[Code of Federal Regulations]

[Title 49, Volume 1]

[Revised as of October 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 49CFR24.104]



[Page 233-234]

 

                        TITLE 49--TRANSPORTATION

 

          Subtitle A--Office of the Secretary of Transportation

 

PART 24_UNIFORM RELOCATION ASSISTANCE AND REAL PROPERTY ACQUISITION FOR 

FEDERAL AND FEDERALLY-ASSISTED PROGRAMS--Table of Contents

 

                   Subpart B_Real Property Acquisition

 

Sec. 24.104  Review of appraisals.



    The Agency shall have an appraisal review process and, at a minimum:

    (a) A qualified review appraiser (see Sec. 24.103(d)(1) and 

appendix A, Sec. 24.104) shall examine the presentation and analysis of 

market information in all appraisals to assure that they meet the 

definition of appraisal found in 49 CFR 24.2(a)(3), appraisal 

requirements found in 49 CFR 24.103 and other applicable requirements, 

including, to the extent appropriate, the UASFLA, and support the 

appraiser's opinion of value. The level of review analysis depends on 

the complexity of the appraisal problem. As needed, the review appraiser 

shall, prior to acceptance, seek necessary



[[Page 234]]



corrections or revisions. The review appraiser shall identify each 

appraisal report as recommended (as the basis for the establishment of 

the amount believed to be just compensation), accepted (meets all 

requirements, but not selected as recommended or approved), or not 

accepted. If authorized by the Agency to do so, the staff review 

appraiser shall also approve the appraisal (as the basis for the 

establishment of the amount believed to be just compensation), and, if 

also authorized to do so, develop and report the amount believed to be 

just compensation. (See appendix A, Sec. 24.104(a).)

    (b) If the review appraiser is unable to recommend (or approve) an 

appraisal as an adequate basis for the establishment of the offer of 

just compensation, and it is determined by the acquiring Agency that it 

is not practical to obtain an additional appraisal, the review appraiser 

may, as part of the review, present and analyze market information in 

conformance with Sec. 24.103 to support a recommended (or approved) 

value. (See appendix A, Sec. 24.104(b).)

    (c) The review appraiser shall prepare a written report that 

identifies the appraisal reports reviewed and documents the findings and 

conclusions arrived at during the review of the appraisal(s). Any 

damages or benefits to any remaining property shall be identified in the 

review appraiser's report. The review appraiser shall also prepare a 

signed certification that states the parameters of the review. The 

certification shall state the approved value, and, if the review 

appraiser is authorized to do so, the amount believed to be just 

compensation for the acquisition. (See appendix A, Sec. 24.104(c).)