Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Urgent - Help Needed
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 10-15-2007, 11:00 AM
SPSDOT SPSDOT is offline
 
Join Date: Jul 2007
State: Wisconsin
Professional Status: Certified Residential Appraiser
Posts: 14
Default Hypothetical Condition vs Extraordinary Assumption?

Suffering from brainlock.
What is the difference between a Hypothetical Condition and an Extraordinary Assumption?
Sponsored Links

  #2  
Old 10-15-2007, 11:03 AM
Joyce Potts's Avatar
Joyce Potts Joyce Potts is offline
 
Join Date: Feb 2005
Location: Central Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 8,173
Default

Hypothetical Condition - That which is contrary to what exists but is supposed for the purpose of analysis.

HC assume conditions contrary to known facts about physical, legal or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of the data used in an analysis.

Extraordinary Assumption - An assumption directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions.

EA presume as fact otherwise uncertain information about physical, legal or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of the data used in an analysis.
__________________
If you have something to say,
keep your mouth shut!
  #3  
Old 10-15-2007, 11:37 AM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,567
Default

Quote:
Originally Posted by SPSDOT View Post
Suffering from brainlock.
What is the difference between a Hypothetical Condition and an Extraordinary Assumption?
"Got USPAP?"
__________________
Lee Lansford, IFA
"My opinions & my opinions only!"
  #4  
Old 10-15-2007, 11:41 AM
Michigan CG's Avatar
Michigan CG Michigan CG is offline
 
Join Date: Nov 2006
State: Michigan
Professional Status: Certified General Appraiser
Posts: 17,157
Default

Joyce must have stayed at a Holiday Inn Express last night.
__________________
You do not know what you do not know.
  #5  
Old 10-15-2007, 12:15 PM
Joyce Potts's Avatar
Joyce Potts Joyce Potts is offline
 
Join Date: Feb 2005
Location: Central Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 8,173
Default

Quote:
Originally Posted by Timothy Evans View Post
Joyce must have stayed at a Holiday Inn Express last night.
Please, please you give me way too much credit.

I often use these definitions explicitly in my reports in my endless attempt to make sure I don't render anything misleading and to limit or reduce each and every aspect of liability. So far, it's worked, but tomorrow is another day.
__________________
If you have something to say,
keep your mouth shut!
  #6  
Old 10-15-2007, 12:17 PM
CANative's Avatar
CANative CANative is offline
 
Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 45,731
Default

What about when we have to make a hypothetical assumption about an extraordinary condition?
__________________
“The peasants are revolting? Why yes, they are quite revolting.” ~ Oscar Wilde
  #7  
Old 10-15-2007, 12:45 PM
SPSDOT SPSDOT is offline
 
Join Date: Jul 2007
State: Wisconsin
Professional Status: Certified Residential Appraiser
Posts: 14
Default

Thank you Joyce.

Succinct and to the point. I shall print and frame your reply.

Steve.
  #8  
Old 10-15-2007, 12:48 PM
Carnivore's Avatar
Carnivore Carnivore is offline
 
Join Date: Jan 2002
Location: Queen City
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 12,585
Default

Quote:
Originally Posted by leelansford View Post
"Got USPAP?"

Best answer on this thread! Thanks Lee.

Now I will give them man a fishing pool.


http://commerce.appraisalfoundation....0USPAP/toc.htm
  #9  
Old 10-15-2007, 12:54 PM
Richard Carlsen's Avatar
Richard Carlsen Richard Carlsen is offline
 
Join Date: Jan 2002
Location: Tip of the Mitt: Northern Michigan
State: Michigan
Professional Status: Licensed Appraiser
Posts: 8,372
Default

Philosophical question:

Can one make an Extraordinary Assumption on something where there is no way to prove or disprove the validity of the assumption?

Since an Extraordinary Assumption is, "An assumption directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions", and forgetting the part about "specific assignment", in general, can one make any such assumption if there is no kown physical or scientific way to prove or disprove what has been assumed?


Ummmmmmmmm
__________________
Now it's time to go fishing and ride the bike........
  #10  
Old 10-15-2007, 05:32 PM
Joyce Potts's Avatar
Joyce Potts Joyce Potts is offline
 
Join Date: Feb 2005
Location: Central Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 8,173
Default

Quote:
Originally Posted by Richard Carlsen View Post
Philosophical question:

Can one make an Extraordinary Assumption on something where there is no way to prove or disprove the validity of the assumption?

Since an Extraordinary Assumption is, "An assumption directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions", and forgetting the part about "specific assignment", in general, can one make any such assumption if there is no kown physical or scientific way to prove or disprove what has been assumed?


Ummmmmmmmm
That's what often makes them hypothetical assumptions or extraordinary conditions. I've often invoked this logic when reading many posts on this very Forum.
__________________
If you have something to say,
keep your mouth shut!
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 06:14 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93