New USPAP Starts 3/31/99

USPAP? No, it is not a medical test. It is the acronym for Uniform Standards of Professional Appraisal Practice, a set of "thou shalts" and "though shalt nots" for RE appraisers. And, a new version became effective 3/31/99.

What's new?

In part, no departure is permitted among the following:

A. The appraisal MUST 1) identify the client and other intended users; and 2) identify the intended use of the appraisal.

B. Restricted Appraisal Reports MUST now be called Restricted Use Appraisal Reports and MUST be consistent with the intended use of the appraisal.

C. Each written appraisal report MUST contain a signed certification that is similar in content to that shown in the new 1999 version of USPAP.

In part, appraisers MUST certify that to the best of their knowledge and belief:

The statement of facts contained in this report are true and correct.

I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

In addition, other statements MUST be included in the certification.

For those of you interested, the new version of USPAP can be found on the World Wide Web at <www.appraisalfoundation.org> and the new certification can be found in Standards Rule 2-3.

Steve
Stephen Traub, ASA
Publisher, PVM ^SM

The author, Stephen Traub, ASA, is Chief Commercial Appraiser for Property Valuation Advisors, Newburyport, MA. He is a certified general appraiser in NH, ME and MA. He can be reached at 978-462-4347 or:
by e-mail: straub@shore.net