USPAP 2011 - 2013 2nd Exposure Draft

The second USPAP exposure draft has been released by the Appraisal Foundation. Many of the comments were about the changes to the communication rule. This gives appraisers time to see the direction of the USPAP and some of the changes being sought.  Keep in mind they are only proposed, but you do get a good ideas of the future direction a possible changes in store for appraisers in the 2011 -2013 version of USPAP.

Also definitions are being alteres, such as

The Board proposes the following four changes to the DEFINITIONS in USPAP:
1. Revising the current definition of “Report”
2. Revising the current definition of “Scope of Work”
3. Revising the current definition of “Assignment Results”
4. Creating a new definition of “Appraiser’s Other Opinions”

The exposure draft is a good document for all appraisers to review and read.  Not exciting content, but certainly useful to the appraiser.

In January, the ASB issued the First Exposure Draft of proposed changes for the 2012-13 edition of the Uniform Standards of Professional Appraisal Practice and Request for Public Comment.

That exposure draft introduced a proposed new rule, the COMMUNICATION RULE, which
addressed an appraiser’s communication responsibilities. Broader than the reporting Standards, the draft included two distinct versions of the proposed new Rule with different positions. All the written comments that were received on the First Exposure Draft are available for public viewing on The Appraisal Foundation’s website at www.appraisalfoundation.org. The ASB also heard oral remarks at public meetings in Las Vegas on February 5, 2010, and in San Diego on April 30, 2010.

The Board received numerous and widely divergent written comments concerning the proposed COMMUNICATION RULE, both as a concept and regarding the different options. Opinions varied on the question of allowing draft, interim or preliminary communications. There were challenges to whether the COMMUNICATION RULE was necessary. There were suggestions on alternative ways to approach the issue, and most importantly, there were numerous comments that relayed how these proposed changes may impact current practice.

Comments ranged from those that were very strongly opposed to any provision that would allow for draft reports, in any form, to those who believed that there should be an unrestricted allowance for drafts with no record keeping requirements for those drafts.

The comments the Board received also showed a considerable diversity of opinions among appraisers, users of appraisal services and other interested parties in what the terms “draft,” “interim” and “preliminary” mean.

 Click HERE to download the full 2nd exposure draft.