The first section of the uniform residential appraisal report is the subject section. This section identifies your property, which is the subject of the appraisal report. According to the Uniform Standards of Professional Appraisal Practice (USPAP), 2014-2015, and the Georgia Real Estate Appraisers Board, Standards for Developing and Reporting an Appraisal, when developing and reporting the results of an appraisal, the appraiser must at a minimum identify:
- the characteristics of the property being appraised including location, physical, and legal attributes;
- the use of the property as of the effective date of the appraisal such as vacant, occupied or leased;
- any property restrictions, covenants, special assessments or items of similar nature;
- the property interests being appraised such as fee simple, leased fee, etc.;
- the intended use of the appraisal;
- the client and intended user of the appraisal; and
- all listings of the subject property as of the effective date of the appraisal - identify and state any list prices of the subject if listed within a year before the effective date of the appraisal.
The subject section satisfies all these requirements and lets the client know that the correct property has been appraised.