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USPAP 2018-2019 Edition

© The Appraisal Foundation

STANDARD 4: APPRAISAL REVIEW, REPORTING

In reporting the results of an appraisal review, an appraiser must communicate each analysis,

opinion, and conclusion in a manner that is not misleading.

Comment: STANDARD 4 addresses the content and level of information required in a report

that communicates the results of an appraisal review.

STANDARD 4 does not dictate the form, format, or style of appraisal review reports. The form, format, and

style of a report are functions of the needs of intended users and appraisers. The substantive content of a

report determines its compliance.

STANDARDS RULE 4-1

Each written or oral Appraisal Review Report must be separate from the work under review and must:

(a) clearly and accurately set forth the appraisal review in a manner that will not be misleading;

(b) contain sufficient information to enable the intended users of the appraisal review to understand the

report properly; and

(c) clearly and accurately disclose all assumptions, extraordinary assumptions, and hypothetical conditions

used in the assignment.

Comment: An Appraisal Review Report communicates the results of an appraisal review, which can have as

its subject another appraiser’s work in an appraisal or appraisal review assignment.

The report content and level of information in the Appraisal Review Report is specific to the needs of the

client, other intended users, the intended use, and requirements applicable to the assignment. The reporting

requirements set forth in this Standard are the minimum for an Appraisal Review Report. An appraiser must

supplement a report form, when necessary, to ensure that any intended user of the appraisal review is not

misled and that the report complies with the applicable content requirements set forth in this Standards Rule.

STANDARDS RULE 4-2

The content of an Appraisal Review Report must be consistent with the intended use of the appraisal review

and, at a minimum:

(a) state the identity of the client, unless the client has specifically requested otherwise; state the identity of

any intended users by name or type;

51

Comment:  An appraiser must use care when identifying the client to avoid violations of the Confidentiality

section of the ETHICS RULE.  If a client requests that their identity be withheld from the report, the appraiser

may comply with this request.  In these instances, the appraiser must 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.

(b) state the intended use of the appraisal review;

(c) state the purpose of the appraisal review;

(d) state information sufficient to identify:

(i)

the work under review, including any ownership interest in the property that is the subject of the

work under review;

(ii)

the date of the work under review;

(iii) the effective date of the opinions or conclusions in the work under review; and

51 See Advisory Opinion 36,

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

See also

FAQ 305-

329

FAQ

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