3 vs 4

[Zoe]

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.

That's right because it is standards for review. You have covered standards 1, 3 and 4. Thanks.

 

[djd09]

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.

the only time you need to comply with USPAP is either by law....or by agreement...ask the state board reviewers

 

[Zoe]

Like DWiley said that is with you giving your own opinion of value on the review assignment.

 

[Zoe]

the only time you need to comply with USPAP is either by law....or by agreement...ask the state board reviewers

That throws another curve. Many States are different. I have learned that over the years.

 

[Zoe]

That is another reason I said if someone was interested in joining the VA panel and they had an opening.

Make sure you call the Regional Loan Center you work in.

 

[djd09]

That throws another curve. Many States are different. I have learned that over the years.

yeah i am starting to do private commercial appraisals...with no agreement to follow USPAP

 

[Zoe]

I would not even attempt to review an appraisal in an area I was not familiar with other than I think what is called an "administrative review"

I would not even touch value on it.

 

[Zoe]

I don't know what it is called without appraiser reviewer's opinion of value. "technical review" maybe.

 

[Zoe]

I guess theoretically that buyer and seller or homeowner can do a technical or administrative review.

 

[sputnam]

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.I

That is incorrect. You have to include some items in the review report that are required because it's also an appraisal. Some of the items can be included by reference to the original appraisal but, they have to be there. Examples include the definition of value, highest and best use... some items are addressed by the commonly used FRR form... such as sales history.