1007 Rent Schedule

[NJ Valuator]

Does this form have to be identified as either Appraisal Report or Restricted Appraisal Report? Is reasonable exposure time for rentals required to be stated?

 

[Terrel L. Shields]

Does this form have to be identified as either Appraisal Report or Restricted Appraisal Report?

This is intended to be part of the original appraisal report. I don't see it as a standalone form. But if you accepted it as an isolated form assignment, yes, it requires it to conform to Standard 2. Certs, sig, ability to write as a summary report in file, if not using the appraisal report format.

 

[NJ Valuator]

This is intended to be part of the original appraisal report. I don't see it as a standalone form. But if you accepted it as an isolated form assignment, yes, it requires it to conform to Standard 2. Certs, sig, ability to write as a summary report in file, if not using the appraisal report format.

It is part of an original appraisal, but it was ordered a week later(same effective date is being used).

 

[TerryRohrer]

Revise the report by adding the 1007 and reissue with a new report date.

 

[Fernando]

I don't do stand alone 1007 for another appraiser or client. I'm an appraiser for homes not rentals.
And the fee too low for all the work and liabilities as a stand alone.

 

[NJ Valuator]

I don't do stand alone 1007 for another appraiser or client. I'm an appraiser for homes not rentals.
And the fee too low for all the work and liabilities as a stand alone.

It is the same client. I am the same appraiser. I appraised the property a week ago and now they want a 1007.

 

[Fernando]

It is the same client. I am the same appraiser. I appraised the property a week ago and now they want a 1007.

If client had wanted 1007, you could have gotten all the rental comps when there.
For another trip, hope you can charge more.

 

[sputnam]

Does this form have to be identified as either Appraisal Report or Restricted Appraisal Report? Is reasonable exposure time for rentals required to be stated?

If a separate 1007 report includes an opinion of the subject's market rent... it is an appraisal. The report has to be identified as either an Appraisal Report or a Restricted Appraisal Report and meet all of the requirements of either SR 2-2(a) or SR 2-2(b).

If you only report just raw data regarding rents of other properties in the area (no adjustments, no opinion of the subject's market rent).... it's not an appraisal.

The 1007 form isn't really intended to be a stand alone report. It's an addendum.

I agree with 'Nando for once. If they didn't request the rent schedule at the time of engagement, they owe you more money if you do it.

 

[Jerry Bone Jr]

Does this form have to be identified as either Appraisal Report or Restricted Appraisal Report? Is reasonable exposure time for rentals required to be stated?

Yes, both Standard 1 & 2 apply.

 

[Tom D]

If it's part of the appraisal report, you don't have to repeat the word appraisal. There is no required rental exposure time required, that i have ever heard of. Some lenders are specific about what they want on the order.

Is a separate 1007 form, by itself, need to be called restricted. You can say whatever you want.