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Rental Survey (1007)
Used on investment properties to provide an estimate of market rents for the subject property.
Operating Income Statement (216)
Used on 1-4 income investment properties and 2-4 family owner-occupied properties. Applicant provides income and expense projections to be used in determining income approach to value.
Appraisal Update and/or Completion Report (1004D)
This is a combination form and replaces the Appraisal Update and the Completion Certificate.
If used as an Appraisal Update, the appraiser must:
- Concur with the original appraisal.
- Perform an exterior inspection of the subject from the street.
- Research, verify and analyze current market data in order to determine if the property has declined in value since the effective date of the original appraisal.
- Provide Front and Street scene photos of the subject.
If used as a Certification of Completion:
The appraiser must make a statement that improvements have been completed in accordance with the requirements and conditions stated in the original appraisal report. (Or, if not, impact on market value must be stated.)
Required exhibits include:
- Front and street scene photos.
- Photos of completed improvements. (If the original appraisal was subject to carpet and dishwasher being installed, photos of these items must be furnished.)
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