USPAP 2016-17 Summary of Changes
Certified Residential RE Appraiser at Towne Appraisals
AGA, MNAA, Accredited Green Appraiser - Licensed in WA State since 2003.
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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 to the Confidentiality section of the ETHICS RULE (Note: this change included language that appeared in the Third Exposure Draft, but not in the Fourth Exposure Draft.)
- Revisions to Reporting Standards
- Other USPAP Edits
- Retirement of all STATEMENTS ON APPRAISAL STANDARDS <<< that’s interesting – but should make USPAP easier to understand!
- ADVISORY OPINION 33: Discounted Cash Flow Analysis
- ADVISORY OPINION 34: Retrospective and Prospective Value Opinions
- ADVISORY OPINION 7: Marketing Time Opinions
- ADVISORY OPINION 35: Reasonable Exposure Time in Real and Personal Property Opinions of Value
- ADVISORY OPINION 36: Identification and Disclosure of Client, Intended Use, and Intended Users
