Specifications include, but are not limited to: Real Estate Appraisal 3.2.1 Category 1: Commercial Real Estate Appraisal Commercial real estate refers to income generating properties and vacant land. Commercial real estate may include office space, parking facilities, hotels, industrial, multi-family rentals, retail, and vacant lots and land. 3.2.1.1 Appraisals shall be completed by an Appraiser who possess a current Arizona certified General Real Estate Appraiser certificate. 3.2.1.2 Appraisers shall have at least five (5) years of experience appraising commercial land and improvements. 3.2.2 Category 2: Residential Real Estate Appraisal Residential real estate refers to any building or unit zoned and purposed as living space. Residential real estate may include single-family homes, condos, cooperatives, duplexes, townhouses, and multifamily residences. 3.2.2.1 Appraisals shall be completed by one of the following: 1. A current Arizona Certified Residential Real Estate Appraiser – for the appraisal of one to four residential units without regard to value or complexity; or a 2. A current Arizona Licensed Real Estate Appraiser – for the appraisal of noncomplex one to four residential units having a value of less than one million dollars and complex one to four residential units having a value of less than two hundred fifty thousand dollars. 3.2.2.2 Appraisers shall have at least five (5) years of experience appraising vacant residential land and improvements. 3.2.3 Service Provision. The Contractor shall (if applicable) 3.2.3.1 Inspect and photograph the property being appraised; 3.2.3.2 Study area land uses, demographics, and market supply-demand characteristics; 3.2.3.3 Research recent and similar property sales and rents, and land sales within the appropriate market area; 3.2.3.4 Develop an opinion of market value using appropriate appraisal methodology with reporting of the appraisal results in an Appraisal Report, as specified in USPAP. 3.2.3.5 The appraiser may not communicate appraisal results to any party except the Eligible Agency until authorized to do so in writing by the Eligible Agency. 3.2.4 Appraisal Report. The Contractor shall 3.2.4.1 Prepare each appraisal in a narrative format as either an “Appraisal Report” or “Restricted Report” as defined by USPAP as requested by the Eligible Agency. The content of each appraisal report must be consistent with the intended use, and it may include the following (the content of the appraisal is dependent on the Agency’s appraisal requirements): 1. Description of the scope of work, including the extent of data collection and limitations, if any, in obtaining and analyzing relevant data. 2. Photographs of subject property and comparable data, including significant physical features and the interior of structural improvements.