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Appraiser Regulators - Put on the Spot

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Francois K. Gregoire

Thread Starter
Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Hi All,

Just returned from the AARO Conference and Business Meetings in Washington, D.C. Like the first AARO meeting I attended in Seattle earlier this year, it was informative, enlightening and enjoyable. Attendees include Board Members, Administrators, Investigators and Attorneys. Over three and a half days, educational sessions are offered, guest speakers are provided a forum and everyone is given the opportunity for important updates from the Appraisal Subcommitte, The Appraisal Foundation, the Appraisal Standards Board and the Appraiser Qualifications Board.

Way too much to describe here, but if you polled those attending, without a doubt, the highlight would have to be the USPAP Update for Appraiser Regulators presented by Danny Wiley, Chairman of the ASB. The presentation began with a surprise USPAP Knowledge Assessment Quiz for everyone. Twenty-Five questions for appraisal regulators!!

Try the first ten - All true / false

1. Large client groups may issue Supplemental Standards.

2. If an appraisal review does not include a value opinion, then compliance with STANDARD 3 is not required.

3. At the option of the appraiser, the JURISDICTIONAL EXCEPTION RULE may be invoked in some litigation cases.

4. A prominent label describing the type of appraisal (Complete or Limited) must appear at, or near, the beginning of each appraisal report.

5. An appraiser is asked to appraise only the land beneath an existing shopping center. This is a Limited Appraisal.

6. USPAP requires that all reports contain a separate section labeled. 'Scope of Work'.

7. The copy of the report that is kept in the workfile is not required to have a signature.

8. It is a violation of USPAP for an appraiser to reveal the password for the appraiser's electronic signature to another appraiser.

9. 'Drive-by' and 'Desktop' appraisals must be Limited Appraisals.

10. USPAP requires an address of legal description in all appraisal reports.

-----------------------------------

The next fifteen are multiple choice. As much as I enjoyed the challenge, there's no way I'm going to type the dang things in here.

Anyway, these ten should provide plenty to generate comment. If there is sufficient interest and discussion, I'll post the answer key.

P.S. Although we were provided with a brand new, hot off the press, green covered 2003 USPAP the day before, we were not permitted to take the test with an open book.
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
How many did you get right, Francois? I think I got them all (but didn't write down my answers). Of course, I'd rather see the key before giving my answers here. lol.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Hey Frank,

So what kind of vibe did you get from the attendees about The Appraisal Foundation's presentation? Does it seem to you like the majority was going with it or against it?

What other hot topics came up during the conferance? Are the members focusing on any specific appraisal issues, like report disclosures or measuring improvements? Are they swapping ideas on enforcement or organization and staff structure? This is interesting stuff.


George Hatch
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
tee hee hee I know I know.... pick ME! or I think I know... or maybe I know :? . Those are best answered without thinking much or you trip over your feet!

Helps to have heard Mr. Wiley this summer on some of those matters.

Give us 48 hours then post the answers!

I also would like to hear more of your 'impressions' of the meeting.
 

David C. Johnson

Senior Member
Joined
Jan 15, 2002
<span style='color:darkblue'>The Pop Quiz Idea: Brilliant

Frank,

Answers or comments to any or all of the following questions would be of interest to many:

Did you have any inkling that it (the Pop Quiz) was coming? How about others who took the test? Had there been any prior rumors at that DC function about the possibility of any such test being likely at that function? Have there ever been such rumors to your knowledge (say over the last couple of years)? Were the test sheets that were turned in by each "testee" signed by each testee, or were they "left anonymous"? Did any prospective testee balk? Did any prospective testee balk and then become a non-testee? What was said regarding the purpose / function of the Pop Quiz? What was said (or not) regarding the disclosure (or not) of test results? Was there a time limit for the test? Prior to the test, were some of the (soon to be) test questions discussed as part of offered classes or during any prior scheduled meetings? Did you get a feel for the general reaction to the Pop Quiz at the time of its announcement or afterwards?

Thanks for the update!

dcj
___________________

PS. BTW, There can be no doubt that the National Association of Realtors (NAR) and their Appraisal Section are proving to be of enormous value to the Appraisal Profession. I have a hunch the NCAR Appraisal Section, for one, is due for an increased membership next year.</span>
 

Francois K. Gregoire

Thread Starter
Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Hi All,

Pleased to see some response and interest in my post. Also like the questions it has generated. Unfortunately, I'm really pressed for time right now and will not have the opportunity to provide other impressions of the meeting for a day or two.

I promise to post the answers to the ten true / false questions by Sunday night.

Getting ready to attend a meeting of Appraisal Foundation Sponsoring Organizations and have to put on my 'go to meeting' duds.

More later. Keep speculating.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The answer to all of them is FALSE.

Now that's sticking my neck out.

ter
 

David C. Johnson

Senior Member
Joined
Jan 15, 2002
<span style='color:darkblue'>Terrel,

You nailed it.

Here is my reasoning:

There could only be a slight bit of question (to me) about three of the questions (and I do mean slight). But even these slight uncertainties are largely alleviated by a recognition of an apparent nonrandom pattern for all remaining answers when coupled with a recognition of the likely perceived elegance of such a patterning on the part of the test designer, which includes an ease of grading the tests.

Number 1, regarding "who" can "institute" Supplemental Standards, I really do not know "the rules." But the question's too-general wording would appear to allow, say, the National Coalition of Imprisoned Real Estate Felons (NCIREF) to write their own appraisal specifications, at their own indiscretion, from the pen. :)

Number 3 is also a bit suspicious / questionable. The question's verbiage: "At the option of the appraiser..." appears to be an insufficient criterion for the rightful "invocation" of the Jurisdictional Exception. For instance, firstly, there must be a conflict between USPAP "specifications" and the jurisdiction-in-question's specifications whereby the jurisdiction-in-question has lawful jurisdiction.

Number 6, regarding / suggesting a USPAP-mandated Separate Section for "Scope of Work," is questionable to me. I'm not convinced I have ever heard / read that there must be a dedicated section in the report.

Any uncertainty I might have regarding the three questions in question, as cited above, are reduced by approximately one-half with the recognition that the advisability of a singular correct answer (i.e., "False") would be too tempting to pass up by the test designer(s).

Therefore, for All the Pop Quiz Questions, the True answer is False ! :D

dcj
________________

PS. Let's keep our fingers crossed. Profound Public Humiliation (PPH) is no laughing matter -- or, then again, on the other hand, I guess maybe it is. Hmmm...</span>
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Terrel,
no neck sticking allowed :wink: unless you answer Truely to all the questions at hand or is it in hand :?:

"Appraiser Regulators" - first time I've heard that, so are there :?: or is this a play on words :?:

8)
 
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