- Revised definitions: Client, Extraordinary Assumption, Hypothetical Condition. The definition of Exposure Time was moved from Statement 6 into the Definition Sections.
- A new rule: Record Keeping is now a full blown Rule
- Exposure Time (associated with market value) must now be reported.
- Revised disclosure requirement: Disclose whether you have or have not performed any services with regard to the subject property within the 3 years proceeding the effective date.
- Standards for Personal Property Appraisal (Standards 7 & 8) have been significantly updated.
- Advisory Opinion 21 USPAP Compliance has been revised to help us understand when USPAP does and does not apply.
Thursday, January 5, 2012
Welcome to 2012 (USPAP)
An even numbered new year means a new edition of USPAP. I know every appraiser sleeps with a copy of USPAP under their pillow and has read the 2012-2013 edition so many times their copy is already worn out. Even so, I thought I would bullet point the major changes:
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