2020 Value Definition(s)
USPAP requires each valuation identify the value definition. The new AgWare forms show only "Value Type" and "Value Definition" to be filled by the user. Examples of "Value Type" may be market value, liquidation value, insurable value, quick-sale value, etc.
The "Market Value" page, typical of most assignments can include several definitions depending on the Scope of Work and Client instructions. The 2020 value definition page includes a pull-down box or common pick-list of those embedded in the software. There are six choices in this release --- each definition include the source that populates this section of the page or report.
If a specific jurisdiction, say for State X is required, the "blank definitions" page in the Classic form set should be substituted and the appropriate State definition of market value added instead of what is displayed below. This is likely to occur for "before v. after" valuations for state takings (condemnation) or acquisitions.
The bottom of the page includes the appraiser's approximation for exposure and marketing time. Some rule-sets require different combinations, i.e., reports completed for financing usually require the FIRREA or FCA definitions of market value and may or may not require both exposure and marketing estimates.
The federal requirements (UASFLA, aka the Yellow Book) specifically require the UASFLA market value definition and only exposure time. Reports prepared under UASFLA also states the appraiser must invoke a jurisdictional exception to USPAP for such direction. In the example below, answering both exposure and market time may be required for all but UASFLA at the Client's request. Either enter those approximations, or insert "N/A" for not applicable and explain why it was omitted. The user may want to state 6-12 months or some other "range" rather than specific months shown as 12 for the example.