@timd354
Mr Appraiser how many residential lending appraisals have you performed over the years??? Thousands???
And, how many of those appraisals have you accepted client provided information that could not be verified beyond the client, yet had the potential to be a major factor impacting the market value of a property?
Oh, just a few dozen here for this client?
And why did you not attempt to get the assignment conditions extended to cover the interior inspections you have performed for all those thousands of other appraisals you have performed for other clients?
I'll take over (as the appraiser) answering the Prosecutor's moronic questions from here, Marion.
And Mr Appraiser, why did you not attempt to get the assignment conditions extended to cover the interior inspections you have performed for all those thousands of other appraisals you have performed for other clients?
Because, Mr Prosecutor, the order was for a Desktop appraisal which included Extraordinary Assumptions about the interior, whereas information provided by the client was consistent with MLS, Realist, County records and photos of the exterior; therefore it was reasonable to believe that the interior condition by the client's sources was correct, but it may not be a true reflection of the interior condition; This is an acceptable SOW with the use of Extraordinary Assumptions.
The report was based upon the Extraordinary Assumption which clearly and conspicuously stated that their use these Extraordinary Assumptions might have affect the opinions and conclusion if found to be false, thus it is not misleading. USPAP defines “Extraordinary Assumption” as “an assumption, directly related to a specific assignment, as of the effective date of the assignment results, which if found to be false, could alter the appraiser’s opinion or conclusions.” Extraordinary Assumption of the interior replaces the need for verification of fact. The interior condition, as of the effective date, was based upon the extraordinary assumption, whereas if the interior conditions were found to be false, it could alter the opinions or conclusions in that appraisal. This is true with full interior appraisals, as well. Full appraisals include general assumptions such as the interiors of the comparable sales, as the appraiser did not inspect the comp interiors.
And Mr. Prosecutor, I might add that it is important to understand that when an extraordinary/special assumption proves to be contrary to the truth, it does not mean the appraiser was “wrong.” The appraiser must ascertain that the use of the extraordinary/special assumption is appropriate given the client’s intended use of the assignment results, which was abundantly clear and conspicuously stated in this report.
A value opinion is always developed within the context of the assignment as defined by the scope of work and other assignment parameters such as the date of value and the type of value, as well as stated hypothetical conditions and extraordinary/special assumptions. If an extraordinary/special assumption made in an appraisal subsequently turns out to be false, the appraiser is not wrong, nor is the appraiser liable for any impact the extraordinary assumptions may have made if found to be false.
Mr Prosecutor??? Are you ok??? You're sweating and looking very pale
