Category: ASB

The Appraisal Profession & Appraiser's Business Decimated by the Increasing Dominance of Appraisal Management Services - AMCs 15

Appraisal Profession Decimated by AMCs

The Appraisal Profession & Appraiser’s Business Decimated by the Increasing Dominance of Appraisal Management Company Services (AMCs) For the past two months, VaCAP has participated in a networked council consisting of 13 professional state appraisal organizations in responding to the Agencies request for comments of the Proposed Rules on Minimum Requirements for Appraisal Management Companies: Dear Agencies; This letter is in response to the Agencies’ request for comments on the Proposed Rules on Minimum Requirements for Appraisal Management Companies. The undersigned represent a networked council of professional state appraisal organizations. We appreciate this opportunity to comment and thank the Agencies for...

Confidential Information Sharing with Another Appraiser & USPAP 1

Is Sharing a Report with a Fellow Appraiser a Violation of USPAP Confidentiality?

Appraisers routinely share confidential information & communicate assignment results with other appraisers Appraisers frequently are faced with chances to make mistakes related to confidentiality. The Confidentiality Section of the ETHICS RULE of Uniform Standards of Professional Appraisal Practice (USPAP), as published by the Appraisal Standards Board (ASB) of the Appraisal Foundation and enforced by the North Carolina Appraisal Board, provides the rules for appraisers in North Carolina. Appraisers often are reminded about and advised how to avoid the pitfalls of communicating with property owners, real estate brokers, lenders (other than the client), and other related parties. However, an additional problem...

0

2014-2015 USPAP Now Available On-Line

The 2014-2015 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available on-line. This edition of USPAP is valid for two years, effective January 1, 2014 through December 31, 2015. The new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs), featuring a compilation of more than 300 questions and answers. To access the 2014-2015 USPAP on-line edition

2014-15 USPAP Modifications 0

2014-15 USPAP Modifications Released

2014-15 modifications to USPAP become effective 1/1/2014 In preparation of the new 2014-15 modifications to USPAP effective January 1, ASA’s Ethic’s Committee has prepared a brief summary outlining the modifications. The Appraisal Standards Board (ASB) 2014-15 modifications to USPAP become effective January 1, 2014. These modifications include: Revisions to the DEFINITIONS of “Assignment Results” and “Scope of Work” — Based on comments received, there was a need to clarify the definition of ‘Assignment Results.’ In an appraisal assignment, assignment results currently include more than just the appraiser’s opinion of value, as the appraiser is responsible not only for the opinion...

Appraisal Institute Urges ASB to Make USPAP More Flexible 0

ASB Urged to Make USPAP More Flexible

The Appraisal Institute Urges ASB to Make Uniform Standards of Professional Appraisal Practice More Flexible The Appraisal Institute announced Aug. 16 that it has asked the Appraisal Standards Board to institute a principles-based approach to appraisal standards that would, over time, require fewer changes to the Uniform Standards of Professional Appraisal Practice and enhance understanding of the document. Representatives of AI attended a public ASB meeting in July, during which Paula Konikoff, JD, MAI, chair of AI’s Appraisal Standards and Guidance Committee, urged the ASB to: Modify USPAP to be “principles-based” and not “rules-based,” as it has become over time;...

0

Appraiser Confidentiality: USPAP Absurdity

Appraiser Confidentiality: Loose Lips, Big Claims, USPAP Absurdity, and Subpoenas Allegedly “Loose Lips” Cause a Big Claim. A recent and relatively big appraiser liability claim involved a commercial appraiser’s alleged breach of confidentiality.  The damages paid to the plaintiff were significant.  According to the plaintiff’s complaint (my recounting of the facts here is simplified), a lender had engaged the appraiser to perform an appraisal for a construction loan to the developer of a shopping center.  Some of the information received by the appraiser included lease commitments from prospective tenants. The anchor tenant was a well-known retailer.  The appraiser completed the assignment, but...

USPAP Issue 2

My Main USPAP Issue – Letter to ASB

My Main USPAP Issue – Statement Letter to the ASB The purpose of USPAP is to promote and maintain a high level of public trust in establishing requirements for appraisals and “reliable” valuations. The problems is, however, that it is subjective. Assuming one can support the conclusion or opinion; beauty is in the eye of the beholder, or in this case, the appraiser. Likewise, evaluation and selection is in the eye of the appraiser – which is why two different and reasonable and competent appraisers can reach two different, but equally credible opinions, on the same property. And that is...

2014-15 USPAP Modifications 3

Appraisal Institute Discusses 2014-15 USPAP Updates

2014-15 USPAP updates In the organization’s latest YouTube video, the Appraisal Institute invited Paula Konikoff, JD, MAI, chair of the Appraisal Institute’s Professional Standards and Guidance Committee, to discuss 2014-15 USPAP updates, including the process the Appraisal Standards Board used to adopt the latest edition of USPAP, the new Report Options that will be part of the 2014-15 edition of USPAP, and other changes made that might impact appraisers. The Appraisal Standards Board adopted the 2014-15 edition of the Uniform Standards of Professional Appraisal Practice, commonly known as USPAP, in February of 2013. Beginning in early 2012, the ASB released...

Summary of Actions Related to Proposed USPAP Changes 0

Summary of Actions Related to Proposed USPAP Changes

Potential changes and additions to USPAP On February 1, 2013, the Appraisal Standards Board (ASB) adopted modifications to the Uniform Standards of Professional Appraisal Practice (USPAP). This action was the culmination of a period of 15 months and multiple discussion drafts, requests for comments, and three exposure drafts. Written comments were received in response to each document, and oral comments were provided at each public meeting. The ASB read and carefully considered every comment, developed a work plan to address the issues brought forward, and adopted revisions for the 2014-15 edition of USPAP. 1. Revisions adopted for 2014-15 USPAP The following...

0

ASB Releases Exposure Drafts for AO-13 & AO-21

The Appraisal Standards Board (ASB) has issued the following exposure drafts: Exposure Draft of Proposed Changes to ADVISORY OPINION 13 (AO-13), Performing Evaluations of Real Property Collateral to Conform with USPAP Rationale: The prior version of Advisory Opinion 13 included not only advice related to USPAP, but also some interpretations of the Interagency Appraisal and Evaluation Guidelines.  The Interagency Work Group has suggested, and the ASB agrees, that AO-13 should focus on the application of USPAP and avoid interpretation of the guidelines. When  an  individual  is  acting  as  an  appraiser,  USPAP  applies. The  proposed  replacement Advisory Opinion 13 illustrates that under...

xml sitemap