On March 18th, The Appraisal Foundation (the Foundation), the Association of Appraisal Regulatory Officials (AARO) and the Appraisal Subcommittee (ASC) issued a joint message for appraisers and regulators regarding COVID-19. The Foundation has created a page on its website titled “Coronavirus and Appraisers: Your…
So, you’re contemplating a career switch to commercial real estate appraising? What goes into the process and what skills are necessary to make that transition smooth? The following is my attempt (and I use attempt very loosely because there a myriad of things that…
It’s no secret that the general public does not have a thorough understanding of the appraisal profession, even though the work of appraisers has a profound effect on people’s lives. At McKissock, we not only want to be a go-to resource for appraisers, but…
Appraisal reviews serve many important purposes. Sometimes the appraisal review process is more time consuming and requires research and analysis well beyond the original assignment, while other times the process is smooth with no problems. One of the difficulties that reviewers face in appraisal…
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…
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