What should an appraiser summarize in their report per applicable reporting standards?

An appraiser should summarize the analysis results of prior sales in their report according to applicable reporting standards. This requirement is essential because prior sales data provide significant context for the appraisal process, allowing the appraiser to establish a credible market value for the property in question. By analyzing and summarizing this data, the appraiser can demonstrate how past transactions influence current market conditions, which is crucial for generating a well-supported appraisal outcome.

This approach adheres to the standards set forth by the Uniform Standards of Professional Appraisal Practice (USPAP), which emphasize the importance of data analysis in arriving at justified value conclusions. Summarizing prior sales helps to illustrate trends, support comparability, and substantiate the appraiser's findings.

Other options such as the appraiser’s personal opinions or only monetary transfers would not adequately fulfill reporting standards, as they do not provide the necessary data-driven basis for value conclusions. Client communications and contracts, while important for understanding the context and scope of the appraisal assignment, do not directly relate to the summary of the analysis of prior sales, which is fundamental to the reporting standards.