Why was the term "sales and other transfers" added to Standards Rule 1-5?

The addition of the term "sales and other transfers" to Standards Rule 1-5 was primarily aimed at enhancing clarity regarding the appraiser's responsibilities. By broadening the scope to include both sales and other types of transfers, this adjustment helps appraisers better understand their duty to consider various forms of property transactions when conducting their analyses. This includes understanding not just traditional sales, but also alternative transfer methods that may impact property valuations.

While data analysis can certainly extend to non-sale transactions, the intent of the term's addition wasn't solely focused on expansion. The appraisal process incorporates numerous factors beyond just transactions, so simplification or reducing documentation requirements are not primary motivations behind this change. The emphasis remains on ensuring that appraisers are fully aware of their responsibilities and the types of data they should consider when appraising a property, which the inclusion of the phrase more precisely communicates.