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									THIS IS A 20-PAGE DOCUMENT. THE FOLLOWING IS A SAMPLE.


                    APPRAISAL PREPARED FOR
                            [CLIENT]

             DATE OF APPRAISAL: [DATE OF APPRAISAL]
                DATE OF VALUE: [DATE OF VALUE]




                         PREPARED BY:
             [NAME & ACCREDITATION OF APPRAISER]
                           [ADDRESS]
                                     [appraiser’s letterhead]


[date]

[client]
[address]

Dear Sirs:

Re:      Appraisal on _____ sections/acres of land in [area] dated [date of appraisal]
         Our File No. [no.]

Pursuant to your request for an appraisal of the property commonly known as a portion
of the vacant acreage located in [area] and legally described as [legal description], and
recorded in the books and records of [jurisdiction] as document number [no.], this letter
with attachments will serve as our estimate of the Fair Market Value of the subject
property’s fee simple interest in accordance with the [Federal Home Loan Bank Board
Regulation 41D] as of the above mentioned date.

For the purpose of this submittal, Fair Market Value is defined as:

         The most probable price which a property should bring in a competitive and
         open market under all conditions requisite to a fair sale, the Buyer and the Seller,
         each acting prudently, knowingly, and assuming the price is not affected by
         undue stimuli. Implicit in this definition is the consummation of a sale as of a
         specified date and the passing of title from Seller to Buyer under conditions
         whereby:

         (a)    Buyer and Seller are typically motivated;
         (b)    Both parties are well-informed or well-advised and each acting in what
                they consider their own best interests:
         (c)    A reasonable time is allowed for exposure in the open market;
         (d)    Payment is made in cash in [currency] DOLLARS or in terms of financial
                arrangements comparable thereto; and
         (e)    The price represents a normal consideration for the property sold
                unaffected by special or creative financing or sale concessions granted by
                anyone associated with the sale.

As a result of the ensuing analyses, it is the appraiser’s opinion that the Fair Market
Value of the subject property as of [date] is:

         ___________________ DOLLARS ($_________)

We hereby certify:

1.       We have no interest in this property past, present, or prospective.
2.    Our fee for this investigation and preparation of this report is not contingent
      upon the amount of value herein reported.

3.    This preliminary appraisal has been made in conformity with the rules of
      Professional Ethics and Standards of the American Institute of Real Estate
      Appraisers and the American Society of Real Estate Counselors.

Respectfully submitted,
[Appraiser]
                                                        TABLE OF CONTENTS
SUMMARY OF FACTS AND CONCLUSIONS........................................................................5
RESTRICTIONS UPON DISCLOSURE AND USE...................................................................6
APPRAISAL ASSIGNMENT.....................................................................................................7
PURPOSE OF THE APPRAISAL ..............................................................................................8
THE APPRAISAL ......................................................................................................................9
  Scope of the Investigation........................................................................................................9
  Definition of Market Value ......................................................................................................9
  Assumptions and Limiting Conditions ...................................................................................10
ASSESSED VALUE.................................................................................................................12
THE SUBJECT PROPERTY ....................................................................................................13
  Utilities..................................................................................................................................13
  Topography ...........................................................................................................................13
  Soil ........................................................................................................................................13
  Easements and Rights of Way................................................................................................13
  Flood Control.........................................................................................................................13
  Seismology ............................................................................................................................14
  Present Use ............................................................................................................................14
  Highest and Best Use Definition ............................................................................................14
  Analysis and Conclusion........................................................................................................14
MARKET DATA APPROACH ................................................................................................15
  Requirements of Lenders .......................................................................................................15
  Methodology..........................................................................................................................15
  Cash Equivalency Analysis ....................................................................................................15
  Land Value ............................................................................................................................16
RECONCILIATION.................................................................................................................17
  Market Approach ...................................................................................................................17
FINAL VALUATION...............................................................................................................18
CERTIFICATION ....................................................................................................................19
APPENDICES ..........................................................................................................................20
  Topography Maps..................................................................................................................20
                        SUMMARY OF FACTS AND CONCLUSIONS

Date of Appraisal:
Size:
Highest and Best Use:
Zoning:
Estimated Fair Market Value per
Acre:
Total Estimated Fair Market
Value (___ sections/acres):
Total Estimated Adjusted Value
of Subject Property:
                   RESTRICTIONS UPON DISCLOSURE AND USE
Disclosure of the contents of this appraisal report is governed by the bylaws and
regulations of the American Institute of Real Estate Appraisers, the National
Association of Realtors and the American Society of Real Estate Counselors.

 Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraiser or the firm with which he is connected, or any
reference to the American Institute of Real Estate Appraisers or the M.A.I. or R.M.
designated or the S.R.E.A.) shall be disseminated to the public through the advertising,
public relations, news or sales media or any other public means of communications
without the prior written consent and approval of the undersigned.




____________________________________
[appraiser]
[appraisal firm]
                              APPRAISAL ASSIGNMENT
1.    To estimate the Fair Market Value of the subject property, as if free and clear of
      all liens and encumbrances, utilizing the three standard approaches to value,
      namely, Market Comparison, Replacement Cost and Income.
2.    To investigate local zoning ordinances in order to verify whether or not the
      subject property conforms to these regulations.
3.    To prepare a Market Comparison as to the value of the land and improvements,
      if any, which the subject property would generate if offered on the open market.
4.    To analyze the income flow, actual and/or projected, in order to determine the
      quality of that income as indicated within the marketplace; and to analyze actual
      and/or projected operating expenses and vacancy factors in preparing the
      Income Approach.
5.    To prepare a Replacement Cost analysis, utilizing the information submitted to
      this appraiser, as well as the Marshall Valuation Service cost manual.
6.    To appraise the property in accordance with the conclusion as to its highest and
      best use.
7.    To prepare this appraisal in accordance with the guidelines set forth in the
      [Federal Home Loan Bank Board’s Memorandum R-41C], a synopsis of which is
      included in this report.

Delivery of this appraisal report constitutes completion of the assignment.

								
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