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When you think of USPAP and the State Board, chills run up and down your spine, right? In any given year, the typical real estate appraiser has less than a five percent chance of getting that letter from a state appraisal Board. But what happens when that letter thuds on your desk? It is not a time to panic, but it is a time to pay attention. Close attention. Life will go on. You’ll still be able to appraise real estate so you can make a living. But you’ll need help. Remember, contact me at tim@theappraisersadvocate.com to help you when it happens.
So what is going to happen when USPAP and the State Board become foremost in your professional life? It is likely the state board will send you a questionnaire to complete and return to the investigator. These questions will become the basis for the state’s investigation into any complaint filed against you. Therefore, you must answer them completely, fully, and truthfully. But you must not give the state the rope to hang you with. For example, One question might be, “Were you compensated for the assignment?” Assuming you did not work for free, the entirety of your answer would be, “Yes”. No more, no less. The state has no reason, frankly, to know your professional fee for that job.
Since the topic of this podcast is USPAP and the State Board, there are indeed more such questions I could preview. However, time and space do not permit a greater discussion. So, please, listen to the podcast. But one more thing. If you do get that letter from the state, you need to act, not ignore it! You’ll need counsel from your E&O people, an attorney, and a USPAP expert. This is not a job you do alone!