Appraisal Revisions

[BlueDog007]

When I am asked to revise an appraisal, I always re-sign on the current date and make notes in the addendum as to the revisions that have been made to the report. Even if it's just the zip code. Is this a USPAP requirement? I can't find it in USPAP and I'm debating a fellow appraiser who believes the only thing necessary is a new signature date. Please provide the supportive information if you can. Thanks!

 

[Tim The Enchanter]

Is this a USPAP requirement?

Yes. RTFM, it's in there.

 

[Noreen]

Yes, It's my understanding that this is the correct way to acknowledge a change to the first submitted appraisal.

 

[Peter LeQuire]

You're required to keep true copies of each report - a revision makes it a new report. It's prudent to reidentify it (new number) new report date, and (probably) a recitation of the changes made. (FWIW - I copy the client's request into the revised report and respond to them ad seriatim, and change my file number by adding "rev." to it.

 

[BlueDog007]

Thanks Peter, that's exactly what I do now. After further research, Lee in L.A. needs to RTFM!

 

[miktay]

. After further research, Lee in L.A. needs to RTFM!

Retire To Fort Meyers.

 

[Tim The Enchanter]

I rtfm every couple years. Doesn't mean I recall where everything is in the book.

 

[BlueDog007]

You must be reading the WFM because making comments about changes to a report isn't in USPAPFM.

 

[DWiley]

When I am asked to revise an appraisal, I always re-sign on the current date and make notes in the addendum as to the revisions that have been made to the report. Even if it's just the zip code. Is this a USPAP requirement? I can't find it in USPAP and I'm debating a fellow appraiser who believes the only thing necessary is a new signature date. Please provide the supportive information if you can. Thanks!

Issuance of a new report would require a new signature date. The ASB issued an FAQ to address that.
There is no USPAP requirement to document revisions that were made, though it is widely regarded as a best practice.

As for RTFM, it is hard to find requirements that do not exist