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(19) Properly executed signature and dates. 30. REVIEW OF APPRAISAL REPORTS. a. Responsibility. It is the responsibility of the Sponsor to review all appraisal and specialty reports of real property to be acquired in connection with federally assisted airport projects and to establish an amount which it believes to be just compensation for such acquisitions before the initiation of negotia- tions or the exercise of the power of eminent domain. The appraisal fee should not be paid prior to ac- ceptance by the review appraiser. In addition, Fed- eral participation will be withheld on appraisals not meeting criteria set forth in this circular. b. Estimate of Just Compensation by Reviewing Appraiser. The Sponsor will have a qualified re- viewing appraiser that will recommend the amount of just compensation to be offered an owner for the acquisition of real property. In recommending the amount of just compensation to be offered an owner, the reviewing appraiser should consider all pertinent value information that is available. On the basis of additional value information subsequently available to him, the reviewing appraiser may, at any time prior to settlement, adjust his estimate of just com- pensation. All estimates by a reviewing appraiser are to be documented and retained as a part of the proj- ect or parcel files. c. Appraisal Review. Procedures for reviewing real estate appraisals should be as follows: (1) The reviewing appraiser will field inspect the property appraised and the comparable sales considered by the appraiser(s) in arriving at either or both, as appropriate, the fair market value of the whole property and of the remainder(s). If a field inspection is not made the file will contain the reason. (2) The reviewing appraiser will examine the appraisal reports to determine that they: (a) Are complete in accordance with paragraph 23. (b) Follow accepted appraisal principles and techniques in the valuation of real property in accordance with existing state law. (c) Contain or make reference to the in- formation necessary to explain, sub- stantiate and thereby document the conclusions and estimates of value and/or just compensation identified therein. (d) Include consideration of compensa- ble items, damages and benefits, but (3) do not include compensation for items, damages and benefits noncom- pensable under State law. (e) Contain an identification or listing of the buildings, structures and other improvements on the land as well as the fixtures which the appraiser considered to be a part of the real property to be acquired. (f) Contain the estimated fair market value for or resulting from the ac- quisition, and where appropriate, in the case of a partial acquisition, either in the report or in a separate state- ment, a reasonable allocation of the estimate of the fair market value for the real property acquired and for damages to remaining real property. Prior to finalizing his estimate of just com- pensation, the reviewing appraiser will re- quest and obtain corrections or revisions of appraisal reports which do not substantially meet the requirements set forth in paragraph 23. These will be documented and retained in the parcel file. (4) The reviewing appraiser may supplement an appraisal report with corrections of minor mathematical errors where such errors do not affect the final value conclusion. He may also supplement the appraisal file where the following factual data has been omitted: (a) Owner's and/or tenants' names. (b) Parties to transaction, date of pur- chase and deed book reference on sale of subject property and com- parables. (c) Statement that there were no sales of subject property in past 5 years. (d) Location, zoning or present use of subject property or comparables. The reviewing appraiser will initial and date his corrections and/or factual data supple- ments to an appraisal report. The reviewing appraiser will place in the parcel file a signed and dated statement setting forth: (a) His estimate of just compensation in- cluding, where appropriate, his al- location of compensation for the real property acquired and for damages to remaining real property, and an identification or listing of the build- 15