------------------+
| Outside      | -   Mark this box only if there is an outside         |
| Entry/Exit   |     entry/exit, otherwise leave blank.                |
|              |                                                       |
|              | -   In there is an entry, make sure door is operable. |
+--------------+-------------------------------------------------------+
| Sump Pump    | • Mark this box only if there is a sump pump,         |
|              | otherwise leave blank.                                |
+--------------+-------------------------------------------------------+
| Evidence of  | -   Mark this box if there is evidence of             |
|              |     infestation, including the house and/or other     |
| Infestation  |     structures within the legal boundaries of the     |
|              |     property, otherwise leave blank.                  |
|              |                                                       |
|              |     • Examine the subject property for readily        |
|              |     observable evidence of wood boring insects.       |
|              |                                                       |
|              | -   Do not require a pest inspection based solely on  |
|              |     the age of a property. Inspections are necessary  |
|              |     whenever there is evidence of decay, pest         |
|              |     infestation, suspicious damage or when it is      |
|              |     customary to the area or required by state law.   |
+--------------+-------------------------------------------------------+
| Evidence of  | -   Basement or crawl space area must not have        |
| Dampness     |     excessive dampness or ponding of water.           |
|              |                                                       |
|              | -   If any of these inadequacies exist, condition the |
|              |     appraisal "subject to repairs" to correct the     |
|              |     condition, or "subject to inspection" to          |
|              |     determine the source of problem and corrective    |
|              |     measures necessary by a qualified party.          |
+--------------+-------------------------------------------------------+
| Evidence of  | •    Mark this box if there is evidence of            |
| Settlement   | settlement, otherwise leave blank.                    |
|              |                                                       |
|              | •    Examine foundation for readily observable        |
|              | evidence of settlement.                               |
|              |                                                       |
|              | -   Hairline step-cracks are common, however,         |
|              |     horizontal cracks, bulging walls or separation of |
|              |     sill plate from top of foundation wall are        |
|              |     critical and require inspection.                  |
+--------------+-------------------------------------------------------+

**Mechanical Systems**

An appraiser must examine mechanical, plumbing and electrical systems of
the subject property to ensure that they are in proper working order.
This examination entails turning on the applicable systems and observing
their performance. Electrical, plumbing and/or heating certifications
may be called for by the appraiser when he/she cannot determine if one
or all of these systems are working properly. An appraiser should not
arbitrarily call for such certifications. However, they are still
responsible for checking on the adequacy of these systems at the time of
appraisal.

+--------------+-------------------------------------------------------+
| ## Hea       |                                                       |
| ting and Coo |                                                       |
| ling Systems |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol                                           |
+--------------+-------------------------------------------------------+
| Heating      | • Enter an "X" in the box indicating the type of      |
|              | heating system: FWA (forced warm air), HWBB (hot      |
|              | water baseboard), Radiant or "Other". If "Other" is   |
|              | marked, provide a brief description, e.g. EBB (for    |
|              | electric baseboard).                                  |
|              |                                                       |
|              | -   Turn on the furnace/heating system to test        |
|              |     functionality, weather permitting, and that no    |
|              |     unusual noises are heard, no odors or smoke are   |
|              |     emitted indicating a defective unit, etc.         |
|              |     However, do not operate the systems if doing so   |
|              |     may damage equipment or when outside temperatures |
|              |     will not allow system to operate.                 |
|              |                                                       |
|              | -   Note significant holes/deterioration on the unit. |
|              |                                                       |
|              | -   Determine whether there is an installed heat or   |
|              |     cool-air source in each room by using the         |
|              |     system's normal operating controls. It is not     |
|              |     necessary to observe the uniformity of heat or    |
|              |     cool-air to various rooms.                        |
|              |                                                       |
|              | -   Turn on the hot water to ensure that the water    |
|              |     heater is operating appropriately.                |
+--------------+-------------------------------------------------------+
| Fuel         | • Enter type of fuel used: coal, gas, oil, propane,   |
|              | electric, etc.                                        |
+--------------+-------------------------------------------------------+
| Cooling      | -   Enter an "X" in the box indicating the type of    |
|              |     cooling system: Central Air Conditioning,         |
|              |     Individual or Other. If "Other" is marked,        |
|              |     provide a brief description, e.g. permanently     |
|              |     affixed fans, zoned air-conditioning, etc.        |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Turn on air conditioning system to test           |
|              |     functionality, weather permitting, and that no    |
|              |     unusual noises are heard, no odors or smoke are   |
|              |     emitted indicating a defective unit, etc.         |
|              |     However, do not operate the systems if doing so   |
|              |     may damage equipment or when outside temperatures |
|              |     will not allow system to operate.                 |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Note significant holes/deterioration on the unit  |
+--------------+-------------------------------------------------------+

**Exterior Materials/Condition**

Enter the types of Materials and rate the observed Condition of the
Materials (Good, Average, Fair, and Poor). Make every effort to describe
accurately and explain in detail \"Fair\" and \"Poor\" ratings and
whether or not the item(s) described require repair, replacement or
further inspection. The rating must relate to the habitability of the
house given local standards (Photo documentation of property condition
is always advisable).

+--------------+-------------------------------------------------------+
| **Exterior   |                                                       |
| Description  |                                                       |
| materials    |                                                       |
| /condition** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Skirting     | -   If the manufactured home features skirting placed |
|              |     between the bottom of the home and the grade of   |
|              |     the supporting ground, indicate the material type |
|              |     of the skirting. Note that FHA requires a         |
|              |     properly enclosed crawl space (if crawl area with |
|              |     no basement) with a continuous perimeter          |
|              |     enclosure of a permanent foundation-type          |
|              |     construction i.e., poured concrete, block, brick, |
|              |     stone, treated wood, etc.) and rate the observed  |
|              |     condition.                                        |
|              |                                                       |
|              | -   If the manufactured home has a crawl space and    |
|              |     lacks a continuous perimeter enclosure of a       |
|              |     permanent nature, note and highlight this         |
|              |     absence. Note whether enclosed crawl area has     |
|              |     adequate access and ventilation.                  |
+--------------+-------------------------------------------------------+
| Exterior     | • Enter the material type: aluminum, vinyl or wood    |
| Walls        | siding, brick veneer, stucco, stone, etc.             |
|              |                                                       |
|              | -   If a combination of materials, show the           |
|              |     predominant portion first and rate the observed   |
|              |     condition.                                        |
+--------------+-------------------------------------------------------+
| **Exterior   |                                                       |
| Description  |                                                       |
| materials    |                                                       |
| /condition** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Roof Surface | -   Enter the material type: composition shingle,     |
|              |     asphalt shingle, wood, slate, clay tile,          |
|              |     aluminum, built-up, etc. and rate the observed    |
|              |     condition.                                        |
|              |                                                       |
|              | -   View the roof from ground level to determine if   |
|              |     the integrity of the roof is sufficient.          |
|              |                                                       |
|              | -   Observe roof coverings, roof drainage systems,    |
|              |     flashing, skylights, or chimneys for readily      |
|              |     observable evidence of leakage or abnormal        |
|              |     condensation on building components.              |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Note any evidence of deterioration of roofing     |
|              |     materials (missing tiles, shingles, flashing).    |
|              |     Deteriorated roofing materials include those that |
|              |     are worn, cupped, or curled.                      |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   If the roof is otherwise unobservable, look for   |
|              |     telltale signs of roof problems on the interior,  |
|              |     such as damage or water stains to the ceiling     |
|              |     area of a room or closet.                         |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   The appraiser must note in the appraisal that     |
|              |     he/she could not adequately observe the entire    |
|              |     roof area (state which area(s) were               |
|              |     unobservable). Based on the information reported  |
|              |     by the appraiser, the underwriter will determine  |
|              |     whether or not a roofing inspection is required.  |
+--------------+-------------------------------------------------------+
| Gutters and  | • Enter the material type: galvanized, aluminum,      |
| Downspouts   | plastic, vinyl, PVC, etc. and rate the condition      |
|              | observed.                                             |
+--------------+-------------------------------------------------------+
| Window Type  | • Enter window type: Double Hung, Single Hung,        |
|              | Casement, Sliders, etc. and identify the window frame |
|              | material: wood, aluminum, steel, vinyl, etc. Rate the |
|              | condition observed.                                   |
|              |                                                       |
|              | -   Bedroom windows with security bars require a      |
|              |     quick release mechanism for emergency egress. If  |
|              |     not so equipped, condition the appraisal on a     |
|              |     "required repair".                                |
+--------------+-------------------------------------------------------+
| Storm Sash / | • Describe storm sash material or state if windows    |
| Insulated    | are double glazed, etc. or a combination of the two.  |
|              | Rate the condition observed. If none, so state.       |
+--------------+-------------------------------------------------------+
| Screens      | -   Describe style (full, half, none) and rate the    |
|              |     condition observed.                               |
+--------------+-------------------------------------------------------+
| Doors        | -   Describe exterior doors (type and material, i.e., |
|              |     wood, metal, fiberglass, etc.)                    |
+--------------+-------------------------------------------------------+

A brief description of an amenity may include its material type and/or
size and/or dimensions.

+----------------+------------------------------------------------------+
| **Amenities**  |                                                      |
+================+======================================================+
| **Field**      | Protocol                                             |
+----------------+------------------------------------------------------+
| Woodstove \#   | -   Enter "X" if this amenity exists and provide a   |
|                |     specific number.                                 |
+----------------+------------------------------------------------------+
| Fireplace(s)   | -   Enter "X" if this amenity exists and provide a   |
| \#             |     specific number                                  |
+----------------+------------------------------------------------------+
| Fence          | -   Enter "X" if this amenity exists. Describe       |
|                |     material/type in additional features             |
+----------------+------------------------------------------------------+
| Patio/Deck     | -   Enter "X" if this amenity exists. Describe       |
|                |     material/type in additional features             |
+----------------+------------------------------------------------------+
| Porch          | -   Enter "X" if this amenity exists. Describe       |
|                |     material/type in additional features             |
+----------------+------------------------------------------------------+
| Pool           | -   Enter "X" if this amenity exists. Describe in    |
|                |     additional features. Specify whether in-ground   |
|                |     or above-ground. Above-ground pools are          |
|                |     considered personal property and are not to be   |
|                |     included in the value.                           |
+----------------+------------------------------------------------------+
| Other          | -   Enter "X" if this line is used to report another |
|                |     amenity or salient feature not listed above that |
|                |     has contributory value. Describe "Other" in      |
|                |     additional features. Be sure to compare the      |
|                |     subject and comparable sales in relation to that |
|                |     amenity or feature and make the appropriate      |
|                |     adjustments.                                     |
+----------------+------------------------------------------------------+

**Interior Materials/Condition**

Enter the types of materials and rate the observed Condition of the
Materials (Good, Average, Fair, and Poor) and whether or not the item(s)
described require repair, replacement or further inspection. Make every
effort to describe accurately and explain in detail \"Fair\" and
\"Poor\" ratings. The rating must relate to the habitability of the
house given local standards.

+----------------+------------------------------------------------------+
| **Interior     |                                                      |
| materia        |                                                      |
| ls/condition** |                                                      |
+----------------+------------------------------------------------------+
| Field          | ## Protocol {#protocol-7 .unnumbered}                |
+----------------+------------------------------------------------------+
| Floors         | -   Enter material type --- tile, hardwood, carpet,  |
|                |     etc.--- and rate condition observed              |
+----------------+------------------------------------------------------+
| Walls          | •    Enter material type---plaster, drywall, paneled |
|                | etc.--- and rate condition observed                  |
+----------------+------------------------------------------------------+
| Trim/Finish    | • Enter material type --- wood, metal, vinyl,        |
|                | etc.--- and rate condition observed                  |
+----------------+------------------------------------------------------+
| Bath Floor     | • Enter material type---ceramic tile, vinyl,         |
|                | carpet,etc.--- and rate condition observed           |
+----------------+------------------------------------------------------+
| Bath Wainscot  | • Enter material type that protects walls from       |
|                | moisture --- ceramic tile, fiberglass, etc. --- and  |
|                | rate condition observed.                             |
+----------------+------------------------------------------------------+

**Car Storage**

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| None         | -   If the property does not have a garage, carport   |
|              |     or driveway, mark \"NONE\".                       |
+--------------+-------------------------------------------------------+
| Driveway \#  | -   If applicable, mark this box and enter the number |
| of Cars      |     of cars that can be parked. A single lane         |
|              |     driveway is considered to be a one-car driveway.  |
|              |     It would be considered a two car driveway if      |
|              |     either car can be moved without disturbing the    |
|              |     other.                                            |
+--------------+-------------------------------------------------------+
| Driveway     | -   Enter surface type: concrete, gravel, macadam,    |
| Surface      |     etc., if none so state.                           |
+--------------+-------------------------------------------------------+
| Garage \# of | -   Enter the number of cars the structure can        |
| Cars         |     accommodate.                                      |
+--------------+-------------------------------------------------------+
| Carport \#   | -   Enter the number of cars the structure can        |
| of Cars      |     accommodate.                                      |
+--------------+-------------------------------------------------------+
| Ga           | -   If there is a garage, designate whether it is     |
| rage/Carport |     "Attached", "Detached" or "Built-in" and Enter an |
| Type         |     "X" in the box(es) indicating the style "Att.",   |
|              |     "Det., "Built-in"                                 |
+--------------+-------------------------------------------------------+

**Appliances**

Make an entry \[X\] in the boxes to indicate that these items exist. An
entry in a box means that the item was considered part of the real
estate and is included in the value. If an item is personal property,
put a \"P\" in the box and do not include it in the opinion of value.

  -----------------------------------------------------------------------
  **Field**       **Protocol**
  --------------- -------------------------------------------------------
  Refrigerator    Enter "X" if this item exists. Enter "P" if personal
                  property.

  Range/Oven      Enter "X" if this item exists. Enter "P" if personal
                  property.

  Dishwasher      Enter "X" if this item exists. Enter "P" if personal
                  property.

  Disposal        Enter "X" if this item exists. Enter "P" if personal
                  property.

  Fan/Hood        Enter "X" if this item exists. Enter "P" if personal
                  property.

  Microwave       Enter "X" if this item exists. Enter "P" if personal
                  property.

  Washer/Dryer    Enter "X" if this item exists. Enter "P" if personal
                  property.

  Other           Enter "X" for existing item not listed above and
                  describe. Do not include personalty.
  -----------------------------------------------------------------------

## Gross Living Area

Room design and count should reflect local custom. A dining area built
as an L-shape off the kitchen may or may not be considered a room
depending on the size. To determine whether one or two rooms should be
counted, hypothetically insert a wall to separate the two areas that
have been built as one: if the residents can use the resulting two rooms
with the same or more utility without increased inconvenience, count the
room as two. If the hypothetical wall would result in a lack of utility
and increased inconvenience, count the room as one. The room count
typically includes a living room (LR), dining room (DR), kitchen (KT),
den (DN), recreation room (REC) and one or more bedrooms (BR).
Typically, the foyer, bath and laundry room are not counted as rooms. A
room is a livable area with a specific use.

**Note**: To be eligible for FHA financing, a manufactured home must
have a gross living area of no less than 400 square feet.

## Room Count and Gross Living Area {#room-count-and-gross-living-area-1 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Finished     | • To complete this section, enter the total *number*  |
| area         | of above grade rooms, the total number of bedrooms    |
| **above**    | above grade, and the total number of bathrooms above  |
| grade        | grade. Do not include foyers, basement finished rooms |
| contains     | or unfinished attic space.                            |
|              |                                                       |
|              | -   Enter the total square footage of the gross       |
|              |     living area above grade.                          |
+--------------+-------------------------------------------------------+

**Narrative Comments Section**

The completion of this section is critical to the opinion of market
value. The appraiser must discuss all adverse conditions and observed
physical and functional deficiencies noted. If necessary, use the
Additional Comments section of the form report, or an addendum, for
additional discussion or description.

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Additions or | • Describe any additions or modifications made to the |
| m            | manufactured home since its initial placement on the  |
| odifications | site. Any subsequent additions or modifications       |
|              | should not take the home out of compliance with the   |
|              | Manufactured Home Construction and Safety Standards   |
|              | (MHCSS). If the appraiser suspects that an addition   |
|              | or modification to the home poses a risk to the       |
|              | structural integrity of the home, the appraiser is to |
|              | notify the lender.                                    |
+--------------+-------------------------------------------------------+
| Installer's  | -   If available, indicate the name of the person or  |
| Name         |     company that installed the manufactured home, the |
|              |     date of installation and the model year of the    |
| Date         |     manufactured home. If information not readily     |
| Installed    |     available, the appraiser is to note such.         |
|              |                                                       |
| Model Year   |                                                       |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Permanent    | -   Mark the applicable box. To be eligible for a     |
| Foundation   |     FHA-insured financing, the design of the          |
| System       |     permanent foundation must be in compliance with   |
|              |     FHA criteria as evidenced by an engineer's        |
|              |     certification verifying such compliance.          |
|              |                                                       |
|              | -   The appraiser should indicate if a copy of the    |
|              |     required engineer's certification of compliance   |
|              |     of the design of the permanent foundation was     |
|              |     provided.                                         |
+--------------+-------------------------------------------------------+
| Removal of   | -   Mark the appropriate box. The appraiser must      |
| towing       |     inspect the underside of the manufactured home    |
| hitch,       |     and determine if the towing hitch, running gear   |
| wheels and   |     (wheels and axels) have been removed. If not      |
| axels        |     removed, or unable to determine due to lack of    |
|              |     access, the manufactured home is not eligible for |
|              |     FHA-insured financing and the lender must be      |
|              |     notified.                                         |
+--------------+-------------------------------------------------------+
| Utility      | -   Mark the appropriate box indicating whether the   |
| Connections  |     manufactured home is permanently connected to     |
|              |     public water and sewer or well and septic and     |
|              |     other utilities.                                  |
|              |                                                       |
|              | -   If "no" is marked, the manufactured home is not   |
|              |     eligible for FHA-insured financing and the        |
|              |     appraiser must notify the lender.                 |
+--------------+-------------------------------------------------------+
| Gross Living | -   Mark the appropriate box indicating whether the   |
| Area         |     living area of the manufactured home is in        |
| Acceptable   |     concert with market expectations for overall      |
| to Market    |     living size, room size and layout.                |
|              |                                                       |
|              | -   If "no" is marked, an explanation is required.    |
|              |     The analysis should reveal the living size and    |
|              |     dimensions are not in keeping with market         |
|              |     expectations for the neighborhood (substandard)   |
|              |     and factor this deficiency in the opinion of      |
|              |     value. If the gross living area of the            |
|              |     manufactured home is less than 400 square feet,   |
|              |     the home is not eligible for FHA-insured          |
|              |     financing and the appraiser must notify the       |
|              |     lender.                                           |
+--------------+-------------------------------------------------------+
| Additional   | • Use this space to describe special energy efficient |
| Features     | features such as solar energy or geothermal systems   |
|              | and/or to further describe the additional features,   |
|              |                                                       |
|              | • Please elaborate on any special or unusual aspects  |
|              | of items, e.g. gas fireplace or wood burning          |
|              | fireplace, 16' X 32' inground pool, etc.              |
+--------------+-------------------------------------------------------+
| Rate quality | -   Rate the quality of construction of the           |
| of           |     manufactured homes by marking the appropriate box |
| construction |     and identify cost service used.                   |
|              |                                                       |
|              | -   Report the source of the rating determination,    |
|              |     e.g. Nationally published cost services such as   |
|              |     the N.A.D.A. Manufactured Housing Appraisal Guide |
|              |     or the Marshall & Swift Residential Cost Handbook |
+--------------+-------------------------------------------------------+
| [Condition   | • Describe any physical deterioration and/or          |
| of the       | functional or external depreciation noted at the      |
| property]    | property.                                             |
| {.underline} |                                                       |
| (including   | • Provide a conclusion as to the overall condition of |
| needed       | the improvements that is supported by the previous    |
| repairs,     | descriptive sections.                                 |
| de           |                                                       |
| terioration, | -   Describe needed repairs.                          |
| renovations, |                                                       |
| remodeling,  |                                                       |
| etc.)        |                                                       |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| [Physical    | -   Enter an "X " in the applicable box indicating    |
| d            |     whether or not there are any physical             |
| eficiencies] |     deficiencies or adverse conditions that affect    |
| {.underline} |     the livability, soundness, or structural          |
| or adverse   |     integrity of the property. If the response is     |
| conditions   |     "No", no explanation is required or needed.       |
|              |     However, if the response is "Yes", a full and     |
|              |     detailed explanation is required and, if          |
|              |     necessary, condition the appraisal on the "repair |
|              |     or alteration of the condition" or a "required    |
|              |     inspection" by appropriately qualified            |
|              |     individuals or entities, which may include        |
|              |     professional engineers, tradespersons, HUD Fee    |
|              |     Inspectors.                                       |
|              |                                                       |
|              | **Lead-Based Paint Hazard**                           |
|              |                                                       |
|              | -   If the manufactured home was built before 1978,   |
|              |     this may indicate a lead paint hazard. For all    |
|              |     FHA insured properties, correction is required to |
|              |     all defective paint in or on structures and/or    |
|              |     property improvements built before January 1,     |
|              |     1978 in accordance with 24 CFR Part 35.           |
|              |                                                       |
|              | -   Observe all interior and exterior surfaces, such  |
|              |     as walls, stairs, deck porch, railing, windows or |
|              |     doors for defective (chipping, flaking or         |
|              |     peeling) paint. (Exterior surfaces include        |
|              |     surfaces on fences, detached garages, storage     |
|              |     sheds and other outbuildings and appurtenant      |
|              |     structures.). Note any areas affected (be         |
|              |     specific) and condition the appraisal on their    |
|              |     repair subject to the satisfaction of the         |
|              |     condition.                                        |
+--------------+-------------------------------------------------------+
| Property     | -   Enter an "X " in the applicable box indicating    |
| conformity   |     whether or not the subject generally conforms to  |
|              |     the neighborhood (functional utility, style,      |
|              |     condition, use, construction, etc.). If the       |
|              |     response is "Yes", no explanation is required or  |
|              |     needed. However, if the response is "No", an      |
|              |     explanation is required.                          |
+--------------+-------------------------------------------------------+

# 

# Section 7 -- Cost Approach

The appraiser is only required to complete the cost approach if the
manufactured home is new construction (initial sale from manufacturer).
If the manufactured home is over one year old and the retailer's
invoice, stating the retail purchase price of the home, is available, a
copy of the invoice should be appended to the appraisal report. If the
manufactured home is new construction less than one year old but title
has been re-conveyed after the initial sale or if the home is over a
year old, the cost approach is not required by FHA. For cost estimates,
the appraiser must rely upon a nationally published cost service such as
the N.A.D.A. Manufactured Housing Appraisal Guide or the Marshall &
Swift Residential Cost Handbook. The use of a nationally published cost
service will enable a reader/reviewer of the appraisal to replicate the
appraiser's estimate.

If the manufactured home is new construction (an initial sale from
manufacturer) and the retail purchase price, including delivery,
installation and set up costs, of the home is available, the appraiser
may rely upon the retail purchase price and exclude reliance upon a cost
service. An opinion of value of the supporting site is still required. A
copy of the invoice stating the retail purchase price and all delivery,
installation and set up costs must be appended to the appraisal report.
The validity and reliability of the value of the manufactured home
derived by the cost approach must be discussed in the reconciliation
section.

State the Remaining Economic Life as a single number or as a range. This
line must be completed for every FHA appraisal whether or not the cost
approach is completed. An explanation is required if the remaining
economic life is less than 30 years.

+--------------+-------------------------------------------------------+
| **Cost       |                                                       |
| Approach To  |                                                       |
| Value**      |                                                       |
|              |                                                       |
| Provide      |                                                       |
| adequate     |                                                       |
| information  |                                                       |
| for the      |                                                       |
| l            |                                                       |
| ender/client |                                                       |
| to replicate |                                                       |
| the below    |                                                       |
| cost figures |                                                       |
| and          |                                                       |
| c            |                                                       |
| alculations. |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Support for  | -   Provide a summary of the comparable land sales or |
| opinion of   |     other methods (abstraction, allocation, land      |
| site value   |     residual, extraction) of estimating site value in |
|              |     support of the opinion of site value.             |
+--------------+-------------------------------------------------------+
| Reproduction | -   Mark the box indicating which cost estimating     |
| or           |     method was used                                   |
| Replacement  |                                                       |
| Cost         | -   Reproduction Cost -- exact duplicate with all     |
|              |     deficiencies and obsolescence                     |
|              |                                                       |
|              | -   Replacement Cost -- cost at current prices with   |
|              |     equivalent utility.                               |
+--------------+-------------------------------------------------------+
| Source of    | -   Provide the name of the cost service and          |
| Cost Data    |     reference page numbers of cost tables or factors. |
|              |     Reviewer or reader must be able to replicate. If  |
|              |     retail purchase price is available, append a copy |
|              |     of the retail purchase price invoice, including   |
|              |     all delivery, installation and set up costs, to   |
|              |     the appraisal report.                             |
+--------------+-------------------------------------------------------+
| Effective    | -   Enter the edition and date of latest updates      |
| Date of Cost |     referenced                                        |
| data         |                                                       |
+--------------+-------------------------------------------------------+
| Quality      | -   Enter the quality rating of the manufactured home |
| Rating       |     derived from the cost service.                    |
+--------------+-------------------------------------------------------+
| Opinion of   | -   Enter the Opinion Of Site Value based on recent   |
| Site Value   |     comparable land sales provided above              |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Cost       |                                                       |
| Approach     |                                                       |
| using        |                                                       |
| Marshall &   |                                                       |
| Swift**      |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Section      | -   Determine how many sections (single wide = one    |
| (width)      |     section, double wide = two sections, etc) make up |
|              |     the subject manufactured home.                    |
| Marshall &   |                                                       |
| Swift        | -   Based upon the selected quality rating of the     |
|              |     manufactured home, choose the corresponding page  |
|              |     of square foot costs for that quality rating.     |
|              |     Compute the GLA (Gross Living Area) for home      |
|              |     (width multiplied by length) and multiply by      |
|              |     appropriate rate per square foot from the square  |
|              |     foot costs table.                                 |
|              |                                                       |
|              | -   Make any square foot or lump sum adjustments to   |
|              |     reflect value of items of home that are above and |
|              |     beyond those detailed basic description for the   |
|              |     selected quality square foot costs.               |
+--------------+-------------------------------------------------------+
| Subtotal     | -   Enter the total of the selected quality rating    |
|              |     per square foot times the GLA and any square foot |
|              |     and lump sum adjustments                          |
+--------------+-------------------------------------------------------+
| Cost         | -   Enter the appropriate cost multiplier factor, if  |
| Multiplier   |     applicable.                                       |
+--------------+-------------------------------------------------------+
| Modified     | -   Multiply the Cost Multiplier times the subtotal   |
| Cost         |     of the square foot cost new -- enter result.      |
| Multiplier   |                                                       |
| Subtotal     |                                                       |
+--------------+-------------------------------------------------------+
| Physical     | -   If applicable, enter the amount of estimated      |
| Depreciation |     depreciation as a specific dollar amount.         |
| or Condition |                                                       |
| Modifier     |                                                       |
+--------------+-------------------------------------------------------+
| Functional   | -   Enter the amount of estimated depreciation as a   |
| Obsolescence |     specific dollar amount. Provide an explanation in |
|              |     the "comments section" if functional obsolescence |
|              |     is present and adjusted for.                      |
+--------------+-------------------------------------------------------+
| External     | -   Enter the amount of estimated depreciation as a   |
| Obsolescence |     specific dollar amount. Provide an explanation in |
|              |     the comments section if external obsolescence     |
|              |     present and adjusted for.                         |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Cost       |                                                       |
| Approach     |                                                       |
| using        |                                                       |
| Marshall &   |                                                       |
| Swift**      |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Depreciated  | -   Add the total estimated physical, functional and  |
| Modified     |     external depreciation and subtract from the       |
| Subtotal     |     amount entered for Modified Cost Multiplier       |
|              |     Subtotal                                          |
| (not shown   |                                                       |
| on 1004C     |                                                       |
| form)        |                                                       |
+--------------+-------------------------------------------------------+
| Delivery,    | -   If applicable, enter the deliver, installation    |
| Installation |     and setup costs and add to the cost new.          |
| and Setup    |     **Note:** Marshall and Swift includes delivery,   |
|              |     installation and setup cost in the square foot.   |
+--------------+-------------------------------------------------------+
| Other        | -   Enter the depreciated value of any site           |
| Depreciated  |     improvement.                                      |
| Site         |                                                       |
| Improvements |                                                       |
+--------------+-------------------------------------------------------+
| Market Value | -   Enter value site value from as provided above.    |
| of Subject   |                                                       |
| Site         |                                                       |
+--------------+-------------------------------------------------------+
| Indicated    | -   Add any additional delivery, installation and     |
| Value by the |     setup costs from above together with the          |
| Cost         |     depreciated value of site improvements and the    |
| Approach     |     market value of the supporting site for a final   |
|              |     indication of value by the Cost Approach.         |
+--------------+-------------------------------------------------------+
| **NOTE:**    | -   To property employ the Marshall & Swift Cost      |
|              |     Guide, follow the Marshall & Swift instructions.  |
+--------------+-------------------------------------------------------+
| Economic     | -   State Remaining Economic Life as a single number  |
| Life         |     or as a range.                                    |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Cost       |                                                       |
| Approach     |                                                       |
| using        |                                                       |
| N.A.D.A.     |                                                       |
| Appraisal    |                                                       |
| Guide**      |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Exterior     | -   Determine the length and width of the subject     |
| Dimensions   |     manufactured home.                                |
+--------------+-------------------------------------------------------+
| N.A.D.A Data | -   Enter the edition month(s) and year of the        |
| Id           |     N.A.D.A Manufactured Housing Appraisal Guide      |
| entification |                                                       |
+--------------+-------------------------------------------------------+
| MH State     | -   Enter the state in which the manufactured home is |
|              |     located.                                          |
+--------------+-------------------------------------------------------+
| Region       | -   Based upon the state in which the manufactured    |
|              |     home is located and using the Regional Code Map   |
|              |     of the N.A.D.A Guide, enter the appropriate       |
|              |     region.                                           |
+--------------+-------------------------------------------------------+
| Size         | -   Enter the exterior length and width of the        |
|              |     manufactured home.                                |
+--------------+-------------------------------------------------------+
| Gray Pages   | -   Using the region code in the Gray Pages section   |
|              |     of the N.A.DA. Guide, find the Trade Name of the  |
|              |     home. This will provide a page number.            |
+--------------+-------------------------------------------------------+
| White Pages  | -   Using the page number located in the Gray Pages   |
| Section      |     section, go to that page number in the White      |
| (lists homes |     Pages Section, Part 1 of the N.A.D.A. Guide and   |
| by           |     locate the Trade Name and find the page number    |
| m            |     listed for the Manufacturer's Name, Model name    |
| anufacturer, |     for the listed width and Region Code.             |
| model/trade  |                                                       |
| name and by  |                                                       |
| regional     |                                                       |
| location     |                                                       |
+--------------+-------------------------------------------------------+
| Yellow Pages | -   Using the page number located in the White Pages  |
|              |     section, go to that page number in the Value      |
| (not listed  |     Chart found in the Yellow Pages Section of the    |
| in 1004C     |     N.A.D.A. Guide and, using the length and width of |
| Cost Chart,  |     the subject manufactured home, determine the base |
| provides     |     retail book value.                                |
| current      |                                                       |
| depreciated  |                                                       |
| replacement  |                                                       |
| value)       |                                                       |
+--------------+-------------------------------------------------------+
| Black SVS    | -   Use the Black Pages SVS (Supplemental Value       |
| pg.          |     Section) section of the N.A.D.A. Guide when a     |
|              |     home is not listed in the Gray or White Pages     |
|              |     section.                                          |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| Cost         |                                                       |
| Approach     |                                                       |
| using        |                                                       |
| N.A.D.A.     |                                                       |
| Appraisal    |                                                       |
| Guide        |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Green        | -   Use the Green Pages section of the N.A.D.A. Guide |
| Section      |     section of the N.A.D.A. Guide for older homes, to |
|              |     adjust for condition and add for components and   |
| (not listed  |     accessories not addressed in the Yellow Pages     |
| in 1004C     |     Section.                                          |
| Cost Chart,  |                                                       |
| provides     |                                                       |
| older home   |                                                       |
| conversion   |                                                       |
| chart,       |                                                       |
| condition    |                                                       |
| modifier,    |                                                       |
| accessory    |                                                       |
| values, etc. |                                                       |
| )            |                                                       |
+--------------+-------------------------------------------------------+
| **NOTE:**    | -   To property employ the N.A.D.A. Appraisal Guide,  |
|              |     follow the N.A.D.A. instructions.                 |
+--------------+-------------------------------------------------------+
| Indicated    | -   Add the value of the supporting site to final,    |
| Value by the |     modified value of the manufactured home for the   |
| Cost         |     final indication of value.                        |
| Approach     |                                                       |
+--------------+-------------------------------------------------------+
| Economic     | -   State Remaining Economic Life as a single number  |
| Life         |     or as a range.                                    |
+--------------+-------------------------------------------------------+

# Section 8 -- Sales Comparison Approach

## Comparable Data Pool

The appraiser is required to report the number of comparable properties
currently offered for sale, as of the effective date of the appraisal,
and the number of comparable sales in the subject neighborhood, within
12 months of the effective date of the appraisal, in this section.
Unlike the neighborhood price data, which includes all sales, this
section focuses only on those properties that are comparable to the
subject, not the universe of sales.

If there was difficulty in locating comparable properties, i.e. the
subject is a manufactured home and one or more of the similar style
properties was a "stick or site built " home, then for purposes of this
section, all such properties in the subject's neighborhood are to be
treated as comparable and counted.

At least two of the comparable sale properties must be manufactured
homes. It may be necessary to expand search parameters outside the
immediate market area to locate truly comparable sales. If that is the
case, an explanation is required and should be consistent with the
neighborhood analysis provided.

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Comparable   | -   Enter the number of comparable properties         |
| properties   |     currently offered for sale, including those under |
| offered for  |     contract, within the subject neighborhood         |
| sale         |     together with the price range.                    |
+--------------+-------------------------------------------------------+
| Comparable   | -   Enter the number of comparable sales that         |
| sales        |     occurred within the 12 month period preceding the |
|              |     effective date of the appraisal, and within the   |
|              |     subject neighborhood, together with the price     |
|              |     range.                                            |
+--------------+-------------------------------------------------------+

Enter factual data in each field or line.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Address      | • Enter the address that can be used to locate each   |
|              | property. Enter community, if needed, to identify     |
|              | property. For rural properties, list location by road |
|              | name, nearest intersection and side road.             |
+--------------+-------------------------------------------------------+
| Proximity to | • Enter proximity in straight-line distance and       |
| Subject      | direction. For example, \"1.5 miles NE\" or "3 blocks |
|              | south". If comparable distance from the subject is    |
|              | more than a generally accepted distance, or located   |
|              | outside the defined neighborhood boundaries, be sure  |
|              | to explain why the sale is applicable in the          |
|              | \"Summary of Sales Comparison Approach\" section.     |
+--------------+-------------------------------------------------------+
| Sale Price   | • Enter the purchase price (total paid) for the       |
|              | subject and each of the comparable sales. This means  |
|              | the closed or settled price of the comparable sale.   |
|              |                                                       |
|              | -   If the appraisal involves a refinance of the      |
|              |     subject, enter "Refi" as the subject's sale       |
|              |     price,                                            |
|              |                                                       |
|              | -   If the assignment is for an REO appraisal, enter  |
|              |     REO as the subject's sales price.                 |
+--------------+-------------------------------------------------------+
| Sale Price / | • Enter price per square foot for the above grade     |
| Gross Liv.   | living area for the subject, if a purchase            |
| Area         | transaction, and each comparable sale.                |
+--------------+-------------------------------------------------------+
| Manufactured | -   Indicate whether the comparable sale is a         |
| Home         |     manufactured home. At least 2 of the comparable   |
|              |     sale properties must be manufactured homes.       |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and property  |
| Source(s)    |     information.                                      |
+--------------+-------------------------------------------------------+
| Verification | -   Enter verification source(s). The document or     |
| Source(s)    |     organization from which the additional proof was  |
|              |     obtained.                                         |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Contacting someone with first-hand knowledge of   |
|              |     the transaction (agent, broker, buyer, seller,    |
|              |     etc.) especially where it involves confirmation   |
|              |     of seller concessions, is the preferred method of |
|              |     verification.                                     |
|              |                                                       |
|              | -   A single source may be used if the quality of     |
|              |     data is such that sales data are confirmed and    |
|              |     verified by settled transactions. Information     |
|              |     provided should permit the reader of the report   |
|              |     to locate the data from the sources cited.        |
|              |                                                       |
|              | -   Do not use as market data sales that are not      |
|              |     verified and adjusted to reflect the terms and    |
|              |     conditions of sale.                               |
+--------------+-------------------------------------------------------+

**Value Adjustments**

Adjustments are made to the prices of the sale properties for
price-influencing dissimilarities between each sale and the subject
property. Not all dissimilarities require adjustment because not all
dissimilarities achieve price differentials in the market. All
adjustments must be extracted from the market and supported by the
actions of the market.

For each adjustment item, enter the description of the adjustment and
whether it is an upward or downward adjustment. Do not make an
adjustment unless it has a material effect on value.

The value factors of Location, Site, View, Design, Quality of
Construction, Age, Condition and Functional Utility are all subjective
factors that require subjective adjustments. Be careful that adjustments
are reasonable and not excessive. If a property is overvalued, there is
a high probability that the reason can be traced to an excessive
adjustment somewhere in this section. Make adjustments only if the
dissimilarity has a noticeable effect on the value. Small differences do
not usually require adjustments. Always explain subjective adjustments.

+--------------+-------------------------------------------------------+
| VALUE        |                                                       |
| ADJUSTMENTS  |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Sales or     | -   Report the type of financing such as              |
| Financing    |     Conventional, FHA or VA, etc.                     |
| Concessions  |                                                       |
|              | -   Report the type and amount of sales concession    |
|              |     for each comparable sale listed. If no            |
|              |     concessions exist, the appraiser must note        |
|              |     "none."                                           |
|              |                                                       |
|              | -   The appraiser is required to make market-based    |
|              |     adjustments to the comparable sales for any sales |
|              |     or financing concessions that may have affected   |
|              |     the sales price. The adjustment for such affected |
|              |     comparable sales must reflect the difference      |
|              |     between the sales price with the sales            |
|              |     concessions and what the property would have sold |
|              |     for without the concessions.                      |
+--------------+-------------------------------------------------------+
| Date of Sale | • State month and year of settlement. Showing the     |
| / Time       | contract date and settled date is also acceptable.    |
|              |                                                       |
|              | -   Time adjustments, if any, must be supported by    |
|              |     the market and consistent with the neighborhood   |
|              |     market conditions noted. If this is the case,     |
|              |     show both the contract date and settled date as   |
|              |     any time adjustment should be calculated using    |
|              |     the contract date (meeting of the minds) rather   |
|              |     than the settled date. Explanation is required    |
|              |     for any time adjustments.                         |
+--------------+-------------------------------------------------------+
| Location     | -   Enter the name of the subdivision or PUD. If none |
|              |     is applicable enter the neighborhood name that is |
|              |     commonly used to refer to the property's location |
|              |     or,                                               |
|              |                                                       |
|              | -   Location adjustments may be warranted for         |
|              |     positive or negative factors that influence sales |
|              |     price such as busy street versus quiet street.    |
|              |                                                       |
|              | -   Explain any adjustments made in this area.        |
+--------------+-------------------------------------------------------+
| Leasehold /  | • State whether the property was sold as Fee Simple   |
| Fee Simple   | or as a Leasehold Estate. An adjustment is required   |
|              | if the estate differs from the rights appraised for   |
|              | the subject property.                                 |
+--------------+-------------------------------------------------------+
| Site         | • Enter the site size. Make adjustments only for      |
|              | measurable differences. Small differences in lot      |
|              | sizes do not usually call for an adjustment if the    |
|              | size is typical.                                      |
|              |                                                       |
|              | • If necessary, consider the possibility of excess or |
|              | surplus land.                                         |
+--------------+-------------------------------------------------------+
| View         | • Describe the view from the site, i.e. similar       |
|              | homes, commercial area, water view, scenic view, etc. |
|              | Such terms as "Average" or "Good" are only to be used |
|              | as adjuncts, i.e. "Residential/Average", "Water       |
|              | view/Good".                                           |
|              |                                                       |
|              | -   Make adjustments only if the view is superior or  |
|              |     inferior to the subject. If the subject has a     |
|              |     superior view and adjustments are made, a         |
|              |     photograph of the view amenity is recommended.    |
+--------------+-------------------------------------------------------+
| Design       | • Enter the style according to a description used by  |
| (Style)      | local custom. Be consistent with improvement          |
|              | description.                                          |
+--------------+-------------------------------------------------------+
| Quality of   | • Enter \"Good\", \"Average\", \"Fair\", etc. using   |
| Construction | the quality rating from your cost service             |
|              | subscription or provider.                             |
|              |                                                       |
|              | -   Adjustments may also be warranted for interior    |
|              |     construction quality and should be explained.     |
+--------------+-------------------------------------------------------+
| Actual Age   | • Enter only the actual age of the subject and each   |
|              | comparable sale.                                      |
+--------------+-------------------------------------------------------+
| Condition    | • Enter the condition of the subject and comparable   |
|              | sales.                                                |
|              |                                                       |
|              | -   Only ratings to be used are: "New", "Good",       |
|              |     "Average", "Fair" and "Poor"                      |
|              |                                                       |
|              |     • Consider required repairs or alterations to the |
|              |     subject completed when determining the need for   |
|              |     adjustments to the comparable sales.              |
+--------------+-------------------------------------------------------+
| Above Grade  | • Enter room count, consistent with the description   |
| Room Count   | of improvements on the front of the appraisal form.   |
|              | Up to three adjustments may be entered:               |
|              |                                                       |
|              | -   The first line is for bathroom count differences. |
|              |     A deficiency or surplus in the number of baths    |
|              |     should be adjusted first.                         |
|              |                                                       |
|              | -   The second line adjustment is for room count.     |
|              |                                                       |
|              | -   The third is for a difference in square footage.  |
|              |                                                       |
|              |     • Explain any comparable property that has an     |
|              |     adjustment in both square feet and room count.    |
+--------------+-------------------------------------------------------+
| Gross Living | • Enter the total square footage of the above grade   |
| Area         | living areas.                                         |
+--------------+-------------------------------------------------------+
| Basement &   | • Provide total square footage of basement area       |
| Finished     | and/or enter percentage of basement in relation to    |
| Rooms Below  | first floor area.                                     |
| Grade        |                                                       |
|              | • Enter the type of rooms below grade: bedroom,       |
|              | recreation room, laundry, full bath, etc.             |
|              |                                                       |
|              | • Explain any special features or finishes in the     |
|              | "Summary of Sales Comparison Approach."               |
+--------------+-------------------------------------------------------+
| Functional   | • Enter \"Equal\", \"Superior\" or \"Inferior\" as a  |
| Utility      | total of the items rated in the Improvement Analysis  |
|              | compared to the subject. Use the \"Summary of Sales   |
|              | Comparison Approach" to explain differences.          |
|              |                                                       |
|              | • Adjust for functional obsolescence observed in the  |
|              | subject, recorded on Page 1, and not found in the     |
|              | comparables.                                          |
|              |                                                       |
|              | -   Floor plan of the subject is required when        |
|              |     functional obsolescence is attributable to layout |
|              |     or poor floor plan.                               |
+--------------+-------------------------------------------------------+
| Heating /    | • Enter type of heating and cooling systems, e. g.    |
| Cooling      | Gas FWA C/Air.                                        |
|              |                                                       |
|              | -   Any adjustment for differences in heating and     |
|              |     cooling systems should be based on market         |
|              |     expectations.                                     |
+--------------+-------------------------------------------------------+
| Energy       | • Describe energy efficient items: storm windows and  |
| Efficient    | doors, solar installations, replacement windows, etc. |
| Items        | and enter an adjustment for differences if warranted. |
|              | If none, so state.                                    |
+--------------+-------------------------------------------------------+
| Garage /     | •    Enter description of garage/carport used car     |
| Carport      | storage. Calculate adjustments in accordance with     |
|              | market acceptance of carport value versus garage and  |
|              | size (one car, two cars, etc.).                       |
+--------------+-------------------------------------------------------+
| Porch,       | • Enter these features for the subject and            |
| Patio, Deck  | comparables if they exist. Base any adjustments on    |
|              | local market expectations.                            |
+--------------+-------------------------------------------------------+
| Blank Lines  | • Τhree blank lines are provided for the appraiser's  |
|              | use to describe additional amenities, features or     |
|              | individual characteristics not listed or addressed    |
|              | elsewhere in the sales grid, e.g. woodstove,          |
|              | fireplace, fencing, pool or other.                    |
|              |                                                       |
|              | -   Enter appropriate adjustments. For example, a     |
|              |     pool located in an area that expects pools might  |
|              |     bring a dollar premium in comparison to a         |
|              |     comparable without a pool.                        |
+--------------+-------------------------------------------------------+
| Net Adjusted | • Mark either \[+\] or \[-\] box to indicate if the   |
| (Total)      | total net adjustments will increase or decrease the   |
|              | value and note by how much. If any adjustment is      |
|              | excessive, review the comparable sales to determine   |
|              | if the best ones were selected. If the total          |
|              | adjustments appear excessive in relation to the sale  |
|              | price; the appraiser should reexamine the             |
|              | comparability of that sale.                           |
|              |                                                       |
|              | • Explain any adjustment that appears to be           |
|              | excessive.                                            |
+--------------+-------------------------------------------------------+
| Adjusted     | • Total all of the adjustments and add them to or     |
| Sale Price   | subtract them from the sales price of each            |
| of           | comparable. Generally, adjustments should not exceed  |
| Comparables  | 10% for line items, 15% for net adjustments and 25%   |
|              | for gross adjustments. If any adjustments exceed      |
|              | stated guidelines an explanation must be provided     |
|              | including reasons for not using more similar          |
|              | comparable sales.                                     |
+--------------+-------------------------------------------------------+
| Research     | -   Enter an "X " in the applicable box indicating    |
| sale or      |     whether you "did" or "did not" research the sale  |
| transfer     |     or transfer history of the subject property and   |
| history of   |     comparable sales. If not, provide explanation.    |
| subject &    |                                                       |
| comps        |                                                       |
+--------------+-------------------------------------------------------+
| Prior sales  | -   Enter an "X " in the applicable box indicating    |
| or transfers |     whether your research "did" or "did not" reveal   |
| of subject   |     any [prior sales]{.underline} or transfers of the |
| property     |     subject property for the [three                   |
|              |     years]{.underline} prior to the effective date of |
|              |     this appraisal.                                   |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and transfer  |
| Source(s)    |     information.                                      |
|              |                                                       |
|              | -   Appraisers are to be familiar with the data       |
|              |     source(s), e.g. how the data is gathered and how  |
|              |     often it is updated                               |
|              |                                                       |
|              | -   Be familiar with the data source(s), i.e. how the |
|              |     data is gathered and how often it is updated,     |
|              |     what is the publication date of the data, what is |
|              |     the effective date of the data.                   |
+--------------+-------------------------------------------------------+
| Prior sales  | -   Enter an "X " in the applicable box indicating    |
| or transfers |     whether your research "did" or "did not" reveal   |
| of           |     any [prior sales]{.underline} of transfers of the |
| comparable   |     comparable sales [for the year prior to the date  |
| sales        |     of sale of the comparable sale]{.underline}.      |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and transfer  |
| Source(s)    |     information. Two sources are recommended for      |
|              |     researching prior sales and transfers, local MLS  |
|              |     and local public records at a minimum.            |
|              |                                                       |
|              | -   Appraisers should be familiar with the data       |
|              |     source(s), e.g. how the data is gathered and how  |
|              |     often it is updated.                              |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| Report the   |                                                       |
| results of   |                                                       |
| the research |                                                       |
| and analysis |                                                       |
| of the       |                                                       |
| [prior]      |                                                       |
| {.underline} |                                                       |
| sale or      |                                                       |
| transfer     |                                                       |
| history of   |                                                       |
| the subject  |                                                       |
| property and |                                                       |
| comparable   |                                                       |
| sales        |                                                       |
| (report      |                                                       |
| additional   |                                                       |
| prior sales  |                                                       |
| in the       |                                                       |
| "Additional  |                                                       |
| Comments"    |                                                       |
| section or   |                                                       |
| an           |                                                       |
| addendum).   |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol                                           |
+--------------+-------------------------------------------------------+
| Date of      | -   Report the date(s) of prior sale(s) or            |
| Prior Sale / |     transfer(s) of the subject that occurred within   |
| Transfer     |     three years of the effective date of the          |
|              |     appraisal.                                        |
|              |                                                       |
|              | -   Report the date(s) of prior sale(s) or            |
|              |     transfer(s) of each comparable sale for the year  |
|              |     prior to the date of the comparable sale.         |
+--------------+-------------------------------------------------------+
| Price of     | -   Report the price of the prior sale(s) or          |
| Prior Sale / |     transfer(s) of the subject that occurred within   |
|              |     three years of the effective date of the          |
| Transfer     |     appraisal.                                        |
|              |                                                       |
|              | -   Report the price of the prior sale(s) or          |
|              |     transfer(s) of each comparable for the year prior |
|              |     to the date of the comparable sale.               |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used.                        |
| Source(s)    |                                                       |
+--------------+-------------------------------------------------------+
| Effective    | -   Enter the date the data was published or updated  |
| Date of Data |     by the source. For example, the local MLS may     |
| Source(s)    |     update their database multiple times during the   |
|              |     week or month whereas property transfers at the   |
|              |     local land records office may take six or eight   |
|              |     weeks to be recorded. The property transfer       |
|              |     records may have an effective date that is eight  |
|              |     weeks earlier than the appraisal date and the MLS |
|              |     data is within one week of the appraisal date.    |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ## Narrat    |                                                       |
| ive Comments |                                                       |
|  {#narrative |                                                       |
| -comments-2  |                                                       |
| .unnumbered} |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Analysis of  | -   Provide analysis of prior sale or transfer        |
| prior sale   |     history of the subject and comparable sales.      |
| or transfer  |                                                       |
| history of   | -   Analysis may address changes in property          |
| subject and  |     conditions between sale dates or verifying if     |
| comparable   |     prior sale was an arm's-length transaction.       |
| sales        |                                                       |
+--------------+-------------------------------------------------------+
| Summary of   | -   Explain comparable selection and any necessary    |
| Sales        |     explanation of adjustments.                       |
| Comparison   |                                                       |
| Approach     | -   Explain any adjustments exceeding guidelines.     |
|              |                                                       |
|              | -   Explain which comparable sale or sales is/are     |
|              |     given most weight or consideration and why.       |
+--------------+-------------------------------------------------------+
| Indicated    | -   Enter the Indicated Value                         |
| Value by     |                                                       |
| Sales        |                                                       |
| Comparison   |                                                       |
| Approach     |                                                       |
+--------------+-------------------------------------------------------+

**Section 9 -- Reconciliation**

The appraiser should consider all appropriate approaches to value and
all information relevant to the subject property and the market
conditions in the opinion of market value.

If there is insufficient space in the reconciliation section to list and
describe the valuation conditions noted, then the appraiser is
instructed to insert a reference in the reconciliation section "see
**Additional Comments** section on the next page" and list and describe
the items under the heading **"Required Repairs/Inspections".** If
necessary, due to space limitations, use an addendum with the same
heading.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Indicated    | -   Enter the Indicated Value for each of the         |
| Value by:    |     approaches to value developed. If the approach    |
|              |     was not developed, enter "ND or "Not Dev" for not |
|              |     developed.                                        |
|              |                                                       |
|              | -   Reconcile the three approaches to value with a    |
|              |     brief description of the validity of each         |
|              |     approach with respect to the appraisal            |
|              |     assignment.                                       |
+--------------+-------------------------------------------------------+

## This appraisal is made  {#this-appraisal-is-made-4 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when:                                                 |
| box          |                                                       |
|              | -   There is/are no Property Condition(s) noted.      |
| **"as is"**  |                                                       |
|              | -   Establishing the "as is" value for a regular      |
|              |     203(k) when needed.                               |
|              |                                                       |
|              | -   The property is ineligible for FHA financing and  |
|              |     is being rejected.                                |
+--------------+-------------------------------------------------------+

## This appraisal is made {#this-appraisal-is-made-5 .unnumbered}

+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal involves:                          |
| box          |                                                       |
|              | -   Proposed construction, or                         |
| **"per plans |                                                       |
| & specs"**   | -   Under construction, less than 90% complete, or a  |
|              |                                                       |
|              | -   203(k) with a Plan Review and Specification of    |
|              |     Repairs prepared by a 203(k) Consultant.          |
+--------------+-------------------------------------------------------+

## This appraisal is made {#this-appraisal-is-made-6 .unnumbered}

+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal involves existing housing, or new  |
| box          | construction more than 90% complete with only buyer   |
|              | preference items remaining (floor coverings,          |
| "subject to  | appliances, landscaping packages (soil must be        |
| repairs or   | stabilized to prevent erosion)), requiring repairs or |
| alterations" | alterations to:                                       |
|              |                                                       |
|              | -   Protect the health and safety of the occupants    |
|              |                                                       |
|              | -   Protect the security of the property              |
|              |                                                       |
|              | -   Correct physical deficiencies or conditions       |
|              |     affecting structural integrity                    |
|              |                                                       |
|              | -   Complete buyer preference items for new homes, or |
|              |     to                                                |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Complete repairs/improvements noted in work order |
|              |     or contractor estimates for the Streamline K      |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Meet FHA Minimum Property Requirements            |
+--------------+-------------------------------------------------------+
| The          |                                                       |
| appraiser    |                                                       |
| must         |                                                       |
| indicate the |                                                       |
| extent of    |                                                       |
| repairs and  |                                                       |
| note this in |                                                       |
| the          |                                                       |
| appropriate  |                                                       |
| section of   |                                                       |
| the          |                                                       |
| appraisal,   |                                                       |
| or in the    |                                                       |
| "additional  |                                                       |
| comments"    |                                                       |
| section, or  |                                                       |
| in an        |                                                       |
| addendum,    |                                                       |
| under the    |                                                       |
| heading of   |                                                       |
| "Re          |                                                       |
| conciliation |                                                       |
| -- Required  |                                                       |
| Repairs"     |                                                       |
| listing the  |                                                       |
| repairs      |                                                       |
| noted        |                                                       |
| together     |                                                       |
| with an      |                                                       |
| estimated    |                                                       |
| cost to      |                                                       |
| cure.        |                                                       |
+--------------+-------------------------------------------------------+

## This appraisal is made {#this-appraisal-is-made-7 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal calls for a required inspection    |
| box          | to:                                                   |
|              |                                                       |
| **"subject   | -   Certify the condition and/or status of a          |
| to a         |     mechanical or structural element of the property  |
| required     |                                                       |
| i            | ```{=html}                                            |
| nspection"** | <!-- -->                                              |
|              | ```                                                   |
|              | -   Protect the health and safety of the occupants    |
|              |                                                       |
|              | -   Protect the security of the property              |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Meet FHA Minimum Property Requirements or Minimum |
|              |     Property Standards                                |
+--------------+-------------------------------------------------------+
| More than    |                                                       |
| one box may  |                                                       |
| be marked    |                                                       |
| depending on |                                                       |
| the          |                                                       |
| assignment   |                                                       |
| and property |                                                       |
| conditions.  |                                                       |
|              |                                                       |
| The          |                                                       |
| appraiser    |                                                       |
| must         |                                                       |
| indicate the |                                                       |
| reasoning    |                                                       |
| for any      |                                                       |
| required     |                                                       |
| inspections  |                                                       |
| and note     |                                                       |
| this in the  |                                                       |
| appropriate  |                                                       |
| section of   |                                                       |
| the          |                                                       |
| appraisal,   |                                                       |
| or in the    |                                                       |
| "additional  |                                                       |
| comments"    |                                                       |
| section, or  |                                                       |
| in an        |                                                       |
| addendum,    |                                                       |
| under the    |                                                       |
| heading of   |                                                       |
| "Re          |                                                       |
| conciliation |                                                       |
| -- Required  |                                                       |
| Inspection " |                                                       |
| listing the  |                                                       |
| required     |                                                       |
| inspections. |                                                       |
|              |                                                       |
| The value    |                                                       |
| "subject to  |                                                       |
| completion   |                                                       |
| per plans    |                                                       |
| and          |                                                       |
| spec         |                                                       |
| ifications", |                                                       |
| "subject to  |                                                       |
| the          |                                                       |
| following    |                                                       |
| repairs or   |                                                       |
| a            |                                                       |
| lterations", |                                                       |
| or "subject  |                                                       |
| to the       |                                                       |
| following    |                                                       |
| required     |                                                       |
| inspection"  |                                                       |
| must be      |                                                       |
| consistent   |                                                       |
| with the     |                                                       |
| subject      |                                                       |
| property     |                                                       |
| condition(s) |                                                       |
| described.   |                                                       |
+--------------+-------------------------------------------------------+
| Opinion of   | -   Enter the opinion of Market Value                 |
| Market Value |                                                       |
+--------------+-------------------------------------------------------+
| Final        | • This entry should contain the appraiser\'s          |
| Re           | reasoning for arriving at the final value.            |
| conciliation |                                                       |
+--------------+-------------------------------------------------------+
| Date of      | • Enter the date when the property was inspected.     |
| Value        |                                                       |
+--------------+-------------------------------------------------------+

**More than one box may be marked in the reconciliation section
depending on the assignment and property conditions**.

**Section 10 -- Additional Comments**

These comment lines provide additional space for the appraiser to fully
describe any item, area or condition where the commentary exceeds the
space provided in other sections of the report. It is recommended that
any information carried forward to the additional comments section, or
an addendum if needed, follow the sequence of the form with a proper
heading identifying said section.

For example, the neighborhood "market conditions" comments exceed the
space provided on the form. In that case, on page one in neighborhood
market conditions enter "See additional comments", in the "additional
comments" section enter the heading "Neighborhood Market Conditions" and
provide the narrative in this section. Follow the same procedure for any
section of the report where commentary exceeds space provided. This will
provide the reader with the proper identification and linkage of
additional comments together with a logical flow of information in a
standardized reporting format.

# Section 11 -- Income Approach

In a single-family residential property, the Income Approach is
generally not recognized as a basis for buying by the market. The
approach typically provides minimal applicability in the opinion of
market value. Therefore, the Income Approach is not required for FHA
appraisals completed on the Manufactured Home Appraisal Report, Fannie
Mae Form 1004C.

  --------------- -------------------------------------------------------
  **Income        
  Approach To     
  Value (not      
  required for    
  FHA             
  appraisals)**   

  **Field**       **Protocol**

  Income Approach • Enter "N/A" in each blank field in this section of
                  the report.
  --------------- -------------------------------------------------------

# 

# Section 12 -- PUD Information

A PUD is a project that includes common property and improvements owned
and maintained by an owners' association for the use and benefit of the
individual units in the subdivision. If not applicable, leave blank.

+--------------+-------------------------------------------------------+
| Project      |                                                       |
| Information  |                                                       |
| for PUDs (if |                                                       |
| applicable)  |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Devel        | • Enter an "X" in the box indicating whether or not   |
| oper/Builder | the developer/builder is in control of the Home       |
| in           | Owners' Association (HOA).                            |
|              |                                                       |
| control of   |                                                       |
| HOA          |                                                       |
+--------------+-------------------------------------------------------+
| Unit Type(s) | -   Enter an "X" in the box indicating unit type,     |
|              |     Detached or Attached.                             |
+--------------+-------------------------------------------------------+

  -----------------------------------------------------------------------
  Provide the following information for PUDs only if the developer is in
  control of the HOA and the subject property is an attached dwelling
  unit.

  -----------------------------------------------------------------------

The information requested is self-explanatory. Appraisers may choose to
answer the last question referencing common elements and recreational
facilities in support of a location adjustment regardless of dwelling
style.

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Legal name   |                                                       |
| of project   |                                                       |
+--------------+-------------------------------------------------------+
| Total number |                                                       |
| of phases    |                                                       |
| Total number |                                                       |
| of units     |                                                       |
| Total number |                                                       |
| of units     |                                                       |
| sold         |                                                       |
+--------------+-------------------------------------------------------+
| Total units  |                                                       |
| rented       |                                                       |
+--------------+-------------------------------------------------------+
| Total units  |                                                       |
| for sale     |                                                       |
+--------------+-------------------------------------------------------+
| Data         | -   Provide source(s) of information, e.g. HOA board, |
| source(s)    |     management company, etc.                          |
+--------------+-------------------------------------------------------+
| Was the      |                                                       |
| project      |                                                       |
| created by   |                                                       |
| the          |                                                       |
| conversion   |                                                       |
| of an        |                                                       |
| existing     |                                                       |
| building(s)  |                                                       |
| into a PUD?  |                                                       |
| If Yes, date |                                                       |
| of           |                                                       |
| conversion.  |                                                       |
+--------------+-------------------------------------------------------+
| Does the     |                                                       |
| project      |                                                       |
| contain any  |                                                       |
| mu           |                                                       |
| lti-dwelling |                                                       |
| units? Yes   |                                                       |
| No Data      |                                                       |
| source(s)    |                                                       |
+--------------+-------------------------------------------------------+
| Are the      |                                                       |
| units,       |                                                       |
| common       |                                                       |
| elements,    |                                                       |
| and          |                                                       |
| recreation   |                                                       |
| facilities   |                                                       |
| complete?    |                                                       |
| Yes No If    |                                                       |
| no, describe |                                                       |
| the status   |                                                       |
| of           |                                                       |
| completion.  |                                                       |
+--------------+-------------------------------------------------------+
| Describe     |                                                       |
| common       |                                                       |
| elements and |                                                       |
| recreational |                                                       |
| facilities.  |                                                       |
+--------------+-------------------------------------------------------+

![](media/image7.png){width="5.384722222222222in"
height="8.991666666666667in"}

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height="8.99236111111111in"}

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height="8.991666666666667in"}

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height="8.99236111111111in"}

**D-3 Individual Condominium Unit Appraisal Report**

This section provides specific instructions for completing the
Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073 March
2005, Condo).

This report form is designed to report an appraisal of a unit in a
condominium project or a condominium unit in a planned unit development
(PUD) based on an interior and exterior inspection of the subject
property. This form is not designed to report an appraisal of a
manufactured home or a unit in a cooperative project.

#  {#section-13 .unnumbered}

# Section 1 - Subject {#section-1---subject-1 .unnumbered}

This section provides the factual data to identify the property and the
parties to the appraisal process. The \*FHA case number together with
\*borrower and/or \*property information will be supplied by the
lender/client who engages the appraiser.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| \*File       | • Insert the FHA Case Number at the top right corner  |
| Number       | of the page.                                          |
|              |                                                       |
|              | -   The FHA appraisal may not be transmitted to the   |
|              |     lender without a case number.                     |
+--------------+-------------------------------------------------------+
| \*Property   | • Enter the property street number and name, city,    |
| Address      | state and zip code for the property. A post office    |
|              | box number is not acceptable.                         |
|              |                                                       |
|              | -   Enter Unit \#                                     |
+--------------+-------------------------------------------------------+
| \*Borrower   | -   Enter the name of the borrower/mortgagor.         |
+--------------+-------------------------------------------------------+
| Owner of     | -   Enter the name of the owner as listed in public   |
| Public       |     records. If the seller is not the owner of public |
| Record       |     record the appraiser must explain.                |
+--------------+-------------------------------------------------------+
| County       | -   Enter the name of the county in which the         |
|              |     property is located. It further provides          |
|              |     locational parameters. If not applicable enter    |
|              |     "N/A".                                            |
+--------------+-------------------------------------------------------+
| Legal        | • Enter the legal description of the property. The    |
| Description  | four types of legal descriptions are: lot and block   |
|              | system, geodetic survey, government survey system and |
|              | metes and bounds system. If the space provided is     |
|              | insufficient, enter "see attached addendum" and       |
|              | create addendum with the heading "Legal Description"  |
|              | and complete the legal description.                   |
+--------------+-------------------------------------------------------+
| Assessor's   | -   Enter the parcel number assigned by the local tax |
| Parcel \#    |     assessor. For those areas that do not have an     |
|              |     assessor's parcel number, enter the tax           |
|              |     identification number.                            |
+--------------+-------------------------------------------------------+
| Tax Year     | -   Enter the current tax year used by the locale,    |
|              |     e.g. fiscal year or actual year.                  |
+--------------+-------------------------------------------------------+
| R. E. Taxes  | -   Enter the dollar amount of the annual real estate |
| \$           |     taxes, including all relevant taxes (school       |
|              |     district tax, fire district tax, etc.).           |
+--------------+-------------------------------------------------------+
| Project Name | -   Enter the name of the condominium project. The    |
|              |     name of the project can be obtained from the      |
|              |     condominium documents or public records.          |
+--------------+-------------------------------------------------------+
| Phase \#     | -   Enter the phase number of the subject, if         |
|              |     applicable. Refer to condominium documents,       |
|              |     public records or confirm through Management      |
|              |     Company.                                          |
+--------------+-------------------------------------------------------+
| Map          | -   Enter location map reference, page number and     |
| Reference    |     coordinates, from source used.                    |
|              |                                                       |
|              | This reference should relate to the location maps     |
|              | most commonly used in the locale.                     |
+--------------+-------------------------------------------------------+
| Census Tract | -   Enter the census tract number. Census tract       |
|              |     numbers must be provided.                         |
|              |                                                       |
|              | -   The Census Bureau has an internet resource guide  |
|              |     for locating census information. It can be found  |
|              |     at URL: [www.census.gov](http://www.census.gov/)  |
+--------------+-------------------------------------------------------+
| Occupant     | -   Mark the box signifying the occupancy status at   |
|              |     the time of the appraisal.                        |
|              |                                                       |
|              | If vacant, the appraiser should note in the "Unit     |
|              | Description" section under "condition of the          |
|              | property" whether the utilities were on or off at the |
|              | time of the appraisal. If off, condition the          |
|              | appraisal on a satisfactory re-inspection that the    |
|              | utility that was off at the time of the appraisal     |
|              | does not require alteration, repair or further        |
|              | inspection.                                           |
+--------------+-------------------------------------------------------+
| Special      | -   Report the dollar amount of special assessments   |
| Assessments  |     for the subject property, if any, and provide a   |
| \$           |     brief explanation for the assessment. Special     |
|              |     assessments can include municipal bond debt for   |
|              |     off-site improvements. Larger than typical        |
|              |     special assessments may affect marketability. If  |
|              |     not applicable enter "N/A".                       |
+--------------+-------------------------------------------------------+
| HOA\$        | • Enter the dollar amount of the HOA fee (Condo fee)  |
|              | and mark the box indicating if the fees are paid "per |
|              | year" or "per month".                                 |
+--------------+-------------------------------------------------------+
| Property     | • Mark the appropriate box indicating the property    |
| Rights       | rights appraised for the subject property as of the   |
| Appraised    | date of the appraisal. "Other" includes Land Trust.   |
+--------------+-------------------------------------------------------+
| Assignment   | -   Mark the appropriate box indicating the           |
| Type         |     assignment type.                                  |
+--------------+-------------------------------------------------------+
| L            | • Enter the name of the lender/client who ordered and |
| ender/Client | will receive the appraisal report. After the client's |
|              | name add **"its successors or assigns"**.             |
| Address      |                                                       |
|              | -   The use of the appraisal is to support FHA's      |
|              |     decision to provide mortgage insurance on the     |
|              |     real property that is the subject of the          |
|              |     appraisal; therefore, intended users include the  |
|              |     lender/client and FHA.                            |
|              |                                                       |
|              | -   Enter the lender/client's address.                |
+--------------+-------------------------------------------------------+
| Currently    | -   The appraiser's certification states in part "I   |
| offered for  |     have researched, verified, analyzed and reported  |
| sale or      |     on any current agreement of sale of the subject   |
| offered for  |     property, any offering for sale of the subject    |
| sale in last |     property in the twelve months prior to the effect |
| 12 months.   |     date of the appraisal..."                         |
|              |                                                       |
|              | -   Mark the appropriate box indicating whether the   |
|              |     subject is currently offered for sale or has been |
|              |     offered for sale in the 12-month period prior to  |
|              |     the effective date of the appraisal. If there are |
|              |     multiple actions, report each instance. Research  |
|              |     may reveal an expired or withdrawn listing. The   |
|              |     prior listing may provide a good indication of    |
|              |     the upper limit of value.                         |
+--------------+-------------------------------------------------------+
| Report data  | -   Complete this field regardless of whether the     |
| source(s)    |     property is for sale or has been for sale in the  |
| used,        |     12 months preceding the date of the appraisal.    |
| offering     |                                                       |
| price(s),    | ```{=html}                                            |
| and date(s)  | <!-- -->                                              |
|              | ```                                                   |
|              | -   Enter source(s) used, price(s) and date(s) of     |
|              |     current or prior listings.                        |
+--------------+-------------------------------------------------------+

## Section 2 - Contract

This section must be completed when the appraisal assignment involves a
purchase transaction, otherwise enter "N/A" for not applicable. FHA
requires that the appraiser be provided with a complete copy of the
ratified sales contract, including all addenda, for the subject
property. It provides the agreed-on contract price (accepted offer),
date of sale, and all financial terms implicit in the offer. If unable
to obtain this information, the appraiser is to state what efforts were
made to obtain it.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Analyze      | -   Explain the results of the analysis (terms and    |
| Contract for |     conditions) of the contract of sale or why the    |
| Sale         |     analysis was not performed.                       |
|              |                                                       |
|              | -   The analysis may include a reference to the       |
|              |     number of pages contained in the contract for     |
|              |     sale provided.                                    |
+--------------+-------------------------------------------------------+
| Contract     | • Enter the final agreed upon contract price.        |
| Price \$     |                                                       |
+--------------+-------------------------------------------------------+
| Date of      | • Enter the date of the contract. This is the date    |
| Contract     | when all parties have agreed to the terms of, and     |
|              | signed the contract.                                  |
+--------------+-------------------------------------------------------+
| Is The       | •    Mark the appropriate box indicating whether or   |
| Property     | not the seller is the owner of public record. The     |
| Seller The   | appraiser is instructed to contact the lender/client  |
| Owner of     | if the seller is someone other than the owner of      |
| Public       | record. The property may not be eligible for FHA      |
| Record       | financing if it involves flipping (resale in less     |
|              | than 90 days). The lender will make a determination   |
| Data         | for any exceptions to FHA's Flipping Rule and advise  |
| Source(s)    | the appraiser.                                        |
|              |                                                       |
|              | • Report where the information was obtained.          |
+--------------+-------------------------------------------------------+
| Sales        | -   Mark the appropriate box indicating whether or    |
| Concessions  |     not there is any financial assistance (loan       |
| Downpayment  |     charges, sales concessions, gift or down payment  |
| Assistance   |     assistance, etc.) paid by any party on behalf of  |
|              |     the borrower. If necessary, use an addendum and   |
|              |     enter the heading "Sales Concessions" completing  |
|              |     the description.                                  |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   If yes, the appraiser is to report the total      |
|              |     dollar amount and describe the items to be paid.  |
|              |     If the sale involves personal property (e.g.      |
|              |     above ground pool, lawn mower, furniture, etc.)   |
|              |     is should be identified and excluded from the     |
|              |     valuation.                                        |
+--------------+-------------------------------------------------------+

# Section 3 -- Neighborhood

This section should reflect the area surrounding the subject property.
The appraiser must observe neighborhood characteristics and surrounding
properties to make determinations that will be incorporated into the
valuation of the subject property. In all instances, the appraiser must
mark the appropriate box for each line in neighborhood characteristics
and housing trends. Failure to note conditions that may adversely affect
the value of the property is poor appraisal practice and violates the
Uniform Standards of Professional Appraisal Practice.

NOTE: Race and the racial composition of the neighborhood are not
appraisal factors.

+--------------+-------------------------------------------------------+
| **           |                                                       |
| Neighborhood |                                                       |
| Chara        |                                                       |
| cteristics** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Location     | • Enter the type of area surrounding the subject      |
|              | property.                                             |
|              |                                                       |
|              | **Urban** -- relates to a city                        |
|              |                                                       |
|              | **Suburban** -- relates to an area adjacent to a city |
|              |                                                       |
|              | **Rural** -- relates to the country or beyond the     |
|              | suburban area                                         |
+--------------+-------------------------------------------------------+
| Built-up     | • Enter the built-up percentage -- the percentage of  |
|              | available land that has been improved. Land such as a |
|              | state park would not be considered available land.    |
+--------------+-------------------------------------------------------+

  ------------------- -------------------------------------------------------
  **Neighborhood      
  Characteristics**   

  **Field**           **Protocol**

  Growth              • Enter the growth rate. If many lots are available,
                      the growth rate may be rapid, stable or slow, but if
                      the neighborhood is fully developed, select the
                      "stable" box.
  ------------------- -------------------------------------------------------

+--------------+-------------------------------------------------------+
| ### Condomi  |                                                       |
| nium Unit Ho |                                                       |
| using Trends |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol {#protocol-9 .unnumbered}                 |
+--------------+-------------------------------------------------------+
| Property     | • Mark the box describing the current trend in        |
| Values       | property values for condominium units in the          |
|              | community. Comparing individual condominium units     |
|              | that have been sold and resold in recent years is an  |
|              | effective way to determine market trends. Appraisers  |
|              | who use this method, however, should make sure to     |
|              | factor in any improvements or changes made to the     |
|              | property between sales.                               |
+--------------+-------------------------------------------------------+
| Demand/      | • Mark the appropriate demand/supply trend. To        |
| Supply       | determine the equilibrium status of supply and demand |
|              | in the neighborhood, compare the number of            |
|              | condominium units sold to the number of condominium   |
|              | units listed for sale in a recent time period. The    |
|              | similarity or difference between the number of units  |
|              | sold and listed, not the absolute numbers, should     |
|              | determine the demand/supply level.                    |
+--------------+-------------------------------------------------------+
| Marketing    | • Mark the appropriate marketing time -- the typical  |
| Time         | length of time a property similar to the subject      |
|              | property would have to stay on the market before      |
|              | being sold at a price near its market value.          |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ### Condomi  |                                                       |
| nium Housing |                                                       |
+--------------+-------------------------------------------------------+
| Price Age    | • Indicate the low and high neighborhood prices and   |
|              | ages as well as the predominant value and age. The    |
|              | high and low for both price and age should exclude    |
|              | the extreme.                                          |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ### Presen   |                                                       |
| t Land Use % |                                                       |
+--------------+-------------------------------------------------------+
| One-Unit,    | • Estimate each type of land usage in the             |
| 2-4 Unit,    | neighborhood. If there is no land in the neighborhood |
| M            | with one of the designated classifications, enter a   |
| ulti-Family, | "0". If a portion of the land consists of parks or    |
| Commercial,  | other unspecified classifications, enter the          |
| Other        | estimated percentages on the "Other" line and explain |
|              | in the neighborhood description section.              |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ##           |                                                       |
| # Neighborho |                                                       |
| od Narrative |                                                       |
+--------------+-------------------------------------------------------+
| Neighborhood | • The appraiser must clearly define the boundaries -- |
| Boundaries   | north, south, east and west -- of the subject's       |
|              | neighborhood. Providing a description of neighborhood |
|              | boundaries by physical features such as streets, rail |
|              | lines, other man-made barriers or well defined        |
|              | natural barriers (i.e. rivers, lakes, etc.) details   |
|              | the make up and understanding regarding neighborhood  |
|              | composition.                                          |
+--------------+-------------------------------------------------------+

+--------------+---+-------------------------------------------------------+
| ##           |   |                                                       |
| # Neighborho |   |                                                       |
| od Narrative |   |                                                       |
+--------------+---+-------------------------------------------------------+
| Neighborhood |   | • Discuss factors that would attract residents or     |
| Description  |   | cause them to reject the neighborhood. These are      |
|              |   | typical factors important to discuss:                 |
|              |   |                                                       |
|              |   | -   Level of maintenance and condition of homes       |
|              |   |                                                       |
|              |   | -   Housing styles, ages, sizes, etc.                 |
|              |   |                                                       |
|              |   | -   Land uses                                         |
|              |   |                                                       |
|              |   | -   Proximity to employment and amenities, including  |
|              |   |     travel distance and time to local employment      |
|              |   |     sources and community amenities                   |
|              |   |                                                       |
|              |   | -   Employment stability, in terms of variety of      |
|              |   |     employment opportunities and industries           |
|              |   |                                                       |
|              |   | -   Appeal to market regarding the overall appeal of  |
|              |   |     the neighborhood as compared to competitive       |
|              |   |     neighborhoods in the same market                  |
|              |   |                                                       |
|              |   | -   Convenience to shopping with respect to distance, |
|              |   |     time and required means of transportation         |
|              |   |                                                       |
|              |   | -   Convenience to schools in terms of the distance   |
|              |   |     and time for travel to school                     |
+--------------+---+-------------------------------------------------------+
| Market       | - |                                                       |
| Conditions   |   |                                                       |
| (including   |   |                                                       |
| support for  |   |                                                       |
| the above    | P |                                                       |
| conclusions) | r |                                                       |
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|              | y |                                                       |
|              | . |                                                       |
+--------------+---+-------------------------------------------------------+

## Section 4 -- Project Site

This information provides the description of the land underlying the
subject project. Insert factual information on each of the lines
provided and report the conclusions as directed. Consider all aspects of
the physical description and reconcile them in the opinion of market
value. This section of the appraisal requires the appraiser to consider
any adverse site conditions or adverse external factors that may impact
value.

+--------------+-------------------------------------------------------+
| **Field**    | **• Protocol**                                        |
+==============+=======================================================+
| Topography   | • Enter site topography, e.g. basically level, or it  |
|              | may be moderately sloping, strongly sloping, or       |
|              | steeply sloped, hilly, rolling, flat, etc. Provide an |
|              | explanation regarding whether the topography affects  |
|              | marketability and/or value.                           |
+--------------+-------------------------------------------------------+
| Size         | • Enter the project site area in square feet if less  |
|              | than one acre. Enter the acreage only if more than    |
|              | one acre. How does size of subject compare to typical |
|              | sites in market area?                                 |
+--------------+-------------------------------------------------------+
| Density      | -   Enter density classification as shown in zoning   |
|              |     or other public records for unit per acre, i.e.   |
|              |     low density may be town houses or garden style    |
|              |     projects; high density may be mid-rise or         |
|              |     high-rise projects.                               |
+--------------+-------------------------------------------------------+
| View         | • Briefly describe the view from the unit (None is    |
|              | not an acceptable response).                          |
|              |                                                       |
|              | -   Identify a view with a significant positive or    |
|              |     negative influence on the value.                  |
|              |                                                       |
|              | -   Photographs are recommended for any negative or   |
|              |     positive view influences affecting value or       |
|              |     marketability.                                    |
+--------------+-------------------------------------------------------+
| Specific     | • Enter the specific zoning classification used by    |
| Zoning       | the local municipality or jurisdiction, e.g., R15,    |
| Cl           | DR-3, etc.                                            |
| assification |                                                       |
|              | -   If none exists, enter "None Exists."              |
+--------------+-------------------------------------------------------+
| Zoning       | -   Describe what the specific classification means.  |
| Description  |     Include a general statement describing what the   |
|              |     zoning permits. For example: R15 = Low Density    |
|              |     Multi-Family Residential                          |
|              |                                                       |
|              | -   If "No Zoning" exists, describe the prevalent use |
|              |     of sites in the neighborhood.                     |
+--------------+-------------------------------------------------------+
| Zoning       | • Determine whether the current use is in compliance  |
| Compliance   | with the zoning ordinances. Mark the box indicating   |
|              | whether it is Legal, Legal Non-Conforming             |
|              | (Grandfathered Use), No Zoning, or Illegal Use.       |
|              |                                                       |
|              | • If the existing property does not comply with all   |
|              | of the current zoning regulations (use, lot size,     |
|              | improvement size, off street parking, etc.) but is    |
|              | accepted by the local zoning authority, enter "Legal  |
|              | Non-Conforming" and provide a brief explanation.      |
|              |                                                       |
|              | -   Mark the appropriate box "yes" or "no" indicating |
|              |     that the zoning regulations permit rebuilding to  |
|              |     current density.                                  |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   If the use is not legal, the property is not      |
|              |     eligible for FHA mortgage insurance.              |
+--------------+-------------------------------------------------------+
| Highest and  | • Mark the appropriate box. This entry questions the  |
|              | categorization as the highest and best use of the     |
| Best Use     | site as improved or, as proposed and completed, in    |
|              | relation to the neighborhood and current market       |
|              | conditions.                                           |
|              |                                                       |
|              | • If current use represents the highest and best use, |
|              | mark \"yes\".                                         |
|              |                                                       |
|              | • If it does not, mark \"no\" and provide an          |
|              | explanation.                                          |
+--------------+-------------------------------------------------------+
| Utilities    | • Mark either "Public" or \"Other.\" If "Other\" is   |
|              | marked, describe. Public utilities mean               |
|              | governmentally supplied and regulated. Public does    |
|              | not include any community systems sponsored, owned or |
|              | operated by the developer or a private company not    |
|              | subject to government regulation or financial         |
|              | assistance.                                           |
|              |                                                       |
|              | • Note if there are mechanical chlorinators or        |
|              | water-flow that decreases noticeably while running    |
|              | simultaneous plumbing fixtures.                       |
|              |                                                       |
|              | •    Visually inspect the septic system and its       |
|              | surrounding area. If there are obvious or readily     |
|              | observable signs of system failure, "require          |
|              | inspection" to ensure that the system is in proper    |
|              | working order.                                        |
|              |                                                       |
|              | **Note:** The appraiser shall indicate whether a      |
|              | public water or sewage disposal system is available   |
|              | to the site. If available, connection must be made to |
|              | public or community water/sewage disposal system if   |
|              | connection costs are reasonable. The lender will      |
|              | determine whether connection is feasible.             |
+--------------+-------------------------------------------------------+
| Off-site     | • Briefly describe the off-site improvements by which |
| Improv       | the property is accessed.                             |
| ements--Type |                                                       |
|              | -   Under \"Type\", enter road surface material and   |
|              |     mark Public or Private. For example:              |
|              |     \"Street-Asphalt; Public\", "Alley-None"          |
|              |                                                       |
|              |     • Public refers to an improvement dedicated to    |
|              |     and accepted by a unit of government -- not       |
|              |     including Home Owner\'s Associations.             |
+--------------+-------------------------------------------------------+
| FEMA Special | • FEMA (Federal Emergency Management Agency) is       |
| Flood Hazard | responsible for mapping flood hazard areas. If the    |
| Area         | property is within a Special Flood Hazard Area, mark  |
|              | \"YES\". Otherwise, mark "NO".                        |
|              |                                                       |
|              | • Attach a copy of the flood map panel for properties |
|              | located within an identified flood hazard area.       |
+--------------+-------------------------------------------------------+
| FEMA Flood   | • Εnter the FEMA Zone designation. Only properties    |
| Zone         | within Special Flood Hazard Areas, such as zones      |
|              | \"A\" a special flood hazard area and \"V\" a coastal |
|              | area, require flood insurance, Zones \"B\" \"C\" and  |
|              | "X" do not.                                           |
+--------------+-------------------------------------------------------+
| FEMA Map \#  | • Enter the FEMA Map number and map date. If it is    |
| and FEMA Map | not shown on any map, enter \"Not Mapped.\"           |
| Date         |                                                       |
+--------------+-------------------------------------------------------+
| Are          | -   Mark the appropriate box indicating whether the   |
| utilities    |     utilities and off-site improvements are typical   |
| and off site |     for the market area.                              |
| improvements |                                                       |
| typical for  | -   If "No" is marked, explain what is typical.       |
| the market   |                                                       |
| area         |                                                       |
+--------------+-------------------------------------------------------+
| Any adverse  | • Mark the appropriate box indicating whether there   |
| site         | are any adverse site conditions or external factors   |
| conditions   | (easements, encroachments, environmental conditions,  |
| or external  | land uses, etc.).                                     |
| factors      |                                                       |
|              | -   If "No" is marked, no comment is necessary, if    |
|              |     "Yes" is marked, an explanation is required.      |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Describe any adverse site conditions or adverse   |
|              |     factors. Consider easements affecting the         |
|              |     functional utility of the property in the         |
|              |     conclusions of both the highest and best use and  |
|              |     market value. For example, discuss adverse        |
|              |     easements, encroachments, slide areas, illegal or |
|              |     non-conforming zoning use, etc. Consider surface, |
|              |     sub-surface and overhead easements.               |
|              |                                                       |
|              | -   List any adverse environmental conditions,        |
|              |     including hazardous waste, toxic substances and   |
|              |     others.                                           |
|              |                                                       |
|              | -   Explain all deficiencies that do not require      |
|              |     repair (extreme slope, etc.) and consider them in |
|              |     the opinion of value.                             |
|              |                                                       |
|              |     • Discuss the observations with direct            |
|              |     relationship to value and consider them in the    |
|              |     final opinion of value.                           |
+--------------+-------------------------------------------------------+

# Section 5 -- Project Information

This section describes the subject condominium project information.
Accurately report the conditions observed including the overall
condition of the project and quality of construction. Enter factual
information on each of the lines provided and report the conclusions.
Consider all aspects of the project information and reconcile them in
the opinion of market value*.*

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Data source  | -   Enter the data source(s) for the project          |
| (s) for      |     information, i.e. condo documents, public         |
| project      |     records, property management company, board or    |
| information  |     association officials, etc.                       |
+--------------+-------------------------------------------------------+
| Project      | -   Mark the box that best identifies the type of     |
| Description  |     project description. Some projects may contain    |
|              |     more than one building type. In those cases, mark |
|              |     the appropriate boxes. If "other" is marked,      |
|              |     enter a brief description for the project         |
|              |     description.                                      |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **General    |                                                       |
| D            |                                                       |
| escription** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| \# of        | • Enter the number of stories for the project         |
| Stories      | property type, i.e. number of stories for garden,     |
|              | mid-rise, or high-rise projects, townhouse, etc.      |
+--------------+-------------------------------------------------------+
| \# of        | • Enter the number of elevators. If none, enter "walk |
| Elevator(s)  | up".                                                  |
+--------------+-------------------------------------------------------+
| Stage of     | • Mark the box indicating the stage of construction,  |
| Construction | Existing, Proposed or Under Construction. Properties  |
|              | that are either Proposed or Under Construction        |
|              | require plans and specifications for the appraiser to |
|              | review.                                               |
+--------------+-------------------------------------------------------+
| Year Built   | • Enter the year built.                               |
+--------------+-------------------------------------------------------+
| Effective    | • Enter the effective age of the improvements. A      |
| Age (Yrs)    | range is acceptable. The effective age reflects the   |
|              | condition of the property relative to similar         |
|              | competitive properties. The effective age may be      |
|              | greater than, less than or equal to the actual age.   |
|              |                                                       |
|              | • Note any significant difference between the actual  |
|              | and effective ages and explain in the "condition of   |
|              | property" comments section.                           |
+--------------+-------------------------------------------------------+
| Exterior     | -   Enter the type of construction material:          |
| Walls        |     aluminum, vinyl, wood siding, brick veneer,       |
|              |     stucco, etc. If a combination of materials, show  |
|              |     the predominant portion first.                    |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **General    |                                                       |
| D            |                                                       |
| escription** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Roof Surface | -   Enter material type used for roof covering:       |
|              |     composition shingle, wood, slate, clay tile,      |
|              |     gravel, built-up, etc.                            |
+--------------+-------------------------------------------------------+
| Total \#     | -   Enter the total number of parking spaces for the  |
| Parking      |     condominium project.                              |
+--------------+-------------------------------------------------------+
| Ratio        | -   Enter the ratio, total number of parking spaces   |
| (s           |     divided by the total number of units.             |
| paces/units) |                                                       |
+--------------+-------------------------------------------------------+
| Type         | -   Enter the type of parking in the condominium      |
|              |     project, such as open, garage, carport, or        |
|              |     assigned.                                         |
+--------------+-------------------------------------------------------+
| Guest        | -   Enter the number of guest, visitor, or            |
| Parking      |     non-assigned parking spaces in the condominium    |
|              |     project.                                          |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Subject    |                                                       |
| Phase**      |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the total number of units in the subject's  |
|              |     phase.                                            |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number of units in the subject phase    |
| Completed    |     that have been completed.                         |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number of units in the subject's phase  |
| for Sale     |     currently offered for sale.                       |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number of units in the subject's phase  |
| Sold         |     that have been purchased.                         |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number of units in the subject's phase  |
| Rented       |     that are rented.                                  |
+--------------+-------------------------------------------------------+
| \# of Owner  | -   Enter the number of units in the subject's phase  |
| Occupied     |     that are owner occupied.                          |
| Units        |                                                       |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **If Project |                                                       |
| Completed**  |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| \# of Phases | -   Enter the total number of phases of construction  |
|              |     in the subject project.                           |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the total number of units in the subject    |
|              |     project.                                          |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number for sale in the subject project. |
| for Sale     |                                                       |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number of units sold in the subject     |
| Sold         |     project.                                          |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number of units rented in the subject   |
| Rented       |     project.                                          |
+--------------+-------------------------------------------------------+
| \# of Owner  | -   Enter the number of owner occupied units in the   |
| Occupied     |     subject project.                                  |
| Units        |                                                       |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **If Project |                                                       |
| Incomplete** |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| \# of        | -   Enter the total number of planned phases for the  |
| Planned      |     subject project.                                  |
| Phases       |                                                       |
+--------------+-------------------------------------------------------+
| \# of        | -   Enter the number or planned units for the subject |
| Planned      |     project.                                          |
| Units        |                                                       |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number of units for sale in the subject |
| for Sale     |     project.                                          |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number of units sold in the subject     |
| Sold         |     project.                                          |
+--------------+-------------------------------------------------------+
| \# of Units  | -   Enter the number of units rented in the subject   |
| Rented       |     project.                                          |
+--------------+-------------------------------------------------------+
| \# of Owner  | -   Enter the number of owner occupied units in the   |
| Occupied     |     subject project.                                  |
| Units        |                                                       |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Project      | -   Mark the box indicating the occupancy type for    |
| Primary      |     the project, i.e. Principle Residence, Second     |
| Occupancy    |     Home or Tenant.                                   |
+--------------+-------------------------------------------------------+
| Is the       | -   Mark the box indicating whether or not the        |
| devel        |     developer/builder is in control of the HOA.       |
| oper/builder |                                                       |
| in control   |                                                       |
| of the HOA   |                                                       |
+--------------+-------------------------------------------------------+
| Management   | -   Mark the box identifying the type of management   |
| Group        |     group. If management agent is marked, provide     |
|              |     name of management company and phone number.      |
+--------------+-------------------------------------------------------+
| Does any     | -   Enter an "X" in the applicable box indicating     |
| single       |     whether or not a single entity owns more that 10% |
| entity own   |     of the total units in the project. If "yes",      |
| more than    |     provide the name of the entity and the number of  |
| 10% of the   |     units owned. It is possible to have multiple      |
| total units  |     entities in this category.                        |
| in the       |                                                       |
| project ?    |                                                       |
+--------------+-------------------------------------------------------+
| Was the      | -   Enter an "X" in the applicable box indicating     |
| project      |     whether or not the project was created by a       |
| created by   |     conversion. If "yes", describe the original use   |
| conversion ? |     and the date of conversion.                       |
+--------------+-------------------------------------------------------+
| Are the      | -   Enter an "X" in the applicable box indicating     |
| units,       |     whether or not the common elements and            |
| common       |     recreational facilities have been completed.      |
| elements,    |                                                       |
| and          | -   If "no", provide an explanation describing what   |
| recreation   |     remains to be completed.                          |
| facilities   |                                                       |
| complete?    |                                                       |
+--------------+-------------------------------------------------------+
| Is there any | -   Enter an "X" in the applicable box indicating     |
| commercial   |     whether or not there is commercial space in the   |
| space in the |     project. If "yes" describe the commercial space   |
| project?     |     and provide the overall percentage of commercial  |
|              |     space.                                            |
+--------------+-------------------------------------------------------+
| Describe the | -   Describe the overall condition and maintenance of |
| condition of |     the project.                                      |
| the project  |                                                       |
| and quality  | -   Note any evidence of physical deterioration       |
| of           |                                                       |
| construction | -   Rate the project's condition (Good, Average,      |
|              |     Fair, Poor).                                      |
|              |                                                       |
|              | -   Rate the quality of construction giving           |
|              |     consideration to the durability and quality of    |
|              |     the materials and finish.                         |
+--------------+-------------------------------------------------------+
| Describe the | -   Describe common elements and recreational areas   |
| common       |     such as parking areas, pools, courts, club        |
| elements and |     houses, fitness centers, etc.                     |
| recreational |                                                       |
| facilities   |                                                       |
+--------------+-------------------------------------------------------+
| Are any      | -   Enter an "X" in the box indicating whether or not |
| common       |     any of the common elements are leased to the HOA. |
| elements     |                                                       |
| leased to or | -   If "yes" provide a description of the rental      |
| by the HOA?  |     terms and options and comment on any effect on    |
|              |     the marketability or value of the project.        |
+--------------+-------------------------------------------------------+
| Is the       | -   Enter an "X" in the box indicating whether or not |
| project      |     the project is subject to a ground rent.          |
| subject to   |                                                       |
| ground rent? | -   If "yes", enter the dollar amount of the annual   |
|              |     ground rent and describe the terms, restrictions, |
|              |     and conditions of the lease agreement and what    |
|              |     effect, if any, it has on the marketability or    |
|              |     value of the project.                             |
+--------------+-------------------------------------------------------+
| Are the      | -   Enter an "X" in the box indicating whether or not |
| parking      |     the parking facilities are adequate for the       |
| facilities   |     project size and type.                            |
| adequate for |                                                       |
| the project  | -   If "no" describe and comment on the effect of     |
| size and     |     value and marketability. For example, projects of |
| type?        |     similar size, type and quality have garage        |
|              |     parking whereas the subject project has assigned  |
|              |     open spaces.                                      |
+--------------+-------------------------------------------------------+

# 

# Section 6 -- Project Analysis

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Analyze the  | -   Explain the results of analysis of the            |
| Condominium  |     condominium project budget or why the analysis    |
| Project      |     was not performed.                                |
| Budget       |                                                       |
|              | -   The analysis includes adequacy of the fees and    |
|              |     reserves to meet operating expenses which may     |
|              |     include: legal and accounting, utilities, trash   |
|              |     removal, snow removal, repairs and maintenance,   |
|              |     recreational areas maintenance and upkeep,        |
|              |     gardening and yard maintenance, taxes, insurance, |
|              |     facility rentals, etc.                            |
+--------------+-------------------------------------------------------+
| Are there    | -   Enter an "X " in the box indicating whether or    |
| any other    |     not there are any fees other than the regular HOA |
| fees for the |     fee for use of the project facilities.            |
| use of the   |                                                       |
| project      | -   If "yes", report the charges and describe.        |
| facilities   |                                                       |
+--------------+-------------------------------------------------------+
| Compared to  | -   Mark the box that best indicates the subject      |
| other        |     project's unit charge comparability to            |
| competitive  |     competitive projects of similar quality and       |
| projects     |     design.                                           |
|              |                                                       |
|              | -   If either the "High" or "Low" box is marked, an   |
|              |     explanation is required.                          |
+--------------+-------------------------------------------------------+
| Are there    | -   Enter an "X" in the box indicating whether or not |
| any special  |     there are any special or unusual characteristics  |
| or unusual   |     of the project known to the appraiser             |
| cha          |     (information from condo documents, budget, HOA    |
| racteristics |     meetings, or other sources.                       |
| of the       |                                                       |
| project      | -   If "yes", describe and explain the effect on      |
| known to     |     value and marketability. For example, condo       |
| appraiser?   |     increasing by 30% to cover major repair due to    |
|              |     lack of adequate reserves for building            |
|              |     maintenance.                                      |
+--------------+-------------------------------------------------------+

# 

# Section 7 -- Unit Description  {#section-7-unit-description .unnumbered}

**Mechanical Systems**

An appraiser must examine mechanical, plumbing and electrical systems of
the subject property to ensure that they are in proper working order.
This examination entails turning on the applicable systems and observing
their performance. Do not operate the systems if doing so may damage
equipment, or when outside temperatures will not allow the system to
operate.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Unit Charge  | -   Enter the monthly condo/HOA fee, multiply by 12   |
|              |     and enter result per year.                        |
+--------------+-------------------------------------------------------+
| Annual       | -   Divide the annual assessment charge per year by   |
| Assessment   |     the GLA to compute the assessment per square      |
| per Sq.Ft.   |     foot.                                             |
| of GLA       |                                                       |
+--------------+-------------------------------------------------------+
| Utilities    | -   Enter an "X " in the appropriate box or boxes     |
| included in  |     identifying which utilities are included in the   |
| monthly      |     unit monthly assessment.                          |
| assessment   |                                                       |
|              | -   It "other" is marked, please describe.            |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **General    |                                                       |
| D            |                                                       |
| escription** |                                                       |
+==============+=======================================================+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Floor \#     | -   Enter the floor level location of the unit.       |
+--------------+-------------------------------------------------------+
| \# of levels | -   Enter the number of levels contained in the       |
|              |     subject unit.                                     |
+--------------+-------------------------------------------------------+
| Heating Type | • Enter the type of heating system: FWA (forced warm  |
|              | air), HWBB (hot water baseboard), HWRad (hot water    |
|              | radiant) EBB (for electric baseboard), etc.           |
|              |                                                       |
|              | -   Turn on the furnace/heating system to test        |
|              |     functionality, weather permitting, and that no    |
|              |     unusual noises are heard, no odors or smoke are   |
|              |     emitted indicating a defective unit, etc.         |
|              |     However, do not operate the systems if doing so   |
|              |     may damage                                        |
|              |                                                       |
|              | -   Turn on the hot water to ensure that the water    |
|              |     heater is operating appropriately.                |
|              |                                                       |
|              | -   Note any significant deterioration to heating     |
|              |     system.                                           |
+--------------+-------------------------------------------------------+
| Fuel         | -   Enter type of fuel used: natural gas, oil,        |
|              |     propane, electric, etc.                           |
+--------------+-------------------------------------------------------+
| Cooling Type | -   Enter an "X" in the box indicating the type of    |
|              |     cooling system: Central Air Conditioning,         |
|              |     Individual or Other. If "Other" is marked,        |
|              |     provide a brief description, e.g. permanently     |
|              |     affixed fans, zoned air-conditioning, etc.        |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Turn on the air conditioning system to test       |
|              |     functionality, weather permitting, and that no    |
|              |     unusual noises are heard, no odors or smoke are   |
|              |     emitted indicating a defective unit, etc.         |
|              |     However, do not operate the systems if doing so   |
|              |     may damage equipment or when outside temperatures |
|              |     will not allow system to operate.                 |
|              |                                                       |
|              | -   Note significant holes/deterioration on the unit  |
+--------------+-------------------------------------------------------+

**Interior Materials/Condition**

Enter the types of Materials and the Condition of the Materials (Good,
Average, Fair, and Poor). Make every effort to describe accurately and
explain in detail \"Fair\" and \"Poor\" ratings. The rating must relate
to the habitability of the house given local standards.

+----------------+------------------------------------------------------+
| **Interior     |                                                      |
| materia        |                                                      |
| ls/condition** |                                                      |
+----------------+------------------------------------------------------+
| ## Field       | ## Protocol {#protocol-10 .unnumbered}               |
+----------------+------------------------------------------------------+
| Floors         | -   Enter floor type --- tile, hardwood, carpet,     |
|                |     etc. --- and note the condition.                 |
+----------------+------------------------------------------------------+
| Walls          | -   Enter type of walls --- plaster, drywall,        |
|                |     paneled, etc. --- and note the condition.        |
+----------------+------------------------------------------------------+
| Trim/Finish    | -   Enter type of molding --- wood, metal, vinyl,    |
|                |     etc. --- and note the condition.                 |
+----------------+------------------------------------------------------+
| Bath Wainscot  | -   Enter type that protects walls from moisture --- |
|                |     ceramic tile, fiberglass, etc. --- and note the  |
|                |     condition.                                       |
+----------------+------------------------------------------------------+
| Doors          | -   Enter door types --- wood, metal, hollow core,   |
|                |     etc. --- and note the condition.                 |
+----------------+------------------------------------------------------+

+----------------+------------------------------------------------------+
| **Amenities**  |                                                      |
+================+======================================================+
| **Field**      | Protocol                                             |
+----------------+------------------------------------------------------+
| Fireplace(s)   | -   Enter "X" if this amenity exists and provide a   |
| \#             |     specific number                                  |
+----------------+------------------------------------------------------+
| Woodstove \#   | • Enter "X" if this amenity exists and provide a     |
|                | specific number                                      |
+----------------+------------------------------------------------------+
| Deck/Patio     | -   Enter "X" if this amenity exists.                |
+----------------+------------------------------------------------------+
| Porch/Balcony  | -   Enter "X" if this amenity exists.                |
+----------------+------------------------------------------------------+
| Other          | -   Enter "X" in this box if applicable and describe |
|                |     amenity or feature.                              |
+----------------+------------------------------------------------------+

**Appliances**

Make an entry \[X\] in the boxes to indicate that these items exist. An
entry in a box means that the item was considered part of the real
estate and is included in the value. If an item is personal property,
put a \"P\" in the box and do not include it in the opinion of value.
Treat non-functioning equipment as existing, but as deferred maintenance
in the valuation process.

  -----------------------------------------------------------------------
  **Field**       **Protocol**
  --------------- -------------------------------------------------------
  Refrigerator    Enter "X" if this item exists. Enter "P" if personal
                  property.

  Range/Oven      Enter "X" if this item exists. Enter "P" if personal
                  property.

  Disp /          Enter "X" if this item exists. Enter "P" if personal
  Microwave       property.

  Dishwasher      Enter "X" if this item exists. Enter "P" if personal
                  property.

  Washer/Dryer    Enter "X" if this item exists. Enter "P" if personal
                  property.
  -----------------------------------------------------------------------

**Car Storage**

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| None         | -   Mark \"NONE\" if there is no car storage space.   |
+--------------+-------------------------------------------------------+
| Type of      | -   Enter an "X" in the box or boxes signifying type  |
| Space        |     of storage space, if applicable.                  |
+--------------+-------------------------------------------------------+
| \# of Cars   | -   Enter the number of cars the space can            |
|              |     accommodate, if applicable.                       |
+--------------+-------------------------------------------------------+
| Assigned or  | -   Mark this box indicating whether, space(s) are    |
| Owned        |     assigned or owned, if applicable.                 |
+--------------+-------------------------------------------------------+
| Parking      | -   Enter the parking space #/                        |
| Space \#     |                                                       |
+--------------+-------------------------------------------------------+

## Gross Living Area

The appraiser must attach a sketch of the subject unit that indicates
interior perimeter unit dimensions rather than exterior dimensions
(include the calculations to show how you arrived at the estimated gross
living area) or attach a copy of the floor plan (along with dimensions)
provided in the condo documents which also lists the square footage.

##  {#section-16 .unnumbered}

## Room Count, Gross Living Area and Heating and Cooling separately metered {#room-count-gross-living-area-and-heating-and-cooling-separately-metered .unnumbered}

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Finished     | • To complete this section, enter the total *number*  |
| area         | of above grade rooms, the total number of bedrooms    |
| **above**    | above grade, and the total number of bathrooms above  |
| grade        | grade. Do not include foyers, basement finished rooms |
| contains     | or unfinished attic space.                            |
|              |                                                       |
|              | -   Enter the total square footage of the gross       |
|              |     living area above grade.                          |
+--------------+-------------------------------------------------------+
| Are heating  | -   Enter an "X" in the box indicating whether or not |
| and cooling  |     the heating and cooling for the individual units  |
| separately   |     separately metered? "                             |
| metered?     |                                                       |
|              | -   If "No", describe and comment on compatibility to |
|              |     other projects in the market area.                |
+--------------+-------------------------------------------------------+

**Narrative Comments Section**

The completion of this section is critical to the opinion of market
value. The appraiser must discuss all adverse conditions and observed
physical and functional deficiencies noted. If necessary, use the
Additional Comments section of the form report, or an addendum, for
additional discussion or description.

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Additional   | • Use this space to describe special energy efficient |
| Features     | features such as solar energy or geothermal systems   |
|              | and/or to further describe the additional features,   |
|              |                                                       |
|              | • Please elaborate on any special or unusual aspects  |
|              | of items, e.g. gas fireplace or wood burning          |
|              | fireplace.                                            |
+--------------+-------------------------------------------------------+
| [Condition   | • Describe any physical deterioration and/or          |
| of the       | functional or external depreciation noted at the      |
| property]    | property.                                             |
| {.underline} |                                                       |
| (including   | • Provide a conclusion as to the overall condition of |
| needed       | the improvements that is supported by the previous    |
| repairs,     | descriptive sections.                                 |
| de           |                                                       |
| terioration, | -   Describe needed repairs.                          |
| renovations, |                                                       |
| remodeling,  |                                                       |
| etc.)        |                                                       |
+--------------+-------------------------------------------------------+
| [Physical    | -   Enter an "X " in the applicable box indicating    |
| d            |     whether or not there are any physical             |
| eficiencies] |     deficiencies or adverse conditions that affect    |
| {.underline} |     the livability, soundness, or structural          |
| or adverse   |     integrity of the property. If the response is     |
| conditions   |     "No", no explanation is required or needed.       |
|              |     However, if the response is "Yes", a full and     |
|              |     detailed explanation is required and, if          |
|              |     necessary, condition the appraisal on the "repair |
|              |     or alteration of the condition" or a "required    |
|              |     inspection" by appropriately qualified            |
|              |     individuals or entities, which may include        |
|              |     professional engineers, tradespersons, HUD Fee    |
|              |     Inspectors.                                       |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| [Physical    | **Lead-Based Paint Hazard**                           |
| d            |                                                       |
| eficiencies] | -   If the home was built before 1978, this may       |
| {.underline} |     indicate a lead paint hazard. For all FHA insured |
| or adverse   |     properties, correction is required to all         |
| conditions   |     defective paint in or on structures and/or        |
|              |     property improvements built before January 1,     |
|              |     1978 in accordance with 24 CFR Part 35.           |
|              |                                                       |
|              | -   Observe all interior and exterior surfaces, such  |
|              |     as walls, stairs, deck porch, railing, windows or |
|              |     doors for defective (chipping, flaking or         |
|              |     peeling) paint. (Exterior surfaces include        |
|              |     surfaces on fences, detached garages, storage     |
|              |     sheds and other outbuildings and appurtenant      |
|              |     structures.). Note any areas affected (be         |
|              |     specific) and condition the appraisal on their    |
|              |     repair subject to the satisfaction of the         |
|              |     condition.                                        |
+--------------+-------------------------------------------------------+
| Property     | -   Enter an "X " in the applicable box indicating    |
| conformity   |     whether or not the subject generally conforms to  |
|              |     the neighborhood (functional utility, style,      |
|              |     condition, use, construction, etc.). If the       |
|              |     response is "Yes", no explanation is required or  |
|              |     needed. However, if the response is "No", an      |
|              |     explanation is required.                          |
+--------------+-------------------------------------------------------+

# Section 8 -- Prior Sale History {#section-8-prior-sale-history .unnumbered}

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Research     | -   Enter an "X " in the applicable box indicating    |
| sale or      |     whether you "did" or "did not" research the sale  |
| transfer     |     or transfer history of the subject property and   |
| history of   |     comparable sales. If not, provide explanation.    |
| subject &    |                                                       |
| comps        |                                                       |
+--------------+-------------------------------------------------------+
| Prior sales  | -   Enter an "X " in the applicable box indicating    |
| or transfers |     whether your research "did" or "did not" reveal   |
| of subject   |     any [prior sales]{.underline} or transfers of the |
| property     |     subject property for the [three                   |
|              |     years]{.underline} prior to the effective date of |
|              |     this appraisal.                                   |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and transfer  |
| Source(s)    |     information. Two sources are recommended for      |
|              |     researching prior sales and transfers, local MLS  |
|              |     and local public records at a minimum.            |
|              |                                                       |
|              | -   Be familiar with the data source(s), i.e. how the |
|              |     data is gathered and how often it is updated,     |
|              |     what is the publication date of the data, what is |
|              |     the effective date of the data.                   |
+--------------+-------------------------------------------------------+
| Prior sales  | -   Enter an "X " in the applicable box indicating    |
| or transfers |     whether your research "did" or "did not" reveal   |
| of           |     any [prior sales]{.underline} of transfers of the |
| comparable   |     comparable sales [for the year prior to the date  |
| sales        |     of sale of the comparable sale]{.underline}.      |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and transfer  |
| Source(s)    |     information. Two sources are recommended for      |
|              |     researching prior sales and transfers, local MLS  |
|              |     and local public records at a minimum.            |
|              |                                                       |
|              | -   Be familiar with the data source(s), i.e. how the |
|              |     data is gathered and how often it is updated,     |
|              |     what is the publication date of the data, what is |
|              |     the effective date of the data.                   |
+--------------+-------------------------------------------------------+

  -----------------------------------------------------------------------
  Report the results of the research and analysis of the
  [prior]{.underline} sale or transfer history of the subject property
  and comparable sales (report additional prior sales in the "Additional
  Comments" section or an addendum).

  -----------------------------------------------------------------------

+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol                                           |
+--------------+-------------------------------------------------------+
| Date of      | -   Report the date(s) of prior sale(s) or            |
| Prior Sale / |     transfer(s) of the subject that occurred within   |
| Transfer     |     three years of the effective date of the          |
|              |     appraisal.                                        |
|              |                                                       |
|              | -   Report the date(s) of prior sale(s) or            |
|              |     transfer(s) of each comparable sale for the year  |
|              |     prior to the date of the comparable sale.         |
+--------------+-------------------------------------------------------+
| Price of     | -   Report the price of the prior sale(s) or          |
| Prior Sale / |     transfer(s) of the subject that occurred within   |
|              |     three years of the effective date of the          |
| Transfer     |     appraisal.                                        |
|              |                                                       |
|              | -   Report the price of the prior sale(s) or          |
|              |     transfer(s) of each comparable for the year prior |
|              |     to the date of the comparable sale.               |
+--------------+-------------------------------------------------------+
| Data         | -   Identify data source(s) used.                     |
| Source(s)    |                                                       |
+--------------+-------------------------------------------------------+
| Effective    | -   Enter the date the data was published or updated  |
| Date of Data |     by the source. For example, the local MLS may     |
| Source(s)    |     update their database multiple times during the   |
|              |     week or month whereas property transfers at the   |
|              |     local land records office may take six or eight   |
|              |     weeks to be recorded. The property transfer       |
|              |     records may have an effective date that is eight  |
|              |     weeks earlier than the appraisal date and the MLS |
|              |     data is within one week of the appraisal date.    |
+--------------+-------------------------------------------------------+
| Analysis of  | -   Provide analysis of prior sale or transfer        |
| prior sale   |     history of the subject and comparable sales.      |
| or transfer  |                                                       |
| history of   | -   Analysis may address changes in property          |
| subject and  |     conditions between sale dates or verifying if     |
| comparable   |     prior sale was an arm's-length transaction.       |
| sales        |                                                       |
+--------------+-------------------------------------------------------+

# Section 9 -- Sales Comparison Approach

## Comparable Data Pool

The appraiser is required to report the number of comparable properties
currently offered for sale, as of the effective date of the appraisal,
and the number of comparable sales in the subject neighborhood, within
12 months of the effective date of the appraisal, in this section.
Unlike the neighborhood price data, which includes all sales, this
section focuses only on those properties that are comparable to the
subject, not the universe of sales.

If there was difficulty in locating comparable properties, i.e. the
subject is a "high-rise" and it is the only sale within the project in
the past 12 months, and one or more of the comparable properties was a
"mid-rise" or "garden style", then for purposes of this section, all
such properties in the subject's neighborhood are to be treated as
comparable and counted.

  -----------------------------------------------------------------------
  **Field**       Protocol
  --------------- -------------------------------------------------------
  Comparable      Enter the number of comparable properties currently
  properties      offered for sale, including those under contract,
  offered for     within the subject neighborhood together with the price
  sale            range.

  Comparable      Enter the number of comparable sales that occurred
  sales           within the 12 month period preceding the effective date
                  of the appraisal, and within the subject neighborhood,
                  together with the price range.
  -----------------------------------------------------------------------

Enter factual data in each field or line.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Address and  | • Enter the address and unit number for the subject   |
| unit \#      | and each comparable sale.                             |
+--------------+-------------------------------------------------------+
| Project Name | -   Enter the project name and phase number for the   |
| and Phase    |     subject and each comparable sale.                 |
+--------------+-------------------------------------------------------+
| Proximity to | • Enter proximity in straight-line distance and       |
| Subject      | direction. For example, \"1.5 miles NE\" or "3 blocks |
|              | south". If comparable distance from the subject is    |
|              | more than a generally accepted distance, or located   |
|              | outside the defined neighborhood boundaries, be sure  |
|              | to explain why the sale is applicable in the          |
|              | \"Summary of Sales Comparison Approach\" section.     |
+--------------+-------------------------------------------------------+
| Sale Price   | • Enter the purchase price (total paid) for the       |
|              | subject and each of the comparable sales. This means  |
|              | the closed or settled price of the comparable sale.   |
|              |                                                       |
|              | -   If the appraisal involves a refinance of the      |
|              |     subject, enter "Refi" as the subject's sale       |
|              |     price.                                            |
+--------------+-------------------------------------------------------+
| Sale Price / | • Enter price per square foot for the above grade     |
| Gross Liv.   | living area for the subject, if a purchase            |
| Area         | transaction, and each comparable sale.                |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales information.  |
| Source(s)    |                                                       |
+--------------+-------------------------------------------------------+
| Verification | -   Enter verification source(s), the document or     |
| Source(s)    |     party from which the additional proof was         |
|              |     obtained. MLS by itself is not considered a       |
|              |     verification source.                              |
|              |                                                       |
|              | -   Contacting someone with first-hand knowledge of   |
|              |     the transaction (agent, broker, buyer, seller,    |
|              |     etc.) especially where it involves confirmation   |
|              |     of seller concessions is the preferred method of  |
|              |     verification.                                     |
|              |                                                       |
|              | -   A single source may be used if the quality of     |
|              |     data is such that sales data are confirmed and    |
|              |     verified by settled transactions. Information     |
|              |     provided should permit the reader of the report   |
|              |     to locate the data from the sources cited.        |
|              |                                                       |
|              | -   Do not use as market data sales that are not      |
|              |     verified and adjusted to reflect the terms and    |
|              |     conditions of sale.                               |
+--------------+-------------------------------------------------------+

**Value Adjustments**

Adjustments are made to the prices of the sale properties for
price-influencing dissimilarities between each sale and the subject
property. Not all dissimilarities require adjustment because not all
dissimilarities achieve price differentials in the market. All
adjustments must be extracted from and supported by the actions of the
market.

For each adjustment item, enter the description of the adjustment and
whether it is an upward or downward adjustment. Do not make an
adjustment unless it has a material effect on value.

+--------------+-------------------------------------------------------+
| VALUE        |                                                       |
| ADJUSTMENTS  |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Sales or     | -   Report the type of financing such as              |
| Financing    |     Conventional, FHA or VA, etc.                     |
| Concessions  |                                                       |
|              | -   Report the type and amount of sales concession    |
|              |     for each comparable sale listed. If no            |
|              |     concessions exist, the appraiser must note        |
|              |     "none."                                           |
|              |                                                       |
|              | -   The appraiser is required to make market-based    |
|              |     adjustments to the comparable sales for any sales |
|              |     or financing concessions that may have affected   |
|              |     the sales price.                                  |
|              |                                                       |
|              | -   The adjustment for such affected comparable sales |
|              |     must reflect the difference between the sales     |
|              |     price with the sales concessions and what the     |
|              |     property would have sold for without the          |
|              |     concessions.                                      |
+--------------+-------------------------------------------------------+
| Date of Sale | • State month and year of the sale. Showing the       |
| / Time       | contract date and settled date is also acceptable.    |
|              |                                                       |
|              | -   Time adjustments, if any, must be supported by    |
|              |     the market and consistent with the neighborhood   |
|              |     market conditions noted. If this is the case,     |
|              |     show both the contract date and settled date as   |
|              |     any time adjustment should be calculated using    |
|              |     the contract date (meeting of the minds) rather   |
|              |     than the settled date.                            |
+--------------+-------------------------------------------------------+
| Location     | -   Enter the name of the subdivision or PUD. If none |
|              |     is applicable enter the neighborhood name that is |
|              |     commonly used to refer to the property's          |
|              |     location.                                         |
+--------------+-------------------------------------------------------+
| Leasehold /  | • State whether the property was sold as Fee Simple   |
| Fee Simple   | or as a Leasehold Estate. An adjustment is required   |
|              | if the estate differs from the rights appraised for   |
|              | the subject property, and the difference is           |
|              | recognized by the local market.                       |
+--------------+-------------------------------------------------------+
| HOA Mo.      | • Enter the monthly unit charges                      |
| Assessment   |                                                       |
|              | -   Any adjustments made for value differences should |
|              |     be explained.                                     |
+--------------+-------------------------------------------------------+
| Common       | -   List the common elements and recreational         |
| Elements     |     facilities.                                       |
|              |                                                       |
| And Rec.     | -   Adjust for differences where and if warranted.    |
| Facilities   |                                                       |
+--------------+-------------------------------------------------------+
| Floor        | -   Enter the floor location of the unit.             |
| Location     |                                                       |
|              | -   Adjust for any differences attributable to floor  |
|              |     location within a project if warranted.           |
+--------------+-------------------------------------------------------+
| View         | • Describe the view from the unit, water view,        |
|              | skyline, etc. Such terms as "Average" or "Good" are   |
|              | only to be used as adjuncts, i.e. "Skyline/Average",  |
|              | "Water view/Good".                                    |
|              |                                                       |
|              | -   Make adjustments only if the view is superior or  |
|              |     inferior to the subject. If the subject has a     |
|              |     superior view and adjustments are made, a         |
|              |     photograph of the view amenity is recommended.    |
+--------------+-------------------------------------------------------+
| Design       | • Enter the style according to a project description  |
| (Style)      | used. Be consistent with improvement description.     |
+--------------+-------------------------------------------------------+
| Quality of   | • Enter \"Good\", \"Average\", \"Fair\", etc. using   |
| Construction | the quality rating from your cost service             |
|              | subscription or provider.                             |
|              |                                                       |
|              | -   Adjustments may also be warranted for interior    |
|              |     construction quality and should be explained and  |
|              |     justified.                                        |
+--------------+-------------------------------------------------------+
| Actual Age   | • Enter only the actual age of the subject and each   |
|              | comparable sale.                                      |
+--------------+-------------------------------------------------------+
| Condition    | • Enter the condition of the subject and comparable   |
|              | sales.                                                |
|              |                                                       |
|              | -   Only ratings to be used are: "New", "Good",       |
|              |     "Average", "Fair" and "Poor"                      |
|              |                                                       |
|              |     • Consider any assumed repairs or alterations to  |
|              |     the structure and the roof when determining the   |
|              |     need for adjustments to the comparable sales.     |
+--------------+-------------------------------------------------------+
| Above Grade  | • Enter room count, consistent with the description   |
| Room Count   | of improvements on the front of the appraisal form.   |
|              | Up to three adjustments may be entered:               |
|              |                                                       |
|              | -   The first line is for bathroom count differences. |
|              |     A deficiency or surplus in the number of baths    |
|              |     should be adjusted first.                         |
|              |                                                       |
|              | -   The second line adjustment is for room count.     |
|              |                                                       |
|              | -   The third is for a difference in square footage.  |
|              |                                                       |
|              |     • Explain any property that has an adjustment in  |
|              |     both square feet and room count.                  |
+--------------+-------------------------------------------------------+
| Gross Living | • Enter the total square footage of the above grade   |
| Area         | living areas. Adjustments for differences in square   |
|              | footage should be market derived.                     |
+--------------+-------------------------------------------------------+
| Basement &   | • Show full or partial basement with basement finish  |
| Finished     | percentage, i.e. Full 75%, Partial 50%.               |
| Rooms Below  |                                                       |
| Grade        | • Enter the type of rooms below grade: bedroom,       |
|              | recreation room, laundry, full bath, etc.             |
|              |                                                       |
|              | -   Include below grade improvements found in the     |
|              |     subject property or comparable sales.             |
|              |                                                       |
|              |     • Make appropriate adjustments to reflect         |
|              |     differences between the comparable sales and the  |
|              |     subject property.                                 |
|              |                                                       |
|              |     • Explain any special features or finishes in the |
|              |     "Summary of Sales Comparison Approach."           |
|              |                                                       |
|              | -   If no basement enter N/A                          |
+--------------+-------------------------------------------------------+
| Functional   | • Enter \"Equal\", \"Superior\" or \"Inferior\" as a  |
| Utility      | total of the items rated in the Improvement Analysis  |
|              | compared to the subject. Use the \"Summary of Sales   |
|              | Comparison Approach" to explain differences.          |
|              |                                                       |
|              | • Adjust for functional obsolescence observed in the  |
|              | subject noted in the unit description and not found   |
|              | in the comparable sales.                              |
|              |                                                       |
|              | • Extract dollar adjustments from the market. For     |
|              | example, a poor floor design that includes two        |
|              | bedrooms so that the entrance to one is gained by     |
|              | passing through the other typically requires a        |
|              | negative adjustment for functional obsolescence.      |
|              |                                                       |
|              | -   Floor plan of the subject is required when        |
|              |     functional obsolescence is attributable to layout |
|              |     or poor floor plan.                               |
+--------------+-------------------------------------------------------+
| Heating /    | • Enter an adjustment for differences in heating and  |
| Cooling      | cooling systems. Any adjustment should be based on    |
|              | market expectations.                                  |
+--------------+-------------------------------------------------------+
| Energy       | • Describe energy efficient items: storm windows and  |
| Efficient    | doors, solar installations, replacement windows, etc. |
| Items        | and enter an adjustment for differences if warranted. |
|              | If none, so state.                                    |
+--------------+-------------------------------------------------------+
| Garage /     | • Enter an adjustment for car storage. Calculate      |
| Carport      | adjustments in accordance with market acceptance of   |
|              | carport value versus garage and size (one car, two    |
|              | cars, etc.).                                          |
+--------------+-------------------------------------------------------+
| Porch,       | • Enter an adjustment for these features. Base any    |
| Patio, Deck  | adjustments on local market expectations.             |
+--------------+-------------------------------------------------------+
| Blank Lines  | • Τhree blank lines are provided for the appraiser's  |
|              | use to describe additional amenities, features or     |
|              | individual characteristics not listed or addressed    |
|              | elsewhere in the sales grid, e.g. woodstove,          |
|              | fireplace, fencing, other.                            |
|              |                                                       |
|              | -   Enter appropriate adjustments where warranted.    |
+--------------+-------------------------------------------------------+
| Net Adjusted | • Mark either \[+\] or \[-\] box to indicate if the   |
| (Total)      | total net adjustments will increase or decrease the   |
|              | value and note by how much. If any adjustment is      |
|              | excessive, review the comparable sales to determine   |
|              | if the best ones were selected. If the total          |
|              | adjustments appear excessive in relation to the sale  |
|              | price; the appraiser should reexamine the             |
|              | comparability of that sale.                           |
|              |                                                       |
|              | • Explain any adjustment that appears to be           |
|              | excessive.                                            |
+--------------+-------------------------------------------------------+
| Adjusted     | • Total all of the adjustments and add them to or     |
| Sale Price   | subtract them from the sales price of each            |
| of           | comparable. Generally, adjustments should not exceed  |
| Comparables  | 10% for line items, 15% for net adjustments and 25%   |
|              | for gross adjustments. If any adjustments exceed      |
|              | stated guidelines a detailed explanation must be      |
|              | provided including reasons for not using more similar |
|              | comparable sales.                                     |
+--------------+-------------------------------------------------------+
| Summary of   | -   Use this section to explain comparable selection; |
| Sales        |                                                       |
| Comparison   | -   Use this section to provide required explanations |
| Approach     |     for subjective adjustments made in any of the     |
|              |     following value factors: Location, Site, View,    |
|              |     Design, Quality of Construction, Age, Condition   |
|              |     and Functional Utility;                           |
|              |                                                       |
|              | -   Use this section to explain any adjustments       |
|              |     exceeding guidelines;                             |
|              |                                                       |
|              | -   Use this section to explain which comparable sale |
|              |     or sales is/are given most weight or              |
|              |     consideration and why.                            |
+--------------+-------------------------------------------------------+
| Indicated    | -   Enter the Indicated Value                         |
| Value by     |                                                       |
| Sales        |                                                       |
| Comparison   |                                                       |
| Approach     |                                                       |
+--------------+-------------------------------------------------------+

# Section 10 -- Income Approach

In a single-family residential property, the Income Approach is
generally not recognized as a basis for buying by the market. The
approach typically provides minimal applicability in the opinion of
market value; therefore, the Income Approach is not required for FHA
appraisals completed on the Individual Condominium Unit Appraisal
Report, Fannie Mae Form 1073. However, if adequate data is available,
the Income Approach should be completed.

+--------------+-------------------------------------------------------+
| **Income     |                                                       |
| Approach To  |                                                       |
| Value (not   |                                                       |
| required for |                                                       |
| FHA          |                                                       |
| a            |                                                       |
| ppraisals)** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Estimated    | • Enter the subject's estimated market rent and       |
| Monthly      | multiply it by the Gross Rent Multiplier (ratio       |
|              | between sales price and gross monthly rental income.  |
| Market Rent  |                                                       |
+--------------+-------------------------------------------------------+
| Summary of   | -   Provide support for market rent and GRM if        |
| Income       |     developed.                                        |
| Approach     |                                                       |
+--------------+-------------------------------------------------------+

**Section 11-- Reconciliation**

The appraiser should consider all appropriate approaches to value and
all information relevant to the subject property and the market
conditions in the opinion of market value.

If there is insufficient space in the reconciliation section to list and
describe the "repairs, alterations or required inspections" noted, then
the appraiser is instructed to insert a reference in the reconciliation
section **"see Attached Addendum"** and list and describe the items
under the heading **"Repairs, Alterations, Required Inspections."**

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Indicated    | -   Enter the Indicated Value for each of the         |
| Value by:    |     approaches to value developed. If the approach    |
|              |     was not developed, enter "ND or "Not Dev" for not |
|              |     developed.                                        |
|              |                                                       |
|              | -   Reconcile the approaches to value with a brief    |
|              |     description of the validity of each approach with |
|              |     respect to the appraisal assignment.              |
+--------------+-------------------------------------------------------+

## This appraisal is made  {#this-appraisal-is-made-8 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when:                                                 |
| box          |                                                       |
|              | -   There is/are no Property Condition(s) noted.      |
| **"as is"**  |                                                       |
|              | -   Establishing the "as is" value for a regular      |
|              |     203(k) when needed.                               |
+--------------+-------------------------------------------------------+

## This appraisal is made {#this-appraisal-is-made-9 .unnumbered}

+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal involves:                          |
| box          |                                                       |
|              | -   Proposed construction, or                         |
| **"per plans |                                                       |
| & specs"**   | -   Under construction, less than 90% complete, or a  |
|              |                                                       |
|              | -   203(k) with a Plan Review and Specification of    |
|              |     Repairs prepared by a 203(k) Consultant.          |
+--------------+-------------------------------------------------------+

## This appraisal is made {#this-appraisal-is-made-10 .unnumbered}

+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal involves existing housing, or new  |
| box          | construction more than 90% complete with only buyer   |
|              | preference items remaining (floor coverings,          |
| "subject to  | appliances, landscaping packages (soil must be        |
| repairs or   | stabilized to prevent erosion)), requiring repairs or |
| alterations" | alterations to:                                       |
|              |                                                       |
|              | -   Protect the health and safety of the occupants    |
|              |                                                       |
|              | -   Protect the security of the property              |
|              |                                                       |
|              | -   Correct physical deficiencies or conditions       |
|              |     affecting structural integrity                    |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Complete buyer preference items for new homes, or |
|              |     to                                                |
|              |                                                       |
|              | -   Complete repairs/improvements noted in work order |
|              |     or contractor estimates for the Streamline K      |
|              |                                                       |
|              | -   Meet FHA Minimum Property Requirements            |
+--------------+-------------------------------------------------------+
| The          |                                                       |
| appraiser    |                                                       |
| must         |                                                       |
| indicate the |                                                       |
| extent of    |                                                       |
| repairs and  |                                                       |
| note this in |                                                       |
| the          |                                                       |
| appropriate  |                                                       |
| section of   |                                                       |
| the          |                                                       |
| appraisal,   |                                                       |
| or in the    |                                                       |
| "additional  |                                                       |
| comments"    |                                                       |
| section, or  |                                                       |
| in an        |                                                       |
| addendum,    |                                                       |
| under the    |                                                       |
| heading of   |                                                       |
| "Re          |                                                       |
| conciliation |                                                       |
| -- Property  |                                                       |
| Conditions"  |                                                       |
| listing the  |                                                       |
| repairs      |                                                       |
| noted        |                                                       |
| together     |                                                       |
| with an      |                                                       |
| estimated    |                                                       |
| cost to      |                                                       |
| cure.        |                                                       |
+--------------+-------------------------------------------------------+

##  {#section-17 .unnumbered}

## This appraisal is made {#this-appraisal-is-made-11 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal calls for a required inspection    |
| box          | to:                                                   |
|              |                                                       |
| **"subject   | -   Certify the condition and/or status of a          |
| to a         |     mechanical or structural element of the property  |
| required     |                                                       |
| i            | ```{=html}                                            |
| nspection"** | <!-- -->                                              |
|              | ```                                                   |
|              | -   Protect the health and safety of the occupants    |
|              |                                                       |
|              | -   Protect the security of the property              |
|              |                                                       |
|              | -   Meet FHA Minimum Property Requirements or Minimum |
|              |     Property Standards                                |
+--------------+-------------------------------------------------------+
| More than    |                                                       |
| one box may  |                                                       |
| be marked    |                                                       |
| depending on |                                                       |
| the          |                                                       |
| assignment   |                                                       |
| and property |                                                       |
| conditions.  |                                                       |
|              |                                                       |
| The          |                                                       |
| appraiser    |                                                       |
| must         |                                                       |
| indicate the |                                                       |
| reasoning    |                                                       |
| for any      |                                                       |
| required     |                                                       |
| inspections  |                                                       |
| and note     |                                                       |
| this in the  |                                                       |
| appropriate  |                                                       |
| section of   |                                                       |
| the          |                                                       |
| appraisal,   |                                                       |
| or in the    |                                                       |
| "additional  |                                                       |
| comments"    |                                                       |
| section, or  |                                                       |
| in an        |                                                       |
| addendum,    |                                                       |
| under the    |                                                       |
| heading of   |                                                       |
| "Reco        |                                                       |
| nciliation - |                                                       |
| Valuation    |                                                       |
| Conditions"  |                                                       |
| listing the  |                                                       |
| required     |                                                       |
| inspections. |                                                       |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| The value    |                                                       |
| "subject to  |                                                       |
| completion   |                                                       |
| per plans    |                                                       |
| and          |                                                       |
| spec         |                                                       |
| ifications", |                                                       |
| "subject to  |                                                       |
| the          |                                                       |
| following    |                                                       |
| repairs or   |                                                       |
| a            |                                                       |
| lterations", |                                                       |
| or "subject  |                                                       |
| to the       |                                                       |
| following    |                                                       |
| required     |                                                       |
| inspection"  |                                                       |
| must be      |                                                       |
| consistent   |                                                       |
| with the     |                                                       |
| subject      |                                                       |
| property     |                                                       |
| conditions   |                                                       |
| described.   |                                                       |
+--------------+-------------------------------------------------------+
| Opinion of   | -   Enter the opinion of Market Value                 |
| Market Value |                                                       |
+--------------+-------------------------------------------------------+
| Final        | • This entry should contain the appraiser\'s          |
| Re           | reasoning for arriving at the final value.            |
| conciliation |                                                       |
+--------------+-------------------------------------------------------+
| Date of      | • Enter the date when the property was inspected.     |
| Value        |                                                       |
+--------------+-------------------------------------------------------+

**Additional Comments - Addendum**

It may become necessary to include commentary that carries beyond the
provided space of the appraisal reporting form. The use of an addendum
provides the additional space for the appraiser to fully describe any
item, area or condition where the commentary exceeds the space provided
in other sections of the report. It is recommended that any information
carried forward to the addendum, if needed, follow the sequence of the
form with a proper heading identifying said section.

For example, the neighborhood "market conditions" comments exceed the
space provided on the form. In that case, on page one in neighborhood
market conditions enter "See additional comments", in the "additional
comments" section enter the heading "Neighborhood Market Conditions" and
provide the narrative in this section. Follow the same procedure for any
section of the report where commentary exceeds space provided. This will
provide the reader with the proper identification and linkage of
additional comments together with a logical flow of information in a
standardized reporting format.

![](media/image14.png){width="5.3625in" height="8.99236111111111in"}

![](media/image15.png){width="5.399305555555555in"
height="8.994444444444444in"}

![](media/image16.png){width="5.392361111111111in"
height="8.994444444444444in"}

![](media/image17.png){width="5.2875in" height="8.989583333333334in"}

![](media/image18.png){width="5.429166666666666in"
height="8.999305555555555in"}

![](media/image19.png){width="5.399305555555555in"
height="8.99236111111111in"}

**D-4 Small Residential Income Property Appraisal Report**

This section provides specific instructions for completing the Small
Residential Income Property Appraisal Report (Fannie Mae Form 1025 March
2005)

This report form is designed to report an appraisal of a two-four unit
property, including a two-four unit property in a planned unit
development (PUD), based on an interior and exterior inspection of the
subject property. A two-four unit property located in a condominium
project requires the appraiser to inspect the project and complete the
project information section of the Individual Condominium Unit Appraisal
Report. This form is not designed to report an appraisal of a
manufactured home, therefore, where one or more of the units is a
manufactured home, the appraiser is required to complete the following
sections of the Manufactured Home Appraisal Report: HUD Data Plate and
Improvements sections.

# Section 1 - Subject {#section-1---subject-2 .unnumbered}

This section provides the factual data to identify the property and the
parties to the appraisal process. The \*FHA case number together with
\*borrower and/or \*property information will be supplied by the
lender/client who engages the appraiser.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| \*File       | • Insert the FHA Case Number at the top right corner  |
| Number       | of the page.                                          |
|              |                                                       |
|              | -   The FHA appraisal may not be transmitted to the   |
|              |     lender without a case number.                     |
+--------------+-------------------------------------------------------+
| \*Property   | • Enter the property street number and name, city,    |
| Address      | state and zip code for the property. A post office    |
|              | box number is not acceptable. Enter the nearest       |
|              | intersection if a house number is not available.      |
+--------------+-------------------------------------------------------+
| \*Borrower   | -   Enter the name of the borrower/mortgagor.         |
+--------------+-------------------------------------------------------+
| Owner of     | -   Enter the name of the owner as listed in public   |
| Public       |     records. If the seller is not the owner of public |
| Record       |     record the appraiser must explain.                |
+--------------+-------------------------------------------------------+
| County       | -   Enter the name of the county in which the         |
|              |     property is located. It further provides          |
|              |     locational parameters. If not applicable enter    |
|              |     "N/A".                                            |
+--------------+-------------------------------------------------------+
| Legal        | • Enter the legal description of the property. The    |
| Description  | four types of legal descriptions are: lot and block   |
|              | system, geodetic survey, government survey system and |
|              | metes and bounds system. If the space provided is     |
|              | insufficient, enter this information with the heading |
|              | "Legal Description" in the "Additional Comments"      |
|              | section of the form report or attach this information |
|              | as an addendum.                                       |
+--------------+-------------------------------------------------------+
| Assessor's   | -   Enter the parcel number assigned by the local tax |
| Parcel \#    |     assessor. For those areas that do not have an     |
|              |     assessor's parcel number, enter the tax           |
|              |     identification number.                            |
+--------------+-------------------------------------------------------+
| Tax Year     | -   Enter the current tax year used by the locale,    |
|              |     e.g. fiscal year or actual year.                  |
+--------------+-------------------------------------------------------+
| R. E. Taxes  | -   Enter the dollar amount of the annual real estate |
| \$           |     taxes, including all relevant taxes (school       |
|              |     district tax, fire district tax, etc.).           |
+--------------+-------------------------------------------------------+
| Neighborhood | -   Enter the name of the subdivision, if applicable, |
| Name         |     or the commonly known local neighborhood          |
|              |     designation. If the subject property is in a      |
|              |     planned unit development, provide the name of the |
|              |     development.                                      |
+--------------+-------------------------------------------------------+
| Map          | -   Enter location map reference, page number and     |
| Reference    |     coordinates, from source used. This reference     |
|              |     should relate to the location maps most commonly  |
|              |     used in the locale.                               |
+--------------+-------------------------------------------------------+
| Census Tract | -   Enter the census tract number. The census tract   |
|              |     number must be provided.                          |
|              |                                                       |
|              | -   The Census Bureau has an internet resource guide  |
|              |     for locating census information. It can be found  |
|              |     at URL: [www.census.gov](http://www.census.gov/)  |
+--------------+-------------------------------------------------------+
| Occupant     | -   Mark the box signifying the occupancy status at   |
|              |     the time of the appraisal.                        |
|              |                                                       |
|              | If vacant, the appraiser should note in the           |
|              | "Improvements" section under "condition of property"  |
|              | whether the utilities were on or off, for each of the |
|              | units, at the time of the appraisal. If off,          |
|              | condition the appraisal on a satisfactory             |
|              | re-inspection that the utility that was off at the    |
|              | time of the appraisal does not require alteration,    |
|              | repair or further inspection.                         |
+--------------+-------------------------------------------------------+
| Special      | -   Report the dollar amount of special assessments   |
| Assessments  |     for the subject property, if any, and provide a   |
| \$           |     brief explanation for the assessment. Special     |
|              |     assessments can include municipal bond debt for   |
|              |     off-site improvements. Larger than typical        |
|              |     special assessments may affect marketability. If  |
|              |     not applicable enter "N/A".                       |
+--------------+-------------------------------------------------------+
| PUD HOA\$    | • Enter the dollar amount of the HOA fee and mark the |
|              | box indicating if the fees are paid "per year" or     |
|              | "per month".                                          |
+--------------+-------------------------------------------------------+
| Property     | • Mark the appropriate box indicating the property    |
| Rights       | rights appraised for the subject property as of the   |
| Appraised    | date of the appraisal. "Other" includes Land Trust.   |
+--------------+-------------------------------------------------------+
| Assignment   | -   Mark the appropriate box indicating the           |
| Type         |     assignment type.                                  |
+--------------+-------------------------------------------------------+
| L            | • Enter the name of the lender/client who ordered and |
| ender/Client | will receive the appraisal report. After the client's |
|              | name add **"its successors or assigns"**.             |
| Address      |                                                       |
|              | -   The use of the appraisal is to support FHA's      |
|              |     decision to provide mortgage insurance on the     |
|              |     real property that is the subject of the          |
|              |     appraisal; therefore, intended users include the  |
|              |     lender/client and FHA.                            |
|              |                                                       |
|              | -   Enter the lender/client's address.                |
+--------------+-------------------------------------------------------+
| Currently    | -   The appraiser's certification states in part "I   |
| offered for  |     have researched, verified, analyzed and reported  |
| sale or      |     on any current agreement of sale of the subject   |
| offered for  |     property, any offering for sale of the subject    |
| sale in last |     property in the twelve months prior to the effect |
| 12 months.   |     date of the appraisal..."                         |
|              |                                                       |
|              | -   Mark the appropriate box indicating whether the   |
|              |     subject is currently offered for sale or has been |
|              |     offered for sale in the 12-month period prior to  |
|              |     the effective date of the appraisal. If there are |
|              |     multiple actions, report each instance. Research  |
|              |     may reveal an expired or withdrawn listing. The   |
|              |     prior listing may provide a good indication of    |
|              |     the upper limit of value.                         |
+--------------+-------------------------------------------------------+
| Report data  | -   Complete this field regardless of whether the     |
| source(s)    |     property is currently offered for sale or has     |
| used,        |     been for sale in the 12 months preceding the date |
| offering     |     of the appraisal.                                 |
| price(s),    |                                                       |
| and date(s)  | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Identify source(s) used, price(s) and date(s) of  |
|              |     current or prior listings.                        |
+--------------+-------------------------------------------------------+

## Section 2 - Contract

This section must be completed when the appraisal assignment involves a
purchase transaction, otherwise enter "N/A" for not applicable. FHA
requires that the appraiser be provided with a complete copy of the
ratified sales contract, including all addenda, for the subject
property.

It provides the agreed-on contract price (accepted offer), date of sale,
and all financial terms implicit in the offer. If unable to obtain this
information, the appraiser is to state what efforts were made to obtain
it.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Analyze      | -   Explain the results of the analysis (terms and    |
| Contract for |     conditions) of the contract of sale or why the    |
| Sale         |     analysis was not performed.                       |
|              |                                                       |
|              | -   The analysis may include a reference to the       |
|              |     number of pages contained in the contract for     |
|              |     sale provided.                                    |
+--------------+-------------------------------------------------------+
| Contract     | • Enter the final agreed upon contract price.         |
| Price \$     |                                                       |
+--------------+-------------------------------------------------------+
| Date of      | • Enter the date of the contract. This is the date    |
| Contract     | when all parties have agreed to the terms of, and     |
|              | signed the contract.                                  |
+--------------+-------------------------------------------------------+
| Is The       | •    Mark the appropriate box indicating whether or   |
| Property     | not the seller is the owner of public record. The     |
| Seller The   | appraiser is instructed to contact the lender/client  |
| Owner of     | if the seller is someone other than the owner of      |
| Public       | record. The property may not be eligible for FHA      |
| Record       | financing if it involves flipping (resale in less     |
|              | than 90 days). The lender will make a determination   |
| Data         | for any exceptions to FHA's Flipping Rule and advise  |
| Source(s)    | the appraiser.                                        |
|              |                                                       |
|              | • Report where the information was obtained.          |
+--------------+-------------------------------------------------------+
| Sales        | -   Mark the appropriate box indicating whether or    |
| Concessions  |     not there is any financial assistance (loan       |
| Downpayment  |     charges, sales concessions, gift or down payment  |
| Assistance   |     assistance, etc.) paid by any party on behalf of  |
|              |     the borrower. If necessary, use the "Additional   |
|              |     Comments" section of the appraisal reporting form |
|              |     or an addendum and enter the heading "Sales       |
|              |     Concessions" completing the description.          |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   If yes, the appraiser is to report the total      |
|              |     dollar amount and describe the items to be paid.  |
|              |     If the sale involves personal property (e.g.      |
|              |     above ground pool, lawn mower, furniture, etc.)   |
|              |     is should be identified and excluded from the     |
|              |     valuation.                                        |
+--------------+-------------------------------------------------------+

# Section 3 -- Neighborhood

This section should reflect the area surrounding the subject property.
The appraiser must observe neighborhood characteristics and surrounding
properties to make determinations that will be incorporated into the
valuation of the subject property. In all instances, the appraiser must
mark the appropriate box for each line in neighborhood characteristics
and housing trends. Failure to note conditions that may adversely affect
the value of the property is poor appraisal practice and violates the
Uniform Standards of Professional Appraisal Practice.

NOTE: Race and the racial composition of the neighborhood are not
appraisal factors.

+--------------+-------------------------------------------------------+
| **           |                                                       |
| Neighborhood |                                                       |
| Chara        |                                                       |
| cteristics** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Location     | • Enter the type of area surrounding the subject      |
|              | property.                                             |
|              |                                                       |
|              | **Urban** -- relates to a city                        |
|              |                                                       |
|              | **Suburban** -- relates to an area adjacent to a city |
|              |                                                       |
|              | **Rural** -- relates to the country or beyond the     |
|              | suburban area                                         |
+--------------+-------------------------------------------------------+
| Built-up     | • Enter the built-up percentage -- the percentage of  |
|              | available land that has been improved. Land such as a |
|              | state park would not be considered available land.    |
+--------------+-------------------------------------------------------+
| **           |                                                       |
| Neighborhood |                                                       |
| Chara        |                                                       |
| cteristics** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Growth       | • Enter the growth rate. If many lots are available,  |
|              | the growth rate may be rapid, stable or slow, but if  |
|              | the neighborhood is fully developed, select the       |
|              | "stable" box.                                         |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ### Two-     |                                                       |
| Four Unit Ho |                                                       |
| using Trends |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol {#protocol-12 .unnumbered}                |
+--------------+-------------------------------------------------------+
| Property     | • Mark the box describing the current trend in        |
| Values       | property values for Two-Four Unit single family homes |
|              | in the community. If the subject property is the sole |
|              | or one of only several 2-4 unit single family homes   |
|              | in the neighborhood or marketplace, indicate this     |
|              | scarcity under market conditions, identify the most   |
|              | predominate housing type in the neighborhood and      |
|              | address trends in value for that identified type.     |
|              | Comparing houses that have been sold and resold in    |
|              | recent years is an effective way to determine market  |
|              | trends. Appraisers who use this method, however,      |
|              | should make sure to factor in any improvements or     |
|              | changes made to the property between sales.           |
+--------------+-------------------------------------------------------+
| Demand/      | • Mark the appropriate demand/supply trend. If the    |
| Supply       | subject property is the sole or one of only several   |
|              | 2-4 unit single family homes in the neighborhood or   |
|              | marketplace, indicate this scarcity under market      |
|              | conditions, identify the most predominant housing     |
|              | type in the neighborhood and address trends in        |
|              | demand/supply for that identified type. To determine  |
|              | the equilibrium status of supply and demand in the    |
|              | neighborhood, compare the number of 2-4 unit          |
|              | properties sold to the number of 2-4 unit properties  |
|              | listed for sale in a recent time period. The          |
|              | similarity or difference between the numbers of       |
|              | houses sold and listed, not the absolute numbers,     |
|              | should determine the demand/supply level.             |
+--------------+-------------------------------------------------------+
| Marketing    | • Mark the appropriate marketing time -- the typical  |
| Time         | length of time a property similar to the subject      |
|              | property would have to stay on the market before      |
|              | being sold at a price near its market value.          |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| #            |                                                       |
| ## Two-Four  |                                                       |
| Unit Housing |                                                       |
+--------------+-------------------------------------------------------+
| Price Age    | • Indicate the low and high neighborhood prices and   |
|              | ages as well as the predominant value and age. The    |
|              | high and low for both price and age should exclude    |
|              | the extreme.                                          |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ### Presen   |                                                       |
| t Land Use % |                                                       |
+--------------+-------------------------------------------------------+
| One-Unit,    | • Estimate each type of land usage in the             |
| 2-4 Unit,    | neighborhood. If there is no land in the neighborhood |
| M            | with one of the designated classifications, enter a   |
| ulti-Family, | "0". If a portion of the land consists of parks or    |
| Commercial,  | other unspecified classifications, enter the          |
| Other        | estimated percentages on the "Other" line and explain |
|              | in the neighborhood description section.              |
+--------------+-------------------------------------------------------+

+--------------+---+-------------------------------------------------------+
| ##           |   |                                                       |
| # Neighborho |   |                                                       |
| od Narrative |   |                                                       |
+--------------+---+-------------------------------------------------------+
| Neighborhood |   | • The appraiser must clearly define the boundaries -- |
| Boundaries   |   | north, south, east and west -- of the subject's       |
|              |   | neighborhood. Providing a description of neighborhood |
|              |   | boundaries by physical features such as streets, rail |
|              |   | lines, other man-made barriers or well defined        |
|              |   | natural barriers (i.e. rivers, lakes, etc.) details   |
|              |   | the make up and understanding regarding neighborhood  |
|              |   | composition.                                          |
+--------------+---+-------------------------------------------------------+
| Neighborhood |   | • Discuss factors that would attract investors or     |
| Description  |   | cause them to reject the neighborhood. Some typical   |
|              |   | factors important to discuss include:                 |
|              |   |                                                       |
|              |   | -   Vacancy / rent loss                               |
|              |   |                                                       |
|              |   | -   Level of maintenance and condition of homes       |
|              |   |                                                       |
|              |   | -   Housing styles, ages, sizes, etc.                 |
|              |   |                                                       |
|              |   | -   Proximity to employment and amenities, including  |
|              |   |     travel distance and time to local employment      |
|              |   |     sources and community amenities                   |
|              |   |                                                       |
|              |   | -   Employment stability, in terms of variety of      |
|              |   |     employment opportunities and industries           |
|              |   |                                                       |
|              |   | -   Overall appeal of the neighborhood as compared to |
|              |   |     competitive neighborhoods in the same market      |
|              |   |                                                       |
|              |   | -   Convenience to shopping with respect to distance, |
|              |   |     time and required means of transportation         |
|              |   |                                                       |
|              |   | -   Convenience to schools in terms of the distance   |
|              |   |     and time for travel to school                     |
+--------------+---+-------------------------------------------------------+
| Market       | - |                                                       |
| Conditions   |   |                                                       |
| (including   |   |                                                       |
| support for  |   |                                                       |
| the above    | P |                                                       |
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|              |   |                                                       |
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|              |   |                                                       |
|              |   |                                                       |
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|              | l |                                                       |
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|              | d |                                                       |
|              | / |                                                       |
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|              | l |                                                       |
|              | i |                                                       |
|              | t |                                                       |
|              | y |                                                       |
|              | . |                                                       |
+--------------+---+-------------------------------------------------------+

## Section 4 -- Site

This information provides the description of the land underlying the
subject property. Insert factual information on each of the lines
provided and report the conclusions as directed. Consider all aspects of
the physical description and reconcile them in the opinion of market
value. This section of the appraisal requires the appraiser to consider
any adverse site conditions or adverse external factors that may impact
value.

+--------------+-------------------------------------------------------+
| **Field**    | **• Protocol**                                        |
+==============+=======================================================+
| Dimensions   | • List all dimensions of the site beginning with the  |
|              | frontage. If the shape of the site is irregular, show |
|              | the boundary dimensions (85\' X 150\' X 195\' X       |
|              | 250\') or attach a property survey or legal           |
|              | description of the site.                              |
+--------------+-------------------------------------------------------+
| Area         | • Enter the site area in square feet or acres. This   |
|              | entry must be consistent with the dimensions provided |
|              | in the "Dimensions" field.                            |
+--------------+-------------------------------------------------------+
| Shape        | • Describe the shape of the site, e.g. triangular,    |
|              | square, rectangular, irregular, flag lot.             |
+--------------+-------------------------------------------------------+
| View         | • Briefly describe the view from the property (None   |
|              | is not an acceptable response).                       |
|              |                                                       |
|              | -   Identify a view with a significant positive or    |
|              |     negative influence on the value.                  |
|              |                                                       |
|              | -   Photographs are recommended for any negative or   |
|              |     positive view influences affecting value or       |
|              |     marketability.                                    |
+--------------+-------------------------------------------------------+
| Specific     | • Enter the specific zoning classification used by    |
| Zoning       | the local municipality or jurisdiction, e.g., R-3,    |
| Cl           | R-5.                                                  |
| assification |                                                       |
|              | -   If none exists enter "None Exists."               |
+--------------+-------------------------------------------------------+
| Zoning       | -   Describe what the specific classification means.  |
| Description  |     Include a general statement describing what the   |
|              |     zoning permits. For example: R-3 = single family  |
|              |     and two-family, up to 3 dwelling units per acre   |
|              |                                                       |
|              | -   If "No Zoning" exists describe the prevalent use  |
|              |     of sites in the neighborhood.                     |
+--------------+-------------------------------------------------------+
| Zoning       | • Determine whether the current use is in compliance  |
| Compliance   | with the zoning ordinances. Mark the box indicating   |
|              | whether it is a Legal, Legal Non-Conforming           |
|              | (Grandfathered Use), No Zoning, or an Illegal Use.    |
|              |                                                       |
|              | • If the existing property does not comply with all   |
|              | of the current zoning regulations (use, lot size,     |
|              | improvement size, off street parking, etc.) but is    |
|              | accepted by the local zoning authority, enter "Legal  |
|              | Non-Conforming" and provide a brief explanation.      |
|              |                                                       |
|              | -   If the use is not legal, the property is not      |
|              |     eligible for FHA mortgage insurance.              |
+--------------+-------------------------------------------------------+
| Highest and  | • Mark the appropriate box. This entry represents the |
|              | highest and best use of the site, as improved, in     |
| Best Use     | relation to the neighborhood and current market       |
|              | conditions.                                           |
|              |                                                       |
|              | • If current use represents the highest and best use, |
|              | mark \"yes\".                                         |
|              |                                                       |
|              | • If it does not, mark \"no\" and provide an          |
|              | explanation.                                          |
+--------------+-------------------------------------------------------+
| Utilities    | • Mark either "Public" or \"Other.\" If "Other\" is   |
|              | marked, describe. Public utilities mean               |
|              | governmentally supplied and regulated. Public does    |
|              | not include any community systems sponsored, owned or |
|              | operated by the developer or a private company not    |
|              | subject to government regulation or financial         |
|              | assistance.                                           |
|              |                                                       |
|              | • Note if there are mechanical chlorinators or        |
|              | water-flow that decreases noticeably while running    |
|              | simultaneous plumbing fixtures.                       |
|              |                                                       |
|              | -   Visually inspect the septic system and its        |
|              |     surrounding area. If there are obvious or readily |
|              |     observable signs of system failure, "require      |
|              |     inspection" to ensure that the system is in       |
|              |     proper working order.                             |
|              |                                                       |
|              |     **Note:** The appraiser shall indicate whether a  |
|              |     public water or sewage disposal system is         |
|              |     available to the site. If available, connection   |
|              |     must be made to public or community water/sewage  |
|              |     disposal system if connection costs are           |
|              |     reasonable. The lender will determine whether     |
|              |     connection is feasible.                           |
+--------------+-------------------------------------------------------+
| Off-site     | • Briefly describe the off-site improvements under    |
| Improv       | \"Type\" and enter road surface material and mark     |
| ements--Type | Public or Private. For example: \"Street-Asphalt;     |
|              | Public\", "Alley-None"                                |
|              |                                                       |
|              | • Public refers to an improvement dedicated to and    |
|              | accepted by a unit of government -- not including     |
|              | Home Owner\'s Associations.                           |
+--------------+-------------------------------------------------------+
| FEMA Special | • FEMA (Federal Emergency Management Agency) is       |
| Flood Hazard | responsible for mapping flood hazard areas. If the    |
| Area         | property is within a Special Flood Hazard Area, mark  |
|              | \"YES\". Otherwise, mark "NO".                        |
|              |                                                       |
|              | • Attach a copy of the flood map panel for properties |
|              | located within an identified flood hazard area.       |
+--------------+-------------------------------------------------------+
| FEMA Flood   | • Εnter the FEMA Zone designation. Only properties    |
| Zone         | within Special Flood Hazard Areas, such as zones      |
|              | \"A\" a special flood hazard area and \"V\" a coastal |
|              | area, require flood insurance. Zones \"B\" \"C\" and  |
|              | "X" do not.                                           |
+--------------+-------------------------------------------------------+
| FEMA Map \#  | • Enter the FEMA Map number and map date. If it is    |
| and FEMA Map | not shown on any map, enter \"Not Mapped.\"           |
| Date         |                                                       |
+--------------+-------------------------------------------------------+
| Are          | -   Mark the appropriate box indicating whether the   |
| utilities    |     utilities and off-site improvements are typical   |
| and off site |     for the market area.                              |
| improvements |                                                       |
| typical for  | -   If "No" is marked, explain why the utilities      |
| the market   |     and/or off site improvement are not typical.      |
| area         |                                                       |
+--------------+-------------------------------------------------------+
| Any adverse  | • Mark the appropriate box indicating whether there   |
| site         | are any adverse site conditions or external factors   |
| conditions   | (easements, encroachments, environmental conditions,  |
| or external  | land uses, etc.).                                     |
| factors      |                                                       |
|              | -   If "No" is marked, no comment is necessary, if    |
|              |     "Yes" is mark, an explanation is required.        |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Describe any adverse site conditions or adverse   |
|              |     factors. Consider easements affecting the         |
|              |     functional utility of the property in the         |
|              |     conclusions of both the highest and best use and  |
|              |     market value. For example, discuss adverse        |
|              |     easements, encroachments, slide areas, illegal or |
|              |     non-conforming zoning use, etc. Consider surface, |
|              |     sub-surface and overhead easements.               |
|              |                                                       |
|              | -   List any adverse environmental conditions,        |
|              |     including hazardous wastes, toxic substances and  |
|              |     others.                                           |
|              |                                                       |
|              | -   Explain all deficiencies that do not require      |
|              |     repair (extreme slope, etc.) and consider them in |
|              |     the opinion of value.                             |
|              |                                                       |
|              |     • Discuss the observations with direct            |
|              |     relationship to value and consider them in the    |
|              |     approaches to value.                              |
+--------------+-------------------------------------------------------+

# Section 5 -- Improvements

This section describes the subject improvements. Accurately report the
conditions observed. Describe needed repairs, or the existence of any
functional or external obsolescence. Enter factual information on each
of the lines provided and report the conclusions. Consider all aspects
of the physical description and reconcile them in the opinion of market
value*.*

+--------------+-------------------------------------------------------+
| **General    |                                                       |
| D            |                                                       |
| escription** |                                                       |
+==============+=======================================================+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Units        | • Mark the appropriate box indicating number of       |
|              | units.                                                |
+--------------+-------------------------------------------------------+
| Accessory    | -   A 2-4 unit dwelling with an accessory unit is     |
| Unit         |     ineligible for FHA financing.                     |
+--------------+-------------------------------------------------------+
| \# of        | • Enter the number of stories *above grade*,          |
| Stories      | including half stories. Do not include the basement.  |
+--------------+-------------------------------------------------------+
| \# of        | -   Enter number of buildings.                        |
| Buildings    |                                                       |
+--------------+-------------------------------------------------------+
| Type         | • Mark the box that identifies the type of dwelling,  |
|              | \"Det.\" (Detached), "Att." (Attached), \"S-Det."     |
|              | (Semi-Detached) or "End Unit" (End unit of a group of |
|              | rowhouses or townhouses).                             |
+--------------+-------------------------------------------------------+
| Stage of     | • Mark the box signifying the stage of construction,  |
| Construction | Existing, Proposed or Under Construction. Properties  |
|              | that are either Proposed or Under Construction        |
|              | require plans and specifications for the appraiser to |
|              | review.                                               |
+--------------+-------------------------------------------------------+
| Design       | • Enter a brief description of the house design style |
| (Style)      | using historical or contemporary fashion. For         |
|              | example: Cape Cod, bi-level, split level, split       |
|              | foyer, colonial, town house, rowhouse, etc. Do not    |
|              | use builder\'s model name. Avoid generic descriptions |
|              | such as Traditional or Conventional.                  |
+--------------+-------------------------------------------------------+
| Year Built   | • If the property is less than one year old, include  |
|              | both the month and year completed.                    |
|              |                                                       |
|              | • If it is over one year old, insert the year         |
|              | completed.                                            |
+--------------+-------------------------------------------------------+
| Effective    | • Enter the effective age of the improvements. A      |
| Age (Yrs)    | range is acceptable. The effective age reflects the   |
|              | condition of the property relative to similar         |
|              | competitive properties. The effective age may be      |
|              | greater than, less than or equal to the actual age.   |
|              |                                                       |
|              | • Note any significant difference between the actual  |
|              | and effective ages and explain in the "condition of   |
|              | property" comments section.                           |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Attic** -- |                                                       |
| Enter the    |                                                       |
| attic and    |                                                       |
| observe the  |                                                       |
| interior     |                                                       |
| roofing for  |                                                       |
| insulation,  |                                                       |
| deficient    |                                                       |
| materials,   |                                                       |
| leaks or     |                                                       |
| readily      |                                                       |
| observable   |                                                       |
| evidence of  |                                                       |
| significant  |                                                       |
| water        |                                                       |
| damage,      |                                                       |
| structural   |                                                       |
| problems,    |                                                       |
| previous     |                                                       |
| fire damage, |                                                       |
| FRT          |                                                       |
| sheathing,   |                                                       |
| exposed and  |                                                       |
| frayed       |                                                       |
| wiring and   |                                                       |
| adequate     |                                                       |
| ventilation  |                                                       |
| by vent, fan |                                                       |
| or window.   |                                                       |
| If any of    |                                                       |
| these        |                                                       |
| deficiencies |                                                       |
| exist,       |                                                       |
| condition    |                                                       |
| the          |                                                       |
| appraisal on |                                                       |
| their repair |                                                       |
| and prepare  |                                                       |
| the          |                                                       |
| appraisal    |                                                       |
| "subject to  |                                                       |
| repairs"     |                                                       |
| and/or       |                                                       |
| "subject to  |                                                       |
| inspection". |                                                       |
|              |                                                       |
| The attic    |                                                       |
| must be      |                                                       |
| entered, at  |                                                       |
| a minimum,   |                                                       |
| by head and  |                                                       |
| shoulders,   |                                                       |
| whether      |                                                       |
| access is by |                                                       |
| pull-down    |                                                       |
| stairway or  |                                                       |
| scuttle.     |                                                       |
| Size of the  |                                                       |
| scuttle and  |                                                       |
| a            |                                                       |
| ccessibility |                                                       |
| of the attic |                                                       |
| dictate the  |                                                       |
| level of     |                                                       |
| entry.       |                                                       |
+==============+=======================================================+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| None         | Enter 'X" if there is no attic.                       |
+--------------+-------------------------------------------------------+
| Drop Stair   | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Stairs       | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Floor        | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Scuttle      | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Finished     | Enter "X" if this item exists.                        |
+--------------+-------------------------------------------------------+
| Heated       | Enter "X" if the attic is heated.                     |
+--------------+-------------------------------------------------------+

**Foundation**

The appraiser is required to inspect the foundation and basement. The
appraiser must address all visible deficiencies and may require a
recommendation for an inspection. Consider deferred maintenance and
physical deterioration in the valuation process.

**Basement**

Generally, may be partially or completely below grade (ground level). Do
not count the basement in the finished gross living area at the grade
level. The information provided must be consistent with the description
in the Foundation section. If basement is finished and has a grade walk
out entrance, count square foot GBA.

+--------------+-------------------------------------------------------+
| **           |                                                       |
| Foundation** |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Concrete     | -   Mark this box if any part of the foundation       |
| Slab         |     system has concrete slab.                         |
+--------------+-------------------------------------------------------+
| Crawl Space  | -   Mark this box if any part of the foundation       |
|              |     system has crawl space.                           |
|              |                                                       |
|              | -   Access to the space should be clear. Examine the  |
|              |     crawl space for inadequate access (minimum entry  |
|              |     of the head and shoulders).                       |
|              |                                                       |
|              | -   Check the distance from the bottom of floor       |
|              |     joists to ground. Space should be adequate for    |
|              |     maintenance and repair. A minimum distance of 18  |
|              |     inches from the ground to the bottom of the       |
|              |     joists is highly recommended but not mandated.    |
|              |                                                       |
|              | -   Check for insulation, and ventilation or for any  |
|              |     structural problems. The support beams should be  |
|              |     intact and of structural soundness.               |
+--------------+-------------------------------------------------------+
| Full         | -   Mark this box if there is a full basement.        |
| Basement     |                                                       |
+--------------+-------------------------------------------------------+
| Partial      | -   Mark this box if there is a partial basement.     |
| Basement     |                                                       |
|              | -   For a dirt basement floor, determine whether such |
|              |     a property is typical for the area and is readily |
|              |     marketable. If so, it is not required that a      |
|              |     concrete basement floor be installed. Mechanical  |
|              |     equipment, however, must be located on a concrete |
|              |     pad.                                              |
+--------------+-------------------------------------------------------+
| Basement     | -   Enter the square footage of the basement area     |
| Area Sq Ft   |     using exterior dimensions.                        |
+--------------+-------------------------------------------------------+
| Basement     | -   Enter the percentage of basement (figure above)   |
| Finish %     |     that is finished.                                 |
+--------------+-------------------------------------------------------+
| Outside      | -   Mark this box only if there is an outside         |
| Entry/Exit   |     entry/exit, otherwise leave blank.                |
|              |                                                       |
|              | -   In there is an entry, make sure door is operable. |
+--------------+-------------------------------------------------------+
| Sump Pump    | • Mark this box only if there is a sump pump,         |
|              | otherwise leave blank.                                |
+--------------+-------------------------------------------------------+
| Evidence of  | -   Mark this box if there is evidence of             |
|              |     infestation, including the house and/or other     |
| Infestation  |     structures within the legal boundaries of the     |
|              |     property, otherwise leave blank.                  |
|              |                                                       |
|              |     • Examine the subject property for readily        |
|              |     observable evidence of wood boring insect.        |
|              |                                                       |
|              | -   Do not require a pest inspection based solely on  |
|              |     the age of a property. Inspections are necessary  |
|              |     whenever there is evidence of decay, pest         |
|              |     infestation, suspicious damage or when it is      |
|              |     customary to the area or required by state law.   |
+--------------+-------------------------------------------------------+
| Evidence of  | • Mark this box if there evidence of dampness,        |
| Dampness     | otherwise leave blank.                                |
|              |                                                       |
|              | -   Examine the foundation/basement for dampness or   |
|              |     readily observable evidence of water damage.      |
|              |     Signs of past water problems may include          |
|              |     efflorescence, mold, mildew or stains on walls or |
|              |     mechanical equipment.                             |
|              |                                                       |
|              | -   Basement or crawl space area must not have        |
|              |     excessive dampness or ponding of water.           |
|              |                                                       |
|              | -   If any of these inadequacies exist, condition the |
|              |     appraisal "subject to repairs" to correct the     |
|              |     condition, or "subject to inspection" to          |
|              |     determine the source of problem and corrective    |
|              |     measures necessary by a qualified party.          |
+--------------+-------------------------------------------------------+
| Evidence of  | • Mark this box if there is evidence of settlement,   |
| Settlement   | otherwise leave blank.                                |
|              |                                                       |
|              | •    Examine foundation for readily observable        |
|              | evidence of settlement.                               |
|              |                                                       |
|              | -   Hairline step-cracks are common, however,         |
|              |     horizontal cracks, bulging walls or separation of |
|              |     sill plate from top of foundation wall are        |
|              |     critical and require inspection.                  |
+--------------+-------------------------------------------------------+

**Mechanical Systems**

An appraiser must examine the mechanical, plumbing and electrical
systems of the subject property to ensure that they are in proper
working order. This examination entails turning on the applicable
systems and observing their performance. Electrical, plumbing and/or
heating certifications may be called for by the appraiser when he/she
cannot determine if one or all of these systems are working properly. An
appraiser should not arbitrarily call for such certifications. However,
the appraiser is still responsible for checking the functionality of
these systems at the time of appraisal. Note the type of heating and
cooling for each unit, if different.

+--------------+-------------------------------------------------------+
| ## Hea       |                                                       |
| ting and Coo |                                                       |
| ling Systems |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol                                           |
+--------------+-------------------------------------------------------+
| Heating      | • Enter an "X" in the box indicating the type of      |
|              | heating system: FWA (forced warm air), HWBB (hot      |
|              | water baseboard), Radiant or "Other". If "Other" is   |
|              | marked, provide a brief description, e.g. EBB (for    |
|              | electric baseboard).                                  |
|              |                                                       |
|              | -   Turn on the furnace/heating system to test        |
|              |     functionality, weather permitting, and that no    |
|              |     unusual noises are heard, no odors or smoke are   |
|              |     emitted indicating a defective unit, etc.         |
|              |     However, do not operate the systems if doing so   |
|              |     may damage equipment or when outside temperatures |
|              |     will not allow system to operate.                 |
|              |                                                       |
|              | -   Note significant holes/deterioration on the unit. |
|              |                                                       |
|              | -   Turn on the hot water to ensure that the water    |
|              |     heater is operating appropriately.                |
+--------------+-------------------------------------------------------+
| Fuel         | • Enter type of fuel used: coal, gas, oil, propane,   |
|              | electric, etc.                                        |
+--------------+-------------------------------------------------------+
| Cooling      | -   Enter an "X" in the box indicating the type of    |
|              |     cooling system: Central Air Conditioning,         |
|              |     Individual or Other. If "Other" is marked,        |
|              |     provide a brief description, e.g. permanently     |
|              |     affixed fans, zoned air-conditioning, etc.        |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ## Hea       |                                                       |
| ting and Coo |                                                       |
| ling Systems |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | ## Protocol                                           |
+--------------+-------------------------------------------------------+
| Cooling      | -   Turn on the air conditioning system to test       |
|              |     functionality, weather permitting, and that no    |
|              |     unusual noises are heard, no odors or smoke are   |
|              |     emitted indicating a defective unit, etc.         |
|              |     However, do not operate the systems if doing so   |
|              |     may damage equipment or when outside temperatures |
|              |     will not allow system to operate.                 |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Note significant holes/deterioration on the unit  |
+--------------+-------------------------------------------------------+

**Exterior Materials/Condition**

Enter the types of Materials and rate the observed Condition of the
Materials (Good, Average, Fair, and Poor). Make every effort to describe
accurately and explain in detail \"Fair\" and \"Poor\" ratings and
whether or not the item(s) described require repair, replacement or
further inspection. The rating must relate to the habitability of the
house given local standards (Photo documentation of property condition
is always advisable).

+--------------+-------------------------------------------------------+
| **Exterior   |                                                       |
| Description  |                                                       |
| materials    |                                                       |
| /condition** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Foundation   | -   Enter the material type: poured concrete, block,  |
| Walls        |     brick, stone, treated wood, etc. and rate the     |
|              |     observed condition.                               |
+--------------+-------------------------------------------------------+
| Exterior     | • Enter the material type: aluminum, vinyl or wood    |
| Walls        | siding, brick veneer, stucco, stone, etc. If a        |
|              | combination of materials, show the predominant        |
|              | portion first and rate the observed condition.        |
+--------------+-------------------------------------------------------+
| Roof Surface | • Enter the material type: composition shingle,       |
|              | asphalt shingle, wood, slate, clay tile, aluminum,    |
|              | built-up, etc. and rate the observed condition.       |
|              |                                                       |
|              | -   View the roof from ground level to determine if   |
|              |     the integrity of the roof is sufficient.          |
|              |                                                       |
|              | -   If the roof is otherwise unobservable, look for   |
|              |     telltale signs of roof problems on the interior   |
|              |     such as damage or water stains to ceiling area of |
|              |     a room or closet.                                 |
|              |                                                       |
|              | -   Observe roof coverings, roof drainage systems,    |
|              |     flashing, skylights, chimneys for readily         |
|              |     observable evidence of leakage or abnormal        |
|              |     condensation on building components.              |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Note any evidence of deterioration of roofing     |
|              |     materials (missing tiles, shingles,               |
|              |                                                       |
|              | flashing). Deteriorated roofing materials include     |
|              | those that are worn, cupped, or curled.               |
|              |                                                       |
|              | -   The appraiser must note in the appraisal that     |
|              |     he/she could not adequately observe the entire    |
|              |     roof area (state which area(s) were               |
|              |     unobservable). Based on the information reported  |
|              |     by the appraiser, the underwriter will determine  |
|              |     whether or not a roofing inspection is required.  |
+--------------+-------------------------------------------------------+
| Gutters and  | • Enter the material type: galvanized, aluminum,      |
| Downspouts   | plastic, vinyl, PVC, etc. and rate the condition      |
|              | observed.                                             |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Exterior   |                                                       |
| Description  |                                                       |
| materials    |                                                       |
| /condition** |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Window Type  | • Enter window type: Double Hung, Single Hung,        |
|              | Casement, Sliders, etc. and identify the window frame |
|              | material: wood, aluminum, steel, vinyl, etc. Rate the |
|              | condition observed. Bedroom windows with security     |
|              | bars require a quick release mechanism for emergency  |
|              | egress. If not so equipped, condition the appraisal   |
|              | on a "required repair".                               |
+--------------+-------------------------------------------------------+
| Storm Sash / | • Describe storm sash material or state if windows    |
| Insulated    | are double glazed, etc. or a combination of the two.  |
|              | Rate the condition observed. If none, so state.       |
+--------------+-------------------------------------------------------+
| Screens      | -   Describe style (full, half, none) and rate the    |
|              |     condition observed.                               |
+--------------+-------------------------------------------------------+

A brief description of an amenity may include its material type and/or
size and/or dimensions.

+----------------+------------------------------------------------------+
| **Amenities**  |                                                      |
+================+======================================================+
| **Field**      | Protocol                                             |
+----------------+------------------------------------------------------+
| Fireplace(s)   | -   Enter "X" if this amenity exists and provide a   |
| \#             |     specific number.                                 |
+----------------+------------------------------------------------------+
| Woodstove \#   | -   Enter "X" if this amenity exists and provide a   |
|                |     specific number.                                 |
+----------------+------------------------------------------------------+
| Patio/Deck     | -   Enter "X" if this amenity exists. Describe       |
|                |     material/type in additional features.            |
+----------------+------------------------------------------------------+
| Fence          | -   Enter "X" if this amenity exists. Describe       |
|                |     material/type in additional features.            |
+----------------+------------------------------------------------------+
| Pool           | -   Enter "X" if this amenity exists. Describe in    |
|                |     additional features. Specify whether in-ground   |
|                |     or above-ground. Above-ground pools are          |
|                |     considered personal property and are not to be   |
|                |     included in the value.                           |
+----------------+------------------------------------------------------+
| Porch          | -   Enter "X" if this amenity exists. Describe       |
|                |     material/type in additional features.            |
+----------------+------------------------------------------------------+
| Other          | -   Enter "X" if this line is used to report another |
|                |     amenity or salient feature not listed above that |
|                |     has contributory value. Describe "Other" in      |
|                |     additional features. Be sure to compare the      |
|                |     subject and comparable sales in relation to that |
|                |     amenity or feature and make the appropriate      |
|                |     adjustments.                                     |
+----------------+------------------------------------------------------+

**Interior Materials/Condition**

Enter the types of Materials and rate the observed Condition of the
Materials (Good, Average, Fair, and Poor) and whether or not the item(s)
described require repair, replacement or further inspection. Make every
effort to describe accurately and explain in detail \"Fair\" and
\"Poor\" ratings. The rating must relate to the habitability of the
house given local standards (Photo documentation of property condition
is always advisable). If the condition of materials varies significantly
between the different units, address each unit separately. Use the
Additional Comment section on page 4 if necessary.

+----------------+------------------------------------------------------+
| **Interior     |                                                      |
| materia        |                                                      |
| ls/condition** |                                                      |
+----------------+------------------------------------------------------+
| Field          | ## Protocol {#protocol-15 .unnumbered}               |
+----------------+------------------------------------------------------+
| Floors         | -   Enter material type --- tile, hardwood, carpet,  |
|                |     etc. --- and rate condition observed.            |
+----------------+------------------------------------------------------+
| Walls          | •    Enter material type --- plaster, drywall,       |
|                | paneled etc. --- and rate condition observed.        |
+----------------+------------------------------------------------------+
| Trim/Finish    | • Enter material type --- wood, metal, vinyl --- and |
|                | rate condition observed.                             |
+----------------+------------------------------------------------------+

+----------------+------------------------------------------------------+
| **Interior     |                                                      |
| materia        |                                                      |
| ls/condition** |                                                      |
+----------------+------------------------------------------------------+
| Field          | ## Protocol {#protocol-16 .unnumbered}               |
+----------------+------------------------------------------------------+
| Bath Floor     | • Enter material type --- ceramic tile, vinyl,       |
|                | carpet --- and rate condition observed               |
+----------------+------------------------------------------------------+
| Bath Wainscot  | • Enter material type that protects walls from       |
|                | moisture --- ceramic tile, fiberglass, etc. --- and  |
|                | rate condition observed.                             |
+----------------+------------------------------------------------------+

**Car Storage**

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| None         | -   If the property does not have a garage, carport   |
|              |     or driveway, mark \"NONE\".                       |
+--------------+-------------------------------------------------------+
| Driveway \#  | -   If applicable, mark the box and enter the number  |
| of Cars      |     of cars that can be parked. A single lane         |
|              |     driveway is considered to be a one-car driveway.  |
|              |     It would be considered a two car driveway if      |
|              |     either car can be moved without disturbing the    |
|              |     other.                                            |
+--------------+-------------------------------------------------------+
| Driveway     | -   Enter surface type: concrete, gravel, macadam,    |
| Surface      |     etc., if none so state.                           |
+--------------+-------------------------------------------------------+
| Garage \# of | -   Enter the number of cars the structure can        |
| Cars         |     accommodate.                                      |
+--------------+-------------------------------------------------------+
| Carport \#   | -   Enter the number of cars the structure can        |
| of Cars      |     accommodate.                                      |
+--------------+-------------------------------------------------------+
| Ga           | -   If there is a garage, designate whether it is     |
| rage/Carport |     "Attached", "Detached" or "Built-in" and Enter an |
| Type         |     "X" in the box(es) indicating the style "Att.",   |
|              |     "Det., "Built-in"                                 |
+--------------+-------------------------------------------------------+

Appliances

  -----------------------------------------------------------------------
  **Field**       **Protocol**
  --------------- -------------------------------------------------------
  Refrigerator    Enter the number of refrigerators, enter 0 if none.

  Range/Oven      Enter the number of range/ovens, enter 0 if none.

  Dishwasher      Enter the number of dishwashers, enter 0 if none.

  Disposal        Enter the number of disposals, enter 0 if none.

  Microwave       Enter the number of microwaves, enter 0 if none.

  Washer/Dryer    Enter the number of washer/dryers, enter 0 if none.

  Other           Enter "X" for any other appliances not listed above and
                  describe. Do not include personalty. Enter "none" if
                  applicable.
  -----------------------------------------------------------------------

## 

## Gross Living Area

The gross living area is obtained by drawing an imaginary line on the
outside perimeter walls of each unit (similar to the method used to
measure a single family dwelling). Do not include attic or basement
areas that may be assigned to a unit.

##  {#section-19 .unnumbered}

## Gross Building Area {#gross-building-area .unnumbered}

The gross building area is the total finished area (including common
areas -- hallways, interior stairways, etc.) of the improvements, above
and below grade, based upon exterior measurements. Use same method for
calculating GBA of comparable sales and rentals.

## Room Count and Square Feet of Gross Living Area {#room-count-and-square-feet-of-gross-living-area .unnumbered}

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| To complete  | -   Enter, for each unit, the total number of rooms,  |
| this section |     the total number of bedrooms, and the total       |
|              |     number of bathrooms.                              |
|              |                                                       |
|              | -   Enter the total square footage of the gross       |
|              |     living area for each unit.                        |
|              |                                                       |
|              | -   If a unit is located in the basement but has a    |
|              |     walk-out at grade entrance, included it in the    |
|              |     gross building area.                              |
+--------------+-------------------------------------------------------+

**Narrative Comments Section**

The completion of this section is critical to the opinion of market
value. The appraiser must discuss all adverse conditions and observed
physical and functional deficiencies noted. If necessary, use the
Additional Comments section of the form report, or an addendum, for
additional discussion or description.

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Additional   | • Use this space to describe special energy efficient |
| Features     | features such as solar energy or geothermal systems   |
|              | and/or to further describe the additional features,   |
|              |                                                       |
|              | • Please elaborate on any special or unusual aspects  |
|              | of items, e.g. gas fireplace or wood burning          |
|              | fireplace, in-ground pool, etc.                       |
+--------------+-------------------------------------------------------+
| [Condition   | • Describe any physical deterioration and/or          |
| of the       | functional or external depreciation noted at the      |
| property]    | property.                                             |
| {.underline} |                                                       |
| (including   | • Provide a conclusion as to the overall condition of |
| needed       | the improvements that is supported by the previous    |
| repairs,     | descriptive sections.                                 |
| de           |                                                       |
| terioration, | -   Describe needed repairs.                          |
| renovations, |                                                       |
| remodeling,  |                                                       |
| etc.)        |                                                       |
+--------------+-------------------------------------------------------+
| [Physical    | -   Enter an "X " in the applicable box indicating    |
| d            |     whether or not there are any physical             |
| eficiencies] |     deficiencies or adverse conditions that affect    |
| {.underline} |     the livability, soundness, or structural          |
| or adverse   |     integrity of the property. If the response is     |
| conditions   |     "No", no explanation is required or needed.       |
|              |     However, if the response is "Yes", a full and     |
|              |     detailed explanation is required and, if          |
|              |     necessary, condition the appraisal on the "repair |
|              |     or alteration of the condition" or a "required    |
|              |     inspection" by appropriately qualified            |
|              |     individuals or entities, which may include        |
|              |     professional engineers, tradespersons, HUD Fee    |
|              |     Inspectors.                                       |
|              |                                                       |
|              | **Lead-Based Paint Hazard**                           |
|              |                                                       |
|              | -   If the home was built before 1978, this may       |
|              |     indicate a lead paint hazard. For all FHA insured |
|              |     properties, correction is required to all         |
|              |     defective paint in or on structures and/or        |
|              |     property improvements built before January 1,     |
|              |     1978 in accordance with 24 CFR Part 35.           |
|              |                                                       |
|              | -   Observe all interior and exterior surfaces, such  |
|              |     as walls, stairs, deck porch, railing, windows or |
|              |     doors for defective (chipping, flaking or         |
|              |     peeling) paint. (Exterior surfaces include        |
|              |     surfaces on fences, detached garages, storage     |
|              |     sheds and other outbuildings and appurtenant      |
|              |     structures.). Note any areas affected (be         |
|              |     specific) and condition the appraisal on their    |
|              |     repair subject to the satisfaction of the         |
|              |     condition.                                        |
+--------------+-------------------------------------------------------+
| Property     | -   Enter an "X " in the applicable box indicating    |
| conformity   |     whether or not the subject generally conforms to  |
|              |     the neighborhood (functional utility, style,      |
|              |     condition, use, construction, etc.). If the       |
|              |     response is "Yes", no explanation is required or  |
|              |     needed. However, if the response is "No", a full  |
|              |     and detailed explanation is required.             |
+--------------+-------------------------------------------------------+
| Subject to   | -   Enter an "X" in the applicable box indicating     |
| Rent Control |     whether property is subject to rent control       |
|              |                                                       |
|              | -   If yes, indicate ceilings on rent and any other   |
|              |     pertinent controls.                               |
+--------------+-------------------------------------------------------+

# Section 6 -- Comparable Rental Data

The appraiser is required to report information on the subject and three
comparable rental properties. Ideally, the properties used for
comparable rentals will not be the same as those used in the Sales
Comparison Analysis.

Enter factual data in each field or line.

+--------------+-------------------------------------------------------+
| The          |                                                       |
| following    |                                                       |
| properties   |                                                       |
| represent    |                                                       |
| the most     |                                                       |
| current,     |                                                       |
| similar, and |                                                       |
| proximate    |                                                       |
| comparable   |                                                       |
| rental       |                                                       |
| properties   |                                                       |
| to the       |                                                       |
| subject      |                                                       |
| property.    |                                                       |
| The analysis |                                                       |
| is intended  |                                                       |
| to support   |                                                       |
| the opinion  |                                                       |
| of market    |                                                       |
| rent for the |                                                       |
| subject      |                                                       |
| property.    |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Address      | • Enter the address that can be used to locate each   |
|              | property. Enter community, if needed, to identify     |
|              | property. For rural properties, list location by road |
|              | name, nearest intersection and side road.             |
+--------------+-------------------------------------------------------+
| Proximity to | • Enter proximity in straight-line distance and       |
| Subject      | direction. For example, \"1.5 miles NE\" or "3 blocks |
|              | south". If comparable distance from the subject is    |
|              | more than a generally accepted distance, or located   |
|              | outside the defined neighborhood boundaries, be sure  |
|              | to explain why the sale is applicable in the          |
|              | \"Summary of Sales Comparison Approach\" section.     |
+--------------+-------------------------------------------------------+
| Current      | • Enter current monthly rent for the subject and each |
| Monthly Rent | of the comparable rentals.                            |
|              |                                                       |
|              | .                                                     |
+--------------+-------------------------------------------------------+
| Rent/Gross   | • Enter Rent/Gross Bldg Area for the subject and each |
| Bldg. Area   | of the comparable rentals.                            |
+--------------+-------------------------------------------------------+
| Rent Control | -   Enter an "X" in the applicable box indicating     |
|              |     rent control or not                               |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and property  |
| Source(s)    |     information                                       |
+--------------+-------------------------------------------------------+
| Date of      | -   Enter the date of lease for each of the subject   |
| Lease(s)     |     units as well as the comparable rentals.          |
+--------------+-------------------------------------------------------+
| Location     | -   Enter the neighborhood name that is commonly used |
|              |     to refer to the property's location.              |
|              |                                                       |
|              | -   Location adjustments may be warranted for         |
|              |     positive or negative factors that influence       |
|              |     market rent such as busy street versus a quiet    |
|              |     street.                                           |
|              |                                                       |
|              | -   Explain any adjustments made in this area.        |
+--------------+-------------------------------------------------------+
| Actual Age   | -   Enter only the actual age of the subject and each |
|              |     comparable rental.                                |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Condition    | -   Enter the condition of the subject and comparable |
|              |     rental.                                           |
|              |                                                       |
|              | -   Ratings to be used are: "New", "Good", "Average", |
|              |     "Fair" and "Poor" or a combination if more        |
|              |     accurate.                                         |
|              |                                                       |
|              | -   Consider required repairs or alterations, to the  |
|              |     subject, completed when determining the need for  |
|              |     adjustments to the comparables rentals.           |
+--------------+-------------------------------------------------------+
| Gross        | -   Enter the total Gross Building Area for the       |
| Building     |     subject and each comparable.                      |
| Area         |                                                       |
+--------------+-------------------------------------------------------+
| Unit         | -   Enter total room count, number of bedrooms,       |
| Breakdown    |     number of baths and size for each unit in the     |
|              |     subject.                                          |
|              |                                                       |
|              | -   Enter total room count, number of bedrooms,       |
|              |     number of baths, size in square feet, and the     |
|              |     monthly rent for each unit in each of the three   |
|              |     comparable rentals.                               |
|              |                                                       |
|              | -   Enter room count, total square footage and        |
|              |     monthly rent for each of the comparable rentals.  |
+--------------+-------------------------------------------------------+
| Utilities    | -   Indicate which utilities, if any, (electric,      |
| included     |     water, heat, etc.) are included in the rent for   |
|              |     the subject and the comparable rentals.           |
+--------------+-------------------------------------------------------+
| Analysis of  | -   Provide analysis of rental data collected.        |
| rental data  |                                                       |
| and support  | -   Provide support for estimated market rents for    |
| for          |     the subject units.                                |
| estimated    |                                                       |
| market rents | -   Discuss the adequacy of the comparable rentals.   |
|              |                                                       |
|              | -   Address rental concessions if applicable.         |
+--------------+-------------------------------------------------------+

# Section 7 -- Subject Rent Schedule 

The appraiser is required to report information on the subject leases
and provide an opinion of market rent.

+--------------+-------------------------------------------------------+
| Rent         |                                                       |
| Schedule:    |                                                       |
| The          |                                                       |
| appraiser    |                                                       |
| must         |                                                       |
| reconcile    |                                                       |
| the          |                                                       |
| applicable   |                                                       |
| indicated    |                                                       |
| monthly      |                                                       |
| market rents |                                                       |
| to provide   |                                                       |
| an opinion   |                                                       |
| of the       |                                                       |
| market rent  |                                                       |
| for each     |                                                       |
| unit in the  |                                                       |
| subject      |                                                       |
| property.    |                                                       |
+--------------+-------------------------------------------------------+
| Leases       | -   Provide the starting and termination dates of the |
|              |     leases for each unit of the subject.              |
|              |                                                       |
|              | -   Provide comments on lease data, i.e. terms and    |
|              |     conditions.                                       |
+--------------+-------------------------------------------------------+
|              |                                                       |
+--------------+-------------------------------------------------------+
| Actual Rent  | -   Enter the rent for each unit, unfurnished or      |
|              |     furnished, and then the total rent.               |
|              |                                                       |
|              | -   Enter the total actual monthly rent for all units |
|              |                                                       |
|              | -   Enter any other monthly income. Itemize this      |
|              |     information in the comments section below.        |
|              |                                                       |
|              | -   Enter the total actual monthly income.            |
+--------------+-------------------------------------------------------+
| Total Actual |                                                       |
| Rent         |                                                       |
|              |                                                       |
| Other Income |                                                       |
|              |                                                       |
| Total Actual |                                                       |
| Income       |                                                       |
+--------------+-------------------------------------------------------+
| Opinion of   | -   Enter opinion of market rent for each unit,       |
| Market Rent  |     unfurnished and furnished, and then the total     |
|              |     rent.                                             |
|              |                                                       |
|              | -   Enter the total estimated market rent for all     |
|              |     units.                                            |
|              |                                                       |
|              | -   Enter any other monthly income. Itemize this      |
|              |     information in the comments section below, e.g.   |
|              |     coin operated washers and dryers, garage rented   |
|              |     for storage, etc.                                 |
|              |                                                       |
|              | -   Enter the total estimated monthly income.         |
+--------------+-------------------------------------------------------+
| Gross        |                                                       |
| Monthly Rent |                                                       |
|              |                                                       |
| Other Income |                                                       |
|              |                                                       |
| Total Est.   |                                                       |
| Income       |                                                       |
+--------------+-------------------------------------------------------+
| Utilities    | -   Enter an "X" in the box indicating the applicable |
| included in  |     utility items included in the rent.               |
| estimated    |                                                       |
| rents        | -   If the "other" box is marked, describe.           |
+--------------+-------------------------------------------------------+
| Comments on  | -   Provide comments on actual or estimated rents and |
| actual or    |     other monthly income (including personal          |
| estimated    |     property) such as itemizing other monthly income; |
| rents        |     differences, or lack there of, between actual     |
|              |     rent and market rent.                             |
+--------------+-------------------------------------------------------+

# Section 8 -- Prior Sale History 

+--------------+-------------------------------------------------------+
| **Field**    | -   **Protocol**                                      |
+--------------+-------------------------------------------------------+
| Research     | -   Enter an "X " in the applicable box indicating    |
| sale or      |     whether you "did" or "did not" research the sale  |
| transfer     |     or transfer history of the subject property and   |
| history of   |     comparable sales. If not, provide explanation.    |
| subject &    |                                                       |
| comps        |                                                       |
+--------------+-------------------------------------------------------+
| Research     | -   Enter an "X " in the applicable box indicating    |
| prior sales  |     whether your research "did" or "did not" reveal   |
| or transfers |     any [prior sales]{.underline} or transfers of the |
| of subject   |     subject property for the [three                   |
| property     |     years]{.underline} prior to the effective date of |
|              |     this appraisal.                                   |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sale and transfer   |
| Source(s)    |     information.                                      |
|              |                                                       |
|              | -   Appraisers are to be familiar with the data       |
|              |     source(s), e.g. how the data is gathered and how  |
|              |     often it is updated                               |
+--------------+-------------------------------------------------------+
| Research     | -   Enter an "X " in the applicable box indicating    |
| prior sales  |     whether your research "did" or "did not" reveal   |
| or transfers |     any [prior sales]{.underline} of transfers of the |
| of           |     comparable sales [for the year prior to the date  |
| comparable   |     of sale of the comparable sale]{.underline}.      |
| sales        |                                                       |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and transfer  |
| Source(s)    |     information. Two sources are recommended for      |
|              |     researching prior sales and transfers, local MLS  |
|              |     and local public records at a minimum.            |
|              |                                                       |
|              | -   Appraisers should be familiar with the data       |
|              |     source(s), e.g. how the data is gathered and how  |
|              |     often it is updated.                              |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| ##           |                                                       |
| Report the r |                                                       |
| esults of th |                                                       |
| e research a |                                                       |
| nd analysis  |                                                       |
| of the [prio |                                                       |
| r]{.underlin |                                                       |
| e} sale or t |                                                       |
| ransfer hist |                                                       |
| ory of the s |                                                       |
| ubject prope |                                                       |
| rty and comp |                                                       |
| arable sales |                                                       |
|  (report add |                                                       |
| itional prio |                                                       |
| r sales in t |                                                       |
| he "Addition |                                                       |
| al Comments" |                                                       |
|  section or  |                                                       |
| an addendum) |                                                       |
| . {#report-t |                                                       |
| he-results-o |                                                       |
| f-the-resear |                                                       |
| ch-and-analy |                                                       |
| sis-of-the-p |                                                       |
| rior-sale-or |                                                       |
| -transfer-hi |                                                       |
| story-of-the |                                                       |
| -subject-pro |                                                       |
| perty-and-co |                                                       |
| mparable-sal |                                                       |
| es-report-ad |                                                       |
| ditional-pri |                                                       |
| or-sales-in- |                                                       |
| the-addition |                                                       |
| al-comments- |                                                       |
| section-or-a |                                                       |
| n-addendum.  |                                                       |
| .unnumbered} |                                                       |
+--------------+-------------------------------------------------------+
| Field        | -   Protocol                                          |
+--------------+-------------------------------------------------------+
| Date of      | -   Report the date(s) of prior sale(s) or            |
| Prior        |     transfer(s) of the subject that occurred within   |
| S            |     three years of the effective date of the          |
| ale/Transfer |     appraisal.                                        |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Report the date(s) of prior sale(s) or            |
|              |     transfer(s) of each comparable sale for the year  |
|              |     prior to the date of the comparable sale.         |
+--------------+-------------------------------------------------------+
| Price or     | -   Report the price of the prior sale(s) or          |
| Prior        |     transfer(s) of the subject that occurred within   |
| S            |     three years of the effective date of the          |
| ale/Transfer |     appraisal.                                        |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Report the price of the prior sale(s) or          |
|              |     transfer(s) of each comparable for the year prior |
|              |     to the date of the comparable sale.               |
+--------------+-------------------------------------------------------+
| Data         | -   Identify the data source(s) used.                 |
| Source(s)    |                                                       |
+--------------+-------------------------------------------------------+
| Effective    | -   Enter the date the data was published or updated  |
| Date of Data |     by the source for the subject and comparable      |
| Source(s)    |     sales. For example, the local MLS may update      |
|              |     their database multiple times during the week or  |
|              |     month whereas property transfers recorded at the  |
|              |     local land records office may take six or eight   |
|              |     weeks after settlement. The property transfer     |
|              |     records may have an effective date that is eight  |
|              |     weeks earlier than the appraisal date and the MLS |
|              |     data is within one week of the appraisal date.    |
+--------------+-------------------------------------------------------+
| **Field**    | -   **Protocol**                                      |
+--------------+-------------------------------------------------------+
| Analysis of  | -   Provide analysis of prior sale or transfer        |
| prior sale   |     history of the subject and comparable sales.      |
| or transfer  |                                                       |
| history of   | -   Analysis may address changes in property          |
| subject and  |     conditions between sale dates or verifying if     |
| comparable   |     prior sale was an arm's-length transaction.       |
| sales        |                                                       |
+--------------+-------------------------------------------------------+

## Section 9 -- Sales Comparison Approach {#section-9-sales-comparison-approach-1 .unnumbered}

The appraiser is required to report the number of comparable properties
currently offered for sale, as of the effective date of the appraisal,
and the number of comparable sales in the subject neighborhood, within
12 months of the effective date of the appraisal, in this section.
Unlike the neighborhood price data, which includes all sales, this
section focuses only on those properties that are comparable to the
subject, not the universe of sales.

If there was difficulty in locating comparable properties, i.e. the
subject is a four unit single family property and one or more of the
comparable properties was a two or three unit single family property,
etc., then for purposes of this section, all such properties in the
subject's neighborhood are to be treated as comparable and counted.

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Comparable   | -   Enter the number of comparable properties         |
| properties   |     currently offered for sate, including those under |
| offered for  |     contract, within the subject neighborhood         |
| sale         |     together with price range                         |
+--------------+-------------------------------------------------------+
| Comparable   | -   Enter the number of comparable sales that         |
| sales        |     occurred within the 12 month period preceding the |
|              |     effective date of the appraisal, and within the   |
|              |     subject neighborhood, together with the price     |
|              |     range                                             |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+==============+=======================================================+
| Address      | -   Enter the address that can be used to locate each |
|              |     property. Enter community, if needed, to identify |
|              |     property. For rural properties, list location by  |
|              |     road name, nearest intersection and side road.    |
+--------------+-------------------------------------------------------+
| Proximity to | -   Enter proximity in straight-line distance and     |
| Subject      |     direction. For example, "1.5 miles NE" or "3      |
|              |     blocks south". If comparable distance from the    |
|              |     subject is more than a generally accept distance, |
|              |     or located outside the defended neighborhood      |
|              |     boundaries, be sure to explain why the sale is    |
|              |     applicable in the "Summary of Sales Comparison    |
|              |     Approach " section.                               |
+--------------+-------------------------------------------------------+
| Sale Price   | -   Enter the purchase (total paid) for the subject   |
|              |     and each of the comparable sales. This means the  |
|              |     closed or settled price of the comparable sale.   |
|              |                                                       |
|              | -   If the appraisal involves a refinance of the      |
|              |     subject, enter "Refi" as the subject's sale       |
|              |     price.                                            |
+--------------+-------------------------------------------------------+
| Sale         | -   Enter price per square foot of the gross building |
| Price/Gross  |     area for the subject, if a purchase transaction,  |
| Bldg. Area   |     and each comparable sale.                         |
+--------------+-------------------------------------------------------+
| Gross        | -   Enter the Gross Monthly Rent for the subject      |
| Monthly Rent |     property and each comparable sale.                |
+--------------+-------------------------------------------------------+
| Gross Rent   | -   Enter the Gross Rent Multiplier for the subject   |
| Multiplier   |     property and each comparable sale.                |
|              |                                                       |
|              | > A manual check on the software calculations is      |
|              | > recommend to test for accuracy as the appraiser is  |
|              | > responsible for data contained in the report (Sale  |
|              | > price divided by gross monthly rent).               |
+--------------+-------------------------------------------------------+
| Price Per    | -   Enter Price Per Unit for the subject property and |
| Unit         |     each comparable.                                  |
+--------------+-------------------------------------------------------+
| Price Per    | -   Enter Price Per Room for the subject property and |
| Room         |     each comparable.                                  |
+--------------+-------------------------------------------------------+
| Price Per    | -   Enter Price Per Bedroom for the subject property  |
| Bedroom      |     and each comparable.                              |
+--------------+-------------------------------------------------------+
| Rent Control | -   Enter an "X" in the box indicating whether or not |
|              |     there is Rent Control.                            |
+--------------+-------------------------------------------------------+
| Data         | -   Enter data source(s) used for sales and property  |
| Source(s)    |     information for each comparable.                  |
+--------------+-------------------------------------------------------+
| Verification | -   Enter verification source(s), the document or     |
| Source(s)    |     party from which the additional proof was         |
|              |     obtained. MLS by itself is not considered a       |
|              |     verification source.                              |
|              |                                                       |
|              | -   Contacting someone with first-hand knowledge of   |
|              |     the transaction (agent, broker, buyer, seller,    |
|              |     etc) especially where it involves confirmation of |
|              |     seller concessions, is the preferred method of    |
|              |     verification.                                     |
|              |                                                       |
|              | -   A single source may be used if the quality of     |
|              |     data is such that sales data are confirmed and    |
|              |     verified by settled transactions. Information     |
|              |     provided should permit the reader of the report   |
|              |     to locate the data from the source cited.         |
+--------------+-------------------------------------------------------+
| Verification | -   Do not use as market data sales that are not      |
| Source(s)    |     verified and adjusted to reflect the terms and    |
|              |     conditions of sale.                               |
+--------------+-------------------------------------------------------+

**Value Adjustments**

Adjustments are made to the price of the sale properties for
price-influencing dissimilarities between each sale and the subject
property. Not all dissimilarities require adjustment because not all
dissimilarities achieve price differentials in the market. All
adjustments must be extracted from and supported by the actions of the
market.

For each adjustment item, enter the description of the adjustment and
whether it is an upward or downward adjustment. Do not make an
adjustment unless it has a material effect on value. Make adjustments
only if the dissimilarity has a noticeable effect on the value. Small
differences do not usually require adjustments.

+--------------+-------------------------------------------------------+
| VALUE        |                                                       |
| ADJUSTMENTS  |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Sales or     | -   Report the type of financing such as              |
| Financing    |     Conventional, FHA or VA, etc.                     |
| Concessions  |                                                       |
|              | -   Report the type and amount of sales concession    |
|              |     for each comparable sale listed. If no            |
|              |     concessions exist, the appraiser must note        |
|              |     "none."                                           |
|              |                                                       |
|              | -   The appraiser is required to make market-based    |
|              |     adjustments to the comparable sales for any sales |
|              |     or financing concessions that may have affected   |
|              |     the sales price.                                  |
|              |                                                       |
|              | -   The adjustment for such affected comparable sales |
|              |     must reflect the difference between the sales     |
|              |     price with the sales concessions and what the     |
|              |     property would have sold for without the          |
|              |     concessions.                                      |
+--------------+-------------------------------------------------------+
| Date of Sale | • State month and year of settlement. Showing the     |
| / Time       | contract date and settled date is also acceptable.    |
|              |                                                       |
|              | -   Time adjustments, if any, must be supported by    |
|              |     the market and consistent with the neighborhood   |
|              |     market conditions noted. If this is the case,     |
|              |     show both the contract date and settled date as   |
|              |     any time adjustment should be calculated using    |
|              |     the contract date (meeting of the minds) rather   |
|              |     than the settled date. Explanation is required    |
|              |     for any time adjustments.                         |
+--------------+-------------------------------------------------------+
| Location     | -   Enter the name of the subdivision or PUD. If none |
|              |     is applicable enter the neighborhood name that is |
|              |     commonly used to refer to the property's          |
|              |     location.                                         |
|              |                                                       |
|              | -   Location adjustments may be warranted for         |
|              |     positive or negative factors that influence sales |
|              |     price such as busy street versus quiet street.    |
|              |                                                       |
|              | -   Explain any adjustments made in this area.        |
+--------------+-------------------------------------------------------+
| Leasehold /  | • State whether the property was sold as Fee Simple   |
| Fee Simple   | or as a Leasehold Estate. An adjustment is required   |
|              | if the estate differs from the rights appraised for   |
|              | the subject property.                                 |
+--------------+-------------------------------------------------------+
| Site         | • Enter the site size. Make adjustments only for      |
|              | measurable differences. Small differences in lot      |
|              | sizes do not usually call for an adjustment if the    |
|              | size is typical.                                      |
|              |                                                       |
|              | • If necessary, consider the possibility of excess or |
|              | surplus land.                                         |
+--------------+-------------------------------------------------------+
| View         | • Describe the view from the site, i.e. similar       |
|              | homes, commercial area, water view, scenic view, etc. |
|              | Such terms as "Average" or "Good" are only to be used |
|              | as adjuncts, i.e. "Residential/Average", "Water       |
|              | view/Good".                                           |
|              |                                                       |
|              | -   Make adjustments only if the view is superior or  |
|              |     inferior to the subject.                          |
|              |                                                       |
|              | -   If the subject has a superior view and            |
|              |     adjustments are made, a photograph of the view    |
|              |     amenity is recommended.                           |
+--------------+-------------------------------------------------------+
| Design       | • Enter the style according to a description used by  |
| (Style)      | local custom. Be consistent with improvement          |
|              | description.                                          |
+--------------+-------------------------------------------------------+
| Quality of   | • Enter \"Good\", \"Average\", \"Fair\", etc. using   |
| Construction | the quality rating from your cost service             |
|              | subscription or provider.                             |
|              |                                                       |
|              | -   Adjustments may be warranted for construction     |
|              |     quality and should be explained.                  |
+--------------+-------------------------------------------------------+
| Actual Age   | • Enter only the actual age of the subject and each   |
|              | comparable sale.                                      |
+--------------+-------------------------------------------------------+
| Condition    | • Enter the condition of the subject and comparable   |
|              | sales.                                                |
|              |                                                       |
|              | -   Ratings to be used are: "New", "Good", "Average", |
|              |     "Fair" and "Poor" or a combination if more        |
|              |     accurate.                                         |
|              |                                                       |
|              |     • Consider required repairs or alterations to the |
|              |     subject completed when determining the need for   |
|              |     adjustments to the comparable sales.              |
+--------------+-------------------------------------------------------+
| Gross        | • Enter the total Gross Building area for the subject |
| Building     | and each comparable.                                  |
| Area         |                                                       |
+--------------+-------------------------------------------------------+
| Unit         | -   Enter room count per unit, consistent with the    |
| Breakdown    |     description of improvements on the front of the   |
|              |     form.                                             |
|              |                                                       |
|              | -   Enter room count for the units in each of the     |
|              |     comparable sales and make adjustments where       |
|              |     warranted.                                        |
|              |                                                       |
|              | -   Explain adjustments in the Summary of Sales       |
|              |     Comparison.                                       |
+--------------+-------------------------------------------------------+
| Basement     | -   Enter description of basement, total square       |
| Description  |     footage of basement area and/or enter percentage  |
|              |     of basement in relation to first floor area or    |
|              |     enter full, partial, none.                        |
+--------------+-------------------------------------------------------+
| Basement     | • Enter the type of rooms below grade: bedroom,       |
| Finished     | recreation room, laundry, full bath, etc.             |
| Rooms        |                                                       |
|              | •    Make sure any adjustment made here have not been |
|              | duplicated in the GBA or elsewhere.                   |
+--------------+-------------------------------------------------------+
| Functional   | • Enter \"Equal\", \"Superior\" or \"Inferior\" as a  |
| Utility      | total of the items rated in the Improvement Analysis  |
|              | compared to the subject. Use the \"Summary of Sales   |
|              | Comparison Approach" to explain differences.          |
|              |                                                       |
|              | • Adjust for functional obsolescence observed in the  |
|              | subject and not found in the comparables.             |
+--------------+-------------------------------------------------------+
| Heating /    | • Enter type of heating and cooling systems, e. g.    |
| Cooling      | Gas FWA C/Air.                                        |
|              |                                                       |
|              | -   Any adjustment for differences in heating and     |
|              |     cooling systems should be based on market         |
|              |     expectations.                                     |
+--------------+-------------------------------------------------------+
| Energy       | • Describe energy efficient items: storm windows and  |
| Efficient    | doors, solar installations, replacement windows, etc. |
| Items        | and enter an adjustment for differences if warranted. |
|              | If none, so state.                                    |
+--------------+-------------------------------------------------------+
| Parking      | •    Enter description of on/off site parting.        |
| on/off Site  | Calculate adjustments in accordance with market       |
|              | acceptance of on/off site parting.                    |
+--------------+-------------------------------------------------------+
| Porch,       | • Enter these features for the subject and comparable |
| Patio, Deck  | sales if they exist. Base any adjustments on local    |
|              | market expectations.                                  |
+--------------+-------------------------------------------------------+
| Blank Lines  | • Τhree blank lines are provided for the appraiser's  |
|              | use to describe additional amenities, features or     |
|              | individual characteristics not listed or addressed    |
|              | elsewhere in the sales grid, e.g. woodstove,          |
|              | fireplace, fencing, pool or other.                    |
|              |                                                       |
|              | -   Enter appropriate adjustments. For example, a     |
|              |     pool located in an area that expects pools might  |
|              |     bring a dollar premium in comparison to a         |
|              |     comparable without a pool.                        |
+--------------+-------------------------------------------------------+
| Net Adjusted | • Mark either \[+\] or \[-\] box to indicate if the   |
| (Total)      | total net adjustments will increase or decrease the   |
|              | value and note by how much. If any adjustment is      |
|              | excessive, review the comparable sales to determine   |
|              | if the best ones were selected. If the total          |
|              | adjustments appear excessive in relation to the sale  |
|              | price; the appraiser should reexamine the             |
|              | comparability of that sale.                           |
|              |                                                       |
|              | • Explain any adjustment that appears to be           |
|              | excessive.                                            |
+--------------+-------------------------------------------------------+
| Adjusted     | • Total all of the adjustments and add them to or     |
| Sale Price   | subtract them from the sales price of each            |
| of           | comparable. Generally, adjustments should not exceed  |
| Comparables  | 10% for line items, 15% for net adjustments and 25%   |
|              | for gross adjustments. If any adjustments exceed      |
|              | stated guidelines an explanation must be provided     |
|              | including reasons for not using more similar          |
|              | comparable sales.                                     |
+--------------+-------------------------------------------------------+
| Adjusted     | -   Enter adjusted price per unit for each comparable |
| Price Per    |     sale (adjusted sale price divided by number of    |
| Unit         |     units).                                           |
+--------------+-------------------------------------------------------+
| Adjusted     | -   Enter adjusted price per room for each comparable |
| Price Per    |     sale (adjusted sale price divided by number of    |
| Room         |     rooms).                                           |
+--------------+-------------------------------------------------------+
| Adjusted     | -   Enter adjusted price per bedroom for each         |
| Price Per    |     comparable sale (adjusted sale price divided by   |
| Bedroom      |     number of bedrooms).                              |
+--------------+-------------------------------------------------------+
| Value Per    | -   Enter adjusted price per unit and multiply by     |
| Unit         |     number of units = estimated value.                |
+--------------+-------------------------------------------------------+
| Value Per    | -   Enter price per gross square foot of building     |
| GBA          |     area and multiply by gross square feet of         |
|              |     building = estimated value                        |
+--------------+-------------------------------------------------------+
| Value Per    | -   Enter adjusted price per room and multiply by     |
| Room         |     number of rooms = estimated value.                |
+--------------+-------------------------------------------------------+
| Value Per    | -   Enter adjusted price per bedroom and multiply by  |
| Bedroom      |     number of bedrooms = estimated value.             |
+--------------+-------------------------------------------------------+
| Summary of   | -   Explain comparable selection and any necessary    |
| Sales        |     explanation of adjustments.                       |
| Comparison   |                                                       |
| Approach     | -   Explain any adjustments exceeding guidelines.     |
|              |                                                       |
|              | -   The appraiser must reconcile the above value      |
|              |     indicator(s) and comment which were given most    |
|              |     consideration and why.                            |
+--------------+-------------------------------------------------------+
| Indicated    | -   Enter the indicated value by Sales Comparison     |
| Value by     |     Approach.                                         |
| Sales        |                                                       |
| Comparison   |                                                       |
| Approach     |                                                       |
+--------------+-------------------------------------------------------+

**Section 10** -- **Income**

Sale price divided by gross monthly rent = Gross Rent Multiplier

+--------------+-------------------------------------------------------+
| Gross        | -   Enter the gross monthly rent developed in the     |
| Monthly Rent |     Opinion of Market Rent.                           |
|              |                                                       |
|              | -   Multiply the gross monthly rent by the gross rent |
|              |     multiplier to arrive at the indicated value by    |
|              |     the Income Approach.                              |
+--------------+-------------------------------------------------------+
| Comments on  | -   Provide comments on Income Approach including     |
| Income       |     reconciliation of the GRM.                        |
| Approach     |                                                       |
|              |     -   Reconcile the multipliers developed in the    |
|              |         sales comparison analysis                     |
|              |                                                       |
|              |     -   Judge comparability and applicability of each |
|              |                                                       |
|              |     -   Do not average, account for differences       |
+--------------+-------------------------------------------------------+

**Section 11 -- Reconciliation**

The appraiser should consider all appropriate approaches to value and
all information relevant to the subject property and the market
conditions in the opinion of market value.

If there is insufficient space in the reconciliation section to list and
describe any "repairs, alterations or required inspections" noted, then
the appraiser is instructed to insert a reference in the reconciliation
section "see **Additional Comments** section on the next page" and then
list and describe the items under the heading **"Repairs, Alterations,
Required Inspections".** If necessary, due to space limitations, use an
addendum with the same heading.

+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+==============+=======================================================+
| Indicated    | -   Enter the Indicated Value for each of the         |
| Value by:    |     approaches to value developed. If the approach    |
|              |     was not developed, enter "ND or "Not Dev" for not |
|              |     developed.                                        |
|              |                                                       |
|              | -   Reconcile the three approaches to value with a    |
|              |     brief description of the validity of each         |
|              |     approach with respect to the appraisal            |
|              |     assignment.                                       |
+--------------+-------------------------------------------------------+

## This appraisal is made  {#this-appraisal-is-made-12 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when:                                                 |
| box          |                                                       |
|              | -   There is/are no repair(s), alteration(s) or       |
| **"as is"**  |     inspection condition(s) noted.                    |
|              |                                                       |
|              | -   Establishing the "as is" value for a regular      |
|              |     203(k) when needed.                               |
|              |                                                       |
|              | -   The property is ineligible for FHA financing and  |
|              |     is being rejected.                                |
+--------------+-------------------------------------------------------+

## This appraisal is made {#this-appraisal-is-made-13 .unnumbered}

+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal involves:                          |
| box          |                                                       |
|              | -   Proposed construction, or                         |
| **"per plans |                                                       |
| & specs"**   | -   Under construction, less than 90% complete, or a  |
|              |                                                       |
|              | -   203(k) with a Plan Review and Specification of    |
|              |     Repairs prepared by a 203(k) Consultant.          |
+--------------+-------------------------------------------------------+

##  {#section-20 .unnumbered}

## This appraisal is made {#this-appraisal-is-made-14 .unnumbered}

+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal involves existing housing, or new  |
| box          | construction more than 90% complete with only buyer   |
|              | preference items remaining (floor coverings,          |
| "subject to  | appliances, landscaping packages (soil must be        |
| repairs or   | stabilized to prevent erosion)), requiring repairs or |
| alterations" | alterations to:                                       |
|              |                                                       |
|              | -   Protect the health and safety of the occupants    |
|              |                                                       |
|              | -   Protect the security of the property              |
|              |                                                       |
|              | -   Correct physical deficiencies or conditions       |
|              |     affecting structural integrity                    |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Complete buyer preference items for new homes, or |
|              |     to                                                |
|              |                                                       |
|              | -   Complete repairs/improvements noted in work order |
|              |     or contractor estimates for the Streamline K      |
|              |                                                       |
|              | -   Meet FHA Minimum Property Requirements            |
+--------------+-------------------------------------------------------+
| The          |                                                       |
| appraiser    |                                                       |
| must         |                                                       |
| indicate the |                                                       |
| extent of    |                                                       |
| repairs and  |                                                       |
| note this in |                                                       |
| the          |                                                       |
| appropriate  |                                                       |
| section of   |                                                       |
| the          |                                                       |
| appraisal,   |                                                       |
| or in the    |                                                       |
| "additional  |                                                       |
| comments"    |                                                       |
| section, or  |                                                       |
| in an        |                                                       |
| addendum,    |                                                       |
| under the    |                                                       |
| heading of   |                                                       |
| "Re          |                                                       |
| conciliation |                                                       |
| -- Required  |                                                       |
| Repairs"     |                                                       |
| listing the  |                                                       |
| repairs      |                                                       |
| noted        |                                                       |
| together     |                                                       |
| with an      |                                                       |
| estimated    |                                                       |
| cost to      |                                                       |
| cure.        |                                                       |
+--------------+-------------------------------------------------------+

##  {#section-21 .unnumbered}

## This appraisal is made {#this-appraisal-is-made-15 .unnumbered}

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| Mark this    | when the appraisal calls for a required inspection    |
| box          | to:                                                   |
|              |                                                       |
| **"subject   | -   Certify the condition and/or status of a          |
| to a         |     mechanical or structural element of the property  |
| required     |                                                       |
| i            | ```{=html}                                            |
| nspection"** | <!-- -->                                              |
|              | ```                                                   |
|              | -   Protect the health and safety of the occupants    |
|              |                                                       |
|              | -   Protect the security of the property              |
|              |                                                       |
|              | ```{=html}                                            |
|              | <!-- -->                                              |
|              | ```                                                   |
|              | -   Meet FHA Minimum Property Requirements or Minimum |
|              |     Property Standards                                |
+--------------+-------------------------------------------------------+
| More than    |                                                       |
| one box may  |                                                       |
| be marked    |                                                       |
| depending on |                                                       |
| the          |                                                       |
| assignment   |                                                       |
| and property |                                                       |
| conditions.  |                                                       |
|              |                                                       |
| The          |                                                       |
| appraiser    |                                                       |
| must         |                                                       |
| indicate the |                                                       |
| reasoning    |                                                       |
| for any      |                                                       |
| required     |                                                       |
| inspections  |                                                       |
| and note     |                                                       |
| this in the  |                                                       |
| appropriate  |                                                       |
| section of   |                                                       |
| the          |                                                       |
| appraisal,   |                                                       |
| or in the    |                                                       |
| "additional  |                                                       |
| comments"    |                                                       |
| section, or  |                                                       |
| in an        |                                                       |
| addendum,    |                                                       |
| under the    |                                                       |
| heading of   |                                                       |
| "Re          |                                                       |
| conciliation |                                                       |
| -- Required  |                                                       |
| Inspection " |                                                       |
| listing the  |                                                       |
| required     |                                                       |
| inspections. |                                                       |
+--------------+-------------------------------------------------------+

+--------------+-------------------------------------------------------+
| **Field      |                                                       |
| Protocol**   |                                                       |
+--------------+-------------------------------------------------------+
| The value    |                                                       |
| "subject to  |                                                       |
| completion   |                                                       |
| per plans    |                                                       |
| and          |                                                       |
| spec         |                                                       |
| ifications", |                                                       |
| "subject to  |                                                       |
| the          |                                                       |
| following    |                                                       |
| repairs or   |                                                       |
| a            |                                                       |
| lterations", |                                                       |
| or "subject  |                                                       |
| to the       |                                                       |
| following    |                                                       |
| required     |                                                       |
| inspection"  |                                                       |
| must be      |                                                       |
| consistent   |                                                       |
| with the     |                                                       |
| subject      |                                                       |
| property     |                                                       |
| condition(s) |                                                       |
| described.   |                                                       |
+--------------+-------------------------------------------------------+
| Opinion of   | -   Enter the opinion of Market Value                 |
| Market Value |                                                       |
+--------------+-------------------------------------------------------+
| Final        | • This entry should contain the appraiser\'s          |
| Re           | reasoning for arriving at the final value.            |
| conciliation |                                                       |
+--------------+-------------------------------------------------------+
| Date of      | • Enter the date when the property was inspected.     |
| Value        |                                                       |
+--------------+-------------------------------------------------------+

**Section 12-- Additional Comments**

These comment lines provide additional space for the appraiser to fully
describe any item, area or condition where the commentary exceeds the
space provided in other sections of the report. It is recommended that
any information carried forward to the additional comments section, or
an addendum if needed, follow the sequence of the form with a proper
heading identifying said section.

For example, the neighborhood "market conditions" comments exceed the
space provided on the form. In that case, on page one in neighborhood
market conditions enter "See additional comments", in the "additional
comments" section enter the heading "Neighborhood Market Conditions" and
provide the narrative in this section. Follow the same procedure for any
section of the report where commentary exceeds space provided. This will
provide the reader with the proper identification and linkage of
additional comments together with a logical flow of information in a
standardized reporting format.

**Section 13 -- Cost Approach**

If the subject property is new construction (less than one year old), or
the Cost Approach is recognized in the market as a basis for pricing,
the appraiser may complete the Cost Approach; however, it is not
required for an FHA appraisal. If, however, the subject is a unique
property, has specialized improvements, is manufactured housing, or the
client requests the Cost Approach be completed, then the Cost Approach
is required and must be completed. The square foot method is to be used.

-   State the Remaining Economic Life as a single number or as a range.
    This line must be completed for every FHA appraisal whether or not
    the cost approach is completed. An explanation is required if the
    remaining economic life is less than 30 years.

+--------------+-------------------------------------------------------+
| **Cost       |                                                       |
| Approach To  |                                                       |
| Value**      |                                                       |
+--------------+-------------------------------------------------------+
| Provide      |                                                       |
| adequate     |                                                       |
| information  |                                                       |
| for the      |                                                       |
| l            |                                                       |
| ender/client |                                                       |
| to replicate |                                                       |
| the below    |                                                       |
| cost figures |                                                       |
| and          |                                                       |
| c            |                                                       |
| alculations. |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Support for  | -   Provide a summary of the comparable land sales or |
| opinion of   |     other methods (abstraction, allocation, land      |
| site value   |     residual, extraction) of estimating site value in |
|              |     support of the opinion of site value.             |
+--------------+-------------------------------------------------------+
| Reproduction | -   Mark the box indicating which cost estimating     |
| or           |     method was used                                   |
| Replacement  |                                                       |
| Cost         | -   Reproduction Cost -- exact duplicate with all     |
|              |     deficiencies and obsolescence                     |
|              |                                                       |
|              | -   Replacement Cost -- cost at current prices with   |
|              |     equivalent utility.                               |
+--------------+-------------------------------------------------------+
| Source of    | -   Provide the name of the cost service and          |
| Cost Data    |     reference page numbers of cost tables or factors. |
|              |     Reviewer or reader must be able to replicate.     |
+--------------+-------------------------------------------------------+
| Provide      |                                                       |
| adequate     |                                                       |
| information  |                                                       |
| for the      |                                                       |
| l            |                                                       |
| ender/client |                                                       |
| to replicate |                                                       |
| the below    |                                                       |
| cost figures |                                                       |
| and          |                                                       |
| c            |                                                       |
| alculations. |                                                       |
+--------------+-------------------------------------------------------+
| **Field**    | **Protocol**                                          |
+--------------+-------------------------------------------------------+
| Quality      | -   Enter the quality rating of the cost tables or    |
| Rating       |     factors referenced.                               |
+--------------+-------------------------------------------------------+
| Effective    | -   Enter the edition and date of latest updates      |
| Date         |     referenced.                                       |
+--------------+-------------------------------------------------------+
| Comments     | -   Describe how physical depreciation was calculated |
|              |                                                       |
|              | -   Describe functional or external obsolescence,     |
|              |                                                       |
|              | -   Gross living area calculations or refer to        |
|              |     property sketch.                                  |
+--------------+-------------------------------------------------------+
| Economic     | -   Enter remaining economic life of improvements     |
| Life         |     (required for all FHA appraisals).                |
+--------------+-------------------------------------------------------+
| Opinion of   | -   Enter the Opinion Of Site Value                   |
| Site Value   |                                                       |
+--------------+-------------------------------------------------------+
| Dwelling Sq. | -   Enter the GLA, multiply it by the square foot     |
| Ft. @ \$     |     factor -- enter result.                           |
+--------------+-------------------------------------------------------+
| Basement Sq. | -   Enter basement square feet, multiply it by square |
| Ft. @ \$     |     foot factor -- enter result.                      |
+--------------+-------------------------------------------------------+
| Blank Line   | -   Use this line for lump sum adjustments for        |
|              |     plumbing fixtures, dormers, fireplaces, built-in  |
|              |     appliances, pools, etc. Add together -- enter the |
|              |     sum.                                              |
+--------------+-------------------------------------------------------+
| Gar/Crprt    | -   Enter the car storage square feet, multiply it by |
| Sq. Ft @ \$  |     square foot factor -- enter result.               |
+--------------+-------------------------------------------------------+
| Total Cost   | -   Add the results of the first five lines together  |
| New          |     -- enter the sum.                                 |
+--------------+-------------------------------------------------------+
| Less         | -   Enter the amount of estimated depreciation as a   |
| Depreciation |     specific dollar amount, as a percentage or as a   |
|              |     combination of both. Entries made in either       |
|              |     functional or external depreciation require       |
|              |     explanation in the comments section. Add together |
|              |     all forms of depreciation -- enter the sum and    |
|              |     deduct this total from the total cost new.        |
+--------------+-------------------------------------------------------+
| Depreciated  | -   Enter the difference from the total cost new less |
| Cost         |     depreciation.                                     |
+--------------+-------------------------------------------------------+
| "As-is"      | -   Enter the "as-is" value of site improvements      |
| Value of     |                                                       |
| Site         |                                                       |
| Improvements |                                                       |
+--------------+-------------------------------------------------------+
| Blank Line   | -   Enter marketing costs here; generally averages    |
|              |     6%. Also, if applicable, identify and include     |
|              |     impact fees.                                      |
+--------------+-------------------------------------------------------+
| Indicated    | -   Add together depreciated cost of improvements,    |
| Value        |     "as-is" value of site improvements, marketing     |
|              |     expense and/or impact fees -- enter the total.    |
+--------------+-------------------------------------------------------+

# Section 14 -- PUD Information {#section-14-pud-information .unnumbered}

A PUD is a project that includes common property and improvements owned
and maintained by an owners' association for the use and benefit of the
individual units in the subdivision. If not applicable, leave blank.

+--------------+-------------------------------------------------------+
| Project      |                                                       |
| Information  |                                                       |
| for PUDs (if |                                                       |
| applicable)  |                                                       |
+==============+=======================================================+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Devel        | • Enter an "X" in the box indicating whether or not   |
| oper/Builder | the developer/builder is in control of the Home       |
| in           | Owners' Association (HOA).                            |
|              |                                                       |
| control of   |                                                       |
| HOA          |                                                       |
+--------------+-------------------------------------------------------+
| Unit Type(s) | -   Enter an "X" in the box indicating unit type,     |
|              |     Detached or Attached.                             |
+--------------+-------------------------------------------------------+

  -----------------------------------------------------------------------
  Provide the following information for PUDs only if the developer is in
  control of the HOA and the subject property is an attached dwelling
  unit.

  -----------------------------------------------------------------------

The information requested is self-explanatory. Appraisers may choose to
answer the last question referencing common elements and recreational
facilities in support of a location adjustment regardless of dwelling
style.

+--------------+-------------------------------------------------------+
| **Field**    | Protocol                                              |
+--------------+-------------------------------------------------------+
| Legal name   |                                                       |
| of project   |                                                       |
+--------------+-------------------------------------------------------+
| Total number |                                                       |
| of phases    |                                                       |
| Total number |                                                       |
| of units     |                                                       |
| Total number |                                                       |
| of units     |                                                       |
| sold         |                                                       |
+--------------+-------------------------------------------------------+
| Total units  |                                                       |
| rented       |                                                       |
+--------------+-------------------------------------------------------+
| Total units  |                                                       |
| for sale     |                                                       |
+--------------+-------------------------------------------------------+
| Data         | -   Provide source(s) of information, e.g. HOA board, |
| source(s)    |     management company, etc.                          |
+--------------+-------------------------------------------------------+
| Was the      |                                                       |
| project      |                                                       |
| created by   |                                                       |
| the          |                                                       |
| conversion   |                                                       |
| of an        |                                                       |
| existing     |                                                       |
| building(s)  |                                                       |
| into a PUD?  |                                                       |
| If Yes, date |                                                       |
| of           |                                                       |
| conversion.  |                                                       |
+--------------+-------------------------------------------------------+
| Does the     |                                                       |
| project      |                                                       |
| contain any  |                                                       |
| mu           |                                                       |
| lti-dwelling |                                                       |
| units? Yes   |                                                       |
| No Data      |                                                       |
| source(s)    |                                                       |
+--------------+-------------------------------------------------------+
| Are the      |                                                       |
| units,       |                                                       |
| common       |                                                       |
| elements,    |                                                       |
| and          |                                                       |
| recreation   |                                                       |
| facilities   |                                                       |
| complete?    |                                                       |
| Yes No If    |                                                       |
| no, describe |                                                       |
| the status   |                                                       |
| of           |                                                       |
| completion.  |                                                       |
+--------------+-------------------------------------------------------+
| Describe     |                                                       |
| common       |                                                       |
| elements and |                                                       |
| recreational |                                                       |
| facilities.  |                                                       |
+--------------+-------------------------------------------------------+

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