USPAP is updated on a regular basis to help appraisers communicate in a clear and effective manner with their clients, with the ultimate intent of maintaining the public trust in the profession. The changes for the current update are relatively minor.
On the heels of the previous USPAP update, the reporting options have again been updated, and this time in a common-sense manner that allows for greater flexibility for both appraisers and clients. The Restricted Appraisal Report has always been limited only to the use of the client, as by its nature, it was only intended to be clearly understood by a party very familiar with the subject property. The new language requires that additional intended users be noted in the report and that they are specifically referenced. Simply adding a generic “type” of user would not be acceptable.
The comment “Perfection is difficult to attain, and competence does not require perfection” , listed under appraisal development Standards Rules 1-1, 3-1, 5-1, 7-1 and 9-1, was moved to the Competency Rule so that it applies now to the entire range of appraisal services, broadening its applicability.
Finally, the Board adopted revisions to the Certification requirements. As some common appraisal formats (URAR for example), do not list all the USPAP-required certifications, a “supplemental certification” is now to be added to reports so that they are specifically referenced. However, the added certification does not need to be signed by the appraiser.
While many of the remaining changes are related to administrative housekeeping and other minor revisions or duplications, they do help provide additional clarity.