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Why HOORAY for our side? USPAP did not have a definition of “misleading”. As of January 1, 2020 it did. Nevertheless, that definition was confusing. It said a typo in a report was the same a violation of ethics. Consequently, a simple mistake was the same as choosing to violate ethics. Certainly, that had to change. That was not the situation we appraisers should be in. So, The Appraiser’s Advocate, other concerned appraisers, and various appraisal organizations complained! Some of them very loudly! The definition either had to change or go! Our efforts got results! HOORAY for our side! In the 2022-2023 PROPOSED USPAP, the definition of “misleading” is gone. There is no replacement! So, HOORAY! A win for our side! See what happens when we work together? See what happens when we stop trying to throw each other under the bus? So, HOORAY for our side! Be sure to get in touch with The Appraisal Foundation to thank them for listening to us! Thanks for listening to Tim Andersen, The Appraiser’s Advocate!
Keep in mind that this is an exposure draft. We must be diligent.