USPAP - July Q&A's

The Appraisal Foundation has published the July USPAP Questions and Answers. This month the Q&A's deal with keeping records, and if as an appraiser you work for a large appraisal firm, does the access to the records have to be in writing. As many, but not all personal property appraisers are in small firms or are solo-professionals, there is not too much to learn from the post, but the simple answer was no, it does not have to be in writing to comply with USPAP. The appraiser just needs access, and the access to the records can be either oral or written.

The second of only two Q&A's is a bit more interesting to personal property appraisers and discusses "significant professional assistance". I just posted on the Personal Property Appraisers Post a short article on appraisals, competency, hierarchies and the Peter Principle. Some of the comments and responses to the post discuss the need for expert opinions when dealing with unfamiliar property. It all fits well with the question of documenting significant professional assistance as in the USPAP Q&A. The better we as appraisers understand the nuances of USPAP, the better appraisers and the more compliant we will become.

Click HERE to read the July 2009 USPAP Q&A's.