Evaluating a Report for USPAP Compliance
This course was written and produced by The Appraisal Foundation and is being presented through a partnership with McKissock.
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.