Three USPAP Secrets of an Extraordinary Assumption and a Hypothetical Condition Revealed for the First Time! – TAA Podcast 070

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Are there really three USPAP secrets you need to know? What are they? Why are they secrets? Is The Appraiser’s Advocate website the only place I can find them? OK! Enough questions! What are the secrets about extraordinary assumptions and hypothetical conditions I need to know?

First, the three USPAP secrets are not really secrets. They are there for anybody willing to do the research to find them. They are not even really hard to find. All you have to do is look! These so-called secrets have to do with their definitions, when to use them, and how to disclose them. For details, you’ll need to listen to the podcast. But it is possible to reveal that, by definition, there is no such thing as a generic extraordinary assumption.

Since the three USPAP secrets are not really secrets, why call them secrets? True, they are not secret. But appraisers use them improperly so much of the time, it is as if they were secrets. There are plenty of places to go for advice on appraisal questions and issues. But sometimes, old Mother USPAP is the best place to start. Start where? How about the definitions of extraordinary assumption and hypothetical condition. Then, how about SR1-2(f, g) for a description of the only circumstances you can use one or the other. Then, finally, SR2-2(a)(xiii) for proper disclosure protocols.

See! There aren’t three USPAP secrets. They are right there in the open. All you have to do is look for them. Thanks for listening!