If It’s Not an Appraisal, What Is It?
…do away with specifically ‘naming’ an appraisal report as to the “type” it is…
Folks, the Second Exposure Draft of proposed changes to the next USPAP was released by the Appraisal Standards Board on August 23. See embedded PDF below.
The ASB is encouraging all users to review this document, and provide commentary back to them on/before October 10, 2018.
One item of note is there is a proposal in the Draft to do away with specifically ‘naming’ an appraisal report as to the “type” it is. If it’s not an ‘appraisal’, what is it?? Currently we have “Appraisal Report” and “Restricted Appraisal Report.” The use of, and reporting requirements for, the Restricted type is somewhat confusing unless you have USPAP open on your desk when doing one. That type carries restrictions as to who may ‘rely on’ or use the report, and what must be contained in the report. The proposal is to have the appraiser identify usage requirements and specify other items within the Appraisal Report itself, tied to the appraiser’s Scope of Work. Read the Draft to examine this in more detail.
There is a certain amount of angst among appraisers, and others, about the constant changes to USPAP, currently every two years. According to John Brenan of TAF, this concern is well known among ASB board members. They have been discussing ways to lengthen the term of USPAP, but any change to the current policy probably won’t happen for some time. However, if you believe it would be better to not change our ‘operations manual’ so often, send your comment about this to the ASB.
Written comments on this exposure draft can be submitted by mail and email before the deadline of October 10, 2018.
- Mail: Appraisal Standards Board
The Appraisal Foundation
1155 15th Street, NW, Suite 1111
Washington, DC 20005
- Email: email@example.com