Tim

So, what does the State look for when it asks you to send in your appraisal and workfile? It’s looking for (a) the data in your workfile to support your value conclusion in the report; and (b) it’s looking to see if the appraisal and report are credible (which, according to USPAP means worthy of belief – although USPAP does not make clear at all of whose belief the appraisal should be worthy). In short, what this means is the state looks to see if you followed Standard 1 in developing the appraisal (credibility) and Standard 2 in reporting the appraisal (not misleading).

In residential real estate appraisal, it is common to omit the protocols of the Cost Approach in all but the appraisal of new construction.  That may be common, but is it proper appraisal protocol?  One reviewer does not think so, and nicked an appraiser for this omission.  So, what does USPAP say on the matter?  The Appraiser’s Advocate, Tim Andersen, takes a look at this question and offers his thoughts on it!

When you think about them, the ibuyer platform & business model have the potential to disrupt not only the real estate brokerage business, but the real estate appraisal business as well (including USPAP). Tim Andersen, The Appraiser’s Advocate, discusses this platform & model in his latest blog, as well as raises some important questions about the future of both brokerage and appraisal. So, what will you do to continue to make a good living as an appraiser?

Really, you can’t go into a contest with your state appraisal board alone, naked, and unarmed. Why would you want to? Obviously, you need legal counsel, but you may also need USPAP counsel as well. That’s why I’m here. Question:  “My state board recently charged me with writing a misleading report.  I got the client

Question: “A reviewer just called me. She indicated that USPAP required me to provide verification of the sales data from two different sources. I asked the reviewer to show me where this requirement was in USPAP. The reviewer did not answer my question (or apparently, appreciate my attitude in asking it), but indicated that unless