Mar 22, 2018 - 03:03 PM
165. MARKET RENT OPINION Question: I was asked by a client to provide an opinion of the market rent for a commercial property. Is such an assignment considered an appraisal?
Response: Yes. USPAP defines an appraisal as an opinion of value, and market rent is an expression of value for the right to use a property. Therefore, to comply with USPAP in this assignment, an appraiser would have to follow STANDARD 1 to develop the opinion of the market rent, and STANDARD 2 to report the assignment results.