J Grant
Elite Member
- Joined
- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
The definition used in appraisal report for type of value ( as defined) is this:
"DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market..till end)
It is not this:
"DEFINITION OF MOST PROBABLE PRICE: The market value which a property should bring in a competitive and open market..till end)
We see appraisers say: " using this definition of value, market value = the most probable price also means that the most probable price = market value."
The URAR form prohibits the appraiser from changing printed terms and definitions. If appraisers flip the word order to the most probable price = market value.", they have modified the definition.
Is modifying the definition USPAP complaint?
"DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market..till end)
It is not this:
"DEFINITION OF MOST PROBABLE PRICE: The market value which a property should bring in a competitive and open market..till end)
We see appraisers say: " using this definition of value, market value = the most probable price also means that the most probable price = market value."
The URAR form prohibits the appraiser from changing printed terms and definitions. If appraisers flip the word order to the most probable price = market value.", they have modified the definition.
Is modifying the definition USPAP complaint?
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