The 2020-21 USPAP publication will be available within the next several weeks, and so will the 2020-21 7-hour National USPAP Update Course. Not everyone purchases the USPAP publication or takes an update course right away, so here is a quick overview of the most…
New construction is treated a little differently by lenders, FHA, and the GSEs. As you appraise these properties, you must take into consideration certain features and attributes that don’t necessarily apply to re-sales. It requires more work, so you want to be sure that…
We often receive questions from appraisers regarding Fannie Mae and the cost approach. For example: “I’m appraising a property and have been instructed to comply with Fannie Mae guidelines. I understand that Fannie Mae requires the sales comparison approach, but what if there aren’t…
We’re just over halfway through 2019. Have you met your professional development goals for this year? Which property appraisal skills are at the top of your list to sharpen by 2020? We recently asked our appraisal community, “What appraisal skill would you MOST like…
In an appraisal assignment, a hypothetical condition is used when a property is appraised under a condition that is contrary to what is known by the appraiser to exist on the effective date of the assignment results. If a hypothetical condition is not properly…
In an appraisal assignment, an extraordinary assumption is employed to presume certain unknown information as fact. An extraordinary assumption is related to a specific assignment, and takes information that is unknown as of the effective date of the assignment results and assumes it to…
At its public meeting in Kansas City MO on April 5, 2019, the Appraisal Standards Board (ASB) of The Appraisal Foundation adopted changes to USPAP for the 2020-21 edition. The Board adopted its Fourth Exposure Draft, which had been issued on February 27, 2019,…
At its public meeting in Scottsdale AZ on February 8, 2019, the Appraisal Standards Board of The Appraisal Foundation announced that it will be issuing an additional exposure draft of changes to USPAP for the 2020-21 edition. The Third Exposure Draft was issued on…
As a professional appraiser, you don’t want to have a disciplinary complaint filed against you, and you certainly don’t want to be the subject of a complaint that results in disciplinary action. So, how can you prevent these undesirable consequences? Here are several do’s…
As a real property appraiser, you rely on appraisal reports to communicate your opinion of value. It’s important to realize that forms are not reports. Filling out the form properly and completely does not always mean your report will be compliant with USPAP. The…
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