Certified Valuation Analyst (CVA) Practice Exam

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Are opinions based on experience alone considered sufficient expert testimony in a valuation?

Yes
No
Only if backed by data
Depends on jurisdiction

The correct answer is: No

In valuation practice, while opinions based solely on experience can be valuable, they are generally not considered sufficient as expert testimony on their own. Expert testimony in a valuation context is expected to be grounded in methodologies and data analysis, rather than just personal experience. This requirement ensures that the testimony is reliable, credible, and capable of withstanding scrutiny in a legal or professional setting. Expert testimony must often be supported by quantitative data and established valuation approaches to provide a solid foundation for opinions rendered. This reliance on data helps to ensure consistency and objectivity in valuations, which is essential for maintaining professional standards and achieving transparent outcomes. Therefore, while experiential knowledge can inform a valuation expert's approach, it must be supplemented with data and established techniques to be deemed authoritative in a formal expert testimony context.