If an appraiser’s observations are limited to an exterior-only inspection from the street, then the appraiser must gather information on relevant characteristics from other data sources and/or use extraordinary assumptions. 5 The data sources used are often the same sources used to gather information on comparable sales. For example, the size of the property might be obtained from public records, and other information might be obtained from interior photographs included in a listing of the property for sale, or information from the appraiser’s own files.
The report must disclose the extent of the property inspection in a manner that is clear to the intended users. For example, in this case it would probably be insufficient to merely state that the property was inspected. The report must make clear that the appraisal was based on an “exterior only” inspection from the street and state the sources used to identify the relevant characteristics other than those observed during the inspection.
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See Standards Rules 2-2(a)(x), 2-2(b)(x), 2-2(c)(x), 7-2(a)(x), 7-2(b)(x) and 7-2(c)(x). |