43 CFR § 47.55 - What are the minimum requirements for appraisals used in a land exchange?
(a) The following table shows the steps in the appraisal process.
|Appraisal process step||Requirements|
|(1) The parties to the exchange must arrange for appraisals||(i) The parties must arrange for appraisals within 90 days after executing the agreement to initiate the land exchange, unless the parties agree to another schedule.|
|(ii) The parties must give the appraiser the land exchange proposal, if any, and the agreement to initiate the land exchange, and any attachments and amendments.|
|(iii) The Chairman may request assistance from the Office of Valuation Services (OVS). OVS can provide valuation services to the Chairman, including appraisal, appraisal review, and appraisal advice on a reimbursable basis. OVS is also available for post-facto program review to ensure that appraisals conducted by the State are in conformance with the Uniform Standards of Professional Appraisal Practice and the Uniform Appraisal Standards for Federal Land Acquisitions as appropriate.|
|(2) The qualified appraiser must provide an appraisal report||The appraiser must:
(i) Meet the qualification requirements in paragraph (b) of this section;
|(ii) Produce a report that meets the qualifications in paragraph (c) of this section; and|
|(iii) Complete the appraisal under the timeframe and terms negotiated with the parties in the exchange.|
|(3) The Secretary will review appraisal reports||The Secretary will evaluate the reports using:
(i) The Uniform Standards of Professional Appraisal Practice; and
(ii) The Uniform Appraisal Standards for Federal Land Acquisitions.
(b) To be qualified to appraise land for exchange under paragraph (a)(2) of this section, an appraiser must:
(1) Be competent, reputable, impartial, and experienced in appraising property similar to the properties involved in the appraisal assignment; and
(2) Be approved by the OVS, if required by the Department of the Interior's Office of Native Hawaiian Relations.
(3) Be licensed to perform appraisals in the State of Hawai'i unless a Federal employee whose position requires the performance of appraisal duties. Federal employees only need to be licensed in one State or territory to perform real estate appraisal duties as Federal employees in all States and territories.
(c) Appraisal reports for the exchange must:
(1) Be completed in accordance with the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) and the Uniform Appraisal Standards for Federal Land Acquisition (UASFLA); and
(2) Include the estimated market value of Hawaiian home lands and non-Hawaiian home lands properties involved in the exchange.