On October 9, 2018, the Appraisal Standards Board posted a new Q&A video to their YouTube channel addressing the issue of “hybrid” appraisal assignments. Hybrid appraisals are those which involve someone other than the appraiser making an inspection of the subject property. A report of that person’s inspection is then provided to the appraiser by the client, and the appraiser uses this information to develop a value opinion.
The video, which features Aida Dedajic and John Brenan of The Appraisal Foundation, answers three questions:
- A client has asked me to perform an appraisal, but instead of requiring me to physically inspect the subject, they will provide me with the results of an inspection of the property done by someone else. Does USPAP allow this?
- Does USPAP require me to disclose this person’s name as having provided significant appraisal assistance and describe the assistance they provided?
- If I rely upon that inspection, should I employ an extraordinary assumption?
In March of 2018, the ASB issued a written Q&A about hybrid appraisals. This new video is based on the published Q&A and was produced by TAF in response to inquiries from appraisers, regulators, and users of appraisal services.
To learn more about hybrid appraisal assignments, check out our online course: Evaluations, Desktops, and Other Limited Scope Appraisals.