identify the characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal, 10 including:
(i)
its location and physical, legal, and economic attributes;
(ii)
the real property interest to be valued;
(iii)
any personal property, trade fixtures, or intangible items that are not real property but are included in the appraisal;
(iv)
any known easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar nature; and
(v)
whether the subject property is a fractional interest, physical segment, or partial holding;
Comment on (i)(v): The information used by an appraiser to identify the property characteristics must be from sources the appraiser reasonably believes are reliable.
An appraiser may use any combination of a property inspection and documents, such as a physical legal description, address, map reference, copy of a survey or map, property sketch, or photographs, to identify the relevant characteristics of the subject property.
When appraising proposed improvements, an appraiser must examine and have available for future examination, plans, specifications, or other documentation sufficient to identify the extent and character of the proposed improvements. 11
Identification of the real property interest appraised can be based on a review of copies or summaries of title descriptions or other documents that set forth any known encumbrances.
An appraiser is not required to value the whole when the subject of the appraisal is a fractional interest, a physical segment, or a partial holding.
