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Old 03-15-2009, 08:23 PM
Ion Caza Ion Caza is offline
 
Join Date: Oct 2005
State: Michigan
Professional Status: Certified Residential Appraiser
Posts: 137
Default USPAP question

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
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Old 03-15-2009, 08:51 PM
Tom Woolford Tom Woolford is offline
 
Join Date: Nov 2005
Location: Nature Coast
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 5,384
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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.
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Old 03-15-2009, 09:20 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 28,013
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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





(b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal.


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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