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Terminology Standard Terminology from Uniform Act appraisal: A written statement independently and impartially prepared by a qualified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by the presentation and analysis of relevant market information. appraisal waiver: Method of establishing property value if the agency determines that an appraisal is unnecessary because the valuation problem is uncomplicated and the fair market value is esti- mated below an established threshold. business: Any lawful activity, excepting a farm operation, conducted primarily 1. for the purchase, sale, lease and rental of personal and real property, and for the manufac- ture, processing, or marketing of products, commodities, or any other personal property; 2. for the sale of services to the public; 3. by a nonprofit organization. comparable replacement dwelling: Any dwelling that is 1. decent, safe, and sanitary; 2. adequate in size to accommodate the occupants; 3. within the financial means of the displaced person; 4. functionally equivalent; 5. in an area not subject to unreasonable adverse environmental conditions; and 6. in a location generally not less desirable than the location of the displaced person's dwelling with respect to public utilities, facilities, services, and the displaced person's place of employment. corridor preservation: See protective buying. detailed appraisal: An appraisal format for all valuations that require in-depth analysis and presentation of relevant market information. displacing agency: Any Federal agency carrying out a program or project, and any State, State agency, or person carrying out a program or project with Federal financial assistance, which causes a person to be a displaced person. displaced person: Any person who moves from real property, or moves his personal property from real property 1. as a direct result of a written notice of intent to acquire or the acquisition of such real property in whole or in part for a program or project undertaken by a Federal agency or with Federal financial assistance; or 2. on which such person is a residential tenant or conducts a small business, a farm operation, or a business defined in paragraph (7)(D), as a direct result of rehabilitation, demolition, 41
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42 Guide for Implementing a Geospatially Enabled Enterprise-wide Information Management System or such other displacing activity as the lead agency may prescribe, under a program or project undertaken by a Federal agency or with Federal financial assistance in any case in which the head of the displacing agency determines that such displacement is permanent. farm operation: Any activity conducted solely or primarily for the production of one or more agricultural products or commodities, including timber, for sale or home use, and customarily producing such products or commodities in sufficient quantity to be capable of contributing materially to the operator's support. Federal agency: Any department, agency, or instrumentality in the executive branch of the Gov- ernment, any wholly owned Government corporation, the Architect of the Capitol, the Federal Reserve banks and branches thereof, and any person who has the authority to acquire property by eminent domain under Federal law. Federal financial assistance: Means a grant, loan, or contribution provided by the United States, except any Federal guarantee or insurance, any interest reduction payment to an individual in connection with the purchase and occupancy of a residence by that individual, and any annual payment or capital loan to the District of Columbia. lead agency: The United States Department of Transportation. low value appraisal: An appraisal technique used for appraisal waivers for uncomplicated and low value acquisitions. minimum payment: Policy to offer a minimum acquisition amount for nominal acquisitions. minimum standards appraisal: An appraisal format that is consistent with established and commonly accepted practice for acquisitions which, by virtue of their low value and simplicity, do not require the in-depth analysis and presentation necessary in a detailed appraisal. Also referred to as memorandum appraisal. mortgage: Such classes of liens as are commonly given to secure advances on, or the unpaid purchase price of, real property, under the laws of the State in which the real property is located, together with the credit instruments, if any, secured thereby. person: Any individual, partnership, corporation, or association. protective buying: Purchasing a limited number of parcels within the line of a proposed trans- portation corridor prior to location approval to preclude development from occurring which may limit the choice of highway alternatives. short form appraisal: Example of a minimum standards appraisal that includes descriptions of the property and acquisition, an analysis of the comparable sales used, photographs of the property, and an analysis of the value conclusions. State: Any of the several States of the United States, the District of Columbia, the Common- wealth of Puerto Rico, any territory or possession of the United States, the Trust Territory of the Pacific Islands, and any political subdivision thereof. state agency: Any department, agency, or instrumentality of a State or of a political subdivision of a State, any department, agency, or instrumentality of 2 or more States or of 2 or more political subdivisions of a State or States, and any person who has the authority to acquire property by eminent domain under State law. value finding appraisal: Example of a minimum standards appraisal for uncomplicated acquisitions of only land or land and minor improvements and includes comparable sales data, photographs of the property and a brief analysis of the value conclusion.