The Appraisal Foundation has now posted a “Q&A” on its website regarding the Apprisal Instute’s withdrawal as a sponsor.
An Appraisal Institute study concludes that two-thirds of failed banks were previously cited by federal bank examiners or had ongoing appraisal administration problems.
The United States Tax Court recently found that an appraisal does not necessarily need to comply with the Uniform Standards of Professional Appraisal Practice – commonly known as USPAP – to be admissible or reliable.
Congress is considering legislation that prohibits all parties involved in a real estate transaction from improperly influencing an appraiser. The bill has been backed by the Appraisal Institute and has bipartisan support in Congress.