Category: USPAP

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Guidance RE Exposure Time

New Guidance Helps Appraisers Analyze Exposure Time The Appraisal Institute published “Guide Note 14: Concept of Exposure Time” Feb. 12 to help appraisers understand exposure time and how to incorporate its analysis into appraisals. The guidance addresses how appraisers should link exposure time, which refers to the time a property remains on the market, to their value opinion and comply with the Uniform Standards of Professional Appraisal Practice. The Guide Note states, “An analysis and opinion of Exposure Time is required for appraisals where the definition of value is tied to a reasonable or stipulated exposure time. A discussion of...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Home Inspectors Appraisers Doomsday 6

Home Inspectors & Appraisers’ Doomsday

The Sky is Falling for Appraisers & Home Inspectors Chicken Little was right – the sky is falling…and landing on both appraisers AND home inspectors. Home inspectors often suffer from a general lack of respect, part of which is caused by the fact that they have no single set of national standards of practice like appraisers who have USPAP. Appraisers, on the other hand, suffer from what is commonly known as appraisal creep where the conditions and requirements of appraisal work keep expanding, but the fees for the work either shrink or stay the same. Now, forces within the government...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Fannie Mae - Freddie Mac

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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,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Business Development

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AQB Releases December 2012 Q&As

TJ’s Rant… Almost all of the questions deal with Supervisor – Trainee issues that will change in 2015. If like me, you believe it is difficult enough to find people to become appraisers today, just wait until you read all of the new requirements. I don’t understand where the AQB is coming from with all these new requirements. Do they really believe that someone will want to go to college (at an average cost of about $120,000) to get a degree and then become a Certified Residential appraiser who would be lucky to make $20,000 for their first few years...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / AQB / E&O

ASA, NAIFA File Comments Regarding Appraisal Complaint Hotline 1

ASA, NAIFA File Comments Regarding Appraisal Complaint Hotline

The establishment of an appraisal complaint hotline… The American Society of Appraisers (ASA) and the National Association of Independent Fee Appraisers (NAIFA) appreciate the opportunity to jointly comment on the Paperwork Reduction Act implications of the establishment of the Appraisal Complaint Hotline system mandated by section 1473 of Dodd-Frank. Although we understand that the public will have an opportunity to comment on the appraisal complaint form itself when it is proposed (described as “the Interagency Appraisal Complaint Form”), we believe the agencies’ October 22nd Federal Register request for comment provides our organizations (and other stakeholders) with an important opportunity to...

American Society of Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News

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Possible USPAP Changes

The Uniform Standards of Professional Appraisal Practice (USPAP) is always a work in progress. If you haven’t heard, the Appraisal Standards Board (ASB) is hard at work considering potential changes for the 2014 –’15 edition. On Aug. 15, 2012, the Board released a second exposure draft covering these proposed changes. The ASB’s work plan for the 2014-’15 edition of USPAP includes reviewing and revising as needed the following areas of USPAP: Reporting and Communication Requirements Reporting Options Retirement of Standards 4 and 5 Other revisions and additions as needed to ensure clarity and relevance The deadline for comment on this...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

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3rd Exposure Draft: 2014-2015 USPAP

Third Exposure Draft of the Proposed Changes for the 2014-2015 Edition of the Uniform Standards of Professional Appraisal Practice The goal of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. With this goal in mind, the Appraisal Standards Board (ASB) regularly solicits and receives comments and suggestions for improving USPAP. Proposed changes are intended to improve USPAP understanding and enforcement, and thereby achieve the goal of promoting and maintaining public trust in appraisal practice. The ASB is currently considering changes for...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

Geographical Competency 3

Geographical Competency

Can we stop equating distance with geographical competency? There was a recent study completed that proved, beyond a doubt, what I have essentially suspected for years. The topic was what causes criminals to do what they do. After much study and consternation, it was discovered that all criminals, regardless of the crime and in 100% of the cases, have one thing in common. They all had a mother. There is an old debate trick called “Hasty Generalization.” Basically, it means taking something that may be true in some cases and applying it to all cases. “The Hansen family home schools...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

Appraisers Evaluations Guide 0

Evaluations for Lenders & Appaisers

Appraisal Institute Helps Appraisers Perform Evaluations for Lenders The Appraisal Institute’s “Guide Note 13: Performing Evaluations of Real Property Collateral for Lenders” addresses how appraisers should prepare an evaluation for a lender and comply with the Uniform Standards of Professional Appraisal Practice. The Guide Note states, “Federally insured lending institutions in the United States are subject to regulations regarding real estate appraisals. For lending transactions involving real estate, a lender must obtain an appraisal from a state licensed or certified appraiser. There are 12 exemptions from this requirement. For three of these exemptions, in lieu of an appraisal by a...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Appraisers work file critical 2

Work file, How Critical is it?

How Critical is the work file? I consider the work file responsibilities that are found in USPAP to be the most neglected. Appraisers tend to treat the work file as an after-thought rather than a fore-thought. Appraiser workfiles largely resemble a hodge-podge of scribblings, notes, dog-eared data sheets, distorted, coffee-stained sketches on legal pads and fast-food napkins. The whole thing is jammed into a file and mostly forgotten. To me, it is the bad comb-over of documentation. However, after reading this, I hope that you’ll afford it a tad more respect going forward. What Is USPAP’s Work file Big Picture?...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

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