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[null,"Check List to be used by a Project and Montana Housing Staff for Appraisal or Comparative Market Analysis (CMA)"]
[null,"Project",null,null,null,null,null,null,"highlight comment green if resolved, "]
[null,"Owner",null,null,null,"may indicate an issue, ",null,null,"highlight comment yellow if not resolved"]
[null,"Location"]
[]
[]
[null,"Required for",null,"YES","No","n/a","values/dates","page reference","Comments"]
[null,"CMA","Legal and Administrative "]
[null,"x","The effective date is within the last six months of application.",null,null,null,"note date"]
[null,"x","The appraisal estimates the as-is market value of the appropriate interest. i.e. leased, fee.",null,null,null,"note value"]
[null,null,"The appraisal contains the USPAP (Uniform Standards of Professional Appraisal Practice) definition of market value ",null,null,null,null,null,"define"]
[null,null,"Cost approach to value if applicable",null,null,null,"note value"]
[null,"x","Sales Comparison approach to value included",null,null,null,"note value"]
[null,null,"Income approach and Market Analysis value included",null,null,null,"note value"]
[null,"x","Land as vacant value",null,null,null,"note value"]
[null,null,"As is restricted rent value",null,null,null,"note value"]
[null,null,"As is market rent value",null,null,null,"note value"]
[null,null,"As complete restricted rent value",null,null,null,"note value"]
[null,null,"As complete market rent value",null,null,null,"note value"]
[null,null,"An exclusion of any of the three approaches to value is adequately discussed "]
[null,"x","Appraisal is signed"]
[null,null,"All signing appraisers were not on the Restricted Vendor List as of the date of the appraisal "]
[null,null,"At least one signing appraiser inspected the property "]
[null,null,"A material difference between the date of inspection and date of report is discussed (more than 2 months)"]
[]
[null,null,"Property History "]
[null,null,"Sales of the property within the past three years are reported and analyzed ",null,null,null,"note recent sales price(s)"]
[null,null,"The current owner of the property is identified and described in the local county records ",null,null,null,null,null,"note current owner"]
[null,null,"Any material difference between appraised value and recent sale or contract price is adequately discussed "]
[null,null,"Current or expired sales contracts, option contracts, contract for deed, master lease and/or listings are reported and analyzed  "]
[]
[null,null,"Third Party Reports and Zoning "]
[null,null,"Are there commonly known environmental concerns in the area are adequately discussed"]
[null,null,"Are there zoning and other legal issues effect on value and discussed "]
[null,null,"Is there illegal non-conforming construction noted and whether the subject can be rebuilt to the existing configuration and the effect on market value is addressed in each approach to value "]
[null,null,"Known building health and fire codes are discussed "]
[null,null,"Parking ratio and density requirements are discussed "]
[]
[null,null,"Taxes "]
[null,null,"Taxes are paid "]
[null,null,"Yearly tax amount ",null,null,null,"note amount"]
[]
[null,null,"Cost Approach"]
[null,null,"Insurable value is provided and the construction class/quality match the description of the improvements. ",null,null,null,"note value"]
[]
[null,null,"Sales Comparison Approach "]
[null,"x","At least four comparables are provided and at least one is a listing or pending sale "]
[null,"x","The sale comparables are physically and locationally similar to the subject and are recent "]
[null,"x","The adjustments are adequately discussed (its location and condition)"]
[null,"x","Sales verification information is supported for each sale "]
[null,"x","Sales outlines or body or the report discuss unit mix for the comparable properties and adequate adjustments are made"]
[null,"x","Sales outlines or body of the report discuss income characteristics of the comparable properties. "]
[]
[null,null,"Income Approach and Market Analysis "]
[null,null,"All relevant adverse influences that affect the subject's market value are discussed(economic trends, supply and demand, etc.)"]
[null,null,"At least four rental comparables within proximity of the subject are provided and the primary data source is identified. The use of rent comps outside of the subject's immediate area are discussed "]
[null,null,"Difference between recent contract rents and market rents is discussed "]
[null,null,"Vacancy and collection loss considers historical and current data of the property, rental comparables and changes in market conditions. ",null,null,null,"note rate"]
[null,null,"Concluded vacancy that is higher or lower than current vacancy is discussed "]
[null,null,"Concessions, rental discounts and rental abatements as well as rental stabilization and rent control at the subject and/or in the market are discussed "]
[null,null,"Expense comparables include number of units, age of the property, physical condition, location and time period of expenses "]
[null,null,"Project expenses are supported by historical and current data "]
[null,null,"Capitalization rate is developed using at least two techniques: recent sales and local market participant surveys "]
[null,null,"The sales used in the cap rate development match the sales identified in the Sales Comparison Approach, or and explanation is provided "]
[null,null,"Capitalization rates extracted  from sales are consistently applied to the subject based on actual or proforma NOI (net operating income)"]
[]
[null,null,"Attachments "]
[null,null,"Assumption and limiting conditions "]
[null,null,"Sales contracts, option contracts, contracts for deed or listings "]
[null,null,"Certified and/or original rent roll within last 30 days to appraisal"]
[null,null,"Three years of income and expense statements or the omission is adequately discussed "]
[null,null,"Photographs with date and source "]
[null,null,"Maps of the subject, rent and sale comparables "]
[null,null,"Complete legal description of the property "]
[null,null,"Survey or recorded plat "]
[null,null,"Ground lease and all amendments "]
[null,null,"Appraiser's qualifications "]
[]
[null,null,"Affordable housing "]
[null,null,"Supply and demand for affordable housing is discussed "]
[null,null,"Comparable sales are affordable housing properties. If affordable housing comparables are not available locally or regionally, the use of non-affordable housing sales is adequately adjusted and discussed"]
[null,null,"For restricted unit property, a hypothetical value at market rents is provided and adequately developed in addition to the as-is value. "]
[null,null,"The source of the restricted rent roll and discussion of continuation of restricted rents is adequately discussed"]
[null,null,"For Section 8 properties, a value using project based contract rents and value assuming lower market, project based or achievable LIHTC rents (if applicable) are provided"]
[null,null,"The terms of the regulatory agreements are adequately discussed and applied in the valuation. "]
[]
[null,null,"Seniors Housing "]
[null,null,"Supply and demand for seniors housing is adequately discussed "]
[null,null,"Comparable sales are seniors housing properties. If seniors housing comparables are not available locally or regionally, the use of non-seniors housing sale is adequately adjusted and discussed "]