Extraordinary assumptions and hypothetical conditions information
Aspects of real estate appraisal
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In the field of real estate appraisal, extraordinary assumptions and hypothetical conditions are two closely related types of assumptions that are made as predicating conditions of an appraisal problem. Under the Uniform Standards of Professional Appraisal Practice (USPAP), they are two of the assignment conditions on which an appraisal assignment is predicated, the others being general assumptions, laws & regulations, supplemental standards, jurisdictional exceptions, and other conditions affecting scope of work.[1][2] Making the distinction between the two is important when compiling or reporting appraisals in the United States or other jurisdictions where USPAP is considered the professional standard because USPAP has different specific disclosure requirements for each in an appraisal report and specifies different conditions under which each can be made.[3]
An assumption is a statement or condition that is presumed or assumed to be true and from which a conclusion can be drawn. [4] USPAP defines an assumption as "that which is taken to be true".[5][6][7][8] An extraordinary assumption is an assumption which if found to be false could alter the resulting opinion or conclusion.[8][9][10][11] A hypothetical condition is an assumption made contrary to fact, but which is assumed for the purpose of discussion, analysis, or formulation of opinions.[8][12][13][14]
The distinction between the two lies in the potential veracity of the assumption. A hypothetical condition assumes a condition which is known to be contrary to fact whereas an extraordinary assumption assumes a condition or a fact which is merely unknown or uncertain. The results of an analysis involving any hypothetical conditions are known to not be reflective of what exists because the assumptions on which they are predicated are contrary to fact. The results of an analysis involving extraordinary assumptions are only potentially not reflective of what exists to the extent of the uncertainty underlying the assumptions on which the analysis or opinions are predicated.[15]
^Appraisal Standards Board, Uniform Standards of Professional Appraisal Practice 2008-2009 Edition, The Appraisal Foundation, USPAP Scope of Work Rule, pg. U-13
^Stephanie Coleman MAI SRA, Scope of Work, Appraisal Institute (2006) Chicago, IL, ISBN 0-922154-88-0, p. 44.
^Stephanie Coleman MAI SRA, Scope of Work, Appraisal Institute (2006) Chicago, IL, ISBN 0-922154-88-0, p. 46
^Google, Define: Assumption
^Appraisal Standards Board, Uniform Standards of Professional Appraisal Practice 2008-2009 Edition, The Appraisal Foundation, pg U-2 line 47
^The Dictionary of Real Estate Appraisal, 4th Ed., (2002), The Appraisal Institute, ISBN 0-922154-72-4, p 21
^Valuing Machinery and Equipment: The Fundamentals of Appraising Machinery and Technical Assets, 2nd Ed., (2000), American Society of Appraisers, ISBN 0-937828-06-8, p. 556
^ abcThe Appraisal of Real Estate, 12th Ed., (2001), The Appraisal Institute, ISBN 0-9221546-7-8, p. 56
^Appraisal Standards Board, Uniform Standards of Professional Appraisal Practice 2008-2009 Edition, The Appraisal Foundation, pg U-3 line 75
^The Dictionary of Real Estate Appraisal, 4th Ed., (2002), The Appraisal Institute, ISBN 0-922154-72-4, p. 106
^Valuing Machinery and Equipment: The Fundamentals of Appraising Machinery and Technical Assets, 2nd Ed., (2000), American Society of Appraisers, ISBN 0-937828-06-8, p. 566
^Appraisal Standards Board, Uniform Standards of Professional Appraisal Practice 2008-2009 Edition, The Appraisal Foundation, pg U-3 line 82
^The Dictionary of Real Estate Appraisal, 4th Ed., (2002), The Appraisal Institute, ISBN 0-922154-72-4, p. 141
^Valuing Machinery and Equipment: The Fundamentals of Appraising Machinery and Technical Assets, 2nd Ed., (2000), American Society of Appraisers, ISBN 0-937828-06-8, p. 571
^Stephanie Coleman MAI SRA, Scope of Work, Appraisal Institute (2006) Chicago, IL, ISBN 0-922154-88-0, p. 112
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