Restricted Appraisal

[Tom D]

i would call that an environmentally friendly appraisal. hope you got paid more than bird seed for your effort.

I've had one occasions when someone told me the only thing my appraisal was good for would be to line the bottom of a bird cage: I asked him if he wanted me to change the report, indicatiethe assignment type as "avian sanitation" and send him the revised report.[/QUOTE]

 

[Terrel L. Shields]

I my mind it is a restricted appraisal based on the limited exterior inspection no matter what the purpose is. Any opinions?

We have the common English language and we have USPAPspeak. We had traditional terms to describe reports, now we have USPAPspeak.

So "restricted" it is, but no, it isn't really restricted according to USPAP.
Ditto, when one does a "limited" SOW, same problem. The old "Limited" definition comes back to bite us.
And if you are old, you remember when you had a "full" report; a "limited" report; or, a form report. A "summary" was the executive summary that followed the letter of transmittal.
And WTF did "self-contained" ever mean? Like the report where it starts with the discovery of the state by Desoto (his discovery being somewhat belated compared to the natives who had been there perhaps 12,000 years or so.) So if "self-contained" would you not have to cover the entire history of real estate and value? At least a reference to Marshall or von Thünen ???

 

[Peter LeQuire]

We have the common English language and we have USPAPspeak. We had traditional terms to describe reports, now we have USPAPspeak.

So "restricted" it is, but no, it isn't really restricted according to USPAP.
Ditto, when one does a "limited" SOW, same problem. The old "Limited" definition comes back to bite us.
And if you are old, you remember when you had a "full" report; a "limited" report; or, a form report. A "summary" was the executive summary that followed the letter of transmittal.
And WTF did "self-contained" ever mean? Like the report where it starts with the discovery of the state by Desoto (his discovery being somewhat belated compared to the natives who had been there perhaps 12,000 years or so.) So if "self-contained" would you not have to cover the entire history of real estate and value? At least a reference to Marshall or von Thünen ???

Somewhere the has to be capable of being found the appraiser's response to an inane reviewer's request for clarification/amplification about the chain of title. I believe the property in question was in land that had been purchased from France or Spain. The response was a painfully detailed history of the property's "ownership" dating back to Genesis 1.

 

[J Grant]

"other " is possible use of an appraisal, the purpose is still a market value purpose assignment.

No, a 2055 form is not by definition a restricted report, it's an ext only inspection vs an int and ext inspection of subject.

 

[Tom D]

agreed, restricted now belongs to the user terminology. but isn't a 2055 in reality an appraisal with a hypothetical assumption about the interior of the subject.

 

[Peter LeQuire]

agreed, restricted now belongs to the user terminology. but isn't a 2055 in reality an appraisal with a hypothetical assumption about the interior of the subject.

 

[Peter LeQuire]

The certifications make the appraiser responsible for verifying information necessary to develop the appraisal. That can't be HC'd away.

 

[Meandering]

agreed, restricted now belongs to the user terminology. but isn't a 2055 in reality an appraisal with a hypothetical assumption about the interior of the subject.

No.
Please read the 2nd paragraph under scope of the work on the 2055.

And
there is no such thing as a "hypothetical assumption" unless it is the truth of what is.
.

 

[Terrel L. Shields]

inane reviewer's request for clarification/amplification about the chain of title

There was supposedly some lawyer responding to a request for going back further than 1803.... I've seen that internet letter.

I, somewhere, have a report prepared by a local appraiser (now deceased) who was a USPAP instructor, and whether tongue in cheek or his honest interpretation of "Self-contained" in an agri report started out in the description of the regional economy about Arkansas being discovered by Desoto and went into some detail about the physiography of the Ozarks and its impact upon agriculture in the state along with a brief history of the poultry industry and its importance to the local economy.

there is no such thing as a "hypothetical assumption"

It would be an extraordinary assumption. A hypothetical would be contrary to what exists. An EA may or may not be true. We just don't know. The 2055 is a ba**ard form that serves little purpose except to get a lot of appraisers in hot water unless you actually read the Fannie Mae guidelines for preparing it property without those convenient little Extraordinary Assumptions.

 

[Peter LeQuire]

There was supposedly some lawyer responding to a request for going back further than 1803.... I've seen that internet letter..

Found it.

http://www.reversespins.com/chainoftitle.html

It is also found in The Surveying Handbook, in which if differs, referring to RFC rather than FHA, and in that it has a different file number.

The lawyer's letter is dismissed as apocryphal in a 2012 blog posting by Josh Blackmon,