[Code of Federal Regulations]
[Title 43, Volume 2]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR2201.3-3]

[Page 69-70]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
    CHAPTER II--BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR
 
PART 2200_EXCHANGES: GENERAL PROCEDURES--Table of Contents
 
              Subpart 2201_Exchanges_Specific Requirements
 
Sec. 2201.3-3  Appraisal report standards.

    Appraisals prepared for exchange purposes shall contain, at a 
minimum, the following information:
    (a) A summary of facts and conclusions;

[[Page 70]]

    (b) The purpose and/or the function of the appraisal, a definition 
of the estate being appraised, and a statement of the assumptions and 
limiting conditions affecting the appraisal assignment, if any;
    (c) An explanation of the extent of the appraiser's research and 
actions taken to collect and confirm information relied upon in 
estimating value;
    (d) An adequate description of the physical characteristics of the 
lands being appraised; a statement of all encumbrances; title 
information, location, zoning, and present use; an analysis of highest 
and best use; and at least a 5-year sales history of the property;
    (e) A disclosure of any condition that is observed during the 
inspection of the property or becomes known to the appraiser through 
normal research that would lead the appraiser to believe that hazardous 
substances may be present on the property being appraised;
    (f) A comparative market analysis and, if more than one method of 
valuation is used, an analysis and reconciliation of the methods used to 
support the appraiser's estimate of value;
    (g) A description of comparable sales, including a description of 
all relevant physical, legal, and economic factors such as parties to 
the transaction, source and method of financing, effect of any favorable 
financing on sale price, and verification by a party involved in the 
transaction;
    (h) An estimate of market value;
    (i) The effective date of valuation, date of appraisal, signature, 
and certification of the appraiser;
    (j) A certification by the appraiser signing the report to the 
following:
    (1) The appraiser personally contacted the property owner or 
designated representative and offered the owner an opportunity to be 
present during inspection of the property;
    (2) The appraiser personally examined the subject property and all 
comparable sale properties relied upon in the report;
    (3) The appraiser has no present or prospective interest in the 
appraised property; and
    (4) The appraiser has not, and will not, receive compensation that 
was contingent on the analysis, opinions, or conclusions contained in 
the appraisal report; and
    (k) Copies of relevant written reports, studies, or summary 
conclusions prepared by others in association with the appraisal 
assignment that were relied upon by the appraiser to estimate value, 
which may include but is not limited to current title reports, mineral 
reports, or timber cruises prepared by qualified specialists.