Detailed Analysis, Inc.

Frequently asked questions

Why do I need an appraisal?

That's a great question. Why do you need an appraisal? Are you trying to obtain financing on a property? Are you getting divorced? Did someone leave a property to you in their will? Are you trying to convince the tax assessor to lower your property taxes? These are some of the most common reasons why an appraisal is needed.

The truth is, if you are asking this question, you are likely needing an appraisal of a non-commercial residential property, a one to four unit residential property. The majority of investors and commercial property owners have to deal with appraisers much more frequently and are more familiar with the appraisal process. Their loan terms are shorter, they need to refinance more often, they need to make improvements or major repairs to their properties more often, or they want to leverage their investments into acquiring other properties.

As such, the majority of the following discussion is relative to residential property owners of one to four unit properties. Anything over four units is considered a commercial property and often requires substantially more complex analysis often utilziing multiple approaches to value (e.g. cost approach, sales comparison approach, income approach), and requires the appraiser to have the competency, experience, and appropriate license for appraising such properties.

Lenders nearly always require an appraisal before lending on a property. They need to know what kind of investment they are getting involved in. They may want to verify that a property under contract for sale is actually worth its sale price. They have different loan to value ratios on certain types of loans and loan amounts. The appraiser's opinion of value can have a major impact on lender decisions.

It's very common for loved ones to pass away and leave property to their children, siblings, or other loved ones. When this happens an Estate Tax Appraisal (sometimes referred to as the Date of Death Valuation) is needed. When someone passes, it is necessary to valuate their assets, including real estate. These types of appraisals are often ordered by an estate planning attorney and or accountants. The point of this appraisal is to determine whether a federal estate tax is due to the IRS and the amount. These types of appraisals often involve developing an opinion of value as of retrospective date as opposed to most lending appraisals, which typically require current effective date of value.

Let's face it, while the national divorce rate has come down, it's still around +/-36% per the CDC. Many of these marriages do not end amicably. Most often, a spouse has to leave the household. In the best of cases, an appraisal is ordered to determine the fair market value of a home so that one spouse can buy the other out. Sometimes the divorce does not go well, and the appraisal is needed for litigation purposes. These are oftten referred to as a Dissolution Valuation.

To anyone who's bought a property in the Bay Area in recent years, property tax due dates can be stressful to say the least. Sometimes after properties are substantially renovated, the county tax assessor may reassess the property at a rate that seems excessive. In either case, a property owner may feel the property taxes have been assessed too high. Often an appraisal is ordered to appeal the tax assessor to reconsider the reassessment.

It's not uncommon these days to see perfectly good homes be completely demolished to make way for a gargantuan luxury home, even in areas where luxury homes were never the intention. Developers or investors and/or their lenders may order an appraisal to determine the economic feasibility of the proposed development. More simply put, they want to know if all the money they're investing is going to turn them a profit and if the market will recognize the value of the improvements.

But you may think "I just bought the home a year ago, it hasn't changed any since then and market values have increased, can't my lender just give me the loan based on the last sale of my home?" or "I just had my home appraised six months ago, why do they need a new appraisal?". The answer could be as simple as your lender having strict requirements on lending practices. Remember, you are asking to borrow money; if you were lending a large sum of money, wouldn't you want to make aboslutely sure there is a good chance you will recoup your money?

Also, while you think properties values may have generally gone up in your neighborhood, this may not necessarily be the case for your specific market segment. The lender also has no idea if its borrower has taken adequate care of the home. Poor maintenance levels can have a major impact on the condition of a home over the course of a year. You may have completed substantial remodeling to the home and mentioned this to the lender, in which case, the lender may want to see how those improvements may have impacted the value or marketability of the home, if at all.

A common question or comment our staff frequently hears when meeting homeowners is "Why can't they just use Zillow? It shows how much our house is worth." The basic fact of the matter is that Zillow estimates are based on general data and it utilizes algorithms. It may be somewhat accurate in large housing tracts where there are several simliar sales of similar floorplan homes on similar lots. However, in real estate there's a common saying, "every property is unique." This is especially true in the majority of the Bay Area. Zillow may be most useful in showing shifts in general property values. However, it can't differentiate why two nearly identical properties sold for a value difference of say $1,000,000.

For example, we appraised two nearly identical homes in Hillsborough, both built by the same developer at the same time, both similar in design and with similar quality finishes. One sold for $5 million and the other appraised at the same time for refinance purposes for $3.75 million. In fact, part of the reason the lower value property owner refinanced, was because he noticed his neighbor's home sold for $5 million, and he was under the impression his was worth the same; he wanted to take the opportunity to complete a cash out refinance on his perceived increase in equity. The owner of the lower valued home could not understand how his value came in so much lower, when Zillow says he and his neighbor's home have a similar value and he knows his neighbors home just sold for $5 million. The answer was not so simple to the borrower, but it was rather simple to the appraiser. Both homes were situated on 1/2 acre lots. However, the higher value home that just sold had full lot utility. In other words, they could fully improve and utilize the entire half acre of the site. The lower value home had only 50% lot utility due to the hillside topography, this was verified with the county assessor. Essentially, they really only had use of half of their 1/2 acre lot. The rest was not suitable for improvement as it was steeply sloped and a large portion was covered in foliage and trees. Zillow's algorithm or aggregated sales data would not have been and was not able to make that observation and judgement. Rather, it compared the property to other similar properties regardless of lot utility. In this case, the appraiser's experience, knowledge of the nuances of the market area, and observation of the site utility difference was crucial. In the hillier areas of Hillsbrough, usable and level site area commands a premium.

For those who enjoy reading and would like a very detailed explanation into the need for an appraisal and the appraisal process, the Appraisal Institute provides a comprehensive article, which can be read and/or downloaded in PDF format using the following link.

Understanding the Appraisal

There are many articles that go into further detail about real estate appraisers and the appraisal process. Below is a link to an article that discusses the need for appraisals and other issues. However, note that they do not necessarily reflect the opinions and views of Detailed Analysis.

What to Know About Real Estate Appraisals



What does an appraiser do?

Well that's another great question. A real estate appraiser, sometimes referred to as a real property appraiser, is someone who uses a combination of data, experience, and analysis to develop an opinion of value. The Appraisal Institute states that "role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property—providing assistance to those who own, manage, sell, invest in, and/or lend money on the security of real estate. Appraisers assemble a series of facts, statistics, and other information regarding specific properties, analyze this data, and develop opinions of value." The appraiser operates independently, and their opinion is based almost entirely on the market data and the characteristics of your property (e.g. condition, age, size of living area, size and/or utility of the site, view amenity, remodeling, amenities, etc.). It's important to note that the appraiser is not a home or building inspector. The appraiser will not check the crawl space for termite damage, venture into an unfinished attic area, and check all your power outlets. However, similar to a home inspector, the appraiser will make observations of the overall condition of the improvements (e.g. home, building, etc.) and note its condition, the quality of finishes, note the size of gross living area or gross building area, and note any obvious deferred maintenance or health and safety issues. This includes the interior and exterior of the property, the site, and any external factors that may positively or negatively impact the marketability or value of the property (e.g. busy streets, blighted properties, etc.). There are several types of residential and commercial appraisals. Typically, a residential appraisal involves two main types, the full inspection and the exterior inspection. For most major conventional lenders, these are both typically done on standard forms authorized by FannieMae and Freddie Mac. The full inspection requires the appraiser to enter the property and the exterior does not. However, in both types, the appraiser is to research, obtain, and analyze as much data of information about your property as possible to perform a reliable analysis and a supportable opinion of value. Currently, our country is attempting to mitigate the impacts of the global Coronavirus/COVID-19 pandemic. Many homeowners, tenants, and business owners are reluctant to let a stranger enter their property. During this time, the external appraisal (often referred to as the "drive-by") has become increasingly utilized by the lending industry. However, this decision is made on a case by case basis and is also relative to the lender's unique requirements. For those who enjoy reading and would like a very detailed explanation into the need for an appraisal and the appraisal process, the Appraisal Institute provides a comprehensive article, which can be read and/or downloaded in PDF format using the following link. Understanding the Appraisal There are many articles that go into further detail about real estate appraisers and the appraisal process. Below is a link to an article that discusses what the appraiser is appraising. However, note that they do not necessarily reflect the opinions and views of Detailed Analysis. What is the appraiser appraising?



What does an appraisal look like?

There are many forms and formats in which an appraisal report is produced. The two most common are the FannieMae 1004 and the Fannie Mae 2055. Both forms are rather similar; however, the latter will typically have less information as it will be based solely on an exterior inspection. For condominiums, there are the FannieMae 1073 and Fannie Mae 1075 forms. Lenders typically require the UAD (Uniform Appraisal Dataset) version of each form, which requires the use of specific acronyms and datasets that aid in uniformity and in easing the review process. Per FannieMae, the UAD "defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields." Basically, the UAD was developed to improve the quality and consistency of appraisal data for loans delivered to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency (FHFA). For more information regarding the UAD, please click to following link. Uniform Appraisal Dataset Overview Many borrowers will receive a copy of the appraisal ordered by their lender after the successful funding of a loan. To aid in understanding and interpreting the appraiser's coded responses, the appraiser should contain a copy of the UAD reference guide. For more information about Standardized Residential Appraisal forms, FannieMae, FreddieMac, and GSE's, please see the following link. Fannie Mae Uniform Dataset With regard to commercial appraisals, these generally consist of custom narrative reports, with several sections and often incorporating custom spreadsheets and charts. Some can be as small as 20 pages, though it's not uncommon to for a commercial narrative appraisal to be up to 100 pages in length. That's not even including the addenda, which can add easy add an additional 10-50 pages.



Who owns the appraisal?

The short answer is "the client." However, if you're not familiar with appraisal terms and regulations, you may be thinking, "the appraisal was performed on my property and I paid for the appraisal, so aren't I the client." Well that depends, did you order the appraisal? Did your lender order the appraisal? Did a relative or neighbor order the appraisal? This is where it gets confusing for many. The appraisal is a valuation product, but unlike other products one can buy (e.g. TV, computer, cell phone, bicycle etc.), the owner of the appraisal is the person or entity that engaged the appraiser and ordered the appraisal (i.e. the client). Before, we continue, there are two very important appraisal terms in the appraisal industry, they are the: 1. Client 2. Intended User(s) According to the Uniform Standards of Professional Appraisal Practice ( USPAP), the client is defined as "the party or parties (i.e., individual, group, or entity) who engage an appraiser by employment or contract in aspecific assignment, whether directly or through an agent." The client may be an individual, group, or entity, and may engage and communicate with the appraiser directly or through an agent. The act of the property owner or any other entity paying the appraiser does not make them "the client" under USPAP. However, state law could take precedence over USPAP in this situation. Therefore, you should contact the pertinent jurisdictions to ensure that there is not a conflict between applicable law and USPAP. If a person or entity orders an appraisal of another person's or entity's property, that does not make the property owner the client, nor are they entitled to the appraisal. If your neighbor orders an appraisal of your property, they are the owner of the appraisal. You, as the owner of the property being appraised, are not entitled to the appraisal...and..yes, anyone can order an appraisal of your property. USPAP does not require an appraiser to inspect a property; though, an inspection is often necessary to produce reliable assignment results. However, there are many cases in which a reliable appraisal can be produced without physically inspecting a property. An appraisal can be performed on your property without your knowledge or involvement. Why would someone or some entity do that you ask? Well, a lender may have noticed its borrower had failed to make their property tax payments for multiple years, which would be a major concern for the lender. The lender may be anticipating its borrower may default on the loan, in which case, it's best to figure out how much the property may be worth. Here's another example, a neighbor may have heard a rumor that you were thinking of selling your home; they may want to be ready to make an informed preemptive offer. Or they may simply want to make you an offer. This happens often in commercial property development, as developers look to acquire multiple properties in order to combine them into one large parcel for future development. Once again, the person or entity that orders the appraisal, is the appraiser's client. It does not matter who paid for the appraisal or on which property or properties it was performed, the appraiser's client is the person or entity that ordered the appraisal. If you refinance your home and your lender (XYZ Bank) orders the appraisal from the appraiser, the lender is the owner of the appraisal. If you, as the borrower, receive the appraisal, you are receiving a copy. The appraiser hired by the lender cannot provide you a copy as you are not the appraiser's client, and the appraiser would be in violation of USPAP. That said, the client, may specify other individuals or entities as intended users. Per USPAP, "An intended user is a party identified by the appraiser, based on communication with the client at the time of the assignment, as a user of the appraisal or appraisal review. The appraiser is obligated to ensure the appraisal report is appropriate for the intended use, and can be properly understood by the intended user(s)." A party receiving a copy of an appraisal or appraisal review report is not “automatically” an intended user. To be an intended user the recipient must have been identified as such in the appraisal report by the appraiser. For instance, if your lender provides you a "copy" of the appraisal as a courtesy, you may have questions about the report, or there may be things you do not understand about the analysis. You may be tempted to call the appraiser to discuss these items. Unless you were listed as an intended user on the appraisal, the appraiser is not obligated to discuss the appraisal with you. In fact, depending on the contractual agreements regarding confidentiality, the appraiser could be in violation of both the contract with his or her client, and simulataneously in violation of USPAP. An good example to assist in clarifying the relationship between the appraiser, the client, and the intended user is this: John Smith's father George Smith passes away and leaves John and Jack Smith the family home. John Smith is the executor and his estate planning attorney tells John that he needs to get an estate tax appraisal. John Smith calls the appraiser, provides the property details, and the date of death (date of death appraisals are often retrospective values), and explains that the intended use of the report is for estate planning and/or estate tax purposes, and lastly, that John's attorney will be an intended user of the report. John also mentions his brother Jack will be mailing the check for payment. However, John does not mention his brother Jack is an intended user. In this example, the "client" is John Smith as he engaged the appraiser. He is listed as both the client and the intended user, as is his attorney. Sometime later, John's brother Jack calls the appraiser and asks for his appraisal. The appraiser kindly explains to Jack that he is not obligated to provide a copy or discuss the appraisal with him as he was not the client, and he was not listed as an intended user. Jack states that he paid for the appraisal and he is now a partial owner of his deceased father's property. Logically, he is thinking that he paid for a product and therefore it belongs to him. This is not the case. In this situation, which happens more often than you'd think, it's best for Jack to ask his brother John for a copy. However, even if he is provided a copy, and has questions about the appraisal, the appraiser is still not obligated to discuss the appraisal with Jack. Another commonly occurring situation is when a borrower independently orders an appraisal of their home or receives a copy of an appraisal of their property from a lender with whom they've elected to not engage in a new loan or refinance. In the case when the appraisal was ordered independently, the borrower listed themselves as the client and the intended user(s). No conventional lender will accept this appraisal. However, it may be accepted by some private, hard money lenders. The reason being is that most conventional lenders sell their loans to the GSE's (e.g. FannieMae & FreddieMac). These government agencies will not accept an appraisal that does not specifically list the originating lender as the client and intended user. In other words, a borrower cannot shop an appraisal around to different lenders. In most cases, each lender will order their own appraisal, and yes, you may need to pay a separate appraisal fee for each appraisal. These examples serve to stress the importance of correctly identifying the client and the intended users. They also serve to provide clarity on who owns the appraisal and who is entitled to use the appraisal. Bill Navotny and David Maloney of Appraisal Course Associates, produced a pretty good one page article on their website that goes into greater detail and provides more examples of the appraiser/client relationship. We also provide a downloadable informational sheet regarding the borrowers rights to receive a copy of the appraisal.



What qualifies as gross living area (GLA)?

Some form of this question comes up often among clients and borrowers, most often from those who receive a copy of their appraisal from their lender. It will either be presented as a question or a statement. Either way, what is being asked is, "what qualifies as gross living area?" Here's the short answer.... Gross living area (GLA) is basically defined as: "The total area of finished, above-grade residential space; calculated by measuring the outside perimeter of the structure and includes only finished, habitable, above-grade living space." Note: When the structure is a condo, GLA is calculated by measuring the interior perimeter of the unit. Our blog post titled "What is Gross Living Area" goes into greater discussion about this topic and provides several examples for clarification.



Why don't you have a formal office?

There are several reasons why we chose to "go remote". Here are the short answers:

  1. Our industry dynamics changed dramatically after May 1, 2009, when the Home Valuation Code of Conduct (HVCC) was implemented during the 2007-2009 housing crisis. Prior to the HVCC, appraisers, loan officers, and mortgage brokers forged strong relationships and worked together very closely. The HVCC pretty much ended the manner in which appraisers are engaged. In 2009, the days of mortgage brokers and other lender representatives coming into to meet the appraiser(s) ended. These days, communication between lenders and appraisers for residential orders is handled by appraisal management companies (AMC's), commercial orders through assignment portals (e.g. RIM's), phone calls, and emails.
  2. Since 1985, Detailed Analysis has had various offices. We founded our company in Burlingame and we were located on Burlingame Avenue. We've had two offices in Foster City, and one satellite office in Walnut Creek. Recently, our Foster City offices on Pilgrim Drive were demolished to make way for the Pilgrim-Triton Housing Development.
  3. Over the past decade, there have been so many innovations in the appraisal industry. Lenders and appraisers have become much more environmentally conscientious, which lead to a major reduction in the need for hardcopy paper appraisal reports as everything pretty much went digital. Sales data, rental data, market reports, zoning, and permit data are so much more accessible via the internet. Data and files can be digitized, if not already, and stored in the cloud or on drives, thereby eliminating the need for large file storage and copy rooms. Storage and communication platforms such as Dropbox, Google Drive, Box, Google Meets, Zoom, and Skype, allow our staff to effectively communicate and access data from anywhere. This makes for more efficient collaboration, happier appraisers, and a more productive staff.
  4. We are glad we have chosen to "go remote" or as some say "work from home". Like many progessive thinking companies in the Bay Area, we recognized that the traditional idea of "the office" was antiquated, especially in our industry, which is based on project deadlines. In some larger appraisal firms, where there may be a higher number of trainee (unlicensed or non-certified) appraisers, working closely with senior appraisers is key. However, our staff is comprised solely of certified residential and commercial appraisers. We feel especially lucky that we embraced this remote workforce dynamic when we did, especially during these difficult times, as the Bay Area and the world copes with COVID-19 (Coronavirus).
But just because we don't have a formal office, that doesn't mean we're not open to or interested in meeting past or future clients. For now, it may have to wait until we're safer from the threat of COVID-19, but when it is safe, we look forward to meeting you.



How can I verify an appraiser's credentials or that they are in fact certified?

You can verify the validity of our licenses using the following link to the Bureau of Real Estate Appraisers. There is a free online service that instantaneously verifies the license history of the appraisers. You can also verify our business is legitimate via the California Secretary of State website, Business Verification. You can look us up by name using "Detailed Analysis"



Will the IRS accept an appraisal report in which only an exterior (drive-by) inspection was completed by the appraiser?

IRS – Generally Accepted Appraisal Standards

The IRS adheres to the same appraisal standards and regulations mandated by the Uniform Standards and Principles of Appraisal Practice. The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. Compliance is required for state-licensed and state-certified appraisers involved in federally related real estate transactions. Internal Revenue Bulletin: 2018-33 states the following:

III. Requirements for Qualified Appraisals and Qualified Appraisers

B. Definition of generally accepted appraisal standards

Section 170(f)(11)(E)(i)(II) provides that the term qualified appraisal means an appraisal that is conducted by a qualified appraiser in accordance with generally accepted appraisal standards. Generally accepted appraisal standards are defined in the proposed regulations at § 1.170A–17(a)(2) as the “substance and principles of the Uniform Standards of Professional Appraisal Practice [USPAP], as developed by the Appraisal Standards Board of the Appraisal Foundation.” Several commenters recommended that the final regulations require appraisal documents to be prepared “in accordance with USPAP” and not merely in accordance with the “substance and principles of USPAP.” Other commenters indicated that strict compliance with USPAP would eliminate use of all other appraisal standards, including some that are generally accepted in the appraisal industry. The Treasury Department and the IRS agree that it is beneficial to provide some flexibility by requiring conformity with appraisal standards that are consistent with the substance and principles of USPAP rather than requiring that all appraisals be prepared strictly in accordance with USPAP. Accordingly, the final regulations do not adopt the recommendation to require strict compliance with USPAP and retain the requirement of consistency with the substance and principles of USPAP.

Essentially, if an appraisal meets USPAP Standards then it meets IRS standard for reporting and development of an opinion of value. USPAP standards are effectively stricter than IRS standards. How does this apply to the inspection? Many clients, borrowers, and lenders, lawyers, and CPA's frequently ask…."If the appraiser conducts only an exterior inspection, will the IRS accept the appraisal?"

The answer is YES, they will accept an appraisal in which only an exterior inspection is performed. USPAP does not require an inspection of the property being appraised. This question is addressed in the Frequently Asked Questions Section, 2020-2021 USPAP Edition on pages 266-277.

189. DRIVE-BY AND DESKTOP APPRAISALS

Question: Does USPAP permit real property appraisers to perform drive-by or desktop appraisal assignments?

Response: Yes. The Comment to Standards Rule 1-2(e) states, in part:

An appraiser may use any combination of a property inspection, documents, such as a legal description, address, map reference, copy of a survey or map, property sketch, photographs, or other information to identify the relevant characteristics of the subject property.

This is also discussed in Advisory Opinion 2, Inspection of Subject Property. It states:

An inspection is not required by USPAP, but one is often conducted. The extent of the inspection process is an aspect of the scope of work and may vary based on assignment conditions and the intended use of the assignment results. It is the appraiser’s responsibility to determine the appropriate scope of work, including the degree of inspection necessary to produce credible assignment results given the intended use.

190. INSPECTION OF SUBJECT PROPERTY

Question: Have I violated USPAP if I don’t inspect the interior of the subject property?

Response: USPAP has no requirement to inspect a subject property’s interior. Standards Rule 1-1(b) requires that an appraiser not commit a substantial error of omission or commission that significantly affects an appraisal. The Comment to that Standards Rule states, in part:

Diligence is required to identify and analyze the factors, conditions, data, and other information that would have a significant effect on the credibility of the assignment results.

Standards Rule 1-2(e)(i) requires that an appraiser identify a subject property’s physical, legal, and economic characteristics. But, note that the required identification must be relevant to the type and definition of value and intended use of the appraisal. If an interior inspection is not relevant, it is not required. Determining whether an interior inspection is relevant is a scope of work decision. The SCOPE OF WORK RULE states:

An appraiser must not allow assignment conditions to limit the scope of work to such a degree that the assignment results are not credible in the context of the intended use.

Advisory Opinion 2, Inspection of the Subject Property advises that if adequate information about the relevant characteristics of the subject property, such as information that could only be obtained as a result of an interior inspection, is not possible by personal inspection or from sources the appraiser reasonably believes are reliable, an appraiser must withdraw from the assignment unless the appraiser can:

  • modify the assignment conditions to expand the scope of work to include gathering the necessary information; or

  • use an extraordinary assumption about such information, if credible assignment results can still be developed

The degree of inspection needed to define the property's qualitative characteristics and value-relevant attributes is an aspect of the scope of work of the assignment. It is the duty of the appraiser to assess the scope of work of the assignment and, thus, the degree of inspection needed to deliver accurate results of the assignment given the report's intended use and intended user(s).

For example, circumstances may be such that the assessor may not have access to the subject property in which case he or she may rely on detailed information given by others; or, the intended purpose of the assessment report may be for the client's personal purpose.

An appraiser can use any number of sources of information that he/she feels credible to define the quality characteristics and value-relevant attributes of the property being assessed. Although a personal inspection is an option, the inspection itself may not necessarily include all the information needed. Additionally, the appraiser may need to rely on information from other sources such as brokers, clients, borrowers, contractors, City and County Building and Planning Officials, or County Assessors.

The appraiser may likewise find it necessary to depend entirely on client-borrower provided data, for example, photos, floorplans, architectural drawings, permits, descriptions, so as to recognize the applicable attributes of the property being appraised. Such dependence may be fundamental when the subject property is not accessible for investigation as would be the situation on the off chance that it was destroyed, demolished, no longer under the clients possession, or when access to the subject property is denied to the appraiser, as often occurs during divorce cases. Other times, the property has been sold and the appraisal is a retrospective valuation based on a date of death that occurred prior to the sale.

Appraisal reports must contain a signed certification and statement confirming whether the appraiser inspected the property being appraised. All appraisal reports should likewise contain adequate data (typically positioned in the Scope of Work description) to allow the client and intended user(s) to comprehend the degree of inspection performed.

USPAP does not express an opinion on who inspects the property or takes photos of the property. USPAP does not require an appraiser to inspect the property being appraised. USPAP does not require the appraiser to photograph the subject property or the comparable sales or rentals. However, USPAP does require the appraiser to disclose the extent of the inspection. Moreover, USPAP does not indicate a need to include photographs of the subject as part of the formation of a credible or reliable opinion of value. Both these requirements are most often a component of conventional lender requirements, not USPAP.