UASFLAUniform Appraisal Standards for Federal Land Acquisitions
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The UASFLA also requires that the property owner or an owner's representative be given the opportunity to accompany an appraiser during the inspection.
UASFLA notes that the larger parcel has the following attributes:
[See UASFLA Sections 4.5 and 4.6 (especially 4.6.1, 4.62, and 4.63)] The extent of the impact of an announcement of a public project on value pre- and post-taking can vary significantly depending on the type and scale of the public works, which are to be ignored pre-taking and accounted for post-taking.
The Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA), 2016 edition, defines market value as "the amount in cash, or on terms reasonably equivalent to cash, for which in all probability the property would have sold on the effective date of value, after a reasonable exposure time on the open competitive market, from a willing and reasonably knowledgeable seller to a willing and reasonably knowledgeable buyer, with neither acting under any compulsion to buy or sell, giving due consideration to all available economic uses of the property." Interagency Land Acquisition Conference, Uniform Appraisal Standards for Federal Land Acquisitions, 2016 ed.
[Section 4.7; case citations omitted] UASFLA further specifies,
The unit rule covers both ownership interests and physical components of real property, which are defined in UASFLA as follows:
The individual states may have different rules, although most share the common themes of the UASFLA, with intangibles excluded in the valuation of real estate for tax assessment purposes.
As noted in the UASFLA, "An option to purchase is a form of an offer; it is an offer that is irrevocable for the period stipulated....
The regulation acknowledges both USPAP and UASFLA, but does not promulgate or require either standard.
(17) Although the definition of market value required for appraisals prepared to UASFLA standards does refer to "after a reasonable exposure time on the open market," those appraising in accordance with UASFLA standards are restricted from including an estimate of exposure time and, by inference, from having estimated such.
The UASFLA allows for flexibility as appropriate to the situation.
The flexible nature of the UASFLA should have encouraged the Conference to consider that possibility.