NEED a good definition of 'credible'

[Pamela Crowley (Florida)]

Please post your definition of "credible" as it relates to appraisals and USPAP.

 

[Lawrence R.]

Do I get to go first?

Oh boy. Here we go.

Credible:

Adj. Cred-uh-bull

def: referring to results communicated within an appriasal which are:

Able to be understood by the intedned user(s) of the report, clear in its summation, verifiable so that it can withstand scrutiny, employing methodology that is accepted in this and other industries, by which a valid conclusion about a property can be drawn by the reader for his/her stated use of said appraisal results, subject to the agreed upon scope of work.


Now, that being said, some of the preceeding statements really mean nothing. We have not identified any authority, or source, or body of knowledge to make most of them meaningful. What book should we refer to for our methodology? Edition 27 or Volume 3? Henry Harrison or someone else.

Words have meanings. We need to fill the void in the underlying meanings of such words as accepted methodology, verifiable(to what extent) etc...

Otherwise, it is just another vacuous and vague statement fit only for print in USPAP.

That's about all it means to me.

What say you, Oh Forum?

 

[TJSum]

Per the handbook, "Worthy of belief. Credible assignment results require support, by relevant evidence and logic, to the degree necessary for the intended use."

 

[Lost Cause]

Exactly. "Worthy of belief" is how the creators of the document define it.

 

[Ken B]

I think the USPAP definition could be improved by adding "by a reasonable party" to the "Worthy of belief" definitition.

 

[Bob Ipock]

CREDIBLE: worthy of belief.

Comment: Credible assignment results require support, by relevant evidence and logic, to the degree necessary for the intended use.

 

[Bob Ipock]

Pam,

Call me when you have a minute.

Thanks.

 

[Lee Lansford]

Please post your definition of "credible" as it relates to appraisals and USPAP.

Per USPAP: "worthy of belief"

"Credible" has no special definition--beyond the descriptive words above--within the USPAP.

Within the "Comment" (definitions section of the USPAP; see CREDIBLE):
"Credible assignment results require support, by relevant evidence and logic, to the degree necessary for the intended user."

 

[Lawrence R.]

Guys,

I am pretty sure ole Pam has a copy of USPAP handy.

That ain't what she's after, I'll bet.

 

[Mike Kennedy]

Believable to the degree necessary i.e just enough info to "do the deal", 'cuz we reallllllly don't wanna know the Truth. Let the next guy worry 'bout it. GIMME MY MONEY!!!!!!