Dates, Premises

Dates, Premises & Interests Appraised
This worksheet contains information about important dates, hypothetical conditions, extraordinary assumptions, and prior services.

The following sections include the following topics:
The first section allows the report date and inspection date to be entered. See the figure below.
  • Report Date: The date the appraisal is published. The date shown on the letter of transmittal.
  • Inspection Date: The date of the property inspection


There are three choices for effective date (see figure above). The effective date is the date of valuation, applicable for the following premises:
  • As Is: The current condition and occupancy and legal status of the property. Typically the effective date is the current date for "As Is" valuations.
  • As Complete: The value of the  property when construction is complete, though the property is not necessarily at market occupancy. Typically, the effective date of the 'As Complete' is a prospective date in the future.
  • As Stabilized: The value of the  property at market occupancy. Typically, the effective date of the 'As Stabilized' is a prospective date in the future.
Parameters per Effective Date
The next columns correspond to each date shown (see figure above).

Value Perspective:
  • Retrospective
  • Current
  • Prospective
Interests Appraised*:
  • Fee Simple Estate: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.
  • Leased Fee Interest: An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (the leased fee owner) and the lessee are specified by contract terms contained within the lease.
  • Leasehold Interest: The interest held by the lessee (the tenant or renter) through a lease transferring the rights of use and occupancy for a stated term under certain conditions. See also negative leasehold; positive leasehold, below.
  • Going Concern: An operating business enterprise that is expected to continue.
Negative Leasehold: A lease situation in which the market rent is less than the contract rent.

Positive Leasehold: A lease situation in which the market rent is greater than the contract rent.

*Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002).

Marketing Time:
Estimated time the property should be offer for sale (on the open market) before a sale is likely to be made. In other words, how long will it take to sell this property?

Exposure Time:
Estimated time the property should be exposed on the market before purchase. This is a retrospective view of Marketing Time. Put another way, hypothetically, how long would the subject have been listed prior to selling for the appraised value.

Type of Value
Fill in the type of value. See figure above.

Hypothetical Conditions*:
That which is contrary to what exists, but is supposed for the purpose of analysis. .


Clicking the cell under 'Hypothetical Condition #' will produce a drop-down window.

Custom text may be added to the dropdown window by right-clicking the cell and selecting 'Lists', or selecting 'Lists' from the 'N1 Options' tab on Excel. See the List Manager instructions for details.

Extraordinary Assumptions*:
An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser’s opinions or conclusions.

Extraordinary assumptions are also updated using the drop-down options. See figure above.

Prior Services*:
The USPAP Ethics Rule, Conduct Section, requires disclosure of any services regarding the subject property within a period of three years, as an appraiser or in any other capacity.  Disclosure must be made prior to accepting the assignment, or if discovered during the assignment, disclosed to client. See USPAP.

Prior services are also updated using the drop-down options. See figure above.

*Source: Appraisal Foundation, USPAP