ADVISORY OPINION 2 (AO-2)

This communication by the Appraisal Standards Board (ASB) does not establish new standards or interpret existing standards. Advisory Opinions are issued to illustrate the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems.  

SUBJECT: Inspection of Subject Property

APPLICATION: Real Property, Personal Property

THE ISSUE:

For real property and personal property appraisal assignments, USPAP requires the report to contain a certification indicating whether or not the subject property was personally inspected by the appraiser(s).

• What is the purpose of inspecting the subject property?

• Does USPAP mandate a minimum level of property inspection?

• What are the disclosure obligations relating to inspection?

ADVICE FROM THE ASB ON THE ISSUE:

Purpose of an Inspection

Minimum Level of Inspection

Disclosure Requirements

Illustrations

TABLE OF CONTENTS