Answers
Mar 15, 2017 - 07:51 AM
Standards Rule 2-2(a)(v) in USPAP requires that an Appraisal Report:
State the type and definition of value and cite the source of the definition.
Further, the Comment to SR 2-2(a)(v) states, in part:
When an opinion of reasonable exposre time has been developed in complaince with Standards Rule 1-2(c), the opinion must be stated in the report.
Therefore, there is no requirement to include a definition of exposure time; however, the type and definition of value used in the assignment must be stated, and if exposure time is a component of that definition, the report must include the appraiser's estimate of reasonable exposure time.
State the type and definition of value and cite the source of the definition.
Further, the Comment to SR 2-2(a)(v) states, in part:
When an opinion of reasonable exposre time has been developed in complaince with Standards Rule 1-2(c), the opinion must be stated in the report.
Therefore, there is no requirement to include a definition of exposure time; however, the type and definition of value used in the assignment must be stated, and if exposure time is a component of that definition, the report must include the appraiser's estimate of reasonable exposure time.
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