- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
Tom said below
I can vouch for that. I have two emails from an AF officer pointing out that two of my pet peeves have finally been acted upon in USPAP 2003. I am glad they lurk, I am beginning to think they do care and they do want a better product. It just seems that change is about as difficult as turning a river barge 50 foot before you hit the sand bar.
As a general statement I feel few appraisers really study or understand USPAP. I also feel that the average student of same ought to have some serious questions about its simplicity and clarity. But on the other hand in a letter to the editor of REV magazine, one appraiser opined that USPAP was simple and easy to understand. While I consider that in the same light as the old joke about the drunk who told a woman she was ugly, and she said, "I've never been so insulted!" The drunk replied, "you just ain't been around enough."; perhaps it is simple to some folks.
Perhaps the real rub is the difference between LAW as in a courtroom and REGULATION as in state boards and USPAP. A judge dealing from LAW trumps USPAP. Good example? I have, somewhere in this postings a reply from someone saying that the 5 year record keeping requirement is a "Statute of Limitations". No, it is not. You can be sued for the very first appraisal you ever did and you can be sued by someone whom you have never met, nor had a contractual relationship, nor even was an owner, borrower, or client of yours. And a LAWyer can use USPAP as a night stick over your head for insignificant or inane interpretations of same. That is one of my arguments against frequent change. One such change may come back to haunt me. After 1994 I created a narrative format that evoked the departure provision over some very simple things. I was still doing 3 approaches to value. Today, those departures are covered by your Scope of Work section. Virtually the identical format in my present practice is a Complete Appraisal in a Summary Report format and in that format I was approved on an appraisal for my Cert. Gen. license. But from about 1994 to 1997, I used the limited format frequently. I don't like it now, but all that liability still lies out there.
ter
I can vouch for that. I have two emails from an AF officer pointing out that two of my pet peeves have finally been acted upon in USPAP 2003. I am glad they lurk, I am beginning to think they do care and they do want a better product. It just seems that change is about as difficult as turning a river barge 50 foot before you hit the sand bar.
As a general statement I feel few appraisers really study or understand USPAP. I also feel that the average student of same ought to have some serious questions about its simplicity and clarity. But on the other hand in a letter to the editor of REV magazine, one appraiser opined that USPAP was simple and easy to understand. While I consider that in the same light as the old joke about the drunk who told a woman she was ugly, and she said, "I've never been so insulted!" The drunk replied, "you just ain't been around enough."; perhaps it is simple to some folks.
Perhaps the real rub is the difference between LAW as in a courtroom and REGULATION as in state boards and USPAP. A judge dealing from LAW trumps USPAP. Good example? I have, somewhere in this postings a reply from someone saying that the 5 year record keeping requirement is a "Statute of Limitations". No, it is not. You can be sued for the very first appraisal you ever did and you can be sued by someone whom you have never met, nor had a contractual relationship, nor even was an owner, borrower, or client of yours. And a LAWyer can use USPAP as a night stick over your head for insignificant or inane interpretations of same. That is one of my arguments against frequent change. One such change may come back to haunt me. After 1994 I created a narrative format that evoked the departure provision over some very simple things. I was still doing 3 approaches to value. Today, those departures are covered by your Scope of Work section. Virtually the identical format in my present practice is a Complete Appraisal in a Summary Report format and in that format I was approved on an appraisal for my Cert. Gen. license. But from about 1994 to 1997, I used the limited format frequently. I don't like it now, but all that liability still lies out there.
ter
