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USPAP 2012-13 Market Value Definition

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by lhilton, Mar 30, 2012.

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  1. lhilton

    lhilton Sophomore Member

    0
    Feb 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    West Virginia
    I have read the update to the new USPAP . I have been told by an associate who took the new USPAP class that we have to cite the source for the Market Value definition that is preprinted on the 1004 and 2055. I re read the old USPAP and in Standard 2 (b) (v) it does say : "state the type and definition of value and cite the source of the definition". Does anyone know if this is true? Are we supposed to cite the source of our Market Value Definition in a 1004 or 2055?
     
  2. USPAP Compliant

    USPAP Compliant Elite Member

    2
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    If you are using the -pre-printed 1004 or 2055 then you are using the Fannie Mae definition.

    The form "states" the definition. There is nothing else you need to do.

    Am I misunderstanding your question somehow?
     
  3. residentialguy

    residentialguy Elite Member

    167
    Mar 24, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    It's already cited on the 1004 and 2055, which is by Fannie Mae.
     
  4. DWiley

    DWiley Senior Member

    94
    Apr 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Refer to FAQ 203, page F-93 in the 2012-2013 USPAP. The FAQ deals directly with the question posed.
     
  5. lhilton

    lhilton Sophomore Member

    0
    Feb 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    West Virginia
    ".....cite the source of the definition."

    so because the form is a Fannie Mae form...that means they are the "source " of the definition...is that what you're saying? It is also a Freddie MAc form .... sorry to make something so simple, complicated, but I am trying to make sure my office is compliant. We've been using these forms for years...as has everyone and this just came up in a recent USPAP class.
     
  6. Don Clark

    Don Clark Elite Member

    16
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Some instructors unfortunately "state" their own opinions which are not always what USPAP says. One such instructor that recently taught a class locally stated that we are all out of compliance with USPAP if we do not write a definition of zoning similar to the one in AO19, page A-25, Lines 140-144. That is not the case. One needs to read further on lines 148-150

    Also, it depends on the level of the understanding of the client/intended users. And, one minor variation in the report type does not change the nature of the entire report.

    I really wish USPAP Instructors would stick to what is in the program instead of chasing after minor issues.
     
  7. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    See post #4.

    Relax.
     
  8. lhilton

    lhilton Sophomore Member

    0
    Feb 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    West Virginia
    Thank you all for your responses and especially the reference to FAQ 203....
     
  9. fritzvogel

    fritzvogel Senior Member

    1
    Dec 16, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Such a minor issue here. I dought anyone would get a fine, or extra education. If you address it, however you do, and it makes some reasonable scense I think you covered your Esposure time base. But I'm sure as time goes on every AMC will want a full paragraph, word for word on every report. Of course no extra $$ for our time......
     
  10. Don Clark

    Don Clark Elite Member

    16
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Not such a minor issue if you have dealt with multiple state regulatory agencies as I have and I know that Danny Wiley has. They will find fault in the eye of a gnat, and fine you or suspend you or even revoke your license for some of the smallest issues.

    For the record(TAF and AQB are you listening) I believe it is time for TAF and the AQB to bite the bullet once again and have face to face "Come to Jesus" meetings with AQB Certified USPAP instructors for recertification purposes. Too many AQB Certified USPAP Instructors giving out bad information. The OP's question and the instructors answer was wht my son experienced in a class recently. I had lot's of erroneous statements to help him clear up after the class.
     
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