Tagged: Advisory Opinion

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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...

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...

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The Help for Appraisers

I love movies, but I did not enjoy going to ‘The Help’ this past year with my wife. It probably stems from the fact that I wanted to attend the other theater (which was playing Captain America), but it was her turn to pick. The movie did, however, remind me of a time in our history where certain individuals were treated less than others. Not cool, and it made me very uncomfortable. There is another kind of ‘Help’ that many appraisers also find not so cool and makes them feel uncomfortable; that is… ANY HELP WHATSOEVER! For some odd reason,...

Appraisal USPAP Definition 0

Is That an Appraisal? USPAP Definition

Why Isn’t that an Appraisal? APPRAISAL: (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services. Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value). In general terms the USPAP definition is elegant in its simplicity. We all understand what it is that appraisers provide. You provide opinions...

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Making Sense of Marketing Time and Exposure Time

Marketing Time Strangely enough, USPAP 2012-2013 does not include a definition of Marketing Time. Marketing Time is only addressed in the Advisory Opinions (AO 7) and the Advise from the ASB is that reasonable marketing time is an opinion of the amount of time that might take to sell a property interest at the concluded market value during the period immediately after the effective date of an appraisal. Exposure Time USPAP requires an opinion of exposure time, not marketing time, when the purpose of the appraisal is to estimate market value. USPAP 2012-2013 defines Exposure Time as the estimated length...

Developing and Reporting Exposure Time 0

Developing and Reporting Exposure Time

Did you know that the 2012 USPAP has a new development and reporting requirement? Effective January 1, 2012; when exposure time is a component of the definition for the value opinion being developed, the appraiser must also develop and state in the report an opinion of reasonable exposure time linked to that value opinion. The following is the exact language in the USPAP; DEFINITIONS Exposure Time: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the...

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2012-2013 USPAP Now Available On-Line

The 2012-2013 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available on-line. The 2012-13 edition of USPAP is valid for two years, effective January 1, 2012 through December 31, 2013. According to a TAF press release “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 2012-2013 USPAP on-line

USPAP 2012-2013 0

2012 – 2013 USPAP Now Available

The Appraisal Foundation (TAF) announced that the 2012 – 13 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available. The 2012-2013 edition of USPAP will be valid for two years, effective January 1, 2012 through December 31, 2013. According to a TAF press release “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).” As with the prior edition, the new edition includes the standards of professional practice for all...

Tutorial webinar video 0

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...

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