Credible Third Party Inspections
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…producing credible real estate appraisal reports…
Is it any wonder that The Appraisal Foundation has lost nearly all credibility as America’s self-proclaimed foremost authority on appraisal matters? I humbly submit their most recent offering.
Excerpt from current ASB Q&A:
“2018-19 USPAP Q&A Issue Date: March 29, 2018
The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. The USPAP Q&A is a form of guidance issued by the ASB to respond to questions raised by appraisers, enforcement officials, users of appraisal services and the public to illustrate the applicability of USPAP in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. The USPAP Q&A may not represent the only possible solution to the issues discussed nor may the advice provided be applied equally to seemingly similar situations. USPAP Q&A does not establish new standards or interpret existing standards. USPAP Q&A is not part of USPAP and is approved by the ASB without public exposure and comment.”
Sounds a lot like those radio ads for securities and stock offerings that disclose at the end they are not an offering to sell securities or stock.
OK, I get the stated distinction. What I do not get is exactly when or how they interpret the standards if not via Q&As in response to specific inquiries?
I do know that they amend USPAP like clockwork every two years, starting almost immediately after they release the most recent revisions. They have yet to offer a plausible reason for doing so.
Just for fun read the current Q&As.
CLEAR AS MUD!
If YOU determine that the third-party inspection data is reliable then no extraordinary assumption is required. Buried waaaaaay down toward the end though you will find that if you DON’T determine the third-party information to be credible, that you may use an extraordinary assumption.
Straddling that fence must have been painful.
All this time I thought that there had to be a ’reasonable’ expectation the extraordinary assumption was correct. Silly me!
Coincidently I know the various definitions of the word ‘determine’ (& it’s past tense) even though California’s Bureau of Real Estate Appraisers proved in court that they do not.
I wouldn’t advise using any of those definitions in relation to some unknown third-party’s inspection adequacy. Especially those that put preprinted verbiage in their own hybrid appraisal or evaluation forms that state you 'have determined' the third-party inspections are 'credible.'
I have determined a few other words that seem applicable.
“gob·ble·de·gook [gob- uhl-dee-g ook] NOUN: language characterized by circumlocution and jargon, usually hard to understand: the gobbledegook of government reports.
Related Question: What are the synonyms for gobbledygook? Source: Dictionary.com”
Synonyms for gobbledygook (noun jargon): amphigory, balderdash, baloney, bosh, bull, bunk, cant, drivel, gibberish, hooey, macaronics, rigmarole
Joseph Heller’s protagonist, Capt. Yossarian probably would have another phrase.
None would be expected to be applicable to guidelines or advice for producing credible real estate appraisal reports.