Appraising Part of a Property

Question: A client has asked me to appraise a house with a pool but not to include the value of the pool. Can I accept the assignment with this assignment condition.

Answer: You may appraise the property without the pool. Question 107 of the 2006 USPAP FAQs (page 61) states in part:

”The subject of a real property appraisal is not limited to all of the physical parts of an identified parcel or tract of real estate. The subject of a real property appraisal can be a full or fractional ownership interest in all or any part of an improved or unimproved parcel or tract of identified real estate. For example, the subject of a real property appraisal could be a half-interest in the land, part of the land, the improvements on or to the land, or some other configuration within a parcel or tract of identified real estate.”

Standards Rule 1-2(e) states, in part:

”An appraiser is not required to value the whole when the subject of the appraisal is a fractional interest, a physical segment, or a partial holding.”

State in the Scope of Work that the pool was not part of the appraisal. It is probably best to include a photo. Proceed as if there were no pool.