When analyzing the subject property's sales history, what is required by USPAP?

The requirement set forth by USPAP (Uniform Standards of Professional Appraisal Practice) emphasizes the importance of a comprehensive approach to analyzing a subject property's sales history in order to provide an accurate appraisal. Specifically, the standard mandates that appraisers must include all sales of the subject property that occurred within three years prior to the effective date of the appraisal. This timeframe is critical since it typically reflects the most relevant market data, influencing the current value assessment.

By focusing on sales within the last three years, the appraiser can capture significant trends, changes in market conditions, and variances in property values, which may not be as apparent when reviewing sales that are further in the past. This timeframe allows for the use of the most current and applicable data, enhancing the reliability of the appraisal. Highlighting only the last three years ensures that the analysis remains relevant to current market circumstances, which is fundamental to the appraisal process.