What are the two written report options specified in Standards Rule 2 2 of USPAP?
Reporting of the results of a real property appraisal is governed by USPAP STANDARD 2, which allows two options for written reports: Appraisal Report (as directed by Standards Rule 2-2(a), or. Restricted Appraisal Report (as directed by Standards Rule 2-2(b).
What is the meaning USPAP?
The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. To become a real property appraiser in the United States, appraisers must take the 15-Hour National USPAP Course (or its equivalent).
Is USPAP required?
Who is required to take USPAP courses? Real property appraisers are required to take the 15-Hour National USPAP Course (or its equivalent) to obtain a state credential. Once credentialed, all real property appraisers must take the 7-Hour National USPAP Update Course (or its equivalent) once every two calendar years.
How does USPAP define an appraiser?
The current definition of “appraiser” according to the Uniform Standards of Professional Appraisal Practice (USPAP) is: “One who is expected to perform valuation services competently and in a manner that is independent, impartial and objective.” USPAP further comments on this definition: “Such expectation occurs when …
What are the USPAP standards for appraisals?
Uniform Standards of Professional Appraisal Practice (USPAP) Standards Rule 1-4 states, “In developing a real property appraisal, an appraiser must collect, verify, and analyze all information necessary for credible assignment results.”
What is USPAP 2 2B VIII?
USPAP Standards Rule 2-2(b)(viii) requires the appraiser to state in the report the appraisal method and techniques employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach or income approach must be explained.
What does USPAP stand for?
3 The Uniform Standards of Professional Appraisal Practice (USPAP), defines “Appraiser” as “one who is expected to perform valuation services competently and in a manner that is independent, impartial and objective.” Uniform Standards of Professional Appraisal Practice
What is the difference between USPAP and SVP?
SVP addresses the development of a real property appraisal in STANDARD A and the reporting of a real property appraisal in STANDARD C. USPAP addresses this development process in STANDARD 1 and the related reporting requirements in STANDARD 2.