An appraisal is the act or process of developing an opinion of value as of a specific date. Because market value is not apparent just by inspection, an appraisal is usually required when a property is sold, taxed, insured, or financed.
In the aftermath of the $400 billion savings and loan debacle in 1989, Congress passed a bill mandating that all states set up licensing programs for appraisers. Their intent was to help prevent the kind of shaky loans that led to the biggest taxpayer bailout in history.
Licensed appraisers must adhere to the Uniform Standards of Professional Appraisal Practice (USPAP), which became effective in 1993. These rules have established a high level of professional and ethical standards which all licensed appraisers must follow.
Industry standard forms are used for most residential appraisals, but narrative reports are prepared for complex residential and all commercial properties. All the reports contain facts and analyses of the subject property, the neighborhood, and the market. Most contain exhibits, including photographs of the subject and comparable properties, a detailed scale sketch of the subject, a map showing the subject in relation to the comparables, and a flood plane map showing the subject. All appraisal reports contain a Statement of Limiting Conditions and Appraiser's Certification.
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