Each profession has its own complexities that require frequent clarification, not just for clients but for practitioners as well. In the appraisal field, one regulation that requires frequent clarification deals with past values. This regulation governing retrospective appraisals seems to tempt appraisers into offering their own interpretations, but it should not.
A Retrospective Appraisal comes with an automatic stop sign once the effective date of valuation has been reached. After that point, there can be no more data collection. How then can it be misinterpreted so often?
The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, June 2014.
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