STANDARD 2 in the Uniform Standards of Professional Appraisal Practice (USPAP) sets forth the requirements for appraisal report content.
An appraiser's peers are defined as other appraisers who have expertise and competency in a similar type of assignment.
Peers in the context of appraisal practice refer to fellow appraisers who possess the necessary knowledge, skills, and experience in a specific area or type of appraisal assignment. These individuals are considered peers because they have a similar level of expertise and competency in the appraisal specialty.
The essential difference between the two written report options lies in the level of detail and information provided.
Appraisers are required to maintain independence, objectivity, and impartiality in their appraisal assignments. Bias undermines the credibility and integrity of the appraisal process and is strictly prohibited.
To the extent possible and appropriate, oral appraisal reports for real property must address the substantive matters that apply to an appraisal report.
While oral appraisal reports are typically less formal and comprehensive compared to written appraisal reports, they are still expected to address the substantive matters relevant to the appraisal. The appraiser should communicate the essential elements of the appraisal, including the property description, scope of work, valuation methods and approaches used, analysis of the market, and the appraiser's conclusions and opinions.
The stated purpose of USPAP (Uniform Standards of Professional Appraisal Practice) is to promote and maintain a high level of public trust in appraisal practice. USPAP is a set of standards and guidelines developed by the Appraisal Standards Board (ASB) of The Appraisal Foundation, which is recognized as the authority on appraisal standards by the U.S. Congress.
