Trendspotting For Appraisers

Posted by: Joseph Dobrian Date: Dec 19, 2016 11:09:14 AM

How do you spot and judge market trends and news events that might influence your appraisal, or that you should bring to the attention of the client? If you’re in a situation where the value of a property could rise or fall dramatically from its current appraised value, depending on various factors, how can you take the variables into account and provide the most accurate appraisal possible? The short answer is that your appraisal will be applicable to a certain effective date—but you shouldn’t neglect to let the lender know how market forces might affect the appraised value down the road.

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Topics: USPAP, appraisal market, appraisal trends

USPAP Overview and Parental Advice for Appraisers: Part 2

Posted by: Robert Grafe Date: Jun 23, 2016 11:00:00 AM

The USPAP “Standards” are so important for appraisers to become familiar with that the Appraisal Standards Board devoted 74% (54 of 73 pages) of the 2016–2017 edition of USPAP to them. USPAP has five sections: Definitions, Preamble, Rules, Standards (including Standards Rules), and Statements on Appraisal Standards (there are currently no active Statements). In Part 2 of this two-part series, you will learn about STANDARDS 1-3, which apply primarily to real property appraisers. This article presents a thorough discussion of STANDARDS 1-3 by which the professional appraiser’s real property reports are judged, as well as valuable parental-like advice for appraisers.

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Topics: USPAP

USPAP Overview and Parental Advise for Appraisers: Part 1

Posted by: Robert Grafe Date: Jun 16, 2016 11:00:00 AM

USPAP is the accepted “rulebook” for those individuals who want to hold themselves out to the general public, proclaiming to the world: “I am an appraiser—and by the way—I would like to get paid for my professional services!” According to the PREAMBLE of USPAP, “The purpose of USPAP is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions and conclusions to intended users of their services in a manner that is meaningful and not misleading.”

Part 1 of this two-part series will explore the “Best Practice” aspects of the ETHICS RULE, the RECORD KEEPING RULE, the COMPETENCY RULE, the SCOPE OF WORK RULE, and the JURISDICTIONAL EXCEPTION RULE as found in USPAP.

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Topics: USPAP

The 6 Most Frequent USPAP Violations

Posted by: Alexis Petersen Date: Dec 10, 2015 9:00:00 AM

As an appraiser, it’s important to understand the rules, regulations, and standards by which you should operate. But, as a busy professional, it’s easy to get overwhelmed trying to keep up with changes. That said, there are certain violations that are a matter of neglect or oversight. Others indicate a lack of proper appraisal education and training. Keep reading for information on some of the most frequent USPAP violations and advice on how to avoid them.

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Topics: USPAP

4 Common USPAP Myths … and the Truth Behind Them

Posted by: Alexis Petersen Date: Oct 5, 2015 11:21:34 AM

Like any industry, the appraisal profession is replete with misconceptions - whether held by appraisers themselves or consumers of appraisal services. This is true of many fields that are highly regulated, as getting to the bottom of and fully understanding all of the governing rules and requirements can be difficult. And, just when you think you’ve got a handle on them, it’s likely they change or are updated.

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Topics: USPAP

Executive Summary of USPAP 2016-2017 Changes

Posted by: Alexis Petersen Date: Sep 22, 2015 11:00:00 AM

The revisions to the Uniform Standards of Professional Appraisal Practice for 2016-2017 are finalized, and the new version of USPAP is now available from The Appraisal Foundation.

Compliance with the 2016-2017 edition of USPAP will be required for appraisal reports completed on or after January 1, 2016.

Several of the ASB’s revisions were edits made for the sake of clarification; they do not establish new requirements. However, significant revisions were made to the Confidentiality section of the ETHICS RULE, and all active STATEMENTS ON APPRAISAL STANDARDS were retired.

Download McKissock's Executive Summary of USPAP 2016-2017 Changes to view all 11 revisions. 

Download Executive Summary of USPAP Changes

Go in-depth with all the latest revisions to USPAP with The Appraisal Foundation’s official 2016-2017 online USPAP Update course, now with interactive case studies and downloadable job aides included. Enroll in USPAP today.

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Topics: USPAP

USPAP Question Submission

Posted by: Alexis Petersen Date: Aug 13, 2015 2:26:00 PM

Do you have USPAP questions you're hoping to have answered? Submit your questions to us anonymously and we'll work with The Appraisal Foundation to have them answered. 

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Topics: USPAP

ASB Announces Changes to USPAP for 2016-2017

Posted by: Dan Bradley Date: Feb 19, 2015 2:59:00 PM

The Appraisal Standards Board (ASB) of The Appraisal Foundation adopted changes to the 2016-2017 edition of USPAP at its meeting on February 6, 2015. Subsequently, the ASB has released a document titled Summary of Actions Related to Proposed USPAP Changes

This document is 21 pages long, and it contains information about 11 different changes to USPAP. We won't cover it in its entirety here, but we will provide some information about the most significant changes.

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Topics: USPAP

Are you Compliant with the New USPAP Changes?

Posted by: Dan Bradley Date: Feb 18, 2014 2:10:00 PM

USPAP: It's baaaaack! The 2014-15 version of USPAP is now available for those that want to (or have to) knock it out.  But regardless of when you are required take the 2014-15 USPAP course,you are required to be compliant with the 2014-15 USPAP for assignments completed on or after January 1, 2014. So, here is a cliff notes version to ensure you get the skinny.

What's Different in the 2014-15 Version?

There were nine (9) revisions to USPAP for 2014-15. Many of the revisions were merely edits made for the sake of clari­fication; they did not establish new requirements.  Signi­ficant revisions, however, were made to the report options of STANDARDS 2 and 8, and STANDARDS 4 and 5 were retired. Here are the topics covered in the 9 revisions:

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Topics: USPAP