Just what is a Consulting Assignment?

[Mr Smith]

Just what is a Consulting Assignment? Thanks

 

[Mr Rex]

Slept through you last umpteenth USPAP update classes huh?

 

[Mountain Man]

If you don't give an opinion of value, you are acting as a consultant. IE: completion inspections, draw inspections, advice on financing packages, what colors to paint....

 

[CANative]

Real property appraisal consulting assignments encompass a wide variety of problems to be solved. However, the purpose of an assignment under this Standard is always to develop, without advocacy, and analysis, recommendation, or opinion where at least one opinion of value is a component of the analysis leading to the assignment results.

Standard 4

 

[Mr Smith]

Look Mr Pinhead, I'm new to this forum, as you can see. I was asked to consult on an assignment and I was not sure what the limitations of a Consulting Assignment would be. I thought there were no dumb questions, just dumb answers.

 

[Rich Heyn]

One of the first things you will want to determine if this assignment falls under the definition of appraisal consulting or is simply a valuation service that falls under the more generic heading of "consulting." If this assignment "involves an opinion of value but does not have an appraisal or appraisal review as it's primary purpose" it's appraisal consulting and specific performance standards are involved under USPAP. If not, then it's likely a valuation service with no specific performance standards, but Ethics and Competency still apply.

 

[CANative]

One of the first things you will want to determine if this assignment falls under the definition of appraisal consulting or is simply a valuation service that falls under the more generic heading of "consulting." If this assignment "involves an opinion of value but does not have an appraisal or appraisal review as it's primary purpose" it's appraisal consulting and specific performance standards are involved under USPAP. If not, then it's likely a valuation service with no specific performance standards, but Ethics and Competency still apply.

Can you whip up some examples?

 

[Mr Smith]

Thanks Rich.

 

[Rich Heyn]

Can you whip up some examples?

Of an appraisal consulting assignment or a general consulting assignment?

 

[CANative]

One of each to demonstrate the difference