Rice Brewer
Member
- Joined
- Dec 14, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Arkansas
The below is for your consideration and discussion. It was lifted from a report I was reviewing.
"A common underwriting practice is to look for "bracketing", or the use of both superior and inferior comparable sales, so that the value opinion is pinpointed by from two directions. In a prefect world, this is desirable but, of course, it is not always possible. In fact, to force "bracketing" may violate the ethics rule of the Uniform Standards of Professional Appraisal Practice (USPAP) to which all appraisers must adhere, as selecting inferior and superior sales would require a "preconceived opinion of value" prior to the complete application of the appraisal process, which USPAP forbids."
"A common underwriting practice is to look for "bracketing", or the use of both superior and inferior comparable sales, so that the value opinion is pinpointed by from two directions. In a prefect world, this is desirable but, of course, it is not always possible. In fact, to force "bracketing" may violate the ethics rule of the Uniform Standards of Professional Appraisal Practice (USPAP) to which all appraisers must adhere, as selecting inferior and superior sales would require a "preconceived opinion of value" prior to the complete application of the appraisal process, which USPAP forbids."
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