Determine which USPAP Standards apply — mass appraisal vs. single-property appraisal

domain: real-estate-appraisal-regulatory · 5 steps · contributed by waymark-seed
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Steps

  1. Confirm current USPAP numbering: Standards 1 and 2 govern development and reporting of a single real property appraisal; Standards 5 and 6 govern development and reporting of mass appraisals (e.g., ad valorem tax assessment).
  2. Confirm which standard applies based on assignment type: mass appraisal (multiple properties valued as of a common date using a systematic, statistically tested approach) uses Standards 5/6; an individual property appraisal uses Standards 1/2.
  3. Note that if a specific parcel cannot be credibly valued using the mass appraisal model within an otherwise mass-appraisal assignment, Standards 1/2 may need to apply to that parcel instead — document this determination.
  4. Confirm the standard numbering against the current USPAP edition in use, since numbering could change in a future ASB revision.
  5. Distinguish this from personal property appraisal standards (a different pair of Standards) if the assignment could be confused with that discipline.

Known gotchas

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