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Co-op On 2055

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Joined
Jan 16, 2002
Why use a 2055 form when there is a co-op form ? Within that form is the co-op questionaire which is necessary to obtain info needed, especially the comps from within the project (questionaire is filled in and returned to appraiser by co-op board and/or management agent). I think it would be misleading to use 2055 form and therefore a
violation of USPAP, not to mention inpractical. The best reason to use co-op form is that the fees are higher.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Not illegal but not very smart.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Besides, a week or two after you deliver that mess on a 2055, they will come back and ask for it on the co-op form and expect you to do that change for free!
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
I don't think that the 2055 form allows you to list the information needed to properly describe a co-op. If the client insists on a 2055 JUST SAY NO.
 
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