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International Appraisal

Reviewing Appraisals from India

by Administrator on May 6, 2016 International Appraisal 614 Views

I guess that I have inadvertently been drawn into the international appraisal world by accepting an assignment to review appraisal reports completed in India on real properties located in India. I have never been to India, but I am not reviewing the accuracy of the market data used in the reports. I'm looking at how the reports deal with basic appraisal concepts, and suggesting how they can best be revised or changed to address USPAP 2016-2017 requirements. So far I have seen some important appraisal keywords and concepts used in appraisal reports from India like "fair market value" but the terms are used without their definitions included as required in the U.S. by USPAP. If you don’t detail a “fair market value” definition you may find that it has many different meanings. I was also struck by the fact that there was no discussion in the reports about basic appraisal theory and process. Nothing was in the appraisal reports about the three (3) approaches to value, scope of work,

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