Sep 15, 2016 - 07:20 AM
USPAP does not establish a "cutoff" date to distinguish between current and retrospective appraisals; therefore, conceptually there would be no conflict with USPAP in performing this assignment as suggested. However, if questioned, the burden of proof would be on you to show that the subject property and market conditions were exactly the same on the date of report as they were on the effective date 3 months earlier.
For example, without an additional inspection of the subject property how would you be able to ascertain that its physical characteristics have not changed? If you performed a physical inspection where you accessed the interior of the property, how could you be assured that the physical characteristics have not changed in the last 3 months?
The engagement date does not have an effect on whether the appraisal is current or retrospective; that is determined by the physical characteristics of the subject property and the market conditions.