This 2020 Definitions page contains most of the frequently used or needed definitions that normally would be encountered in an appraisal, if a narrative style or litigation is part of the assignment.


The major change is the omission of the "assignment definition" of Market Value.  Market Value is cited, but it is the USPAP definition which merely states the appraiser should use the appropriate Market Value definition for the assignment (red box below).  It may be provided by your Client or within the Scope of Work, or may default to the legal definition in the jurisdiction where the assignment is located.  Most federal and state agencies have there own "legal" definition of Market Value.  Thus, the Definitions page only has the USPAP reference for the appraiser to include the appropriate definition in the appraisal report.


There is a separate Value Definition page in AgWare's 2020 release that provides the actual definition for the assignment.