Update
of a Prior Assignment Once an appraisal of a property, or an appraisal consulting
assignment, has been completed, there are many cases in which a client may need
a subsequent appraisal or analysis involving the same property. The term "Update"
is often used by clients when they are seeking a current appraisal of a property
that was the subject of a prior assignment.
To meet USPAP requirements, a statement indicating the new assignment is an
update to the previous appraisal report dated with the effective date of original
appraisal. The scope of the new assignment includes an analysis of the subject
property and comparable sales based upon review of the original appraisal for
the physical characteristics of the subject and other general information. Rental
Survey (1007) Used on investment properties to provide an estimate of market
rents for the subject property. Satisfaction Certificate (442) Verifies that
repairs or the construction of property has been completed. Operating Income
Statement (216) Used on 1-4 income investment properties and 2-4 family owner-occupied
properties.
Applicant provides income and expense projections to be used in determining
income approach to value.
Rental Survey (1007) Used on investment properties to provide an estimate of
market rents for the subject property. Satisfaction Certificate (442) Verifies
that repairs or the construction of property has been completed. Operating Income
Statement (216) Used on 1-4 income investment properties and 2-4 family owner-occupied
properties. Applicant provides income and expense projections to be used in
determining income approach to value.
