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USPAP 2018-2019 Edition

© The Appraisal Foundation

31

STANDARD 4

(iv) the appraiser(s) who completed the work under review, unless the identity is withheld by the client.

Comment: If the identity of the appraiser(s) in the work under review is withheld by the client, that fact must

be stated in the appraisal review report.

(e) state the date of the appraisal review report;

(f) clearly and conspicuously:

• state all extraordinary assumptions and hypothetical conditions; and

• state that their use might have affected the assignment results.

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

Comment: Because intended users’ reliance on an appraisal review may be affected by the scope of work,

the appraisal review 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 appraisal or appraisal review assistance, the reviewer must

state the extent of that assistance. The name(s) of those providing the significant assistance must be stated in

the certification, in accordance with Standards Rule 4-3.

(h) state the reviewer’s opinions and conclusions about the work under review, including the reasons for any

disagreement;

Comment: The report must provide sufficient information to enable the client and intended users to understand the

rationale for the reviewer’s opinions and conclusions.

(i) when the scope of work includes the reviewer’s development of an opinion of value or review opinion

related to the work under review, the reviewer must:

52

(i)

state which information, analyses, opinions, and conclusions in the work under review that the

reviewer accepted as credible and used in developing the reviewer’s opinion and conclusions;

(ii)

if applicable, state the effective date of the reviewer’s opinion of value;

(iii) at a minimum, summarize any additional information relied on and the reasoning for the reviewer’s

opinion of value or review opinion related to the work under review;

(iv) clearly and conspicuously:

• state all extraordinary assumptions and hypothetical conditions connected with the reviewer’s

opinion of value or review opinion related to the work under review; and

• state that their use might have affected the assignment results.

Comment: The reviewer may include his or her own opinion of value or review opinion related to

the work under review within the appraisal review report itself without preparing a separate report.

However, data and analyses provided by the reviewer to support a different opinion or conclusion must

match, at a minimum, except for the certification requirements, the reporting requirements for an:

• Appraisal Report for a real property appraisal (Standards Rule 2-2(a));

• Appraisal Report for a personal property appraisal (Standards Rule 8-2(a));

• Appraisal Review Report for an appraisal review (Standards Rule 4-2);

• Mass Appraisal Report for mass appraisal (Standards Rule 6-2); and

• Appraisal Report for business appraisal (Standards Rule 10-2(a)).

(j) include a signed certification in accordance with Standards Rule 4-3.

52 See Advisory Opinion 20,

An Appraisal Review Assignment That Includes the Reviewer’s Own Opinion of Value.

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