USPAP Q&A’s June 2018

What’s in this month’s Q&A?

-  “At the time of the Assignment”, what does that term really mean?

- Government Agency Workfile Retention

- Certifications and Signatures

- Record Keeping Rule – Testimony and Deposition

- Record Keeping Rule – Retention Requirements for Preliminary Communications after Completion of the Assignment

Click on link to read Q&A’s:

I didn’t like the last question, specifically the parts highlighted:

“During the course of the assignment, my client has asked me to provide the sale comparables I plan to use, as well as information on my rent and expense conclusions, prior to the completion of my Appraisal Report. If I subsequently provide an Appraisal Report, does my workfile need to contain a written copy or summary of the communication previously transmitted to the client?”

Maybe this is something that occurs in some assignments, but I would warn any residential appraiser not to provide your client with the comparables you intend to use prior to completion of the assignment for obvious reasons.

- How is this not akin to a “COMP CHECK”?

- Do you think the client could look at your comparable selection and decide to cancel the assignment?

- Is this a violation of Appraisal Independence Requirements?

Just be careful out there folks!