Glossary of Terms
The inspection date is the date on which an appraiser observes the subject property's condition, characteristics and quality as part of an assignment. When a physical inspection is performed, the date identifies when those conditions were observed.
The inspection date and effective date of value may be the same, but they can differ depending on the assignment. A retrospective appraisal may establish a value as of a past date, while the property is inspected later. Desktop and exterior-only assignments involve a different scope of observation, which the report should disclose.
Lenders and reviewers may compare the inspection date with the effective date and report date to understand the timing of the assignment. If significant time passes between the inspection and another milestone in the transaction, the lender or client may request an update to confirm whether material changes have occurred.