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AC 150/5100-11 APPENDIX 4 Page 5 INSTRUCTIONS FOR USING UNCOMPLICATED APPRAISAL FORMAT SHORT FORM APPRAISAL —FORM TYPE 1. The form type appraisal may be used only in reporting appraisals of unimproved land and im- proved single family or duplex residential prop- erties. Its use assumes the availability of reasonably comparable market data requiring limited adjust- ments. The brevity of the form does not relieve the ap- praiser of his responsibility to thoroughly research and analyze the market in the development of his value conclusions nor does it eliminate the neces- sity for gathering and retaining adequate additional information about the subject property and/or the market data which might be essential in the event of subsequent inquiry or condemnation. The reports shall be prepared in ink or typewrit- ten in accordance with the following: 2. Page l—Subject Property Description. Item 1.—List the name(s) of the owner(s), his mailing address, and telephone number if available. Item 2.—Location of property shall be shown by street address. If an address is nonexistent or does not readily reveal a specific geographical location (as in the case of a rural postal route or box num- ber), describe the location of the property by ref- erence to names of streets, roads, highway and/or distances from describable landmarks. Item 3.—Insert the date of the title report and supplement if any, under which the appraisal was made. Attach a copy of the title report and supple- ment(s) as the last page of the report. Item 4. Zoning shall be written in meaningful terms, i.e., single family, 7,200 square feet, etc. If the property is not now zoned state "none." Item 5.—Highest and best use of the property must be stated. Item 6.—If present use is the same as highest and best use state "same." If present use is not the same as highest and best use, state the present use in the space provided and explain why this use is not the highest and best use under Remarks. Item 7.—If the Rights to be Taken are other than fee simple, i.e., easement ( s), etc. include a brief explanatory statement. Item 8.—Show all transfers of the subject property having occurred in the previous 5 years and give a brief narrative of the relationship to market value at the time of sale. Briefly describe any physical changes to the property such as additional construc- tion, remodeling, etc. which may have occurred in the period between the sales or between the date of the last sale and date of evaluation, and indicate the probable effect upon market value. If more than one sale has occurred, an explanation should be given for any change in price, not attributable to physical changes. Examples of such items are contract terms vs. cash sale, change in neighborhood development, changes in general economics, etc. If additional space is needed, continue under "Remarks". If the sale is indicative of value, include and analyze as any other comparable sale. Should the recorded sale not reflect market value, give a brief narrative con- clusion. Item 9.—Physical description of subject neigh- borhood, site and improvement data shall be accom- plished by placing a check or X in the appropriate box under each heading. In the event no proper de- scriptive word is found under a particular heading, insert the proper word in the provided blank, or, if none, cross out an existing word and insert the proper term. NOTE. —Some topics call for a descriptive rating of poor, fair, good, or excellent. These terms are recognized as being relative or subjective, there- fore subject and comparable sales must be rated as they relate to each other and not as against some pre -determined standard. Item 10.—Other Improvements and/or site im- provements should be briefly described in the area provided. 3. Page 3—Comparative Analysis. Each comparable sale property must be narra- tively compared to the subject property explaining items of similarity and dissimilarity. Adjustments in dollar amounts, plus or minus, will be made for only those items of dissimilarity which affect market value to a measurable degree. The appraiser's explana- tion must contain his reasoning for various elements of adjustment, if any, in sufficient detail to allow the reader to make a sound judgment as to the validity and acceptability of the appraiser's adjust- ments. Each sale must be processed into an "Indi- 93