Tagged: personal property

USPAP permitted assignments 1

Can You Do a Particular Assignment per USPAP??

Yes, I can Accept That Assignment! Types of assignments… Folks, The Appraisal Foundation, via John Brenan, has released the following, showing which portions of USPAP apply to particular assignments. This involves the applicable Standards and Rules. You may want to print the PDF posted below and keep it under your pillow, or at least with your copy of USPAP! Yes, I can Accept That Assignment! USPAP Flexibility at a Glance Some appraisers may not be aware of the inherent flexibility built into the Uniform Standards of Professional Appraisal Practice (USPAP). Because USPAP is a set of standards that is built...

2016-17 USPAP changes 0

USPAP 2016-17 Summary of Changes

2016 – 17 USPAP Updates & Revisions Appraisers, On Feb 6, the Appraisal Standards Board finalized the upcoming changes to the next issue of USPAP. See the PDF for the actual document. The highlights are: Revisions adopted for 2016 – 17 USPAP The following changes were adopted by the Board in a public meeting on February 6, 2015, and will be incorporated in the 2016 – 17 edition of USPAP and associated guidance material with an effective date of January 1, 2016: Revisions to the RECORD KEEPING RULE Revisions to STANDARD 3 Revisions to the Definition of Assignment Results and Confidential Information and...

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Proposed 2016-17 USPAP Changes

Comments Requested for Additional Proposed Changes to USPAP 2016-17 USPA The Appraisal Foundation’s Appraisal Standards Board has issued a third exposure draft of proposed changes to its 2016-17 edition of the Uniform Standards of Professional Appraisal Practice, and is seeking feedback on the proposed changes by Oct. 10. Among the proposed changes is an adjustment to the definition of report, which currently is defined as “any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client upon completion of an assignment.” The proposed definition would read “Any communication, transmitted to the client or to...

Personal Property, permits...rules of engagement 6

Rules of Engagement

Recently a particular engagement letter format has been circulating amongst residential appraisers from several nationally chartered banks. Aside from the usual intended use and exposure time boilerplate requirements there are several new problematic inclusions. Personal Property All personal property transferring in a purchase transaction must be described in the appraisal whether or not it was listed in the sales contract. Any client is free to ask for a shopping list of tchotchkes, but if an appraiser is appraising an abandoned residence with piles of junk laying everywhere…they couldn’t afford my time to sift through it all like in an episode...

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