Header graphic for print
Eminent Domain & Real Estate Litigation Blog Condemnation and Real Estate Litigation

Appraisal Institute Discusses USPAP Changes

Posted in Appraisers, PennDOT

Paula Konikoff, JD, MAI, chair of the Appraisal Institute’s Professional Standards and Guidance Committee recently discussed the 2014-15 USPAP updates, including the process the Appraisal Standards Board used to adopt the latest edition of USPAP, the new Report Options that will be part of the 2014-15 edition of USPAP, and other changes made that might impact appraisers.
The Appraisal Standards Board adopted the 2014-15 edition of the Uniform Standards of Professional Appraisal Practice, known as USPAP, in February of 2013.
Two report options will be presented in the 2014-15 edition of USPAP, thus making Standards 2 and 8 conform to the existing Standard 10:
■Appraisal Reports will have the same requirements as the current Summary Appraisal Report; and Restricted Appraisal Reports will have the same requirements as the current Restricted Use Appraisal Report.
■The current Self-Contained Appraisal Report will not be an option in the 2014-15 USPAP.
Different language will be required regarding current or prospective interest and prior services, clarifying that this disclosure must be made in the Certification for “each” subsequent appraisal or appraisal review assignment. The Appraisal Standards Board did heed comments from the Appraisal Institute and other organizations and limited the additional language that is now required.
The Appraisal Standards Board adopted several changes that are intended to clarify language without making substantive changes, including the: Competency Rule; the preamble; and Standards Rules 3-5. The proposed changes to the Record Keeping Rule were dropped, based on comments from the Appraisal Institute and others.