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  1. ' Edited Form File: U:\Pangaea\Rerc1.frm
  2. ' Date Created:    23-Jun-1997 14:28:46
  3. '
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  38. T,149,19,2,0,EMPLOYEE RELOCATION COUNCIL RESIDENTIAL APPRAISAL REPORT
  39. T,5,50,3,0,Client:
  40. T,383,50,3,0,Client File #:
  41. T,5,66,3,0,Homeowner:
  42. T,5,81,3,0,Address:
  43. T,5,97,3,0,Appraiser Name(s):
  44. T,383,97,3,0,Appraiser File #:
  45. T,5,112,3,0,Appraiser Company Name:
  46. T,383,112,3,0,Effective Date of Appraisal (Inspection):
  47. T,73,129,2,0,DEFINITIONS AND GUIDELINES RELATING TO THE RELOCATION APPRAISAL
  48. T,6,145,4,0,Purpose and
  49. T,67,145,4,0,Intended
  50. T,111,145,4,0,Use of the
  51. T,160,145,4,0,Relocation
  52. T,211,145,4,0,Appraisal:
  53. T,260,146,5,0,The purpose
  54. T,317,146,5,0,6.
  55. T,333,146,5,0,When rating the various attributes of the subject property and
  56. T,19,157,5,0,of the appraisal is to estimate the
  57. T,145,157,5,0,Anticipated
  58. T,190,157,5,0,Sales
  59. T,213,157,5,0,Price for a relocating
  60. T,333,157,5,0,neighborhood, and using the terms "Excellent," "Good," "Average,"
  61. T,13,169,5,0,employee's primary residence.
  62. T,126,169,5,0,The intended use of the appraisal is to assist
  63. T,333,169,5,0,"Fair," and "Poor," compare the characteristics to those of competing
  64. T,13,180,5,0,an employer in facilitating the employee relocation process.
  65. T,333,180,5,0,properties and neighborhoods (e.g., a luxury, custom-designed home
  66. T,333,192,5,0,may be rated "average" as compared with competing properties that
  67. T,13,203,4,0,Definition of
  68. T,68,203,4,0,Anticipated
  69. T,118,203,4,0,Sales
  70. T,144,203,4,0,Price:
  71. T,174,204,5,0,The price at which a property is
  72. T,333,204,5,0,also are luxury, custom-designed homes). The ratings are defined as
  73. T,13,215,5,0,anticipated to sell in a competitive and open market, assuming an arm's
  74. T,333,215,5,0,follows:
  75. T,13,227,5,0,length transaction whereby:
  76. T,13,238,5,0,1.
  77. T,28,238,5,0,The analysis reflects the subject property "as is" and is based on its
  78. T,356,238,5,0,Excellent: the amenity or characteristic is
  79. T,511,239,6,0,superior
  80. T,356,250,5,0,characteristic found in competing properties and neighborhoods;
  81. T,13,262,5,0,2.
  82. T,28,262,5,0,Both parties are well-informed or well-advised and acting in what they
  83. T,356,262,5,0,Good: the amenity or characteristic is better than the same
  84. T,28,273,5,0,consider their best interests.
  85. T,356,273,5,0,characteristic found in competing properties and neighborhoods;
  86. T,13,285,5,0,3.
  87. T,28,285,5,0,Payment is made in cash or its equivalent.
  88. T,187,285,5,0,Financing, if any, is on terms
  89. T,356,285,5,0,Average: the amenity or characteristic is comparable to the same
  90. T,28,296,5,0,generally available in the community and typical for the property type in
  91. T,356,296,5,0,characteristic found in competing properties and neighborhoods;
  92. T,28,308,5,0,its locale. (When the client has specifically requested consideration of
  93. T,356,308,5,0,Fair: the amenity or characteristic is not as good as the same
  94. T,28,319,5,0,special financing or an assumable loan, discuss its effect on the sales
  95. T,356,319,5,0,characteristic found in competing properties and neighborhoods;
  96. T,28,331,5,0,price in the FINANCING section on Page 2.)
  97. T,356,331,5,0,and
  98. T,13,342,5,0,4.
  99. T,28,342,5,0,A reasonable marketing period, not to exceed 120 days and
  100. T,356,342,5,0,Poor: the amenity or characteristic in
  101. T,517,342,5,0,to the same
  102. T,491,342,6,0,inferior
  103. T,28,354,5,0,commencing on the date of appraisal (inspection), is allowed for
  104. T,356,354,5,0,characteristic found in competing properties and neighborhoods.
  105. T,28,366,5,0,exposure in the open market.
  106. T,139,366,5,0,The analysis assumes an adequate effort
  107. T,28,377,5,0,to market the subject property.
  108. T,317,377,4,0,Note:
  109. T,345,377,5,0,Departure from the above definitions and
  110. T,497,377,5,0,General
  111. T,528,377,5,0,Guidelines is not
  112. T,13,389,5,0,5.
  113. T,28,389,5,0,Forecasting is applied in making an estimate of a future happening or
  114. T,317,389,5,0,permitted without client approval and must be specifically disclosed in this
  115. T,28,400,5,0,condition, based on an analysis of trends in the recent past, tempered
  116. T,317,400,5,0,report.
  117. T,28,412,5,0,with analytical judgment concerning the probable extent to which these
  118. T,317,423,4,0,Procedural Guidelines:
  119. T,28,424,5,0,trends will continue into the future, and reflecting an estimated impact,
  120. T,28,435,5,0,if any, upon the sales price.
  121. T,317,435,5,0,In addition to the aforementioned
  122. T,440,435,5,0,General
  123. T,471,435,5,0,Guidelines, the appraiser must be
  124. T,317,447,5,0,aware of and follow these specific guidelines:
  125. T,13,458,4,0,Scope of the
  126. T,73,458,4,0,Appraisal :
  127. T,125,459,5,0,The scope of the appraisal includes inspecting
  128. T,317,458,5,0,1.
  129. T,333,458,5,0,The appraiser is frequently the sole visible representative of the client to
  130. T,13,470,5,0,the subject property, considering market trends, collecting and analyzing
  131. T,333,470,5,0,the relocating homeowner.
  132. T,436,470,5,0,Therefore, a professional and courteous
  133. T,13,481,5,0,pertinent data, developing an opinion of the subject property's
  134. T,239,481,5,0,Anticipated
  135. T,333,481,5,0,manner should be presented.
  136. T,13,493,5,0,Sales
  137. T,37,493,5,0,Price and reporting the findings in this
  138. T,175,493,5,0,Summary
  139. T,213,493,5,0,Appraisal
  140. T,248,493,5,0,Report.
  141. T,317,493,5,0,2.
  142. T,333,493,5,0,When an appraisal assignment is directed to a specific appraiser, that
  143. T,13,504,5,0,Real estate professionals and municipal offices in and around the subject
  144. T,333,504,5,0,individual must personally inspect the property and complete the
  145. T,13,516,5,0,property's market area will be consulted in the process of collecting and
  146. T,333,516,5,0,assignment unless approval for a substitution is obtained from the
  147. T,13,528,5,0,verifying data.
  148. T,71,528,5,0,The appraisal is to be developed utilizing only the
  149. T,250,528,5,0,Sales
  150. T,333,528,5,0,client.
  151. T,13,539,5,0,Comparison
  152. T,63,539,5,0,Analysis, which is considered most relevant for residential
  153. T,317,539,5,0,3.
  154. T,333,539,5,0,The appraiser should attempt to reach the employee (or designated
  155. T,13,551,5,0,property appraisals as it reflects the actions of typical buyers and sellers in
  156. T,333,551,5,0,contact) for an appointment within one business day from the time the
  157. T,13,562,5,0,the market place.
  158. T,81,562,5,0,This approach must include an analysis of competing
  159. T,333,562,5,0,appraiser is contacted with the appraisal request.
  160. T,515,562,5,0,If the appraiser has
  161. T,13,574,5,0,properties, pending sales and closed sales, resulting in a highly reliable
  162. T,333,574,5,0,not spoken with the employee (or designated contact) within two
  163. T,13,586,5,0,estimate of
  164. T,57,586,5,0,Anticipated
  165. T,100,586,5,0,Sales
  166. T,123,586,5,0,Price.
  167. T,149,586,5,0,The cost approach, income approach
  168. T,333,586,5,0,business days, the appraiser should notify the client.
  169. T,13,597,5,0,and highest and best use valuation are excluded as they are not necessary
  170. T,317,597,5,0,4.
  171. T,333,597,5,0,The appraiser should inspect the property within three business days of
  172. T,13,609,5,0,to develop a credible estimate of
  173. T,135,609,5,0,Anticipated
  174. T,177,609,5,0,Sales
  175. T,201,609,5,0,Price, thereby invoking
  176. T,333,609,5,0,contact with the employee (unless the employee delays the process).
  177. T,13,620,5,0,the departure provision as permitted by the
  178. T,172,620,5,0,Uniform
  179. T,203,620,5,0,Standards of
  180. T,333,620,5,0,The appraiser should call the client to communicate the appraisal results
  181. T,13,632,5,0,Professional Appraisal Practice (USPAP).
  182. T,333,632,5,0,orally within five business days from the date of inspection.
  183. T,551,632,5,0,If the
  184. T,333,643,5,0,appraisal cannot be completed in the required time frame, the appraiser
  185. T,13,654,4,0,General Guidelines:
  186. T,333,655,5,0,should notify the client.
  187. T,13,666,5,0,In estimating the
  188. T,76,666,5,0,Anticipated
  189. T,118,666,5,0,Sales
  190. T,140,666,5,0,Price, the appraiser must observe the
  191. T,317,666,5,0,5.
  192. T,333,666,5,0,The appraiser should send completed copies of the appraisal report to
  193. T,13,678,5,0,following general guidelines:
  194. T,333,678,5,0,the client within seven business days from the date of inspection.
  195. T,574,678,5,0,The
  196. T,13,690,5,0,1.
  197. T,28,690,5,0,Estimate the
  198. T,77,690,5,0,Anticipated
  199. T,119,690,5,0,Sales
  200. T,142,690,5,0,Price considering the property "as is" on
  201. T,333,690,5,0,appraiser or an associate familiar with the appraisal report should be
  202. T,28,701,5,0,the date of appraisal (inspection).
  203. T,153,701,5,0,Consideration should be given to both
  204. T,333,701,5,0,available for discussion during a reasonable period following completion
  205. T,28,713,5,0,property condition and appeal (exterior and interior), with adjustments
  206. T,333,713,5,0,of the report.
  207. T,28,725,5,0,made to reflect reactions from a typical buyer's point of view.
  208. T,252,725,5,0,These
  209. T,317,725,5,0,6.
  210. T,333,725,5,0,If access to the property cannot be gained, if valuation problems
  211. T,28,736,5,0,adjustments should reflect the comparative differences between the
  212. T,333,736,5,0,arise, or if an inspection is required for clarification (such as a
  213. T,28,748,5,0,subject property's appearance and similar properties in that market.
  214. T,274,748,5,0,The
  215. T,333,748,5,0,structural engineer's report, etc.), the appraiser should call the client
  216. T,28,759,5,0,actual cost to cure is generally not the appropriate measure for this
  217. T,333,759,5,0,immediately.
  218. T,28,771,5,0,adjustment.
  219. T,77,771,5,0,Rather, the client is looking for the contribution to value
  220. T,317,771,5,0,7.
  221. T,333,771,5,0,The appraiser should take sufficient time when inspecting the subject
  222. T,28,782,5,0,(positive or negative) of the following items:
  223. T,333,782,5,0,property to impart confidence to the employee even if he or she is
  224. T,28,794,5,0,     a.
  225. T,52,794,5,0,condition (e.g., modernization, restoration, repairs, necessary
  226. T,333,794,5,0,familiar with the property.
  227. T,52,805,5,0,improvements, etc.); and
  228. T,317,805,5,0,8.
  229. T,333,805,5,0,The appraiser should consider any information that the employee
  230. T,28,817,5,0,     b.
  231. T,52,817,5,0,appeal (e.g., construction upgrades, custom decorating,
  232. T,333,817,5,0,presents to him or her regarding the value of their home and comment
  233. T,52,829,5,0,personalized decor, etc.).
  234. T,333,829,5,0,on this information if not used in this report.
  235. T,28,840,5,0,In instances where the appraiser is unable to determine the "as is"
  236. T,317,840,5,0,9.
  237. T,333,840,5,0,The appraiser should not discuss their appraisal opinions or reveal
  238. T,28,852,5,0,condition and appeal for such situations as in-process construction or
  239. T,333,852,5,0,sensitive information to anyone other than the client.
  240. T,527,852,5,0,If the employee
  241. T,28,863,5,0,improvements or suspected structural, water and/or roof-related
  242. T,333,863,5,0,(or designated contact) asks general questions that relate to the
  243. T,28,875,5,0,problems, he or she should notify the client immediately.
  244. T,333,875,5,0,appraisal process, feel free to discuss generalities.
  245. T,13,887,5,0,2.
  246. T,28,887,5,0,Estimate and support the price the property is anticipated to sell for
  247. T,317,887,5,0,10.
  248. T,333,887,5,0,The appraiser who arrives at the employee's property while another
  249. T,28,898,5,0,during its reasonable (not to exceed 120 days) marketing period, giving
  250. T,333,898,5,0,appraiser is present, should delay the inspection until the other appraiser
  251. T,28,910,5,0,particular attention to the analysis of comparable sales (particularly
  252. T,333,910,5,0,leaves the property, or should reschedule the appointment.
  253. T,28,921,5,0,homes under contract), competing properties, supply and demand,
  254. T,317,921,5,0,11.
  255. T,333,921,5,0,The appraiser should not accept an appraisal assignment if there is a
  256. T,28,933,5,0,availability and terms of financing, location and overall market
  257. T,333,933,5,0,conflict of interest (e.g., recently appraising the house for another party,
  258. T,28,944,5,0,conditions.
  259. T,73,944,5,0,The appraiser should also consider and make necessary
  260. T,333,944,5,0,an association with the listing agent/company, etc.) without informing
  261. T,28,956,5,0,adjustments for other pertinent factors.
  262. T,333,956,5,0,the client and obtaining the client's prior consent.
  263. T,13,967,5,0,3.
  264. T,28,967,5,0,Reflect in the estimate of Anticipated Sales Price:
  265. T,317,967,5,0,12.
  266. T,333,967,5,0,The appraiser is not to solicit a listing or generate a referral as a result of
  267. T,28,979,5,0,     a.
  268. T,52,979,5,0,Dollar adjustments to the sales prices of the comparable sales for
  269. T,333,979,5,0,an appraisal assignment.
  270. T,52,991,5,0,any advantage resulting from seller-paid discount points, loan
  271. T,317,991,5,0,13.
  272. T,333,991,5,0,The appraiser should call the client to clarify the instructions if they are
  273. T,52,1002,5,0,assumptions, installment contract, seller carry back, or any form
  274. T,333,1002,5,0,not completely understood.
  275. T,52,1014,5,0,of preferential financing.
  276. T,144,1014,5,0,This also applies to situations where the
  277. T,317,1014,5,0,14.
  278. T,333,1014,5,0,The appraiser should include the following exhibits:
  279. T,52,1025,5,0,seller pays certain buyer's costs such as buy downs, fees, or
  280. T,333,1025,5,0,     a.
  281. T,356,1025,5,0,photos of the front, rear and interior views of the residence and
  282. T,52,1037,5,0,credits.
  283. T,87,1037,5,0,In these situations, adjustments should be noted and
  284. T,356,1037,5,0,street scene of the property;
  285. T,52,1049,5,0,described for the specific comparable sale.
  286. T,333,1049,5,0,     b.
  287. T,356,1049,5,0,photos of factors in nearby vicinity which affect subject property,
  288. T,28,1060,5,0,     b.
  289. T,52,1060,5,0,The impact, if any, resulting from the difference in discount points
  290. T,356,1060,5,0,either favorably or adversely;
  291. T,52,1072,5,0,between those charged on the comparable sales (particularly
  292. T,333,1072,5,0,     c.
  293. T,356,1071,5,0,photos of all comparable sales;
  294. T,52,1083,5,0,homes under contract) and those charged currently.
  295. T,333,1083,5,0,     d.
  296. T,356,1083,5,0,sketch of the floor plan of subject property (not necessarily to
  297. T,13,1095,5,0,4.
  298. T,28,1095,5,0,Estimate the
  299. T,77,1095,5,0,Anticipated
  300. T,120,1095,5,0,Sales
  301. T,143,1095,5,0,Price, assuming the property is free and
  302. T,356,1095,5,0,scale) indicating all measurements necessary to calculate
  303. T,566,1095,5,0,GLA;
  304. T,28,1106,5,0,clear of all liens, with the owner responsible for discharging all liens and
  305. T,356,1106,5,0,and
  306. T,28,1118,5,0,unpaid installments of special assessments.
  307. T,333,1118,5,0,     e.
  308. T,356,1118,5,0,map of the subdivision or area depicting locations of the subject,
  309. T,13,1129,5,0,5.
  310. T,28,1129,5,0,Gross
  311. T,56,1129,5,0,Living
  312. T,83,1129,5,0,Area (GLA) is the calculation of the total living area,
  313. T,356,1129,5,0,comparable sold properties and competing properties on the
  314. T,28,1141,5,0,expressed in square footage.
  315. T,137,1141,5,0,This is calculated using exterior
  316. T,28,1153,5,0,measurements (except condominiums and cooperatives), and is generally
  317. T,28,1164,5,0,limited to the habitable above-grade living area only.
  318. T,262,1165,5,0,and
  319. T,222,1165,6,0,Basement
  320. T,278,1165,6,0,attic
  321. T,28,1176,5,0,areas (finished and unfinished) are typically not included in
  322. T,241,1176,5,0,Gross
  323. T,265,1176,5,0,Living
  324. T,28,1187,5,0,Area, but may make a valuable and significant contribution to the
  325. T,28,1199,5,0,property value, and should be calculated and shown separately in the
  326. T,28,1211,5,0,DESCRIPTION
  327. T,88,1211,5,0,OF
  328. T,103,1211,5,0,IMPROVEMENTS and
  329. T,190,1211,5,0,SALES
  330. T,219,1211,5,0,COMPARISON
  331. T,28,1221,5,0,ANALYSIS sections of the report.
  332. T,1,1237,1,0,Page 1 of 6
  333. T,548,1237,1,0,E-R-C Rev. 4     10/94
  334. T,239,1237,1,0,Copyright 1994 Employee Relocation Council
  335. T,540,238,5,0,of the same
  336.