Standards Rule 7-5

When the value opinion to be developed is market value, an appraiser must, if such information is available to the appraiser in the normal course of business:(note84)

(a)

analyze all agreements of sale, validated offers or third-party offers to sell, options, and listings of the subject property current as of the effective date of the appraisal; and

(b)

analyze all prior sales of the subject property that occurred within a reasonable and applicable time period, given the intended use and the type of property involved.

Comment: The data needed for the required analyses in Standards Rule 7-5(a) and 7-5(b) may not be available or relevant in all assignments. See the Comments to Standards Rules 8-2(a)(viii), 8-2(b)(viii), and 8-2(c)(viii) for corresponding reporting requirements.