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Scope of Work <br />Purpose of the Appraisal <br />The purpose of this appraisal is to develop an opinion of the market value of the subject property. This <br />valuation is limited to the underlying land only and no consideration has been given to the improvements. <br />Definition of Value <br />The current economic definition of market value agreed upon by agencies that regulate federal financial <br />institutions in the U.S. (and used herein) is as follows: <br />The most probable price which a property should bring in a competitive and open market under all <br />conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and <br />assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a <br />sale as of a specified date and the passing of title from seller to buyer under conditions whereby: <br />1. buyer and seller are typically motivated; <br />2. both parties are well informed or well advised, and acting in what they consider their own best <br />interests; <br />3. a reasonable time is allowed for exposure in the open market; <br />4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable <br />thereto; and <br />5. the price represents the normal consideration for the property sold unaffected by special or creative <br />financing or sales concessions granted by anyone associated with the sale. 4 <br />Interest Appraised <br />The value estimated represents Fee Simple Estate as defined below: <br />Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject <br />only to the limitations imposed by the governmental powers of taxation, eminent domain, police <br />power and escheat. 5 <br />Extent to Which the Property is Identified <br />The property is identified through the following sources: <br />• assessor's records <br />• legal description <br />Extent to Which the Property is Inspected <br />Nicole Galvez inspected the subject, as well as its surrounding environs on the effective date of appraisal. <br />This inspection was considered adequate and is the basis for our findings. <br />Type and Extent of the Data Researched <br />CBRE reviewed the following: <br />4 12 CFR, Part 34, Subpart C-Appraisals, 34.42(h). <br />5 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022), 73. <br />CBRE VALUATION & ADVISORY SER/ICES 2 © 2025 CBRE, INC <br />