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USPAP question

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Ion Caza, Mar 15, 2009.

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  1. Ion Caza

    Ion Caza Sophomore Member

    0
    Oct 21, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    Hello,

    Please let me know if according to USPAP I have to disclose in the report that the subject was listed for lease and leased in last three years. (no sales in last three years and currently subject is not active)

    Thanks
     
  2. Tom Woolford

    Tom Woolford Elite Member

    75
    Nov 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Not that I am aware of, but I'm looking forward to the other responses. Of course, you should disclose if it has been listed for sale in the last year.
     
  3. Mike Kennedy

    Mike Kennedy Elite Member

    252
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Standards Rule 1-5

    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:

    (a) analyze all agreements of sale, options, and listings of the subject property


    *** current as of the effective date of the appraisal; and





    [COLOR=#231f20](b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal.[/COLOR]


    IMO, should a recent Listing indicate a current active lease - the term of the lease may affect marketability and immediate transferability .....I report it.


     
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