I heard there was lots of negative testimony from about draft reports at the last ASB meeting. The comments were focused on draft reports, which is very important to many commercial appraisers. Revisions of the Communication section (reporting) will not be done with this version of USPAP.
A few of the proposed changes
- "No services in past 3 years" or state the service - statement will be required in the certification on each appraisal
- Revising definition of client (AMC issue mostly)
- Requiring that Extraordinary Assumptions and Hypothetical Conditions be labeled in an appraisal report. I quit using the labels as they were very confusing for my clients. I just describe them.
Deadline for comments is 11/12/10.
Click here to read This new draft will be analyzed in the October issue of Appraisal Today, available this weekend.
By Ann O'Rourke