Webbed Feet
Elite Member
- Joined
- Feb 11, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Canada
Restricted Use
P.E.
Unfortunately, we can't make a determination if a Restricted Use appraisal is appropriate or not based on the fee.
I would agree USPAP and everyone involved with it have all done a horrible job of not addressing what a Restricted Use appraisal should, and should not, be used for. Just a statement that one has to be consistent with the limitation on the use, or with the intended use is about as lame as it can get. Exactly what the hell does that mean, and who decides that prior to an assignment and after a complaint?
However, what we leave out here is when we promote "Restricted Use" work is the nasty fact one is then required to hand over their work file to ANY client representative... like a review appraiser. I dislike releasing my work file to anyone beyond my state appraisal board. And never the original to someone else beyond a court of law or my board. Now I would be forced to make an entire copy of my work file upon demand of any client representative. What happens to your savings and that fee in this event by promoting this reporting format?
We better consider the above in any engagement agreement. Or forget making a profit on these assignments if a client that is involved in mortgages, or other client, should opt to have it reviewed.
Webbed.
P.E.
Unfortunately, we can't make a determination if a Restricted Use appraisal is appropriate or not based on the fee.
I would agree USPAP and everyone involved with it have all done a horrible job of not addressing what a Restricted Use appraisal should, and should not, be used for. Just a statement that one has to be consistent with the limitation on the use, or with the intended use is about as lame as it can get. Exactly what the hell does that mean, and who decides that prior to an assignment and after a complaint?
However, what we leave out here is when we promote "Restricted Use" work is the nasty fact one is then required to hand over their work file to ANY client representative... like a review appraiser. I dislike releasing my work file to anyone beyond my state appraisal board. And never the original to someone else beyond a court of law or my board. Now I would be forced to make an entire copy of my work file upon demand of any client representative. What happens to your savings and that fee in this event by promoting this reporting format?
We better consider the above in any engagement agreement. Or forget making a profit on these assignments if a client that is involved in mortgages, or other client, should opt to have it reviewed.
Webbed.
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