[Code of Federal Regulations]
[Title 49, Volume 1]
[Revised as of October 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 49CFR24.104]

[Page 234]
 
                        TITLE 49--TRANSPORTATION
 
          Subtitle A--Office of the Secretary of Transportation
 
PART 24_UNIFORM RELOCATION ASSISTANCE AND REAL PROPERTY ACQUISITION FOR 
 
                   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 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).)