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2022-2023 7-hour National USPAP Update Course has earned an average of 4.46 out of 5 stars from 738 ratings. To be named as the client in a report, one must have been the party who engaged the appraiser. I’ll revisit the draft again asap, but the prohibitive trend in our approach to ‘acceptable’ language really tempts me to use some very specific, non-PC, unambiguous language of the kind Mrs. Truman (Um I meant a former President’s partner) would not approve of. Subject: The Appraiser-Client Relationship The Issue: I record who I speak with. Lenders have a obligation to the Fair Housing Act right now, yet I have not seen any rush of cases where lenders are instructing appraisers to explain things that are built into the Fannie Mae form that include the “no no” words described in this advisory opinion. Further, USPAP Advisory Opinion 3 provides three options for addressing this problem. [Did I just use a forbidden ‘much’ or an ambiguous ‘more’?]. The scenario is as follows: You completed an assignment for a client some time back – maybe a year ago, a month ago, a week ago – and now another party wants your opinion of the value of the same property. Between January 1, 2016 and December 31, 2017, appraisers must adhere to adopted changes within 2016-2017 USPAP as well as consider added guidance from USPAP Advisory Opinions and FAQs (AOs and FAQs are not officially part of USPAP but offer advisory guidance to illustrate applicability of USPAP Standards and offer advice from ASB for appraisal . not changing the requirements for these forms immediately? One of my markets is a college town, however and beyond the fact that nearly every jurisdiction in America has a zoning code called “single-family residential”, this particular jurisdiction has a restriction on the number of “unrelated people” that can live in a one-unit dwelling. Q7. You may openly disagree, but state your case in an atmosphere of mutual respect, in which everyone has a right to a particular view about the topic of conversation. Found inside – Page 415However , Advisory Opinions do not have the binding effect of the USPAP . They neither establish new Standards nor interpret existing ones ; they merely indicate the advice and opinion of the Appraisal Standards Board . Revisions to Advisory Opinions Revision to Illustration in Advisory Opinion 21, USPAP Compliance Creation of Advisory Opinion 37, Computer Assisted Valuation Tools Revisions to Advisory Opinion 31, Assignments Involving More than One Appraiser Revisions to Advisory Opinion 1, Sales History In addition, precision involving specific facts is not always possible in every instance. Advisory Opinion 31. the Act expressly prohibits appraisers from taking into consideration certain factors in the completion of that assignment. What I am not doing is policing away my own sensible descriptive language. Once a report is provided to a client, it cannot be tampered with. Found inside – Page ivUSPAP in plain english also offers no comment on Advisory Opinions, since they are non-binding advice from the ASB and not an enforceable ... The 2006 Edition of USPAP contains the most significant changes to the document since 1994. Often it is erroneously used to mean “reassign”, or “readdress”, or “update”. I am 70 years old now. This sort of assignment is not an appraisal at all, because in and of itself, it has nothing to do with developing an opinion of value. When the request is to “recertify”, clarification with the client is imperative. A reporter is hired to report a deposition with the witness and counsel physically present; opposing counsel appears by telephone. To establish new appraisal standards. The advisory opinion claims that we should avoid those specific words to avoid confusion or unintentional implication of bias for the intended user of the report. (Tip: An excellent way to firmly establish an appraiser-client relationship is to have a written engagement letter with the client.). If using that word implies bias, why are GSEs, regulated banks, the FHA, etc. Thorough guidance and detailed analysis of the valuation business engagement Discussing the practical aspects of business valuation that arise in the context of a tax valuation, this book provides you with detailed analysis of the valuation ... Excellent point LayDeeT I forgot about Coldwell Banker's Fast Start training... Jerome, we've all heard of redlining. This is yet another example of the cosmic cobra, and they’ll never stop. Winston, our society will not be perfect, until our language is perfect. If I conclude that the highest and best use is for “one unit housing”, what does that tell the intended user about the use restrictions for that piece of real estate? Further, an appraisal report prepared for a client who is the property owner should clearly state that it is not intended for use by a federally insured depository institution in a federally related transaction. The client (and, if applicable, named other intended users) do not need the level of information required in an Appraisal Report. Blaming, Punishing Appraisers in State Laws, Alleged Systemic Racism in Appraisal Myth, Let’s Talk Waivers, Racism, Fees & Trainees. Call the word police. One additional point regarding assignments for lenders: Appraisers should be aware that the appraisal requirements of FIRREA allow a regulated lender to use a report that was prepared for another “financial services institution”. Examples include your final value opinion, your highest and best use conclusion and your indications of value from any of the approaches used. Have you summitted this comment to survey. This is a retail version of 2018-2019 USPAP. . Found inside – Page 128The ASB has published and has updated USPAP , which is recognized as the standard of the appraisal profession . The ASB continues to issue Statements and Advisory Opinions expanding and clarifying the standards . I am not anti-biased against either gender. would be in a much better position to interpret the Fair Housing Act than the Appraisal Foundation is. In one court case in which I testified, it became an important issue as to whether or not the party that inspected a property w a male or a female because of the two possibles involved, one was a trainee (the male). have adopted USPAP and require employee or contract appraiser compliance to USPAP. In a “reappraisal” situation such as this, the work involved in developing the value opinion and preparing the report will, in most cases, be far less than it was the first time around. To whom can I give the assignment results? As for the whole thing, Ok, I guess, whatever. This new AO will replace AO-11 and AO-12, which have been retired. How do I submit a report that may have Standards or Ethics violations? I like to call this “Advisory Opinion 16: How to be a ‘woke’ appraiser”. Assignment results are your opinions and conclusions developed specific to an assignment. Often it is not clear what clients mean when they use the term “recertify”, and appraisers need to help remedy the confusion. AI automatic is the ultimate tool to control speech. “The lady who provided entry to the subject property also advised me XXX.” Saying person would be vague and ambiguous. Q3. This is a grotesque watch, but still a gem of cinematic history. Lastly, using small special interest groups as the arbiter of language to be used that should be understandable by a wide variety of lending intended users across the country (and not just in the woke Washington DC bubble) will become ever more problematic. All Rights Reserved. Best I found is an interpretation: Discriminate in appraising a dwelling; where is this though? $199.99. Found inside – Page 41Advisory opinions (currently there are 17 advisory opinions (AOs)). 10. A comprehensive glossary. Specifically, USPAP standards 9 and 10 also address the valuation of intangible assets. Standard 9 promulgates guidelines regarding the ... Professional Appraisal Practice (USPAP) Effective January 1, 2018 through December 31, 2019. The course focuses on how to use the USPAP publication . It is a shame nobody really pushed for individual appraiser licensing for everyone involved in appraisal order distribution, things could have been different. It also raised my curiosity as to how ECOA may now be interpreted for appraisers. Maybe we just need a ‘Woke” Dictionary of Synonyms attached to our reports. The new AO became Advisory Opinion 37, Computer Assisted Valuation Tools. The GSEs are out of control. USPAP may be considered the Bible of appraisal practice. In addition, over the years, ten Statements regarding specific practices in appraisal have been developed, however, all ten have since been retired. Found inside – Page 545For example, USPAP Standard 3 discusses the “review” of another appraiser's work. ... They also include Advisory Opinions that provide supplemental guidance but do not establish new standards or interpret existing standards. The USPAP ... The issue was whether the party that inspected the property was the same party as the one that signed the report. See Advisory Opinion 24 . Uniform Standards of Professional Appraisal Practice. First, the requirement is to disclose any service involving the property that is the subject of the appraisal (or subject of the appraisal under review, in the case of a review assignment), not just appraisals or appraisal reviews, and not just services provided as an appraiser. Found inside – Page 4... annual update of the USPAP that includes the new statements adopted by the ASB during the previous 12 months . The Appraisal Foundation subscription service includes a copy of the annual update . Advisory Opinions Advisory opinions ... No one doubts it existed... Lol, I just read a Clear Crapital 'desk review'. The problem is those appraisers you just mentioned are the ones that get the bulk of the work. Not any more than under the 2005 USPAP. If we want to be professionals, we have to act like it. Advisory Opinion 13 (AO-13) - "Performing Evaluations of Real Property Collateral to Conform with USPAP" Applies to RP appraisals and answers the question: How can an appraiser operating under USPAP develop and communicate a valuation of real property collateral that complies with the Interagency Appraisal and Evaluation Guidelines? A request to readdress a report should be treated as a request to accept a new assignment involving the same property, as in Q3 above. Also see FAQ #120 which deals with “reliance letters.”  These Advisory Opinions and FAQ are published with the Uniform Standards of Professional Appraisal Practice (USPAP). They give an example of stating factual items about the condition of a comparable sale. This is a retail version of 2018-2019 USPAP. Don't subscribe The appraiser must use his or her discretion in deciding whether or not to reveal information about a prior assignment to a subsequent client beyond what is required by the aforementioned disclosure. Note: The Appraisal Standards Board of the Appraisal Foundation has provided additional guidance on these topics. The point that the implication in this AO is that an elongated, exceptional amount of explanatory commentary should be provided in each report is antithetical to the GSEs’ massive effort to mold reports into simpleton boxes & short phrases such that the report can be read by a computer & absent significant human involvement is a valid point. On April 8, the Maryland Commission of Real Estate Appraisers, Appraisal Management Companies and Home Inspectors completed action on rulemaking that removed the Advisory Opinions and Frequently Asked Questions of the Uniform Standards of Professional Appraisal Practice from being incorporated by reference into the state's . The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public . Yes; however, you cannot disclose any confidential information contained in the report prepared in the previous assignment for a different client without that prior client's permission. The opinion make some valid points at the beginning and rightly points out that most of the issues regarding bias have been illegal in USPAP and other regulations for many decades now. 2018-2019 EDITION. Found inside – Page 21Exhibit 2.1 (Continued) Advisory Opinions AO-1 Sales History . ... Rules 2-2 and 8-2 . . . . . . . . .152 AO-13 Performing Evaluations of Real Property Collateral to Conform with USPAP .154 AO-14 Appraisals for Subsidized Housing . They have a hard time using the internet and getting online. Why have they not done so before when these forms have been used during the tenure of administrations of both parties. Advisory Opinion AO-10. (Note that the appraiser does not owe a duty of confidentiality to other intended users.) Whom ever dreamed up this guidance, agreed it reads like a document pass off from an activist group. Q6. Appraisal Co. Advisory Opinion 38: Content of an Appraisal Report and Restricted Appraisal Report originally appeared in the Appraisal Standards Board 2019 Summary of Actions Related to USPAP Changes, April 17, 2019. Does And other times the requesting party has no knowledge of, and therefore doesn’t mention, the previously prepared report. On non-UAD forms, like the 1004C, 1025, etc. We value robust & civil discourse. I have a daughter. Of paramount importance to the Board when considering any potential revisions to USPAP or the Advisory Opinions is the issue of public trust. Fannie Mae requires the appraiser to perform an objective neighborhood analysis by identifying neighborhood boundaries, neighborhood characteristics, and the factors that affect the value and marketability of properties in the neighborhood.”. The Appraisal Foundation acknowledges "the Advisory Opinion was . Mr./Mrs./Ms/Dear Mouthbreather/Can I just call you Midwest? Uniform Standards of Professional Appraisal Practice. Required fields are marked *. A vocabulary list of words is not necessary and not guidance but more opinion-based from the writer in conjunction with current events. Can I readdress a report, or change the name of the client, but otherwise give the same report to another client? revisions to uspap and advisory opinions The revisions in the 2006 Edition of USPAP are the result of two major Appraisal Standards Board (ASB) initiatives: (1) examination of the proper role of the scope of work and departure concepts in the appraisal The problem with adopting varied language which departs from simple terminology is that half the people whom read appraisal reports have very high probabilities of being retarded dullards and they’ll be more confused than before. You can also subscribe without commenting. What’s going to happen is the idiot tech people running the various systems on autopilot are just going to copy the list of words strung together in the guidance, copy it into their coding parameters, all the language will be struck from the history books and automatically red flagged through automation. On rural or complex assignments sometimes it is necessary to support a rationale or conclusion with rational opinions where we do not have a specific mathematical facts to list off. FAQ: Who writes Uspap? In many cases, performing a new assignment for a second client would not require the appraiser to divulge any confidential information. This reference book defines hundreds of terms related to buildings, properties, markets, regulations, and appraisal. What assignment conditions (extraordinary assumptions, hypothetical conditions, supplemental standards) apply? The value conclusion might even be the same. I believe the author is referring to the UAD Q and C ratings which are vague and fairly subjective. 20 See Advisory Opinion 34, Retrospective and Prospective Value Opinions. The goal is to raise much needed awareness and support to change the broken AMC model within our industry. Found inside – Page 90Overview of Standards and Standards Rules 1-10 of the USPAP . 2 . Overview of Statements and Advisory Opinions on appraisal standards . 3 . Role of the appraiser and compliance with USPAP . OBJECTIVES : Upon completion of the course the ... 59 See advisory Opinion 28, Scope of Work Decision, Performance, and Disclosure, and Advisory Opinion 29, An Acceptable Scope of Work USPAP 2018-2019 Edition For example, while the identity of the client is not confidential unless the clinet so state, there are situations in which the very fact that the first client had the property appraised is in itself sensitive information. Q7. 65 66 67 USPAP Advisory Opinions 2008-2009 Edition A-23 ¤The Appraisal Foundation Yellow highlighting emphases added by A.L. I would like to ask the appraiser some questions about this appraisal. DataMaster saves appraisers more than 60 minutes per report by importing data from the MLS and public records directly into their form software. If the ASB is going to start giving us “vocabulary lists” of how we can express OUR OPINIONS it should give us all pause. I meant intellectually challenged single cell amoebas with cell phones in cramped office cubicles designed for monkeys in a zoo exhibit. Every appraiser is charged with knowing and following USPAP, usually by operation of state law, and must complete Continuing Education periodically to relearn the basics and become familiar with new Advisory Opinions and annual changes to USPAP. No. Submit and assimilate or be banned. (Source: USPAP). The only “release” required is with regard to confidential information. The following is true about Advisory Opinions A) The Advisory Opinions are a part of USPAP and carry as much weight as Statements on Appraisal Standards. Refer to USPAP Advisory Opinion 16 (AO 16) - Fair Housing Laws and Appraisal Report Content for further guidance on Fair Lending in the appraisal report/process. The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. These standards have been prepared to promote uniformity in the appraisal of real property among the various agencies acquiring property on behalf of the U.S., by both direct purchase & condemnation. To add intended users after the fact, or to change the intended use, is putting the cart before the horse. Probably more of an attention grabbing event. Advisory opinions do not Standards, statements, and advisory opinions. For example, an opinion of value may be required as part of an appraisal review assignment. Found inside – Page 24As we all are aware , USPAP is comprised of standards , statements , advisory opinions and guide notes . The organization empowered with the responsibility for the development and maintenance of these components is the Appraisal ... In fact, Fannie Mae Guidelines state: “Fannie Mae’s appraisal report forms and guidelines do not require the appraiser to rate or judge the neighborhood. Please stop pandering to the GSEs. (b) “Residential real estate-related transaction” defined As used in this section, the term “residential real estate-related transaction” means any of the following: (1) The making or purchasing of loans or providing other financial assistance—, (A) for purchasing, constructing, improving, repairing, or maintaining a dwelling; or. Advisory Opinions 2018-201 Edition The Appraisal Foundation. The general rule is that when a new client enters the picture and a new appraiser-client relationship is formed, a new assignment is involved. USPAP is a set of national Standards that is applicable for most U.S. appraisals. Although the ASB writes, amends, and . If it comes down to it you could just write the narratives then print them to image form via web snip or something which can not be auto mined for word associations. The details of all changes can be found on The Appraisal Foundation's website in a document entitled 2015 Summary of Actions Related to Proposed USPAP Changes. The draft has some excellent reminders for us all. Just using “single-family residential” is actually much more precise and less misleading then a vague term of “one unit housing”. The goal of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote . Simply changing the client name on the report cannot change or replace the original appraiser-client relationship that was established with Client A. To whom can I give a copy of the report prepared for a client? They all start with the appraiser making a decision as to what information from the existing appraisal is still reasonably reliable, and then making an extraordinary assumption to that effect. The appraisal is for a preliminary hearing to dispute property taxes at the assessor’s office. Very well said. They will copy the words exactly from that guidance and all will instantly become effectively prohibited appraisal language. A new report will be provided, appropriately identifying the party who engaged the appraiser this second time around as the client; and if the client is a lender subject to the requirements of FIRREA, the report will disclose prior assignments involving the same property. USPAP has always required appraisers to summarize their data and reconcile…nearly every Summary of Sales Comparison I write is 4-5 paragraphs long. 21 See Advisory Opinion 2, Inspection of Subject Property, and Advisory Opinion 23, Identifying the Relevant Characteristics of the Subject Property of a Real Property Appraisal Assignment. The new form seeks to eliminate those type of work arounds though. Advisory Opinions are issued to illustrate the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. For further information regarding USPAP Q&A, please contact: John S. Brenan, Director of Research and Technical Issues Other times, the request may be for you to provide an “update”, or a “letter update”. Q2. A) 5 B) 6 C) 10 D) 12 9. I agree there are many appraisers using canned comments that could apply to any property anywhere in the world. Found inside – Page 490References to Advisory Opinions are for guidance only and do not incorporate Advisory Opinions into USPAP. 4 See Statement on Appraisal Standards No. 9, Identification of Intended Use and Intended Users. 5 Ibid. 6 See Advisory Opinion ... Found inside – Page 493Introduction to USPAP ○ DISTRESSED PROPERTY SALES WALL STREET REFORM AND CONSUMER PROTECTION ACT ○ ○ submit ... clarify a standards rule: 32 advisory opinions to show how standards are applied ○ acting as an advocate violates USPAP ... The Appraisal Foundation 1155 15th Street, NW, Suite 1111, Washington, DC 20005 T 202.347.7722 MARCH 7, 2012 APB VALUATION ADVISORY 2: ADJUSTING COMPARABLE 90. USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. Keep in mind that since 2010, USPAP has required disclosure of any prior service involving the same property within three years prior to the date of engagement. The other words fit nicely contextually in sentences that a reader would not need more explanation. Advisory Opinions are not intended to be enforceable, so this doesn't really qualify as a "change" to USPAP. Advisory Opinion 16 is Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development and Reporting. A-92 USPAP Advisory Opinions 2008-2009 Edition ¤The Appraisal Foundation Yellow highlighting emphases added by A.L. All credit-granting entities must notify all applicants of adverse decisions. Is the renewed focus and emphasis on this a possible prelude to a time when any appraisal that is lower than hoped for (contract price) will require a separate written advisory to the borrowers? It cannot. Highly unlikely to end up here on their own. This new assignment will require the appraiser to at least reconsider or reanalyze the process outlined in USPAP’s Standard 1, especially with regard to identification of intended use and scope of work. The opinion begins to go off track however about line 124 where we start to get a list of vocabulary words that we should supposedly not use alone anymore. It is unethical for appraisers to comply with such requests. Your email address will not be published. Providing these descriptions is where the appraiser often defaults to using imprecise, subjective, and generic terms. I am in fact elderly by most metrics. Appraisers should review this advice carefully to ensure they are compliant with USPAP reporting requirements. Requests for valuation services are presented to appraisers in an assortment of ways, and the appraiser’s first tasks are to ascertain (1) exactly what the party is requesting and (2) whether what the party is requesting is appropriate given their intended use. It means that as far as the appraiser is concerned, there is to be a new appraiser-client relationship – i.e., a new assignment. This simply covers why I selected the comps, explaining the adjustments, noting anything unusual or specific about the subject, summarizing how I reconciled the value, etc. Since all lenders are using (and used to for a long time now) various Fannie Mae forms – which contain almost all of these words on them, I wonder how the ASB believes that the intended users are going to be confused? Or the request may be to “recertify” the report, or to “reassign” it. Here is an excerpt from FAQ 204: An update is a new appraisal assignment involving a property that was previously appraised. Unfortunately, Winston was not available for comment. (In the case of a review report, a similar requirement is found in Standards Rule 3-4(b).) Once that issue is resolved, the next questions to be answered are: In many such cases there may be little additional work in performing a new assignment for another client. Entering into an appraiser-client relationship to complete an assignment does not mean that the appraiser then has an interest with regard to that client or that property. This is all well and fine, and providing substantive details as to our opinions is always a good thing, but without any concluding statement or analysis saying that because of those facts the comparable is inferior to the subject (because we can no longer use the word “inferior”) it leaves the reader wondering what point the appraiser was actually trying to make. The 12th edition of this textbook has been revised and reorganized significantly for greater clarity, coherence and consistency. Eventually, they will run out of synonyms. Even if the original appraiser/client relationship is disclosed, this problem cannot be overcome. 2, Discounted Cash Flow Analysis. It also includes Advisory Opinions dealing with the application of the USPAP in various scenarios, such as "When does USPAP apply in valuation services?" and "Clarification of the client in a federally related transaction," which describe real-life problems and how they would be governed under the Rules and Standards of USPAP. After that, the appraiser can either: As stated above, Advisory Opinions 11 and 12 have been replaced with the newly-created Advisory Opinion 38, Content of an Appraisal Report and Restricted Appraisal Report. Agree. 22 See Advisory Opinion 17, Appraisals of Real Property with Proposed Improvements . It also includes Advisory Opinions dealing with the application of the USPAP in various scenarios, such as "When does USPAP apply in valuation services?" and "Clarification of the client in a federally related transaction," which describe real-life problems and how they would be governed under the Rules and Standards of USPAP. I LIVE with a woman. For example: “The subject property is located in an established neighborhood. This is nothing but the left driving the narrative of bias in everything. Click to see full answer. The solution to bias in appraisals is to punish it, not to force all appraisers to “get woke” by avoiding perfectly good and useful terms. I swear, I’ve never understood why appraisers want to make this more complicated than it has to be. Reporter's description on the record of nonverbal communications, events or gestures 1996 (revised April 2015) Statement of facts. Assignments results may be presented in a written report or in an oral report. https://uscode.house.gov/view.xhtml?path=/prelim@title42/chapter45&edition=prelim. Because ASB doesn't have policy writers nor does legal counsel review their work, we get a lot of garbage embedded into . Sign the Open Letter to AMCs. USPAP has ten Standards which cover the development and reporting of valuation. Q4. 2 See PREAMBLE and Advisory Opinion 21, USPAP Compliance. Once you are clear on what the requesting party is asking you to do, the following Q&A’s might help you decide how to respond.

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