In a market value appraisal, what does USPAP require appraisers to analyze?

In a market value appraisal, the Uniform Standards of Professional Appraisal Practice (USPAP) mandates that appraisers undertake a thorough analysis of all sales of the subject property that occurred within three years prior to the effective date of the appraisal. This requirement is rooted in the principle that understanding the most relevant transactions involving the subject property greatly enhances the accuracy of the valuation. By analyzing these sales, appraisers can identify market trends, fluctuations in property value, and other crucial factors that might influence the property's current market value.

Looking at sales within a three-year frame allows the appraiser to consider more than just the most recent transactions; it provides a broader context that can highlight changes in market conditions, as well as the specific characteristics and circumstances surrounding those sales. The requirement ensures that appraisers use the most pertinent and comprehensive data available, leading to a more reliable and defensible appraisal outcome.

The other options suggest a more limited scope of analysis, which would not fully satisfy USPAP requirements and could lead to an incomplete or inaccurate appraisal.