Question:

The Standards Rules require all appraisal reports to disclose the effective date of the appraisal. Must the date be reported as a specific day, month, and year, or is it sufficient to simply provide the month and year?

Response:

The effective date of an appraisal is determined by the intended use and the intended user.  In most cases the intended use and/or the intended user dictates that the date provided is a specific day, month, and year.  However, in some circumstances it may be acceptable to be less specific, (e.g., in a prospective appraisal assignment).