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Credible And/or Reliable

Credible and/or Reliable or both as of effective date?

  • Credible only as of effective date

    Votes: 4 36.4%
  • Reliable only as of effective date

    Votes: 0 0.0%
  • Both Credible and Reliable as of effective date

    Votes: 7 63.6%
  • I don't know.

    Votes: 0 0.0%

  • Total voters
    11
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Eli

Elite Member
Joined
May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
As of the effective date, should an appraisal be credible or reliable or both? Notice "effective date" is in the question.
 
Last edited:

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
I am of the opinion the conclusions must be supported, to be credible, so it may be relied upon for a lending decision.
 

Ken B

Elite Member
Joined
Feb 18, 2004
Professional Status
Certified General Appraiser
State
Florida
Which is more "reliable?" 1) A "desktop" appraisal with no property inspection; 2) A "full" appraisal with both interior and exterior inspection of the readily observable areas of the property only, 3) A "full" appraisal with both interior and exterior inspection of the property plus review of an independent third party inspection of the roof and mechanical systems and an independent Phase I or II environmental site assessment?

I think it should be obvious that the potential for a more "reliable" appraisal is greater with a more detailed inspection plus review of reports from experts regarding aspects of the property which we are not qualified to opine.

If a reviewer receives two appraisal reports from the same client on the same property for review, one report having a scope of work consistent with option 1 above and the other report having a scope of work consistent with option 3 above, should the reviewer reject the appraisal report developed with option 1's scope of work as being "less reliable" than the other. Or should the reviewer comply with USPAP and opine on the credibility of each report given the scope of work required for each assignment?

There is a reason that USPAP does not require "reliable" assignment results, but does require credible assignment results within the context of the scope of work performed.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
It's impossible to tell who starts such polls, isn't it? :rof:
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
Which is more "reliable?" 1) A "desktop" appraisal with no property inspection; 2) A "full" appraisal with both interior and exterior inspection of the readily observable areas of the property only, 3) A "full" appraisal with both interior and exterior inspection of the property plus review of an independent third party inspection of the roof and mechanical systems and an independent Phase I or II environmental site assessment?

I think it should be obvious that the potential for a more "reliable" appraisal is greater with a more detailed inspection plus review of reports from experts regarding aspects of the property which we are not qualified to opine.

If a reviewer receives two appraisal reports from the same client on the same property for review, one report having a scope of work consistent with option 1 above and the other report having a scope of work consistent with option 3 above, should the reviewer reject the appraisal report developed with option 1's scope of work as being "less reliable" than the other. Or should the reviewer comply with USPAP and opine on the credibility of each report given the scope of work required for each assignment?

There is a reason that USPAP does not require "reliable" assignment results, but does require credible assignment results within the context of the scope of work performed.
The reviewer must comply with the USPAP and opine on the credibility of each report given the scope of work required for each assignment gets my vote.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
In the circular logic of USPAP, it is supposed to be reliable for its intended use. Which means intended user has some responsiblity for deciding to rely on a report with X conditions of assignment.

The content of the appraisal should credibly support the appraiser's opinions, conclusions and statements.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Please show me the definition of "full appraisal"????
 

Ken B

Elite Member
Joined
Feb 18, 2004
Professional Status
Certified General Appraiser
State
Florida
In the circular logic of USPAP, it is supposed to be reliable for its intended use. Which means intended user has some responsiblity for deciding to rely on a report with X conditions of assignment.

The content of the appraisal should credibly support the appraiser's opinions, conclusions and statements.

Please cite the source of "In the circular logic of USPAP, it is supposed to be reliable for its intended use."
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
circular logic is my expression, lol...USPAP look it up , I am not the USPAP look up service!
 
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