Pending Future Changes in USPAP 2022-23
The Appraisal Foundation / Appraisal Standards Board have released the 4th Exposure Draft to the FUTURE version (2022-23) of USPAP.
I, like so many other ‘stakeholders’ and appraisers, have grown weary of the incessant Exposure Drafts and updates to our mandated PROTOCOL MANUAL, which for many years has been massaged and modified in various ways every 2 years. Largely because new members cycle onto the ASB every year or two.
The constant updates has resulted into a continuing cash cow for the Appraisal Foundation / Appraisal Standards Board. But in actual use, that should not happen because USPAP is codified as ‘law’ in virtually every state and territory of the US. Nobody has to buy a copy of whatever ‘law’ applies to their profession… except appraisers.
It’s time to quit the constant updating process (after this FUTURE edition), and only update IF REALLY necessary at a minimum of every 4-5 years. Yes, license renewal CE hours will be affected, but is not difficult to remedy.
But, in quickly reading the info about pending (FUTURE) changes, I agree with one:
The ASB is proposing adding the word “appraiser” to describe exactly who is providing Significant Appraisal Assistance:
SIGNIFICANT APPRAISAL (or APPRAISAL REVIEW) ASSISTANCE: assistance that affects the assignment results and is provided by another appraiser explicitly in support of a particular assignment.
Ever since the words “significant appraisal assistance” were added to USPAP a few issues ago, the intent was never defined well. It was addressed in a FAQ in a subsequent USPAP, but many appraisers don’t read that far into the tome.
You can access the 2022-23 Exposure Draft here. Follow directions in it if you want to provide comments, as there is a new process to do that.
The Appraisal Foundation Document Library (4th Exposure Draft to 2022-23 USPAP)
- The Unbiased Reality of Census Tract Data Dump… Open Letter to FHFA - August 15, 2023
- Isn’t that Just PAVEY! PAVE Response and Marcia Fudge - August 8, 2023
- ‘Pesky’ Words. Keeping Appraisers out of Language Purgatory - July 26, 2023