Answers
Jul 22, 2016 - 07:08 AM
We appreciate your comments and concur with your assessment that confusion exists in the marketplace with respect to the applicability of "market value."
It should be noted that APB Valuation Advisory 5, Identifying Comparable Properties in Automated Valuation Models for Mass Appraisal, does not describe AVM results as "an opinion of value," which is the definition of an appraisal in USPAP. AVMs provide an "estimate of value," but that is not intended to equate to an appraisal.
FYI, the term "market value" appears where the Valuation Advisory is quoting reference material external to the document itself.
It should be noted that APB Valuation Advisory 5, Identifying Comparable Properties in Automated Valuation Models for Mass Appraisal, does not describe AVM results as "an opinion of value," which is the definition of an appraisal in USPAP. AVMs provide an "estimate of value," but that is not intended to equate to an appraisal.
FYI, the term "market value" appears where the Valuation Advisory is quoting reference material external to the document itself.
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