For federally related transactions, all appraisals shall,
at a minimum:
(a) conform to generally accepted appraisal standards
as evidenced by the Uniform Standards of Professional Appraisal Practice
promulgated by the Appraisal Standards Board of the Appraisal Foundation,
1029 Vermont Ave., N.W., Washington, D.C. 20005, unless principles
of safe and sound banking require compliance with stricter standards;
(b) be written and contain sufficient information
and analysis to support the institution’s decision to engage in the
transaction;
(c) be subject to appropriate
review for compliance with the Uniform Standards of Professional Appraisal
Practice;
(d) analyze and report appropriate deductions and
discounts for proposed construction or renovation, partially leased
buildings, nonmarket lease terms, and tract developments with unsold
units;
(e) be based upon the definition of market value as
set forth in this subpart; and
(f) be performed by state-licensed
or -certified appraisers in accordance with requirements set forth
in this subpart.
