1. Complete appraisal reports: Complete individual or multiple residential or commercial appraisal reports within an amount of time and at a price to be agreed upon between the appraiser and the STATE on a caseby-case basis. Appraisal reports shall include an inspection of the subject property and shall appropriately use the cost, comparable sales, and income approaches to determine fair market value. Properties must be appraised at current market value or, if the property has recently been damaged by a flood or landslide, at its pre-event value. CONTRACTOR shall only accept assignments that they are competent to complete and shall notify the STATE immediately if they determine that they are not competent to complete the appraisal report. 2. Testify on completed appraisal reports: CONTRACTOR shall be available, if needed, to testify on and defend the opinion of value in their completed appraisal reports. Time spent on testimony associated with completed appraisal reports shall be compensated based on the hourly rate stated in the Price Schedule of this contract. 3. Complete appraisal report reviews: CONTRACTORS willing to complete reviews of appraisal reports shall do so within an amount of time and at a price to be agreed upon between the CONTRACTOR and the STATE on a case-by-case basis. Appraisal report reviews shall address the completeness, accuracy, adequacy, relevance, and adherence to appraisal practices of the reports to be reviewed. CONTRACTOR shall not accept assignments to review appraisal reports that present a conflict of interest for the review appraiser. 4. Provide appraisal consultation services: CONTRACTORS willing to give appraisal consultation shall commit to the amount of time necessary to provide the needed services and shall prioritize such work as reasonably possible. Consultation needs may include but are not limited to rent and lease studies, comparable sales data, market data, and similar duties. The CONTRACTOR shall submit an invoice for the total number of hours spent on the consultation project based on the hourly rate in the Price Schedule of this contract. 5. Complete third-party appraisal report reviews: CONTRACTORS shall if needed, act as a third-party appraiser to make a final decision between the initial VEM appraisal and the property owner’s independent appraisal. During the appraisal process, the property owner may elect to hire their own appraiser if they are not satisfied with the appraisal provided by VEM. If needed, the third-party appraiser will make a final determination between the two parties. The third-party appraiser cannot be the same appraiser who made the initial appraisal for VEM nor can they be the same appraiser who made the appraisal for the property owner.
