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“At the time of assignment” refers to the time period commencing…
Last month, the Appraisal Standards Board (ASB) provided the ‘first draft’ of the proposed changes to the USPAP, which I circulated.
One of the points they mentioned is a goal to make USPAP easier to read and more understandable. OK, commendable.
Then on June 27, 2018, the Appraisal Foundation and the ASB released the latest USPAP Q&A “suggestions.” (The USPAP Q&A’s, AO’s, and FAQ’s are not directives, or even a ‘legal’ part of USPAP. Instead, they offer independent commentary on how a particular issue could be handled or solved, but may not be the only way.) See the PDF below.
Wouldn’t you know, the very first question in this Q&A had to do with how to interpret a certain phrase used in USPAP – which may not be easily understood.
Before you read my comment below, you might want to read this question and response a couple of times, perhaps out loud, which tends to imprint on the brain better.
The phrase “at the time of assignment” is used in a number of places in USPAP. Does this only mean at the very beginning of the engagement process, or can it refer to other times during the development of the assignment results?
“At the time of assignment” refers to the time period commencing with the appraiser’s agreement to perform a valuation service and ending with the completion of the assignment.
OK… the “time” period starts ‘now’ and ‘ends’ at some point later. Things happen with the assignment during those two time periods – which is what the Response means – not at a singular ‘time’.
Wouldn’t the phrase in USPAP “at the time of assignment” be better expressed by saying ‘during the time of assignment’? Or perhaps just a tad bit simpler: ‘during the assignment’?
You decide. And if you agree the USPAP wording could be simplified, send your written response directly to the ASB: