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USPAP has 2 specific tests for acceptability.

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Tom Foster, Jul 31, 2007.

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  1. Tom Foster

    Tom Foster Senior Member

    0
    Apr 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    USPAP has 2 specific tests for acceptability. What are they?

    This was the only question for 7 hour USPAP Con Ed I could not come up.

    Since someone stole my brain medicine, does anyone know the 2 specific tests for acceptability ??

    Thanks,


    Tom
     
  2. Mr Rex

    Mr Rex Elite Member

    113
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Try page 13, but it appears there are 3.
     
  3. alex gilbert

    alex gilbert Member

    2
    Feb 21, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    If you mean tests for the acceptability of scope of work Mr Rex is correct, pg 13, lines 428 thru 432.
     
  4. Tom Foster

    Tom Foster Senior Member

    0
    Apr 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    The expectations of parties who are regularly intended users for similar assignments; and what an appraiser’s peers’ actions would be in performing the same or a similar assignment.
     
  5. Tom Foster

    Tom Foster Senior Member

    0
    Apr 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I think I was wrong... it must be

    An appraiser must not allow assignment conditions to limit the scope of work to such a degree that the assignment results are not credible in the context of the intended use.

    An appraiser must not allow the intended use of an assignment or a client’s objectives to cause the assignment results to be biased.
     
  6. Mark to market

    Mark to market Junior Member

    0
    Nov 14, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    The SCOPE OF WORK RULE establishes two benchmarks for measuring the acceptability of the scope of work, both of which need to be met. The scope of work is acceptable when it meets or exceeds both (1) the expectations of parties who are regularly intended users for similar assignments; and (2) what an appraiser’s peers’ actions would be in performing the same or a similar assignment. An acceptable scope of work must satisfy both benchmarks.
     
  7. Fred

    Fred Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Retired Appraiser
    State:
    Virgin Islands
    I think Uspap establishes a bunch of benchmarks.
    - correctly complete the research and analysis necessary
    - correctly employ recognized method or technique
    - not commit a significant error of omission or commission
    - not being careless or negligent
    Also, to have an acceptable scope or work, wouldn't one first have to identify the problem correctly?
     
    Last edited: Aug 1, 2007
  8. Mr Rex

    Mr Rex Elite Member

    113
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I stopped at the first place I saw "Acceptabilty".
     
  9. Tom Foster

    Tom Foster Senior Member

    0
    Apr 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Mark was correct ......

    The expectations of parties who are regularly intended users for similar assignments; and what an appraiser’s peers’ actions would be in performing the same or a similar assignment.
     
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