Triangle Chapter Members,
In case you have not had a chance to attend the USPAP update for 2012, there 2 items that are now required as of 1/1/2012. 1. We have to comment that we have or not done any prior work on the subject for the prior 36 months. 2. We have state our opinion of the exposure time.
Below are examples of comments that should be added to every report as of 1/1/2012. These are only examples, you should word them as you like, or in your words. The 'x" would be replaced by the range of exposure time that you find for that particular market. Example 3 -6 months.
-Unless otherwise indicated, I have performed no services regarding the subject property within the prior three years, as an appraiser or in any other capacity.
-The definition of market value employed for this assignment includes a component of exposure time. Exposure time is the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Based on statistical analysis and the examination of relevant sales history of comparable properties, the reasonable exposure time for the subject property type and value range is x-x months.
Mark your calendars, our next Chapter Meeting will Thursday 2/16/2012 at 11:30. More details to follow.