Effective Date & Date Of Appraisal

[Michael Boyd]

I was reading an article in an appraisal publications and it stated that the "effective date of an appraisal" and the "date of the report" are rarely the same. I am aware of what each means, I thought. The effective date establishing the context for the value opinion and the 3 categories. The date of the appraisal I thought was the date the appraiser is reviewing data. If my effective date is a current one and I use the date of my inspection as my effective date why isn't my date of the report the same.

 

[Fred]

I am not following. You start out saying "date of appraisal" and end up saying "date of report."

Is date of appraisal not the same as effective date? If not, then what is it?

 

[Michael Boyd]

sorry, it should have been date of report

 

[Michael Boyd]

but is there really a difference in an appraisal and a report in this context?

 

[Fred]

To me there is a difference in every context.

 

[Lee Lansford]

Date of the report is the date signed by the appraiser.

 

[hastalavista]

Micheal-

The language can be a little confusing. Here's my interpretation (which is probably the same as yours):

Effective date of the report:
The date the value opinion is good for. USPAP doesn't define "date", so I suppose the date can be a specific point (like day/hour/minute), or range (for the month of October).

Date of the Report: There's no requirement in USPAP to "date" the report, just the value (An exception may be in a retrospective or prospective valuation). I usually assume this is the date I sign the certification.

Date of Appraisal: I do not know what this means? If it means the date the appraisal process was completed, that could theoretically be any date, including the effective date. If it means the date the report was physically produced, again, that could be any date.


With the exception of a retrospective or prospective appraisal, there are only two dates I believe that are required:
1. Effective date of the report.
2. The date the certification was signed.

 

[Fred]

Effective date of the report:

If you are going to have this conversation, it is going to take discipline with the jargon. USPAP only attaches the word "effective" to the appraisal date not the report date.

There's no requirement in USPAP to "date" the report

There sure is


And where are you guys getting the idea that it is the date the cert is signed. I can sign the cert the first day and it may take two weeks to finish the report. Maybe that's a dumb work habit, but the report date I am using is he date the report is finished for publication.

 

[hastalavista]

Denis (bold added)-

There's no requirement in USPAP to "date" the report, just the value (An exception may be in a retrospective or prospective valuation). I usually assume this is the date I sign the certification.

Steven-

There sure is

I read SR-2 before I posted just to be sure what I posted was accurate.
What did I miss?

(BTW, I said I usually assume the "date of report" is the certification signature date; I also said I really don't know what the term "date of appraisal" means, but suppose it could mean the date the process was completed.)

 

[Fred]

Denis,
"state the effective date of the appraisal and the date of the report"