The Appraisal Foundation has posted the November USPAP Questions and Answers. This month the topics have several good discussion which are applicable to the personal property appraiser. The topics include the following and I have included the full Q and A for the new Restricted Use report, effective Jan 1, 2010.
- Can an appraisal management company be the client?
- Question: What is the change effective January 1, 2010 regarding the Restricted Use Appraisal Report?
Response: In the 2008-09 edition of USPAP the ETHICS RULE included a requirement that when utilizing the Restricted Use Appraisal Report option, “the workfile must be available for inspection by the client.” However, STANDARDS 2, 8 and 10 also included a requirement that all appraisal reports must “contain sufficient information to enable the intended users of the appraisal to understand the report.”
The second requirement above made the initial requirement for the workfile to be available to the client when using a Restricted Use Appraisal Report unnecessary. Therefore, it was removed for the 2010-11 edition of USPAP.
Click
HERE to read the full November USPAP Q and A's.
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