How to Describe Property

How to Describe Property

(by Dave Maloney 2012) With every appraisal assignment appraisers need to decide to what degree they must describe the subject property in the report. Must I describe the secondary woods of a 19th century highboy? Must I list the serial number of a flat screen TV? The computer’s color? The dimension of a round dining table? The exact quantity? Every piece of stainless steel flatware in the kitchen drawer? Can I group things such as everyday and common dishes, glassware, pots & pans, hand tools, etc. that are known to be depreciable in nature and of minimal value? Understanding the underlying requirements of USPAP will guide us in answering these types of questions.

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