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ate Federal Register /Vol: 5I, Na. <br />40 / Thursday, March z, 1989 • / Rules and Regulations <br />.flab a to an own <br />construction purpose. before making <br />payment ev j <br />(!c) Uneconomic re er. <br />acquisition of only reentrant n of a <br />the <br />property would leave the owner with an <br />uneconomic remnant. the Agency aball e <br />offer lo acquire the uneconomic remnant <br />along with the portion of the <br />needed for the project. (See 4.2twY <br />(I) Inverse condemnation. 11 the } u <br />Agency intends to acquire any interest t <br />in real property by exercise of the power a <br />of eminent domain. It shall Institute <br />formal condemnation proceedings and In <br />not Intentionally make it necessary for p <br />the owner to institute legal proceeds <br />prove the fact of the taking of the real <br />property. <br />(m)Farrnental. If the Agency permits <br />fo� owner or tenant to occupy the <br />ream propertyl after acquisition for a pro <br />pei ty <br />termination by the Od subject to t <br />notice. the rent ��� exonceed <br />short the <br />market rent for such occupancy. ed the fair <br />sPProP <br />commonly accepted professional <br />appraisal <br />are available hen blcto� <br />reliably support the fair market value for <br />the specific appraisal problem <br />ncountered, the Agency, at its <br />discretion, may require oril <br />apgroach. If more than oneyapp market <br />tilfzed, ach la <br />there shall be an analysis and <br />conciliation of approaches to value <br />at are sufficient to support the <br />PPreieer'a opinion of value. <br />(4) A description of comparable Bales, <br />eluding a description of all relevant <br />hysical. legal. and such a partiesto aQssource factors <br />method of fm, and <br />verification by a party involved in the <br />transaction. <br />(5) A statement of the value of the reel <br />to be acquired and. fora partial <br />cqufsttion. a statement of the value of <br />damages and benefits, if any. to the <br />remain reel property, where <br />f 24.103 Crania for <br />to <br />(6) 'The effective date of valuation. <br />f ti the appraiser. <br />end <br />) Influence of the project on just <br />oomperrsaden. To the extent perm[ <br />applicable law, the apprai1er <br />any decrease or iacreue <br />(a) standards of appraisal. me format ce <br />and level of documentation for oenlifrs <br />apthpraisal <br />� depend an the complexity of ro <br />develop misal inimise standards Y.hall by <br />fior s <br />andead BOconsistent <br />y a�p�� established regard <br />practicepraisal <br />rtu wlo acquisitions arm by ca <br />not require the fa -depth analysis vides or tY. do <br />presentation nerrsaarl► a <br />eppraiaaf, A detailed appraisal�eraued due <br />prepared for all other shall be reason <br />detailed appraisal shall reflect acquisitions. A fel <br />nationally recognised a ff the <br />--.. other than that <br />to physical a erioratfon within the <br />ale control of the owner. <br />Ownerretention of improvements. <br />owner of a real properb <br />vement is permitted tom it for <br />val from the project site. the <br />t to be offered for the interest in <br />real property to be acquired shall be <br />than the difference between the <br />t determined to be just <br />motion far the owner's entire <br />t in the real proper and the <br />age value (defined at 24.2(s)) of <br />hoed improvement <br />Qualifications ofappraisers. The <br />shall establish criteria for <br />termining the minimum qualifications <br />era. Appraiser qualifications <br />consistent with the level of <br />ty of the appraisal assignment <br />Agency shall review the experience, <br />on and other <br />donee of appraises cludiag <br />appraisers, and utilize only those <br />to be qualified. <br />t of interest. No appraiser <br />w aPPralser shall have any <br />direct or indirect to the real <br />being appraised for the Agency <br />uld in any on or reeview f teaapp�sd. <br />tion for maktag an appraisal <br />appraisal <br />fair market value of the real <br />used by the project for which the <br />party i. to be acquired. or by the <br />squired for rot property the would be <br />.hal! not be based on the amotrat <br />valuation. No appraiser shall at as t <br />negotiator for real <br />person has appraised, except that a <br />which the <br />Agency may permit the same the <br />both appraise and negotiate an t <br />acquiaition where the value of the <br />acquisition fa S2.500, or leas. <br />24.10s Revl.w of appraisals. <br />The Agency shall have an appraisal <br />review process and. at a minimm; <br />(a) A qualified reviewing appraiser <br />shatll examine all appraisals to assure <br />thathey meet applicable appraisal <br />requirements and shall, prior to <br />aca pt seek neoeatery coma <br />(b) if the reviewing appraiser is <br />unable to approval ofana e or Onimend <br />for the es ppr'aiaal as an adequate <br />bails'fabfl bment of the offer <br />of just compensation. and it is <br />determined that notpracticalaL the <br />obtain an additional <br />,appraiser may develop <br />appraisal docunleatatiaa in 'accord <br />ance <br />with E 24.163 to support an°approved or <br />tted ended value. <br />shall (c) The review appraiser's <br />in certification of the recommended or <br />property p value of the property ehail be <br />set forth <br />that as signed statement which <br />Ideand cuspiaf= the the appraisal far such reviewed <br />recommendation or approval. Any <br />damages or benefitsproperty shall also be identified lin tthe <br />statement <br />ti24-105 11tOn of tenant -owned <br />° <br />(a) Acquisition of improvements. <br />p dye' wiring say interest in real <br />acquire at leae st a nn Y shall offer to <br />uildings, structures, interest in all <br />improvements a or other <br />located upon the real <br />property to be acquired which It <br />requires to be removed or which it <br />determines will be adversely affected by <br />the use to which such real property will <br />be put improvements shall <br />f a include r who has <br />the right or obligation to remove the <br />lease <br />improvement at the .expiration of the <br />(1) Improvements consldened to be <br />rreal property. er Any building, structure, or <br />consideredtobe ent. 'which world bo <br />by the owner of the p property pe °M d <br />which itis located. shall be considered <br />,,40 be real Property for purposes of this <br />Subpart. <br />(c) APPsaI and establrihitrerir o <br />�P'�alloafor a <br />standards, Inds to the extent rano <br />appropriate, the Uniform Appraised <br />Standards for Federthe al Land A amour <br />An appraisal must contain sufficientieition. <br />documentation. including valuation data not less <br />and the appraisers analysis of that data, amour <br />to support his or her opinion of value. A comps <br />a minimum, a detailed apli misal shall latera. <br />contain the following items: salt' <br />(1) The purpose and/or the function of th(d� <br />the a prat,appraised, of the estate Agency <br />and a statement of the <br />assumptions and limiting conditions <br />affecting <br />the appraisal. <br />ellen* app <br />els <br />phy) A characteristics <br />description of the all be <br />b arcteristics of the propertye cul <br />sing appraised (and, in the case of ary educed <br />partiala <br />the reen adequate mmaining pre review qualifiers <br />etatement of the known and observed J� a review <br />encumbrances, if any, title information. determined <br />location. ztaing. present <br />use. an (el Canfli <br />analysis of hi gheat•and 6e or reds <br />least a 5 -year sales history and at interest <br />property.•Ori' of the ply' <br />Pre <br />i) Aflrelevant and <br />approaches tovalne reliable. whit m 'preparati <br />Compamm <br />