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USPAP 2018-2019 Edition

© The Appraisal Foundation

6

DEFINITIONS

SIGNATURE:

personalized evidence indicating authentication of the work performed by the appraiser and the

acceptance of the responsibility for content, analyses, and the conclusions in the report.

VALUATION SERVICES:

services pertaining to aspects of property value.

Comment: Valuation services pertain to all aspects of property value and include services performed both by

appraisers and by others.

VALUE:

the monetary relationship between properties and those who buy, sell, or use those properties.

Comment:

Value

expresses an economic concept. As such, it is never a fact but always an opinion of the

worth of a property at a given time in accordance with a specific definition of value. In appraisal practice,

value must always be qualified - for example, market value, liquidation value, or investment value.

WORKFILE:

documentation necessary to support an appraiser’s analyses, opinions, and conclusions.

10

10

See RECORD KEEPING RULE.

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