In the spirit of building upon the foundation of past experience, Barrow Valuation Group is committed to meeting the needs of its clients, providing a basis for making sound, well-informed decisions regarding the valuation of commercial real estate. While timing and fees are important aspects of its business operations, integrity and professionalism are paramount.
The Appraisal Standards Board controls the process of making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all appraisals and resulting reports are made. The process of administration of those rules and guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The Appraisal Standards Board issues the rules and guidelines in the form of a document update published each year by The Appraisal Foundation. That document is entitled “The Uniform Standards of Professional Appraisal Practice” (USPAP).
According to USPAP, there are two types of appraisals: Appraisal Report and Restricted Report. The following definitions have been adopted for each type of report:
- Appraisal Report: A written report prepared under Standards Rule 2-2(a).
- Restricted Report: A written report prepared under Standards Rule 2-2(b).
Barrow Valuation Group offers appraisal related services for a variety of commercial property types, including the valuation of fee simple, leasehold, and leased fee interests. The three ownership interests defined in The Dictionary of Real Estate Appraisal, 6th Edition, published by The Appraisal Institute (2015), include:
- Fee Simple: absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.
- Leased Fee: a freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord-tenant relationship.
- Leasehold: the tenant’s possessory interest created by a lease.
MICHAEL D BARROW, MAI, MRICS
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1175 Peachtree Street NE, 10th Floor, Suite 1000 | Atlanta, GA 30361
T +1 404 665 1900 | F +1 404 665 1909
1900 N Bayshore Drive, Suite 1A, #119 | Miami, FL 33132
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