TAF Preview on USPAP 2012-13 Changes
Video on changes to the 2012-2013 USPAP
The Appraisal Foundation recently released a video on changes to the 2012-2013 USPAP adopted on April 8, 2011. The purpose of this 23 minute video is to provide appraisers with advanced notice of changes to USPAP that could impact their practice. It is not intended to be a substitute for the 7 hour National USPAP update course. Summary of changes adopted includes:
- Revisions to the definitions of “Client”, “Extraordinary Assumptions”, Hypothetical Condition” and a new definition of “Exposure Time”
- Revisions relating to Development & Disclosure of Exposure Time Opinion
- Revisions to Standards Rules 2-3, 3-6, 5-3, 6-9, 8-3 & 10-3 (Certification Statement on Prior Services)
- Creation of new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE
- Revisions to Advisory Opinion 21, USPAP Compliance; and
- Revisions to STANDARDS 7 & 8: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT & REPORTING
In a separate action, on May 10, 2011 the Board adopted an additional revision related to Advisory Opinion 13 (AO-13) Performing Evaluations of Real Property Collateral to Conform with USPAP, which is also discussed in the preview.
Click here to watch the video.