Q: I just received a copy of an appraisal in which the appraiser didn’t analyze prior sales of the subject property. Aren’t appraisers required to analyze prior sales?
A: Yes. Standards Rule 1-5, USPAP, states that when the value opinion to be developed is market value, an appraiser must analyze all available agreements of sale, options and listings of the subject property current as of the effective date of the appraisal and analyze all sales of the subject property that occurred within the three years prior to the effective date of the appraisal.