Advisory Opinion 40 specifically focuses on which type of appraisal assignments?

Advisory Opinion 40 is specifically designed to address issues related to residential real property appraisal assignments. This opinion emphasizes the unique aspects and considerations that appraisers must be aware of when undertaking residential appraisals, such as the importance of understanding market conditions, the impact of location on property values, and the methods appropriate for residential properties.

The focus on residential properties in Advisory Opinion 40 arises from the distinct regulatory frameworks, valuation techniques, and audience expectations that often surround residential appraisals as compared to other types of properties. This guidance assists appraisers in ensuring compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) while enhancing the credibility and reliability of their residential appraisals. It underscores best practices that are crucial for appraisers engaged in this sector.