STANDARD 8.

In reporting the results of a personal property appraisal, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is not misleading.

Comment: Standard 8 is identical in scope and purpose to the appraisal reporting requirements in Standard 2.

Standards Rule 8-1.

Each written or oral personal property appraisal report must:

1. (a) clearly and accurately set forth the appraisal in a manner that will not be misleading;
2. (b) contain sufficient information to enable the person(s) who receive or rely on the report to understand it properly;

3. (c) clearly and accurately disclose any extraordinary assumption or limiting condition that directly affects the appraisal and indicate its impact on value.

   1. (a) identify and describe the personal property being appraised;
   2. (b) state the purpose and scope of the appraisal;
   3. (c) define the value to be estimated;
   4. (d) set forth the effective date of the appraisal and the date of the report;
   5. (e) set forth all assumptions and limiting conditions that affect the analyses, opinions, conclusions and valuations;
   6. (f) where appropriate, set forth the information considered, the appraisal procedures followed, and the reasoning that supports the analyses, opinions, conclusions and valuations;
   7. (g) when analysis of comparable sales is one of the methods used in the appraisal of personal property for sales purposes, carefully document the sales and analysis;
   8. (h) set forth any additional information that may be appropriate to show compliance with, or clearly identify and explain permitted departures from, the requirements of Standard 7;

   9. (i) include a signed certification in accordance with Standards Rule 8-3.

      Standards Rule 8-3.

      Each written personal property appraisal report must contain a certification that is similar in content to the following form:

      I certify that to the best of my knowledge and belief:

      - the statements of fact contained in this report are true and correct.

      - the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions.

      - I have no (or the specified) present or prospective interest in the property that is the subject of this report, and I have no (or the specified) personal interest or bias with respect to the parties involved.

      - my compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report.

      - my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

      - I have (or have not) made a personal inspection of the personal property that is the subject of this report. (If more than one person signs the report, this certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property).

      - no one provided significant professional assistance to the person signing this report. (If there are exceptions, the name of each individual providing significant professional assistance must be stated).

      Standards Rule 8-4.

      To the extent that it is both possible and appropriate, each oral personal property appraisal report (including expert testimony) must address the substantive matters set forth in Standards Rule 8-2.

      ADDITIONAL DEFINITIONS APPLICABLE TO STANDARDS 9 AND 10

      BUSINESS ASSETS: Tangible and intangible resources other than personal property and real estate that are employed by a business enterprise in its operations.

      BUSINESS ENTERPRISE: A commercial, industrial or service organization pursuing an economic activity.

      BUSINESS EQUITY: The interests, benefits, and rights inherent in the ownership of a business enterprise or a part thereof.

      Comment: To the extent that several of the definitions cited on pages A-7 and A-8 of these Standards apply to business appraisal and include a direct reference to real estate, they are modified for the purpose of Standards 9 and 10.

   Standards Rule 8-2.

   Each written personal property appraisal report must comply with the following specific reporting guidelines: