Overview of Requirements of Partnership

Consulting Competency

Understanding of USPAP

Competency with Client-Defined Scopes of Services

State Licensure

Professionals Designation

MAI Designation

Good Standing

Work Experience

Computer Capability

E-Mail Capability

Voice Mail Capability

Licensed User of and Competency with Federal Appraisal’s Standard Software

Partner’s Certification

Partnership Approval Process

Submission of Required Forms and Documents for Partnership

Maintenance of Partnership

Partners Responsibility for Services Rendered and Products Provided

Attachments

Partners Certification Form

Partnership is by invitation only. Partners must demonstrate expertise in real estate appraisal and related topics. Also partners must certify their acceptance of and adherence to USPAP (the uniform standards of professional appraisal practice) and to the Federal Appraisal & Consulting LLC Requirements of Partnership. Lastly partners must demonstrate an ability to work effectively in a consulting environment, where client-defined scopes of services (agreed-upon procedures) and the use of technology are common.

Federal Appraisal and Consulting LLC often serves non-traditional appraisal clients. Also Federal often provides non-traditional and complex appraisal and consulting services. Federal and its Partners provide services beyond the government defined appraisal reports. Federal loosely defines these clients and services as consulting clients and services. Federal Partners understand the significance of, and are willing and able to provide Federal clients with these lawful, professional services that they require. Federal Partners are capable of working in a consulting environment where agreed-upon procedures and client-defined scopes of services are common, where communication between the clients, federal, and partners is paramount, and where the use of technology is required.

Nearly all of Federal’s engagements require compliance with the Uniform Standard of Professional Appraisal Practice ("USPAP"). Many of Federal’s engagements require the use of "limited", "restricted", "summary" and "departure provision" analyses, reports and consulting, as defined by USPAP. Federal Partners understand the significance of, and are willing and able to provide Federal clients with these lawful, professional "limited", "restricted", "summary" and "departure provision" analyses, reports and consulting services that they require. The use of "limited", "restricted", "summary" and "departure provision" analyses, reports and consulting, as defined by USPAP may require Partners to understand the appropriateness of the client need and intended use of services, and Partners will have the ability to address such appropriateness.

Many of Federal’s clients will require services that are not defined by government. Among others, government defined reports include Fannie Mae’s one to four family forms, and the FIRREA full analysis, full narrative commercial property report. Services defined by the client, client-defined scopes of services, or agreed-upon procedures included appraisal consulting, summary report formats, limited and restricted formats and analyses. Federal’s Partners are ready, willing and able to consult with clients to define their needed scope of services and to provide the services as defined. Among others requirements, Federal’s Partners properly research the context of the client’s need, match the need with appropriate appraisal and analysis methodology, and fully report the definition of the scope of services.

Federal’s Partners are licensed as state certified general real estate appraisers.

Partners may use their un-licensed or un-certified staff where appropriate and where agreed to by the client and Federal, to the extent permitted by USPAP and by customary professional practice. Such staff is the full responsibility of the Partner. The Partner warrants that such staff has the proper training and experience and that such staff receive appropriate management, direction and review from the Partner.

Professional Designations are not required, but are strongly encouraged, and will impact Federal’s decision to partner or work with an Partner. Federal does not pay Partners for license fees, membership dues or application fees or for education. Federal reserves the right to require a designation in the future.

Professional Designations are not required, but are strongly encouraged, and will impact Federal’s decision to partner or work with an Partner. Federal will market itself as an MAI oriented organization. It is Federal's goal, that every partner hold an MAI designation or another designation of similarly high standing. Federal reserves the right to require an MAI designation in the future.

The state licenses and certification and the professional designations of Federal’s Partners are in good standing. Federal’s Partners must remain in good standing. Any change in standing or potential change in standing must be reported to Federal immediately.

All Partners will demonstrate expertise in their respective fields by having, among other training and experience, at least 10 years full time relevant experience in their fields.

All Partners must be personally capable of using the technology customarily employed in their fields, and required by a specific client or engagement. Such technology may include, but is not limited to, personal computers, digital cameras, the Web and the Internet, and related software.

Partners will supply their own hardware, such as personal computers, printers, fax machines, digital cameras, telephones and modems.

All partners must be personally capable of sending and receiving e-mail and e-mail attachments. Partners must have permanent, operable and reliable e-mail accounts. The e-mail account and software must be capable sending and receiving large e-mails and attachments. Partners are responsible for providing Federal with up-to-date e-mail address information.

All partners must have the ability to receive voicemail 24 hours a day, seven days a week. When an partner cannot accept a phone call to their primary contact phone number, the caller must be automatically forwarded to the partner’s voicemail box. Answering services that will accept lengthy messages will be permitted, but are not preferred.

Partners must be a licensed and competent user of Federal’s standard software. Federal will not supply and will not pay for the standard software.

Federal’s standard software includes Microsoft Word (version 95 or higher), Microsoft Excel (version 95 or higher) and Argus. Similar applications that cannot provide trouble-free Microsoft Word, Microsoft Excel, and Argus files are not acceptable.

Partners must certify their acceptance of and compliance with USPAP and the Requirements of Partnership with Federal. Federal shall supply a certification form. A copy of the partner certification is attached, at Partner.

Partnership is by invitation only. The selection of partners is based on the partner’s qualifications, and on the best interests of Federal and its clients. Meeting the requirements listed herein does not guarantee partnership. Upon invitation from Federal, a prospective partner must submit the required forms and documents to federal. Upon review of the submitted forms and documents, federal may extend that offer of partnership.