Analysis of market and property value indicators in relation to specific property rights for an estimate of value at a given point of time, such as time of purchase, sale, financing, completion of construction, or stabilized occupancy. Valuations are performed on individual properties and portfolios of properties anywhere in the United States of America. Valuations are prepared for a variety of purposes including, but not limited to, portfolio valuation, financing, property tax disputes, and partnership disputes.
The analysis used to form an opinion of value must result in a credible opinion of value. The Uniform Standards of Professional Appraisal Practice (USPAP) permits the client to request a limited analysis in order to save time or money; however, the appraiser may only accept the assignment if the scope of work to be applied will result in a credible opinion of value for the intended use and users of the appraisal.
According to USPAP, valuation reports may be prepared in three different forms, "self-contained", "summary", and "restricted-use." A "self-contained" report is intended to contain all the information, analyses, and reasoning used by the appraiser in forming the opinion of value. A "summary" report is intended to be a summary of a "self-contained" report with much of the detail contained in the appraiser's work file. The content of a "restricted-use" report is tailored to the specific needs of the client; however, it may be used only by the client. Standard 2 of USPAP applies to the content requirements for each appraisal report type.