Standards Rule 9-2

(a)

identify the client and other intended users;(note110)

(b)

identify the intended use of the appraiser’s opinions and conclusions;(note111)

Comment: An appraiser must not allow the intended use of an assignment or a client’s objectives to cause the assignment results to be biased.

(c)

identify the standard (type) and definition of value and the premise of value;

(d)

identify the effective date of the appraisal;

(e)

identify the characteristics of the subject property that are relevant to the standard (type) and definition of value and intended use of the appraisal, including:

(i)

the subject business enterprise or intangible asset, if applicable;

(ii)

the interest in the business enterprise, equity, asset, or liability to be valued;

Comment: The interest to be valued may represent all ownership rights or a subset of those rights, such as a specific right to use the asset

(iii)

all buy-sell and option agreements, investment letter stock restrictions, restrictive corporate charter or partnership agreement clauses, and similar features or factors that may have an influence on value;

(iv)

the extent to which the interest contains elements of ownership control; and

Comment: The elements of control in a given situation may be affected by law, distribution of ownership interests, contractual relationships, and many other factors

(v)

the extent to which the interest is marketable and/or liquid;

Comment on (i)-(v): An appraiser must identify the attributes of the interest being appraised, including the rights and benefits of ownership.

The information used by an appraiser to identify the property characteristics must be from sources the appraiser reasonably believes are reliable.

(f)

identify any extraordinary assumptions necessary in the assignment;

Comment: An extraordinary assumption may be used in an assignment only if:

• it is required to properly develop credible opinions and conclusions;

• the appraiser has a reasonable basis for the extraordinary assumption;

• use of the extraordinary assumption results in a credible analysis; and

• the appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions.

(g)

identify any hypothetical conditions necessary in the assignment; and

Comment: A hypothetical condition may be used in an assignment only if:

• use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison;

• use of the hypothetical condition results in a credible analysis; and

• the appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions.

(h)

determine the scope of work necessary to produce credible assignment results in accordance with the SCOPE OF WORK RULE.(note112)