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Credibility is defined as “worthy of belief.”

The entire foundation of legacy appraisal practice and standards is “credible.”

The word “credible” is found 289 times in my most recent USPAP edition (Uniform Standards of Professional Appraisal Practice).  Wow.  It must be important!

The word “worthy” is found only once!  And that is to help define the meaning of “credible.”

The word “belief” is hardly found, in three contexts:  1) The definition of credible; 2) in appraiser’s certifications; and 3) iterative explanations of “credible” and the certifications of belief.”

We do have a whole USPAP FAQ 165 devoted to “How credible assignment results are measured.”  Summarized, it says:

  • Consider the definition of “credible.”    Valuation Intelligence - The Conference 2026 A joint Conference of the Community of Asset Analysts & the American Valuation Society. May 13, 14, 15, 2026 in Irving, TX
  • Assignment results require support.
  • By relevant evidence and logic,
  • As necessary for the intended use.

And, the appraiser’s opinions and conclusions:

  • Should be objective, not subjective,
  • Using data as a relative determination, depending on the intended use.

It appears a reduced-data intention (such as property inspection) is “not a measure of credibility,” “as long as the scope of work is acceptable.”

It appears, per USPAP, that this carefully-defined measure of credibility  — cannot be used as a measure of reliability for the appraiser’s opinions and conclusions.

And how is credibility based, as defined by other non-USPAP sources?  Using Copilot, I got four measures:

  1. Source Reliability, using track record, expertise, transparency, and independence.
  2. Evidence Quality:
    • Replicability (reproducibility by others);
    • Confirming sources (multiple independent sources agree);
    • Completeness (full dataset vs selective sampling);
    • Methodological rigor (validated instruments, proper controls).
  3. Logical Coherence:
    • Internal consistency (no contradictions);
    • Alignment with known theory or mechanisms;
    • Clarity of reasoning (explicit steps, no leaps);
    • Alternative explanations addressed.
  4. Transparency & Auditability:
    • Documentation completeness
    • Availability of data/code
    • Clear assumptions
    • Decision trail (audit trail, versioning, rationale notes)

This direct, anonymous inquiry to Copilot is gratifying.  It distinctly defines the differences between the legacy “appraisal process” and EBV (Evidence Based Valuation)©, as sanctioned by CAA (Community of Asset Analysts), and in the Valuemetrics.info courses, such as “Stats, Graphs, and Data Science1”.

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