USPAP 2008–2009
A retrospective appraisal is complicated by the fact that the appraiser already knows what occurred in the market after the effective date of the appraisal.
Data subsequent to the effective date may be considered in developing a retrospective value as a confirmation of trends.
The appraiser should determine a logical cut-off.
Use of direct excerpts from then-current appraisal reports prepared at the time of the retrospective effective date helps the appraiser and the reader understand market conditions as of the retrospective effective date.
In the absence of evidence in the market that data subsequent to the effective date were consistent with and confirmed market expectations as of the effective date, the effective date should be used as the cut-off date.
USPAP 2008–2009 Edition
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