Dictionary Of Real Estate Appraisal, 4th Ed

[Mike Garrett RAA]

What is...the meaning of "is"? USPAP should be a "bench mark" for what we do. As for me, and my shop, I will continue to use that.

 

[Austin]

Mike:
USPAP is a benchmark but you have to read what it says. Read lines 121-122:

Appraisers are cautioned to identify the exact definition of market value, and its authority, applicable in each appraisal assignment for the purpose of market value.

If ASB intended to put “The Definition of MV in USPAP” then why would they insert lines 121-122? MV is determined by the client for their purpose and intended use.

 

[Pamela Crowley (Florida)]

Originally posted by Claude From NY@Aug 10 2004, 08:37 AM
While I'm waiting for my copy & CD to arrive, anyone have the verbatim definition from the 4th edition? Thanks.

and

Jerry- Thanks anyway for the offer. But it's this specific def. I'm looking for.

Otis- Yea, I searched that website up-n-down but didn't find it mentioned anywhere.

:rainfro: :rainfro: :rainfro:

Poor Claude is asking for a specific definition from a specific book for a specific reason. All he's received are posts about other definitions and arguments as to which is correct.

:rofl:

 

[xm39hnu]

OK, Claude, I've got the 4th. There are two pages of definitions of market value in it. The one which seems most reliable for most assignments is here:

Originally posted by Market Value...
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
* Buyer and seller are typically motivated;
* Both parties are well informed or well advised, and acting in what they consider their best interests;
* A reasonable time is allowed for exposure in the open market;
* Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
* The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
(12 C.F.R. Part 34.42.(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994)

Be sure to include the citation completely.

 

[Austin]

Mike Garrett wrote:

What is...the meaning of "is"? USPAP should be a "bench mark" for what we do. As for me, and my shop, I will continue to use that.

Mike, there is no definition of market value in USPAP. AO 22 gives an example of a definition, similar to the one Jim posted above, but they clearly make it plain there is no such thing as "The Definition of Market Value" and never offer one.
So, as to you and your shop, how can you continue to use a definition of MV that does not exist?

PS: "Is" means something exist in this context but in this particular case there is no is, it is an ain't. :rainfro:

 

[Claude From NY]

Jim: Thanks for looking it up and posting.