According to USPAP, how many current listings must an appraiser analyze when examining the subject property?

According to USPAP (Uniform Standards of Professional Appraisal Practice), when appraisers are examining the subject property, they should analyze current listings for their relevance to the market context of the property being appraised. The emphasis is on utilizing market data that directly correlates to the property in question to ensure an accurate and fair appraisal.

While an appraiser may choose to focus on current listings, it is important to acknowledge that merely looking at "current listings only" does not encompass the full spectrum of data that should be analyzed. Ideally, appraisers are encouraged to examine multiple comparable properties and their listings to draw upon a comprehensive understanding of the market dynamics, which typically includes analyzing at least a minimum of three current listings when possible.

The option suggesting a minimum of three current listings thus provides a stronger foundation for making informed judgments about property values based on substantial market data, while the option that states "current listings only" could potentially lead to a narrow perspective that may not fully reflect the market conditions.

This reinforces the need for a thorough analysis that considers multiple listings, as relying solely on current listings without a broader context may lead to incomplete or skewed insights regarding the property's value.