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USPAP 2018-2019 Edition

© The Appraisal Foundation

61

STANDARD 10

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 business and/or intangible asset appraisal

assistance, the appraiser must state the extent of that assistance. The name(s) of those providing the

significant business and/or intangible asset appraisal assistance must be stated in the certification, in

accordance with Standards Rule 10-3.

105

(ix) state the appraisal procedures followed, state the value opinion(s) and conclusion(s) reached, and

reference the workfile; exclusion of the market approach, asset-based (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 9 and for the appraiser to produce an Appraisal Report.

(x)

clearly and conspicuously:

• state all extraordinary assumptions and hypothetical conditions; and

• state that their use might have affected the assignment results; and

(xi) include a signed certification in accordance with Standards Rule 10-3.

STANDARDS RULE 10-3

Each written appraisal report for an interest in a business enterprise or intangible asset must contain a signed

certification that is similar in content to the following form:

I certify that, to the best of my knowledge and belief:

— the statements of fact contained in this report are true and correct.

— the reported analyses, opinions, and conclusions are limited only by the reported assumptions and

limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and

conclusions.

— I have no (or the specified) present or prospective interest in the property that is the subject of this report,

and I have no (or the specified) personal interest with respect to the parties involved.

— I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the

property that is the subject of this report within the three-year period immediately preceding acceptance

of this assignment.

— I have no bias with respect to the property that is the subject of this report or to the parties involved with

this assignment.

— my engagement in this assignment was not contingent upon developing or reporting predetermined

results.

— my compensation for completing this assignment is not contingent upon the development or reporting

of a predetermined value or direction in value that favors the cause of the client, the amount of the value

opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to

the intended use of this appraisal.

— my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity

with the

Uniform Standards of Professional Appraisal Practice

.

— no one provided significant business and/or intangible asset appraisal assistance to the person signing

this certification. (If there are exceptions, the name of each individual providing significant business and/

or intangible asset appraisal assistance must be stated.)

105 See Advisory Opinion 31,

Assignments Involving More than One Appraiser

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