New USPAP Q&As published March 6, 2025

[Fernando]

at 50, you are supposed to get colonoscopies every 5-10 years.

I get yearly stool test. Less invasive.

 

[Tim Hicks (Texas)]

That is all fine when there are actually good comps available, but sometimes when appraising a proeprty in a extremely rural area, there may not be any good comparable sales. As I tell my underwriters, sometimes on an extremely rural appraisal they only thing the appraiser can do is to select the least bad comparable sales due to a lack of sales data.

Today's VA assignment was a very rural 1700 sf house on 20 acres. Oh yeah, it was also a log home. Oh, one other thing. It only had two bedrooms. I had one log home on 10 acres 17 miles northeast, one frame home on 25 acres 15 miles northwest and another frame home on 12 acres to the northeast. I did the best I could with what little I had to utilize.

 

[Terrel L. Shields]

I was once involved as an expert witness in a case where I opined a site value of $900,000

But could you PROVE it was worth exactly $900,000, or only that your estimate was more credible than the other estimate.

 

[DWiley]

But could you PROVE it was worth exactly $900,000, or only that your estimate was more credible than the other estimate.

No. I could only prove that the three comps sold for $890, $900, and $905.

The ironic thing, given the nature of this thread, is that the other appraiser had far more experience than I. He was appraising when I was in elementary school.

 

[Zoe]

No. I could only prove that the three comps sold for $890, $900, and $905.

The ironic thing, given the nature of this thread, is that the other appraiser had far more experience than I. He was appraising when I was in elementary school.

I don't question your experience Sir or your opinion and answer of the question. Many other things you are involved with, I have sincere concerns.

You have earned your respect to get where you are from experience.

 

[gregb]

Anecdotes are cool, show us the land sale grid. Since it was in court, matter of public record.

 

[Zoe]

I'll add. I wasn't called to testify on separation of fees or hybrids or waivers. You have more respect than me.

I am happy for you. My concerns are still real. May not be much you can do on my concerns. I understand if you can't.

I understand you were in appraisal bias hearings. You did fine there imho.

Maybe a little ice skating, but not bad. Ya'll were in a difficult situation to even address appraisal bias. You really could not do it.

Not your responsibility.

 

[Overimprovement]

Today's VA assignment was a very rural 1700 sf house on 20 acres. Oh yeah, it was also a log home. Oh, one other thing. It only had two bedrooms. I had one log home on 10 acres 17 miles northeast, one frame home on 25 acres 15 miles northwest and another frame home on 12 acres to the northeast. I did the best I could with what little I had to utilize.

I've said before on rural reports that I can claim I've selected the best available comps. I may or may not claim they are good comps.

Remember, best is always better than good.

 

[Tawfik Ahdab]

Per the Q&A

“Competency ensures that the appraiser can identify the problem, determine the
appropriate scope of work, and develop credible assignment results, but experience is not a method or technique.
Therefore, for assignment results to be credible they must be objective and developed when performing the assignment. Assignment results cannot be developed from an appraiser’s knowledge and experience which was gained outside of the assignment.”

So, per the Q&’s steel-trap argument laid above, experience is not actually relevant to competency.since it is not a “method or technique.”

So experience, - understood as the accumulation of knowledge, skills, or awareness gained through direct involvement of the specific activity of appraisal, and being the result of engaging with appraisal-related situations over time, shaping one’s understanding and ability to respond effectively through reflection, analysis, or judgment - lies outside the purview of USPAP because it is neither a method or technique.

Next thing you know, the very invocation of experience by appraisers will make them objects of derision and scorn.

Oh wait, that’s already happened.

 

[Mejappz]

Residential equity, huh? I can picture it involving a few Pina Coladas and some sunbathing.