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.
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.