The Appraisal Standards Board never mandated the use of the methodology called for by R-41c.  The typical policy was for the lender providing financing for proposed construction to have the appraiser assume that market conditions at the time of completion of proposed construction would be the same as they were prior to the start of construction.  The result is described by the four squares problem of Myers and Beck (1994)

 

Shea (1996) developed the Appraisal Standards for Land Secured Financing (ASLSF) for the California Debt Advisory Commission in another attempt to force appraisers to provide substantive feasibility studies.  The ASLSF specifically calls for the use of the model shown in Table 1.  Its use was required for the valuation in Case Study 2 that was contained in the thesis of Weber (2005).  The appraiser simply ignored the requirement, conforming point 4 of Graaskamp (1986), which is the appraisers' invulnerability to malfeasance .