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NJ Valuator

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What type of limiting conditions do you use for a 1007? No appraisal just a 1007.
 

Peter LeQuire

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A 1007 reports the indicated market rent of the property -isn't that a value?
 

NJ Valuator

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Feb 23, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
A 1007 reports the indicated market rent of the property -isn't that a value?

not looking for a back and forth. just looking for a response to my question. this is a stand alone 1007. no 1004, no 1073,etc. much of the info on the limiting conditions on these forms do not pertain to a 1007.
 
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Peter LeQuire

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It's not a back and forth. I was trained that if an appraiser develops an indication of the value of an interest in real property, she's done an appraisal. What sort of limiting conditions used probably relate to the assignment. Perhaps the assumptions and limiting conditions in the GSE forms packages offer some guidance from which an appraiser could craft appropriate assumptions and limiting conditions. I sure wouldn't just fire off a comparable rent schedule and opinion of a market rent with out doing something describing what I did or didn't do, and under what conditions that opinion of market rent would be reliable.
 

glenn walker

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Some appraisers simply attach the 1025 forms certification on stand alone rental surveys ** Is that correct I don't know but better than nothing :) ..
 

DWiley

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Apr 4, 2007
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Certified Residential Appraiser
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Tennessee
What type of limiting conditions do you use for a 1007? No appraisal just a 1007.
Taking your question literally, the limiting conditions you attach are up to you. As Peter noted, the 1007 reports an opinion of market rent, which is a type of market value. So, you also need to attach a certification, client identification, scope of work, and the other elements required by STD 2 for an appraisal report.
 
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JTip

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Oct 12, 2004
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Pennsylvania
Sounds like an easy three hundo.

But they are probably offering $100. Let some other schmuck do it.
 

RSW

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Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
It's funny that this topic came up. I was in a CE class a few years ago and two of us were adamant that a stand alone 1007 was an appraisal. The instructor, who was a USPAP instructor said it was not. He went through USPAP during a break and had to admit that it was an appraisal.
 
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glenn walker

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Oct 11, 2006
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Certified Residential Appraiser
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California
It is not an appraisal...So lets move on ...
 

Elliott

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Apr 23, 2002
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Certified General Appraiser
State
Oregon
Is it an "appraisal report" or an "appraisal service?"
 
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