Appraisal Foundation USPAP Q&As

It has been sometime since the Appraisal Foundation has released new USPAP questions and answers. They have now just released 7 new Q&As, and most apply to Real Estate, but portions can of course be applied to personal property appraising.

The Q&As range from advisory opinion clarifications to fees based on the outcome of assignment. The fees based on assignment outcome should raise some interest.

The fee Q&A is applicable to some personal property appraisal practices, and the response does note that so long as the work being conducted is not an appraisal and the role is represented correctly, a percentage on the outcome can be developed. Well worth reading.

The Appraisal Standards Board (ASB) has issued 2011 USPAP Q&A on the following topics:

· Advisory Opinion 13 (AO-13) Guidance

· Use of Distress Sales in Real Property Market Value Appraisals

· Does a Request for a “Final Inspection” Require Disclosure of Prior Services?

· Does Utilizing a Property as a Comparable Sale Require Disclosure of Prior Services?

· Adding a “Disclaimer” for Disclosure of Prior Services

· Revising Pre-Printed Certification to Disclose Prior Services

· Appraisal Fee Based on Outcome of Assignment

Click HERE to download the 2011 USPAP Q&As.

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