A friend's brother works for a company which produces BPOs for a variety of clients. I was approached to do 'reviews' on commercial BPOs, which best I can tell from a brief and vague conversation are performed for portfolio management companies. The work product was explained to me as an 'appraisal without USPAP'. I have yet to see one, but have the following questions. 1. As an appraiser, one must comply with USPAP in reviewing a non-USPAP compliant report produced by a non-appraiser. ??? Does one note that reviewing for USPAP compliance is not part of the USPAP-compliant review? Isn't USPAP compliance req'd for an appraisal review? How can this be reconciled. 2. Let's be serious-is this 'review' strictly for the purposes of attaching an appraiser's signature and E&O to some POS? As explained to me, only the Sales Approach is used, and sales can date back up to 4 years, and no Income Approach is used (*how* are they looking at cap rates). How can an Income Approach be excluded from any kind of valuation for income-producing properties? Apparently these 'appraisals without USPAP' are quite popular. They are so busy at this company they now have 60 full-time employees. Has anyone else seen one of these reports or have any idea how appraisers are reviewing them?