Comments on: Going the Distance in USPAP

By: Mike Ford, AGA, GAA, RAA, SCREA, Realtor®

Mike Ford, AGA, GAA, RAA, SCREA, Realtor® — Fri, 15 Sep 2017 18:07:36 +0000

Well said Mr. Weaver!

By: Baggins

Baggins — Thu, 14 May 2015 16:41:14 +0000

Great article. Geocompetency arguments really fall apart in distant settings, where even if there is an appraiser who lives there, they’re routinely booked out weeks if not months. An appraiser does not need to live there to be competent there. Should appraisers list all the places they’ve lived previously so they can be qualified under geocompetency? What about a total map list of all the places I have appraised in the past? Geesh. I think the solution to these issues rests in affirmation that the appraiser has the primary or the varied primary MLS subscriptions for the area. I’m constantly dealing with this issue because I’m up North, near the county line which separates North side MLS from mid Denver side MLS. Although I’m in proximity, I can’t take those orders because I don’t have the dual MLS.

By: Matt Cook, SRA

Matt Cook, SRA — Mon, 11 May 2015 15:35:21 +0000

You are absolutely correct that there is no arbitrary distance that can define or guarantee geographic competency.

Because the post emphasizes that USPAP allows (indeed requires) appraisers to acquire competency if they do not already have it when they accept an assignment, and because the post specifically discusses AMCs, the bulk of whose work is for lenders who mostly require their loans to be saleable to Fannie, it is worthwhile to remember that Fannie requires that the appraiser already have the competency BEFORE accepting the assignment.

Although USPAP allows an appraiser that does not have the appropriate knowledge and experience to accept an appraisal assignment by providing procedures with which the appraiser can complete the assignment, Fannie Mae does not allow the USPAP flexibility.