If an appraiser gives a seller a ballpark range of value for a property, what is this considered according to USPAP?

When an appraiser provides a seller with a ballpark range of value for a property, this is considered an informal opinion of value. The Uniform Standards of Professional Appraisal Practice (USPAP) distinguishes between formal and informal opinions. A formal opinion typically arises from a comprehensive appraisal that adheres to specific methodologies and reporting requirements, which is not the case with a ballpark estimate.

A ballpark range is generally based on limited data or a brief analysis, which does not meet the rigorous standards of a formal appraisal. While it may provide a general idea of value, it lacks the detailed analysis and support that would classify it as a formal opinion. Therefore, it is important to understand that in the context of USPAP, this type of estimate does not hold the same weight or formality as a complete appraisal report. This is why the classification of an informal opinion of value is the most fitting description for a ballpark range provided by an appraiser.