Evaluating a Report for USPAP Compliance

Evaluating a Report for USPAP Compliance

Non-appraisers are often asked to evaluate reports for compliance with the Uniform Standards of Professional Appraisal Practice (USPAP).

This online course was developed by The Appraisal Foundation (TAF) and is specifically intended to assist lending professionals in better understanding USPAP and its relevance in the lending process. The course will also facilitate a better understanding of property appraisers’ USPAP-related obligations in an assignment and will provide lender personnel with knowledge to better evaluate an appraisal report for USPAP compliance. This program is not intended to provide training for those performing appraisal review (as defined in USPAP) assignments.

Course Contents

Upon completion of this seminar, the professional should be able to:

  • Understand how the Standards Rules of USPAP relate to the various steps in the appraisal process;
  • Understand the COMPETENCY RULE and how it is applied in selecting a qualified appraiser for a specific assignment;
  • Explain the role USPAP plays in protecting the public interest; Understand the role the lender plays in ensuring appraisers are provided with adequate and accurate data to complete an assignment credibly;
  • Know the importance of accurately identifying the Intended Use and Intended User(s) of an appraisal assignment;
  • Understand the relevance of appropriate report dates and the potential problems that can arise if edits are made subsequent to assignment completion;
  • Recognize the importance of utilizing reviewers who meet the requirements of the COMPETENCY RULE, particularly in complex assignments;
  • Differentiate between the terms “summarize” and “state” as they relate to Standards Rules 2-2(a) and 2-2(b);
  • Understand the difference between a review and an Appraisal Review; and
  • Recognize the information in an Appraisal Report or a Restricted Appraisal Report needed to comply with STANDARD 2.

Reviews

claudia / Florida
Excellent
matthew / Wisconsin
Although, very dry, the course served its purpose.
terry / Alabama
I truly enjoyed this course. The course was very informative and helpful with the daily duties of my job.
christine / Oklahoma
Very good training material, well organized and well communicated. It is especially helpful to someone who may not be involved in the appraisal function on a day-to-day basis.
chuck / Florida
As a credit manager and not appraiser, this appraisal review course was very helpful to "demystify" USPAP for me and I've gained better understanding of concepts and terms used in appraisals.
ann / Wisconsin
Informative, and great practical FAQ questions/answers
jennifer / Maine
The course linked together the definitions and the appraisal process so that I, as an underwriter, more fully understand where an appraiser is coming from and what the standard statements and scope of work comments mean in the report. The definitions were the key component of this course for me.
kenneth / Pennsylvania
Excellent course...very comprehensive.
lekesia / Alabama
This course was very informative.
boyd / Utah
Good review for understanding the appraisal process, rules and requirements
dennis / New Jersey
Excellent course for those who have an "Level 1" understanding of real estate appraisal and USPAP. Well organized. The course brings together the related materials, particularly the Advisory Opinions and FAQs.
matthew / Georgia
Good material. However, some of the chapters contain a significant amount of material and I would not recommend breaking in the middle of a chapter. Additionally I recommend printing out the chapters as a way to refresh all of the information before taking the chapter quizzes.
ina / California
no comments.
kathleen / Illinois
I think this course Evaluating a Report for USPAP Compliance hit the highlights of the subject, while providing plenty of detail as well. The web site features worked well, and I appreciate that the web site allows re-review of any of the material withing the course, from the first chapter to the last, as well as allowing user to re-visit the quizzes.