Callaway & Price, Inc. offers real estate appraisals for all of your intended uses. Primarily real estate appraisals are used for financing purposes either through a purchase or refinance. However, there are many other uses for a real estate appraisal. For residential properties other additional uses include: divorce settlement, PMI deletion, estate planning, and real estate tax reduction. Generally, residential properties are prepared in a form format. For all other properties real estate appraisals are generally prepared in a narrative format. These reports are generally in more detail to allow the reader a better understanding of the Subject Property and the valuation procedure. Narrative reports are presented in either a Restricted-Use, Summary, or Self-Contained format. In most cases, either a Summary or Self-Contained Report is performed. Located below is a summary of the different report types.

Restricted-Use Reports 1. Identify and provide a summary description of the real estate being appraised. 2. State the real property interest being appraised. 3. State the purpose and intended use of the appraisal. 4. State and reference a definition of the value to be estimated. 5. State the effective date of the appraisal and the date of the report. 6. State the extent of the process of collecting, confirming, and reporting data. Comment: The full extent of the process will not be apparent to the reader in the contents of the report. 7. State all assumptions and limiting conditions that affect the analyses, opinions, and conclusions. 8. State the appraisal procedures followed, state the value conclusion, and reference the existence of specific file information in support of the conclusion. 9. State the appraiser's opinion of the highest and best use of the real estate, when such an opinion is necessary and appropriate. 10. State the exclusion of any of the usual valuation approaches. 11. Contain a prominent use restriction that limits reliance on the report to the client and warns that the report cannot be understood properly without additional information in the work file of the appraiser, and clearly identify and explain any permitted departures from specific guidelines from Std. 1. 12. Include a signed certification in accordance with Std. Rule 2-3. Summary Reports 1. Identify and provide a summary description of the real estate being appraised. 2. State the real property interest being appraised. 3. State the purpose and intended use of the appraisal . 4. Define the value to be estimated. 5. State the effective date of the appraisal and the date of the report. 6. Summarize the extent of the process of collecting, confirming, and reporting data. Comment: The full extent of the process may not be apparent to the reader in the contents of the report. 7. State all assumptions and limiting conditions that affect the analyses, opinions and conclusions. 8. Summarize the information considered, the appraisal procedures followed, and the reasoning that supports the analyses, opinions, and conclusions. 9. Summarize the appraiser's opinion of the highest and best use of the real estate, when such an opinion is necessary and appropriate. 10. Explain and support the exclusion of any of the usual valuation approaches. 11. Summarize any additional information that may be appropriate to show compliance with, or clearly identify and explain permitted departures from the specific guidelines of Standard 1. 12. Include a signed certification in accordance with Std. Rule 2-3. Self-Contained Reports 1. Identify and describe the real property interest being appraised. 2. State the real property interest being appraised. 3. State the purpose and intended use of the appraisal. 4. Define the value to be estimated. 5. State the effective date of the appraisal and the date of the report. 6. State the extent of the process of collecting, confirming, and reporting data. Comment: The full extent of the process should be apparent to the reader in the contents of the report. 7. State all assumptions and limiting conditions that affect the analyses, opinions and conclusions. 8. Describe the information considered, the appraisal procedures followed, and the reasoning that supports the analyses, opinions, and conclusions. 9. Describe the appraiser's opinion of the highest and best use of the real estate, when such an opinion is necessary and appropriate. 10. Explain and support the exclusion of any of the usual valuation approaches. 11. Describe any additional information that may be appropriate to show compliance with, or clearly identify and explain permitted departures from the specific guidelines of Standard 1. 12. Include a signed certification in accordance with Std. Rule 2-3.