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Full Appraisal - Example

Figure 91 – Full Appraisal Report, example
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Signature: ...................................................................................................... Signature: ...........................................................................................................................
Name: ...................................................................................................... Name: .................................................................................................................................
Designation: .................................................................................................. Designation: .......................................................................................................................
Date signed: .................................................................................................. Date signed: .......................................................................................................................
License Info (where applicable): ................................................................... License Info (where applicable): .........................................................................................
NOTE: For this appraisal to be valid, an original or EDI signature is required.
 Chapter 15: Application Analysis – Property Valuation 383
History and analysis of known current Agreements for Sale, prior sales, options, listings or marketing of the Subject in the past year.

Indicated Exposure Time of Similar Properties in the Area: Under 3 months  3-6 months  Over 6 months 
This appraisal report represents the following value (if not current, see comments): Current  Retrospective  Prospective 
 Update of report completed
RESIDENTIAL APPRAISAL REPORT "DRIVE-BY" FORM (Cont'd)
PURPOSE, SCOPE, DISCLOSURES & DEFINITIONS
PURPOSE OF THE APPRAISAL:
This "drive-by" report has been prepared for mortgage lending purposes for the exclusive use of the client and other intended users named. The client is aware that, as the degree of departure
from a full appraisal report increases, there is a corresponding decrease in the level of reliability of the report, resulting in a higher level of risk for the user of the report. Due to the limitations
of this reporting method, it is not intended for use by third parties and liability to any unintended users is expressly denied. The appraiser assumes diligence by all intended users.
SCOPE OF THE REPORT
1. The client has specifically requested a "drive-by" appraisal to be reported in an abbreviated report format. The Appraiser has been requested to perform an exterior inspection and not to
disturb the occupants by entering the building. Both the client and the appraiser understands that NEITHER A PYSICAL INSPECTION OF THE INTERIOR OF THE SUBJECT PROPERTY NOR A STREET
INSPECTION OF THE COMPARIABLES HAS BEEN PERFORMED (unless stated herein).
2. It is acknowledged by both parties that a subsequent physical inspection of the subject property and/or a more in-depth investigation could result in a different conclusion.
3. The physical characteristics used to develop this appraisal are based on documents, records, etc. described below and on other information provided by sources identified below. The
subject property was observed only from the public street and it is assumed that the information provided by the sources is accurate. Comments (on the efforts taken to obtain, and the source
of, interior and exterior inspection information): ..............................................................................................................................................................................................................
4. Sales and listing information of physically similar properties has been obtained from sources assumed to be reliable and accurate, and/or on information from the appraiser's files.
5. Neither the Income nor the Cost Approaches to value are appropriate methods of valuation for this assignment, considering the limited scope of the type of appraisal requested by the
client, and therefore have not been completed.
6. Sales information on physically similar properties has been gathered and analyzed on the assumption that both the interior and exterior condition of the subject property are in average
or typical condition for its age and that there are no physical or functional conditions associated with the property that would adversely affect the conclusions contained in this report, unless
otherwise stipulated. It is assumed that the subject property is in 100% complete condition unless otherwise stated and the value range contained herein is based on this assumption.
OTHER DISCLOSURES, COMMENTS, ETC.: ..........................................................................................................................................................................................................................
DEFINITION OF MARKET VALUE
The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably and assuming the price is not affected by undue stimulus. Note: If other than market value is being appraised, see comments attached.
DEFINITION OF HIGHEST AND BEST USE
The reasonably probable and legal use of the property, that is physically possible, appropriately supported, and financially feasible, and that results in the highest value.
ASSUMPTIONS AND LIMITING CONDITIONS
The certification that appears in the "drive-by" residential appraisal report is subject to the following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. No registry office search has been performed and the
appraiser assumes the title is good and marketable and free and clear of all encumbrances, including leases, unless otherwise noted in this report. The property is appraised on the basis of it
being under responsible ownership.
2. Because market conditions change rapidly and, on occasion, without warning, the estimated market value range expressed as of the date of this appraisal cannot be relied upon as of any
other date except with further advice from the appraiser confirmed in writing.
3. The subject property is presumed to comply with government regulations including zoning, building codes and health regulations and, if it doesn't comply, its non-compliance may affect
market value.
4. The appraiser will not give testimony or appear in court concerning this appraisal unless required to do so by due process of law.
5. The appraiser has noted in this report any readily apparent adverse conditions that were observed during the street inspection of the subject property or that they became aware of
during the normal research involved in performing this type of appraisal.
6. Unless otherwise stated in this report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions that would make the
property more or less valuable and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The
appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser
is not an expert in the field of environmental hazards, this drive-by appraisal report must not be considered as an environmental assessment of the property. The bearing capacity of the soil is
assumed to be adequate.
7. The appraiser obtained information, estimates and opinions that were used in this report from sources considered to be reliable and accurate and believes them to be true and correct.
The appraiser does not assume responsibility for the accuracy of items that were furnished by other parties.
8. The appraiser will not disclose the contents of this report except as provided for by the provisions of the Canadian Uniform Standards of Professional Appraisal Practice ("the Standards").
9. The appraiser has agreed to enter into the assignment as requested by the client named in the report for the use specified by the client, which is stated in the report, which calls for
things that are different from the work that would otherwise be required by the Standards. As this is a "drive-by" appraisal, only limited inspections have been undertaken (Extraordinary
Limiting Condition). The client has agreed that the performance of this limited scope appraisal and the "drive-by" report format are appropriate for the intended use.
10. Written consent from the author and supervisory appraiser, if applicable, must be obtained before any part of the appraisal report can be used for any purpose by anyone except the
client and other intended users identified in the report and, where the client is the mortgagee, its insurer and the borrower, if they paid the appraisal fee. Written consent and approval must
also be obtained before any part of the appraisal can be altered or conveyed to other parties, including mortgages other than the client and the public through prospectus, offering
memoranda, advertising, public relations, news, sales or other media.
11. Other (including any other Extraordinary Assumptions and Limiting Conditions involved in this appraisal):

CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, options and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial and unbiased professional analyses,
opinions and conclusions.
3. I have no past, present or prospective interest in the property that is the subject of this report and I have no personal interest or bias with respect to the parties involved.
4. My compensation is not contingent upon developing or reporting a predetermined result, value range or direction in value range that favours the cause of the client, the amount of the
estimated value range, the attainment of a stipulated result or the occurrence of a subsequent event.
5. My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Canadian Uniform Standards of Professional Appraisal Practice. Please
note the Extraordinary Limiting Condition above, indicating the property was not inspected.
6. I have the knowledge and experience to complete this assignment competently. Except as herein disclosed, no other person has provided me with significant professional assistance in
the completion of this appraisal assignment.
7. The Appraisal Institute of Canada has a mandatory Recertification Program for designated members. As at the date of this report, the requirements of this program have been fulfilled.
SUPERVISORY APPRAISER'S CERTIFICATION:
If a supervisory appraiser has signed this appraisal report, they certifies and agrees that "I directly supervised the appraiser who prepared this appraisal report and, having reviewed the report,
agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certification and am taking full responsibility for the appraisal and the appraisal report.”
PROPERTY IDENTIFICATION:
Address: ...................................................................... City: ..................................... Province: .................................. Postal Code: .....................
Legal Description: ...............................................................................................................................................................................................................
AS A RESULT OF MY APPRAISAL AND ANALYSIS OF ALL APPLICABLE DATA AND RELEVANT FACTORS THERETO, IT IS MY OPINION THAT THE SUBJECT PROPERTY IS ESTIMATED TO HAVE A
VALUE RANGE OF
From $ ...................................................................................................... To $ .....................................................................................................................................
As at

(Effective Date of the Appraisal)

APPRAISER: SUPERVISORY APPRAISER: (if applicable)
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Desktop Appraisal - Example

Figure 90 – Drive-By Appraisal Report, blank

Drive-by Appraisal Report

RESIDENTIAL APPRAISAL REPORT "DRIVE-BY" FORM
Client Ref. #: ................................................. File #: .............................................................
Client: .......................................................... Address of Property: ................................................... Appraiser: .......................................................
Attention: .................................................... ..................................................................................... Company: .......................................................
Address: ....................................................... ..................................................................................... Address: .........................................................
.............................................................. ..................................................................................... ........................................................................
E-mail: .......................................................... ..................................................................................... E-mail: ............................................................
Phone: .......................................................... Province: ..................................................................... Phone: ............................................................
Fax: .......................................... Postal Code: .............................................................................. Fax:
Applicant Name: ..................................................................................................................................................................................................................
PROPERTY & NEIGHBOURHOOD DATA
LEGAL DESCRIPTION: ..........................................................................................................................................................................................................
MUNICIPALITY AND DISTRICT: ...........................................................................................................................................................................................
ASSESSMENT: LAND $ ............................. IMP $ ................... TOTAL $ .......................... year ................. TAXES $ ................ year ..............
PURPOSE OF APPRAISAL: To estimate market value  or Other  (describe) ....................................................................................................
INTENDED USE OF APPRAISAL: ...........................................................................................................................................................................................
PROPERTY RIGHTS APPRAISED: Fee Simple  Leasehold  Condominium  Cooperative  Other  .......................
Is the subject a fractional interest, physical segment or partial holding? No  Yes  (If yes, see comments elsewhere in this report)
OCCUPIED BY: Owner  Tenant  Vacant 
HIGHEST AND BEST USE: As improved  or Other  (describe) ................................................................................
Note: If Highest and Best Use is not the current use, or not the use reflected in the report, see comments attached.
NATURE OF DISTRICT TREND OF DISTRICT CONFORMITY OF SUBJECT SUPPLY
 Residential  Improving AGE: SIZE:  Good  Fair  Poor
 Rural  Stable  Newer  Larger
 Commercial/Industrial  Transition  Older  Smaller DEMAND
 Mixed  Deteriorating  Similar  Similar  Good  Fair  Poor
 Other  Other
AVERAGE PROPERTY AGE: DISTANCE TO: PRICE RANGE OF PROPERTIES:
DISTRICT Elem.School ............... Jr. Secondary ............... IN GENERAL DISTRICT
................to Years High School ............... Downtown ................... $ ................. to $
IMMEDIATE AREA Public Trans. .............. Shopping Fac. .............. IN IMMEDIATE AREA
................to Years Other ................................................................. $ ................. to $
SUMMARY: Includes market appeal, apparent adverse influences in area, if any (e.g. railroad tracks, unkempt properties, major traffic arteries, hydro facilities,
anticipated public or private improvements, commercial/industrial sites, landfill sites)
SUBJECT PROPERTY DESCRIPTION
ZONING DES'N: ............ SIZE DIMS: ................................ SITE AREA: .......................... TOPOGRAPHY:
PRESENT USE: ........................................................................................... DOES IT CONFORM? Yes  No  (see comments)
ESTIMATED AGE OF SUBJECT: ...................... Years PARKING: Garage  Carport  Driveway 
CURB APPEAL: Good  Average  Fair  Poor  EXTERIOR CONDITION: Good  Average  Fair  Poor 
EXTERIOR FINISH: ROOFING MATERIAL:
 Brick Veneer  Solid Brick  Insulbrick  Asphalt Shingle  Wood Shingle  Tar & Gravel
 Stone Veneer  Solid Stone  Stucco  Slate  Metal  Other
 Wood Siding  Aluminum Siding  Vinyl Siding .....................................................................................................................
 Other ..............................................................................................................................................................................................................................
COMMENTS: .......................................................................................................................................................................................................................

COMPARABLE SALES DATA

ITEM SUBJECT PROPERTY NO. 1 NO. 2 NO. 3
Address

MLS Listing #/(if applicable)

Days on Market
Date of Sale
Sale Price
Site Size
Size L.F.A.
Age / Condition / / / /
Building Type & Style
Rooms / Bedrooms / Baths / / / / / / / /
Basement
Garage / Parking
Other

Reconciliation/Conclusions: ................................................................................................................................................................................................