Table of Contents Table of Contents
Previous Page  35 / 77 Next Page
Information
Show Menu
Previous Page 35 / 77 Next Page
Page Background

USPAP 2018-2019 Edition

© The Appraisal Foundation

23

STANDARD 2

document the identity of the client in the workfile and must state in the report that the identity of the

client has been withheld at the client’s request.

The Restricted Appraisal Report is for client use only. Before entering into an agreement, the appraiser

should establish with the client the situations where this type of report is to be used and should ensure that

the client understands the restricted utility of the Restricted Appraisal Report.

(ii)

state the intended use of the appraisal;

38

Comment: The intended use of the appraisal must be consistent with the limitation on use of the

Restricted Appraisal Report option in this Standards Rule (i.e., client use only).

(iii) state information sufficient to identify the real estate involved in the appraisal;

39

Comment: The real estate involved in the appraisal can be specified, for example, by a legal description,

address, map reference, copy of a survey or map, property sketch, and/or photographs or the like.

(iv) state the real property interest appraised;

(v)

state the type of value and cite the source of its definition;

40

Comment: When an opinion of reasonable exposure time has been developed in compliance with

Standards Rule 1-2(c), the opinion must be stated in the report.

(vi) state the effective date of the appraisal and the date of the report;

41

Comment: The effective date of the appraisal establishes the context for the value opinion, while the

date of the report indicates whether the perspective of the appraiser on the market and property as of

the effective date of the appraisal was prospective, current, or retrospective.

(vii) state the scope of work used to develop the appraisal;

42

Comment: Because the client’s reliance on an appraisal may be affected by the scope of work, the

report must enable them to be properly informed and not misled. Sufficient information includes

disclosure of research and analyses performed and might also include disclosure of research and

analyses not performed.

When any portion of the work involves significant real property appraisal assistance, the appraiser

must state the extent of that assistance. The name(s) of those providing the significant real property

appraisal assistance must be stated in the certification, in accordance with Standards Rule 2-3.

43

(viii) state the appraisal methods and techniques employed, state the value opinion(s) and conclusion(s)

reached, and reference the workfile; exclusion of the sales comparison approach, cost approach, or

income approach must be explained;

Comment: An appraiser must maintain a specific, coherent workfile in support of a Restricted Appraisal

Report. The contents of the workfile must include sufficient information to indicate that the appraiser

complied with the requirements of STANDARD 1 and for the appraiser to produce an Appraisal Report.

When reporting an opinion of market value, a summary of the results of analyzing the subject sales,

agreements of sale, options, and listings in accordance with Standards Rule 1-5 is required. If such

38 See Advisory Opinion 36,

Identification and Disclosure of Client, Intended Use, and Intended Users

.

39 See Advisory Opinion 2,

Inspection of Subject Property

.

40 See Advisory Opinion 7,

Marketing Time Opinions

, Advisory Opinion 22,

Scope of Work in Market Value Appraisal Assignments, Real

Property

, and Advisory Opinion 34,

Retrospective and Prospective Value.

41 See Advisory Opinion 34,

Retrospective and Prospective Value

.

42 See Advisory Opinions 28,

Scope of Work Decision, Performance, and Disclosure

, and Advisory Opinion 29,

An Acceptable Scope of Work

.

43 See Advisory Opinion 31,

Assignments Involving More than One Appraiser

.

683

684

685

686

687

688

689

690

691

692

693

694

695

696

697

698

699

700

701

702

703

704

705

706

707

708

709

710

711

712

713

714

715

716

717