3 vs 4

[PushinValue]

I am sure this is a dumb question, but I generally do not complete reviews (almost never). I started by reading standard three and standard 4….. then I used the google machine….. help me out here.

What are the basic differences between standards 3 and 4. They seem identical….

 

[andrew81]

Standard 3 is your process of the review.
The steps you take in the performance of the assignment.

Standard 4 is your writing of the review.
The information the report must at minimum contain.

 

[sputnam]

Standards 3 and 4 are about reviews. Standard 3 is about development of the review. Standard 4 is about reporting the review.

 

[Tom D]

don't over load your brain about being anal on the review. there have been a lot of threads on reviewing. you should go back & read them. that is better than USPAP yada yada standards.

 

[Carnivore]

AO-20 is very helpful. Read the entire AO. It has two parts. One part is just the review and the 2nd part addresses when you provide your own Opinion of Value.

Your using the current USPAP. The report your reviewing may have been developed/reported by the original appraiser using the prior USPAP.

 

[DWiley]

I am sure this is a dumb question, but I generally do not complete reviews (almost never). I started by reading standard three and standard 4….. then I used the google machine….. help me out here.

What are the basic differences between standards 3 and 4. They seem identical….

The review Standards follow the same basic structure of the appraisal Standards. For appraisal, Standard 1 deals with development of the appraisal and Standard 2 deals with reporting. Similarly, Standard 3 addresses development of the appraisal review, and Standard 4 deals with reporting the appraisal review.

 

[BRCJR]

 

[David S]

I am sure this is a dumb question, but I generally do not complete reviews (almost never). I started by reading standard three and standard 4….. then I used the google machine….. help me out here.

What are the basic differences between standards 3 and 4. They seem identical….

It is similar to Standards 1 (for the appraisal practice) and Standards 2 (for the appraisal reporting). Another three pairs are: Standards 5 and Standards 6 for Mass Appraisal, Standards 7 and Standards 8 for Personal Property Appraisal, Standards 9 and Standards 10 for business or intangible asset Appraisal, I made this note when I prepared for the license exam.

 

[sputnam]

AO-20 is very helpful. Read the entire AO. It has two parts. One part is just the review and the 2nd part addresses when you provide your own Opinion of Value.

Your using the current USPAP. The report your reviewing may have been developed/reported by the original appraiser using the prior USPAP.

Yep. When you provide your own opinion of value.. including if you just agree with the original appraisal... you have to comply with Standards 1, 2, 3, and 4. To make matters worse, you have to comply with the version of USPAP as of the date of your review... but, you can only hold the original appraisal to the version of USPAP that was in effect when as of the date of the appraisal.

 

[DWiley]

Yep. When you provide your own opinion of value.. including if you just agree with the original appraisal... you have to comply with Standards 1, 2, 3, and 4. To make matters worse, you have to comply with the version of USPAP as of the date of your review... but, you can only hold the original appraisal to the version of USPAP that was in effect when as of the date of the appraisal.

One does do not have to follow STD 2 is such a case. Just 3, 4 and 1. The reporting of one's own value opinion is governed by 4 [specifically SR 4-2(j)] in such a case, rather than STD 2.