Rhode Island Code of Regulations › Title 835 - Narragansett Bay Commission › Chapter 30 - Purchasing and Acquisitions › Subchapter 00 - N/A › Part 3 - Review Appraisal Procedures for Federally Funded Acquisitions (835-RICR-30-00-3) › Section 835-RICR-30-00-3.6 - The Review Process

Current through June 14, 2024
A. The review
				 process operates in conformance with the Rhode Island General Laws and the
				 Federal Uniform Relocation Assistance and Real Property Acquisition Policies
				 for Federal and Federally Assisted Programs (42 U.S.C. §
											4651).
B. The Reviewer has both a routine function,
				 such as factual and mathematical verification and an analytical function.
				 He/she is responsible for assuring that all computations within the appraisal
				 report are correct. This includes verifying that factual information is
				 accurate. It also includes proper identification of the property being
				 appraised and the conformance with standard appraisal procedures and Federal
				 guidelines. The analytical function of the review process and an analysis of
				 the appraiser's reasoning are the most important aspects of this process. In
				 this portion of the review, the individual should be concerned with the general
				 analysis of the appraiser's thought process and the approach of the appraisal
				 problem to the current real estate market. The Reviewer must be sure that the
				 appraiser has not only prepared a report that meets all technical requirements,
				 but more importantly, that the final estimate of market value adequately
				 reflects just compensation. It is not the Reviewer's function to second guess
				 the appraiser, but rather to assure that the Commission's estimate of market
				 value is supported, and fair and equitable to the property owner, the tenant,
				 and the public.
C. Responsibilities
				 of the Review Appraiser:
1. The Reviewer must:
a. Verify all data contained in the appraisal
				 report such as zoning classifications, tax rates, square foot area affected,
				 adjustments, etc.
b. Ascertain that
				 all computations and calculations in the appraisal report are correct. This
				 would include cubic or square foot computations; referral and recalculation of
				 cost index figures used; calculation of interest rates, land areas; the
				 transposition of all the data on the comparable sales from the project data
				 book to the appraisal report; verification of correct plat and parcel numbers;
				 ascertaining that proper identification is contained on all photographs, and
				 that all sales have been appropriately verified, etc. In substance, this check
				 is of all the specific data used in the appraisal.
c. In addition to verifying the property
				 zoning classification against the appraiser's determination of same, verify the
				 tax assessment data. The Reviewer should also verify all physical details of
				 the subject property such as land areas, improvements, building measurements,
				 and topography. He/she must review the sales location map, property sketch, and
				 the drawings indicating the areas of the land acquisition and/or temporary and
				 permanent easements. The construction plans and cross sections should be
				 reviewed to determine if the effect of construction is correctly reported and
				 interpreted in the appraisal report.
d. As the review of the appraisal is
				 completed, the completed project is given to the Project Coordinator, along
				 with a notation of the deficiencies and/or recommendation for payment. In the
				 case of a questionable appraisal, the Project Coordinator must make the
				 determination as to what steps are necessary on the part of the appraiser prior
				 to payment being authorized.