• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Condominiun Project Description And Phases

Status
Not open for further replies.

NJ Valuator

Member
Joined
Feb 23, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
First Dilemma: In the Project Information section of the 1073 and the 1075, there is a single line where Project Description boxes need to be checked. Prior to UAD, if I completed an appraisal in a project that contained Row or Townhouses and Garden units, I would check both boxes. Since UAD only now allows one box to be checked, I check the Other(describe) box and state Townhouse & Garden Units. Never had an issue and it passes my ACI software UAD validation.

One AMC is demanding that what I reported in the sales grid must match the box that I check in the Project Description. I AM FULLY AWARE THAT per UAD it states "if the project includes more than one building, the appraiser should enter the type of building in which the subject unit is located. Only one selection is permitted." However, it further states "If 'Other' is selected, the appraiser must enter a description." and this is exactly what I did. I checked Other and stated Townhouse & Garden Units. This one particular AMC's internal review process is hard stopping allowing the 'Other(describe)" box to be checked even though the Townhouse & Garden Units comment is placed there.

Is there any UAD issue with how I am handling this? Does anyone else use the 'Other(describe)' box when there are different styled units within the same project?


Second Dilemma: If you know that a project has more than 1 phase, but you do not know which phase the subject is in, what do you report for the subject's phase?
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
ACI source: (newer version may have been issued).

January UAD Update – Part 2
December 31, 2013 By RICHARD HEYN, SRA and DAWN MOLITOR-GENNRICH, SRA
New Design (Style) Data Field Requirements from the GSEs

As noted in the prior ACI UAD announcement starting January 2, 2014, new UAD requirements will take affect for the reporting of the Design (Style) data field in the Sales Comparison Approach grid.

This data field has been "repurposed" meaning it will now include a variety of new "codes" for you to use in reporting the Design (Style) of the subject property and comparables in the Sales Comparison Approach grid. You may be asking "Why are these new, additional codes necessary?" The reason is simple and can be found in the purpose of the UAD – to "measure" and "manage" your report information to minimize collateral risk for Fannie and Freddie.

The new and additional requirements do NOT eliminate the current obligation under the Design (Style) data field to identify the architectural style for the subject and each comparable property. What is new – the order of information and two additional data entries, specifically the "Attachment Type" and "Number of Stories" or "Number of Levels" as defined by the GSEs.

Which One Is It: "Single-Unit" or "Condominium" Property?

The government-sponsored enterprises (GSEs), meaning Fannie and Freddie have different code abbreviations if you are using either the URAR 1004 form or Condominium (Condo) 1073 form. As a result, to ensure you understand what the new codes are and how to accurately complete the Design (Style) data field for each property type, we’ll break up the information between the two reporting forms.

Uniform Residential Appraisal Report (1004) Form – Single-Unit Proper

The first data entry in the Design (Style) data field is to identify the "Attachment Type." You can choose only one Attachment Type, identified and defined by the GSEs as:

Abbreviated Entry Attachment Type
AT Attached Structure, use for row and townhomes that share multiple communal walls
DT Detached Structure, does not share any communal walls, floor, or ceiling with another property
SD Semi-detached Structure, use for end-unit row and townhomes as well as duplexes
Note: Be sure to read the GSE’s definitions for each "Attachment Type" when completing the Design (Style) data field on the URAR form until you are clear about the distinction between Attached, Detached, and Semi-detached structures.

The second data entry, after "Attachment Type" is "Number of Stories," which is self-explanatory. Like the data field for Number of Stories on page one, this data entry is restricted to 2 decimal places.

The final data entry, after "Number of Stories" and separated by a semi-colon is the same as the existing requirement to identify the style of the subject and each comparable. The GSEs have not identified a catalog of styles, so the changes do not include a "pick list" of styles from which to choose.

Although your ACI software will guide you through these changes and deal with formatting issues to ensure UCDP compliance, the resulting coded language will continue to make you feel like you need a decoder from Captain Midnight! For example, if your subject is a Cape COD architectural style, detached single-unit, one-and-one-half story structure the new data field entry would be as follows: DT1.5;CapeCod.

Condominium (1073) "Condo" Report Form

If you are completing the Condo 1073 Report form the codes and definitions for the "Attachment Type" are different from the URAR 1004 form, and will require some study and getting accustomed too.

Instead of requiring the number of stories, the second entry requires the "Number of Levels." The final entry for the data field Design (Style), like the URAR 1004 form, is identifying the architectural style for the subject property and each comparable property.

The "Attachment Type" for a Condo Report form, as defined by the GSEs, includes:

Abbreviated Entry Attachment Type
DT Detached Structure, does not share any communal walls, floor, or ceiling with another property
RT Row or Townhouse – One in a row of identical houses or having a common wall; attached to another unit via common wall
GR Garden – Structure is 1-3 stories tall, contains units with communal walls, floors, and/or ceilings
MR Mid-Rise – Structure is 4-7 stories tall, contains units with communal walls, floors, and/or ceilings
HR High Rise – Structure is 8+ stories tall, contains units with communal walls, floors, and/or ceilings
O Other
The "Number of Levels," refers to the number of levels within the individual condominium unit. Be careful not to confuse this entry with the "Number of Stories" or "Floor Location" data fields associated with the condo project. Note: Only whole number entries are allowed for the "Number of Levels" and "L" will be automatically identified after your data entry.

The final data entry, after "Number of Levels" and separated by a semi-colon is the existing requirement to identify the style of the subject and each comparable.

For more information about Design/Style (to help you determine the architectural style of the subject or comparable) read our blog about Determining the UAD Style and review our Design (Style) Part 1 and Part 2 videos.

If you haven’t already done so, be sure to download and review the current version of the Appendix D: Field-Specific Standardization Requirements dated November 22, 2013, commonly recognized as the appraiser’s "go to" document for understanding UAD obligations and avoiding client "stips."
 

NJ Valuator

Member
Joined
Feb 23, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
ACI source: (newer version may have been issued).

January UAD Update – Part 2
December 31, 2013 By RICHARD HEYN, SRA and DAWN MOLITOR-GENNRICH, SRA
New Design (Style) Data Field Requirements from the GSEs

As noted in the prior ACI UAD announcement starting January 2, 2014, new UAD requirements will take affect for the reporting of the Design (Style) data field in the Sales Comparison Approach grid.

This data field has been "repurposed" meaning it will now include a variety of new "codes" for you to use in reporting the Design (Style) of the subject property and comparables in the Sales Comparison Approach grid. You may be asking "Why are these new, additional codes necessary?" The reason is simple and can be found in the purpose of the UAD – to "measure" and "manage" your report information to minimize collateral risk for Fannie and Freddie.

The new and additional requirements do NOT eliminate the current obligation under the Design (Style) data field to identify the architectural style for the subject and each comparable property. What is new – the order of information and two additional data entries, specifically the "Attachment Type" and "Number of Stories" or "Number of Levels" as defined by the GSEs.

Which One Is It: "Single-Unit" or "Condominium" Property?

The government-sponsored enterprises (GSEs), meaning Fannie and Freddie have different code abbreviations if you are using either the URAR 1004 form or Condominium (Condo) 1073 form. As a result, to ensure you understand what the new codes are and how to accurately complete the Design (Style) data field for each property type, we’ll break up the information between the two reporting forms.

Uniform Residential Appraisal Report (1004) Form – Single-Unit Proper

The first data entry in the Design (Style) data field is to identify the "Attachment Type." You can choose only one Attachment Type, identified and defined by the GSEs as:

Abbreviated Entry Attachment Type
AT Attached Structure, use for row and townhomes that share multiple communal walls
DT Detached Structure, does not share any communal walls, floor, or ceiling with another property
SD Semi-detached Structure, use for end-unit row and townhomes as well as duplexes
Note: Be sure to read the GSE’s definitions for each "Attachment Type" when completing the Design (Style) data field on the URAR form until you are clear about the distinction between Attached, Detached, and Semi-detached structures.

The second data entry, after "Attachment Type" is "Number of Stories," which is self-explanatory. Like the data field for Number of Stories on page one, this data entry is restricted to 2 decimal places.

The final data entry, after "Number of Stories" and separated by a semi-colon is the same as the existing requirement to identify the style of the subject and each comparable. The GSEs have not identified a catalog of styles, so the changes do not include a "pick list" of styles from which to choose.

Although your ACI software will guide you through these changes and deal with formatting issues to ensure UCDP compliance, the resulting coded language will continue to make you feel like you need a decoder from Captain Midnight! For example, if your subject is a Cape COD architectural style, detached single-unit, one-and-one-half story structure the new data field entry would be as follows: DT1.5;CapeCod.

Condominium (1073) "Condo" Report Form

If you are completing the Condo 1073 Report form the codes and definitions for the "Attachment Type" are different from the URAR 1004 form, and will require some study and getting accustomed too.

Instead of requiring the number of stories, the second entry requires the "Number of Levels." The final entry for the data field Design (Style), like the URAR 1004 form, is identifying the architectural style for the subject property and each comparable property.

The "Attachment Type" for a Condo Report form, as defined by the GSEs, includes:

Abbreviated Entry Attachment Type
DT Detached Structure, does not share any communal walls, floor, or ceiling with another property
RT Row or Townhouse – One in a row of identical houses or having a common wall; attached to another unit via common wall
GR Garden – Structure is 1-3 stories tall, contains units with communal walls, floors, and/or ceilings
MR Mid-Rise – Structure is 4-7 stories tall, contains units with communal walls, floors, and/or ceilings
HR High Rise – Structure is 8+ stories tall, contains units with communal walls, floors, and/or ceilings
O Other
The "Number of Levels," refers to the number of levels within the individual condominium unit. Be careful not to confuse this entry with the "Number of Stories" or "Floor Location" data fields associated with the condo project. Note: Only whole number entries are allowed for the "Number of Levels" and "L" will be automatically identified after your data entry.

The final data entry, after "Number of Levels" and separated by a semi-colon is the existing requirement to identify the style of the subject and each comparable.

For more information about Design/Style (to help you determine the architectural style of the subject or comparable) read our blog about Determining the UAD Style and review our Design (Style) Part 1 and Part 2 videos.

If you haven’t already done so, be sure to download and review the current version of the Appendix D: Field-Specific Standardization Requirements dated November 22, 2013, commonly recognized as the appraiser’s "go to" document for understanding UAD obligations and avoiding client "stips."

What about the answer to my question regarding the Project Description boxes on page 1? This is describing the entire project not just the subject's unit style and this is not a UAD specific field. If it was a UAD specific field then it would not allow me to type Townhouse and Garden Units after Other(describe).
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
How do you not know what phase the subject is situated within? This would be noted in the condo docs which are located in the public records
 
Last edited:

NJ Valuator

Member
Joined
Feb 23, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
How do you not lnow what phase the subject is situated within? This would be noted in the condo docs which are located in the public records

Not readily available information in the Garden State. Must be obtained thru the management agency and it will not give me the time of day.

Why is it that whenever someone asks for advice or a question on here that somebody always has to respond with a smarta** quip. Please keep your sarcastic comments to yourself if you have nothing productive to add.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
HK, although I agree in part, in my area when the Complex is complete, the association (some) gear it to One Phase, which can be done by amendment. Run into it a few times and other times they remain totally separated, including different Management Co. to.
 

NJ Valuator

Member
Joined
Feb 23, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
HK, although I agree in part, in my area when the Complex is complete, the association (some) gear it to One Phase, which can be done by amendment. Run into it a few times and other times they remain totally separated, including different Management Co. to.

Common to make into 1 phase here as well. Although sometimes I think management just tells the appraiser's this because it does not want to be bothered with us.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
the association (some) gear it to One Phase, which can be done by amendment.

Understood, then the answer would be one phase. Amendments are public documents just like the declaration of condo. Either way the answer is available through public information.

Not readily available information in the Garden State.
http://www.nj.gov/dca/divisions/codes/offices/faq_assoc.pdf
page 3 question #1

New jersey Condominium Act TITLE 46 - PROPERTY Section 46:8
46:8B-8 Creation, establishment of condominium. 8. A condominium may be created and established by recording in the office of the county recording officer of the county wherein the land is located a master deed executed and acknowledged by all owners or the lessees setting forth the matters required by section 9 of P.L.1969, c.257 (C.46:8B-9) and section 3 of P.L.1960, c.141 (C.46:23- 9.11). The provisions of the "Condominium Act," P.L.1969, c.257 (C.46:8B-1 et seq.) shall apply solely to real property of interests therein which have been subjected to the terms of P.L.1969, c.257 as provided in this section. L.1969,c.257,s.8; amended 1973, c.216, s.2; 1997, c.211, s.3.

Why is it that whenever someone asks for advice or a question on here that somebody always has to respond with a smarta** quip. Please keep your sarcastic comments to yourself if you have nothing productive to add.
Why is it that you bring your ignorance on here to inquire how to address something and when someone provides an answer to you, the correct one in fact, you then have to open your smartass mouth with a rude comment. Rather, you should just say thank you for the lesson as opposed to continuing to display your ignorance on the topic.
 
Last edited:

NJ Valuator

Member
Joined
Feb 23, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
Understood, then the answer would be one phase. Amendments are public documents just like the declaration of condo. Either way the answer is available through public information.


http://www.nj.gov/dca/divisions/codes/offices/faq_assoc.pdf
page 3 question #1

New jersey Condominium Act TITLE 46 - PROPERTY Section 46:8



Why is it that you bring your ignorance on here to inquire how to address something and when someone provides an answer you, the correct one in fact, you then have to open your smartass mouth with a rude comment. Rather, you should just say thank you for the lesson as opposed to continuing to display your ignorance on the topic.

Bee
Understood, then the answer would be one phase. Amendments are public documents just like the declaration of condo. Either way the answer is available through public information.


http://www.nj.gov/dca/divisions/codes/offices/faq_assoc.pdf
page 3 question #1

New jersey Condominium Act TITLE 46 - PROPERTY Section 46:8



Why is it that you bring your ignorance on here to inquire how to address something and when someone provides an answer you, the correct one in fact, you then have to open your smartass mouth with a rude comment. Rather, you should just say thank you for the lesson as opposed to continuing to display your ignorance on the topic.
Understood, then the answer would be one phase. Amendments are public documents just like the declaration of condo. Either way the answer is available through public information.


http://www.nj.gov/dca/divisions/codes/offices/faq_assoc.pdf
page 3 question #1

New jersey Condominium Act TITLE 46 - PROPERTY Section 46:8



Why is it that you bring your ignorance on here to inquire how to address something and when someone provides an answer to you, the correct one in fact, you then have to open your smartass mouth with a rude comment. Rather, you should just say thank you for the lesson as opposed to continuing to display your ignorance on the topic.
Understood, then the answer would be one phase. Amendments are public documents just like the declaration of condo. Either way the answer is available through public information.


http://www.nj.gov/dca/divisions/codes/offices/faq_assoc.pdf
page 3 question #1

New jersey Condominium Act TITLE 46 - PROPERTY Section 46:8



Why is it that you bring your ignorance on here to inquire how to address something and when someone provides an answer to you, the correct one in fact, you then have to open your smartass mouth with a rude comment. Rather, you should just say thank you for the lesson as opposed to continuing to display your ignorance on the topic.


I have the master deed but that map showing which units are part of which phase is too faded to make out. Management keeps telling me 1 phase but it is evident that there are 3.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
You can always request the Condo Doc Form the Lender gets, which "may" indicate the Phase count; don't know why that is a question once the complex is completed anyway and it is the least important, as the entire complex "Terms / Conditions / Amendments and Rules & Regs." generally play a greater concern (at least here). "Rights of the Complex" are in the Prospectus which should be the greater concern, also, IMO
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks