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)
Dave Towne on e-AppraisersDirectory.com
- New UAD Overhaul: What Appraisers Can Expect in 2025 & Beyond - September 19, 2024
- Cindy Chance Terminated - September 16, 2024
- Key Part of USPAP Not Available from TAF - July 19, 2024
My thoughts for the last five years.
“In AO 3, we got rid of the word “the” to make the sentence more accurate”. THIS garbage here. What a waste of time and resources just so you can sell a class.
Yep…We gotsta justify that massive fee they charge appraisers each year. This year we earned our millions by adding 125 new commas,, 42 new semicolons, and 42 colons to the document to make it easier to read. We also offer it in hard cover versions for those of you who only use it to impress people with your bookshelf on Zoom.
I was written up on a review of one of my appraisals about a month ago for not having “I Certify” in front of my statement that says I have not performed any services within the past 3 years. Come to find out, that was in the last USPAP update. What a waste of time. It must make it easier to fine me or something..
Just bilking money from us
Agreed
One of the biggest scams perpetrated on the Appraisal industry; TAF gets rich, and you get regulated out of existence.
There is a book about this. Look for Cosmic Cobra by Jeremy Bagott
Jeremy has a new book out “The Ichthyologists Guide to the Subprime Meltdown.”
Band of Investment Publishing Co. Ventura, CA. If its as good as last one it should be well worth the reading. Now, just to find the time…only about 152 pages.
Bought the book earlier this year, that should have been enough. It becomes difficult to support an ethics group which does not know what pay to play schemes and defrauding consumers is all about. There is obviously a conflict of interest because the yearly fees go to the same busy bodies whom feel compelled to rewrite the document so often, those same people also beholden to increasingly powerful amc’s and the cash windfall they provide for accepting unethical engagement.
Appraisers forced to take ethics classes every other year for life. Then coerced by lenders to work under unaccountable unlicensed ‘amc management individuals’ whom share no such similar ethic or ethical restrictions. Irony. Individual licensing requirements for every single amc worker, equivalent to appraiser requirements. Amc’s should bill separately for their services. The ethics book should only be appended to, never amended or altered, except infrequently like decades apart.
How can TAF claim to be protecting the Public Trust when they have lost the trust of the remaining appraisers in the profession today?