What must an appraiser do regarding sales and other transfers of the subject property?

An appraiser must analyze all sales and other transfers within the three years prior to the effective date of the appraisal. This requirement stems from the need for comprehensive data to ascertain current and relevant market conditions, which informs the appraiser about trends, fluctuations in property values, and the overall market dynamics.

By examining sales and transfers over a three-year period, an appraiser gains insights into different market conditions and can identify patterns that may affect the property's value. This analysis includes not just the most recent transactions but a broader spectrum that may provide essential context for the valuation. Consequently, focusing solely on the last year or transactions with monetary considerations would potentially overlook significant events that could affect market perceptions and value. Additionally, excluding transactions without purchase agreements could lead to incomplete data that might skew the appraisal results.

Thus, the correct approach ensures that the appraiser has a complete picture of transactions affecting the subject property, enabling a more accurate and defensible appraisal report.