When is the date of an appraisal report considered effective?

The effective date of an appraisal report is the date on which the appraiser has completed their analysis and reached their conclusion about the value of the property. It reflects the appraisal's results concerning the conditions at a specific point in time, which may not necessarily be the same as the date of the inspection or when the report is delivered.

While the date of the personal inspection, the preparation of the summary, and the delivery date are significant in their own contexts, they do not determine the effective date of the report.

The oral report date is particularly important, as it is typically when the appraiser conveys their findings, which means the value conclusion has been reached. This conclusion usually aligns closely with the effective date, reflecting the conditions and circumstances of the subject property as of that point in time. Therefore, it is appropriate for the oral report date to be recognized as the effective date because it signifies the moment the appraiser communicates their final analysis and value determination.