USPAP Practice Exam 2026 – Comprehensive Test Prep

When an appraiser uses a retrospective effective date, their competency is evaluated at the time of the assignment. This means that the appraiser must possess the necessary knowledge, skills, and experience relevant to the specific property and market conditions as they existed at that earlier effective date, rather than at the present.

This is crucial because the retrospective appraisal requires an understanding of historical market trends and conditions, making it essential that the appraiser's competency aligns with the time frame relevant to the appraisal assignment. By ensuring their knowledge and skills are applicable to the past, the appraiser can provide an accurate and credible evaluation based on the circumstances that existed at the given effective date.