Answers
Dec 01, 2016 - 08:38 AM
When the value opinion to be developed is market value, an appraiser must, if such information is available to the appraiser in the normal course of business,[1] analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal.
[1] See Advisory Opinion 24, Normal Course of Business.
Also, for an Appraisal Report, the Comment to Standards Rule 2-2(a)(viii) states, in part:
When reporting an opinion of market value, a summary of the results of analyzing the subject sales, agreements of sale, options, and listings in accordance with Standards Rule 1-5 is required.[1] If such information is unobtainable, a statement on the efforts undertaken by the appraiser to obtain the information is required. If such information is irrelevant, a statement acknowledging the existence of the information and citing its lack of relevance is required.
[1] See Advisory Opinion 1, Sales History.
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