USPAP Definitions of ‘His’ and ‘Her’
The USPAP Exposure Draft Process Continues To Step Outside Their Purpose With Her / Him as the new ‘Misleading’ Debacle
The general idea of definitions added to USPAP was supposed to be industry-specific nomenclature. Because ASB doesn’t have policy writers nor does legal counsel review their work, we get a lot of garbage embedded into the document. And then it often gets removed because it was never correct, to begin with. This garbage in/out process is by design. There is no incentive for the technical boards (AQB, ASB) to get it right. This way USPAP can continue to be arbitrarily updated every two years so that TAF can be “financially independent” by charging appraisers for USPAP when it could be free.
And now we get another exposure draft with another one close behind.
Those process missteps to create ridiculous definitions should be looked at closely. It’s a disservice to appraisers nationwide. “Misleading” was particularly egregious.
Appendix 5: DEFINITIONS TO RETIRE
Definition of Misleading
MISLEADING: Intentionally or unintentionally misrepresenting, misstating, or concealing relevant facts of conclusions.
Definition of Relevant Characteristics
RELEVANT CHARACTERISTICS: features that maa affect a property’s value or marketability such as legal, economic, or physical characteristics.
Definition of Personal Inspection
PERSONAL INSPECTIONS: a physical observation performed to assist in identifying relevant property characteristics in a valuation service.
Comment: An appraiser’s inspection is typically limited to those things readily observable without the use of special testing or equipment. Appraisals of some types of property, such as gems and jewelry, may require the use of specialized equipment. An inspection by an appraiser is not the equivalent of an inspection by an inspection professional (e.g., a structural engineer, home inspector, or art conservator). 18
Footnote 18. See Advisory Opinion 2, Inspection of Subject Property
Unbelievably, does the definition of ‘Appraiser’ really need to be modified?
Appendix 6: DEFINITIONS TO MODIFY
Definition of Appraiser
APPRAISER: one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
Comment: Such expectation occurs when individuals, either by choice or by requirement placed upon them or upon the service they provide by law, regulation, or agreement with the client or intended users, represent that they comply.19
Footnote19: See PREAMBLE and Advisory Opinion 21, USPAP Compliance.
Definition of Assignment Elements
ASSIGNMENT ELEMENTS: specific information needed to identify the appraisal or appraisal review problem:
client and any other intended users; intended use of the appraiser’s opinions and conclusions; type and definition of value; effective date of the appraiser’s opinions and conclusions; subject of the assignment and its relevant characteristics; and assignment conditions.
Definition of Workfile
data, information, anddocumentation necessary to support the appraiser’s opinions and conclusions and to show compliance with USPAP. 20
Footnote 20: See RECORD KEEPING RULE.
And now USPAP is wading into definitions of ‘His’ and ‘Her’ which begs the question, what does this have to do with USPAP?
Appendix 7: DEFINITIONS TO ADD
Definitions of His or Her
HIS OR HER: Traditional gender-related pronouns, such as “he”, “his”, “him”, “himself”, or “she”, “her” or “herself”, are to be construed as gender neutral and include persons who identify themselves as non-binary, e.g., agender, bigender.
Again, this silly exposure draft process is being maintained to keep the cash flowing into TAF from the hard-working appraisers they are supposed to represent. It’s all about money and avoiding accountability.
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