Welcome to USPAP 2014

Here we are again with a new edition of USPAP.  With this edition we see some great simplifications. Of interest to most appraisers is the retirement of "Self-Contained" and "Summary" written reports. Check your boilerplates.  There are now just two written report options: Appraisal Report (which is required to have a summary level of detail) and Restricted Appraisal Report (which is appropriate only when the client is the only intended user.)

The other major change, is the retirement of Standards Rule 4 & 5 which deal with appraisal consultation.  As these standards were rarely used correctly, they were retired.

Also, a clarification as to what constitutes assignment results.  As appraisers, we are very well aware that our value conclusions are confidential.  This clarification reminds us that not only the value conclusion are confidential, but other opinions developed during the assignment are also confidential.  These include items such as the highest and best use conclusion, the opinion as to the reasonable exposure time, opinions about qualitative factors relating to the subject and comparables.

With a handful other minor changes, I look forward to seeing you in the 7 Hour Update Class starting in February at Kaplan