Section 1880 - AppraisalsAppraisal reports prepared for the acquisition of any land or interest therein by or with funding from an "acquisition agency" as defined in Public Resources Code Section 5096.501(a) must conform to the following minimum standards in order to be considered for Appraisal Review by the State.
(a) Appraisal reports shall be prepared and signed by an appropriately Licensed or Certified Real Estate Appraiser in good standing (pursuant to Part 3, commencing with Section 11300 of Division 4 of the Business and Professions Code, and the California Code of Regulations, Title 10, Section 3701).(b) Appraisal reports shall include descriptive photographs and maps of sufficient quality and detail to clearly depict the subject property and any market data relied upon, including the relationship between the location of the subject property and the market data.(c) Appraisal reports shall include a complete description of the subject property land, site characteristics and improvements. Valuations based on a property's development potential shall include: (1) Verifiable data on the development potential of the land (e.g., Certificates of Compliance, Tentative Map, Parcel Map, Final Map).(2) A description of what would be required for a development project to proceed (e.g., legal entitlements, infrastructure).(3) Presentation of evidence that sufficient demand exists, or is likely to exist in the future, to provide market support for the development.(d) Appraisal reports shall include a statement by the appraiser indicating to what extent land title conditions were investigated and considered in the analysis and value conclusion (a Preliminary Report should be included as an attachment to the appraisal report when available).(e) Appraisal reports shall include a discussion of implied dedication, prescriptive rights or other unrecorded rights (see Civil Code Sections 801- 813, 1006- 1009) that may affect value, indicating the extent of investigation, knowledge, or observation of conditions that might indicate evidence of public use. If the appraiser has no knowledge of or has not observed such conditions, a statement to that effect shall be included in the appraisal report. (This regulation does not require the appraiser to render an opinion regarding the legality of any such unrecorded right.)(f) Appraisal reports including more than nominal value for specialty interests, including but not limited to timber, water, minerals, or carbon credits, shall include a separate valuation prepared and signed by a certified or registered professional qualified in the field of specialty interest. This valuation shall be reviewed and approved by a second qualified, certified or registered professional, considered by the appraiser, and appended to the appraisal report.Cal. Code Regs. Tit. 2, § 1880
1. New section filed 1-23-2012; operative 2-22-2012 (Register 2012, No. 4). Note: Authority cited: Section 5096.517, Public Resources Code. Reference: Sections 5096.501 and 5096.517, Public Resources Code.
1. New section filed 1-23-2012; operative 2-22-2012 (Register 2012, No. 4).