Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Fannie Mae, Freddie Mac, USPAP
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 03-22-2010, 03:57 PM
netappr netappr is offline
 
Join Date: May 2008
State: Texas
Professional Status: Certified Residential Appraiser
Posts: 71
Default USPAP 3 year disclosure question

This has probably already been discused elsewhere but I didn't see it.

Received an order from equifax settlement services, after I received the order I informed them I had done an appraisal on the property within the past 3 years and the said to proceed.

I placed in the report that I completed an appraisal on the subject within the past 3 years.

They are now coming back and stated that they are requiring the date of the previous appraisal, purpose of the previous appraisal and comment on the upgrades / changes to the property since the previous appraisal.

I am only required to state that I have completed an appraisal on the property within the past 3 years correct?
Sponsored Links

  #2  
Old 03-22-2010, 04:14 PM
kristin0731 kristin0731 is offline
 
Join Date: Jan 2009
Location: Orlando, FL
State: Florida
Professional Status: Certified General Appraiser
Posts: 63
Default

I believe you are correct. You are not obligated to tell them anything else. You just have to disclose that you have provided a service (must disclose the type of service) within the past 3 years. I think you would have to consult with your prior client before giving that kind of information. This may be a confidentiality issue.

Your statement should be in your certificate and according to the Appraisal Institute and the FDOT you only have to include the statement if you actually have done the work but some people opt to have it in there either way to CYA....

I looked in the Q&A section of USPAP and I don't see any answers related to this question. Go with your gut - and get money up front!
  #3  
Old 03-22-2010, 04:43 PM
CANative's Avatar
CANative CANative is online now
 
Join Date: Jun 2003
Location: Ukiah, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 47,230
Default

Well it finally arrived. The reason the lenders strong-armed TAF into this stupid USPAP change.
__________________
You have been removed from this discussion.
  #4  
Old 03-22-2010, 05:21 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 28,184
Default

ETHICS RULE
USPAP 2010-2011 Edition
"If known prior to accepting an assignment, and/or if discovered at any time during the assignment, an appraiser must disclose to the client, and in the subsequent report certification:

. any current or prospective interest in the subject property or parties involved; and

. any services regarding the subject property performed by the appraiser within the three year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity.

Comment: Disclosing the fact that the appraiser has previously appraised the property is permitted except in the case when an appraiser has agreed with the client to keep the mere occurrence of a prior assignment confidential. If an appraiser has agreed with a client not to disclose that he or she has appraised a property, the appraiser must decline all subsequent assignments that fall within thethree year period."

USPAP Definitions:

CONFIDENTIAL INFORMATION:
information that is either:

* identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or

*classified as confidential or private by applicable law or regulation*.

*NOTICE: For example, pursuant to the passage of the Gramm-Leach-Bliley Act in November 1999, some public agencies have adopted privacy regulations that affect appraisers. As a result, the Federal Trade Commission issued a rule focused on the protection of “non-public personal information” provided by consumers to those involved in financial activities “found to be closely related to banking or usual in connection with the transaction of banking.” These activities have been deemed to include “appraising real or personal property.” (Quotations are from the Federal Trade Commission, Privacy of Consumer Financial Information;
Final Rule, 16 CFR Part 313.)

Also USPAP FAQ 2010

106. CLIENT APPROVAL FOR FUTURE ASSIGNMENTS
Question: Some of my clients include a condition in engagement correspondence that addresses future assignments for the same subject property. Specifically, my acceptance of the assignment requires that I agree to obtain client approval before I accept future assignments related to the subject from another party.

Advisory Opinion 27, Appraising the Same Property for a New Client states that USPAP does not require a release to accept the new assignment. Can I accept assignments where the client requires a release for future assignments related to the subject?
Response:
Yes. Appraisers are often subject to agreements that exceed the requirements of USPAP. These additional client requirements are permissible so long as they do not conflict with the requirements of USPAP. Although USPAP does not require obtaining approval from a prior client before accepting an assignment to appraise the same property for a new client, a client can establish such a requirement.



_____

side note:

SMT-5 Confidentiality Section of the ETHICS RULE - Retired .................................................. ......... U-88




__________________
Kill the Contract Review Bull$eye - Now.

Last edited by Mike Kennedy : 03-22-2010 at 05:32 PM.
  #5  
Old 03-22-2010, 05:53 PM
james stephens's Avatar
james stephens james stephens is offline
 
Join Date: Dec 2004
Location: Atlanta
State: Georgia
Professional Status: Certified Residential Appraiser
Posts: 317
Default

I typically provide the type and date of the prior services. I would consider the purpose of the prior appraisal to be confidential information and would not provide it to them unless your previous Client gives you authorization. They can get that information from the owner. Same goes for upgrades since prior appraisal. It would seem that you would have to to rely upon confidential information in order to satisfy that request.
  #6  
Old 03-22-2010, 07:43 PM
Couch Potato's Avatar
Couch Potato Couch Potato is offline
 
Join Date: Mar 2004
Location: Chapel Hill
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 14,075
Default

Quote:
Originally Posted by Mike Kennedy View Post

side note:

SMT-5 Confidentiality Section of the ETHICS RULE - Retired .................................................. ......... U-88




Retired back on July 1, 2001 as I recall.
__________________
"Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world."
  #7  
Old 03-22-2010, 08:03 PM
Tony V's Avatar
Tony V Tony V is offline
 
Join Date: Mar 2005
Location: East Hopland, Suffolk County, NY
State: New York
Professional Status: Certified Residential Appraiser
Posts: 5,090
Default

Question...

kristin0731 wrote ... You just have to disclose that you have provided a service (must disclose the type of service) within the past 3 years...

Yet, from what I am reading in M K's post, I do not see where it states that you have to disclose what type of service one performed at the subject...

Where am I missing the must disclose the type of service?
  #8  
Old 03-22-2010, 08:06 PM
Couch Potato's Avatar
Couch Potato Couch Potato is offline
 
Join Date: Mar 2004
Location: Chapel Hill
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 14,075
Default

It says disclose, "any services." It does not say disclose, "whether any services were performed."
__________________
"Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world."
  #9  
Old 03-22-2010, 08:12 PM
Tony V's Avatar
Tony V Tony V is offline
 
Join Date: Mar 2005
Location: East Hopland, Suffolk County, NY
State: New York
Professional Status: Certified Residential Appraiser
Posts: 5,090
Default

Quote:
Originally Posted by Couch Potato View Post
It says disclose, "any services." It does not say disclose, "whether any services were performed."
Got it....Thanks...
  #10  
Old 03-22-2010, 08:20 PM
james stephens's Avatar
james stephens james stephens is offline
 
Join Date: Dec 2004
Location: Atlanta
State: Georgia
Professional Status: Certified Residential Appraiser
Posts: 317
Default

Quote:
Originally Posted by Tony V View Post
Question...

kristin0731 wrote ... You just have to disclose that you have provided a service (must disclose the type of service) within the past 3 years...

Yet, from what I am reading in M K's post, I do not see where it states that you have to disclose what type of service one performed at the subject...

Where am I missing the must disclose the type of service?
Only in USPAP January Q&A's as far as I know...

2010-02: ETHICS RULE CONDUCT
Disclosure of any prior services regarding the subject property, when an appraiser has performed services other than appraisal practice.
Question:
If I have performed a service other than appraisal practice, such as acting as a general contractor within the prior three years, do I have to describe the specific service or merely state a service was performed?
Response: You must disclose to the client the type of prior service you performed regarding the property and this must be included in the report certification. This disclosure is not limited to services provided as part of appraisal practice. Therefore, each service must be disclosed to the client and appear in the certification.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 05:41 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93