R.i.p. Glossary

[Darrell Hignite]

One of the changes in USPAP is that the Glossary is deleted. If it wasn't a part of it, I think this is good. What do you all Think?

 

[Farm Gal]

I thought it was to be moved? to the seperate AO book?

 

[Non Sequitur]

Why mess up USPAP with all of those useless definitions? First the glossary then hopefully the entire text.

 

[Gina Leone]

OUCH!

I actually find the glossary to be the most clear and concise portion of USPAP .

Also, it was drilled into my head in basic appraisal class that FFIREA requires (as part of the certification) the use of the definition of market value in the USPAP glossary......The most probable price which a property should bring in a competitive and open market, assuming arms length transaction, etc, etc, etc.

 

[Fred]

Lee Ann
You beat me to the punch on that one.
Except I was going to say that since the AO's aren't part of it either, it will be similarly good when they are deleted too.

Also, it was drilled into my head in basic appraisal class that FFIREA requires (as part of the certification) the use of the definition of market value in the USPAP glossary......

Gina,
The regulatory agencies of the federal banking system (acronym FFIRA's) adopted that definition as their standard of value and each of the five published it in the Code of Federal Regulations (CFR's) somewhere around 1990.

• Office of the Comptroller of the Currency - 12 CFR 34.42 (g)
  Federal Reserve Board - 12 CFR 225.62 (g)
  Federal Deposit Insurance Corporation - 12 CFR 323.2 (g)
  Office of Thrift Supervision - 12 CFR 564.2 (g)
  National Credit Union Administration - 12 CFR 722.2 (f)

I haven't checked these in about 8 years, so they may not be accurate. Anyway, no one has complained.

So, yes, you need to use that definition when you work for federal banks, whether or not it appears in the Glossary that has been shipped along with USPAP.

 

[Farm Gal]

Originally posted by Steven Santora@Aug 3 2003, 12:15 PM
Lee Ann
You beat me to the punch on that one.
Except I was going to say that since the AO's aren't part of it either, it will be similarly good when they are deleted too.

Punch?
I got your punch right here, Mr. Santora!

Tain't DELETED that those AO's will be <_<
(despite your oft stated desire )
It is moving them to another (seperate) cover
that is in the works (as I know that YOU know)
~Mr. muddy the water when it suits ya!~ :mrgreen:

Clarifying that AO's aren't Rules/law but opinion[/]
Which move ought to make you happiER
if not really satified :lol:


At the same time Humble Bows, Modest Tip of hat, and polite request that audience throw cash, not rotten tomatoes

 

[Fred]

Yo,
I got your "deleted" right HERE!

Posted not by me:

One of the changes in USPAP is that the Glossary is deleted.

I was just answering the way it was asked. I would probably have said "moved" as you did, but "deleted" has some merits too. In an advisory opinion issued by the Bard, "a rose by any other name would still smell sweet." :rofl:

I will just be happy to see profession benefit when demanding study of Standards is streamlined and these documents find their natural place within appraisal pedagogy.

 

[Darrell Hignite]

Lee Ann,
You have seen Danny W. since I have, I have not seen that another article was being put together for the glossary and everything that I have read and taken from the AF doesn't say anything about this, just though we would start a thread that gives us some more conversation. Did DW say that another publication was planned for it?

 

[Mike Garrett RAA]

I will take a different tack.......

The glossary is important in that many new people to the business need a reference for various terms. For those of us who have been in the business for years...it is not so important. I think it should stay.

Now for the Advisory Opinions. Some of the clearest examples of things we should do and things we should not do come from the Advisory Opinions. I would hate to see them go too.

Many of youse who post here would prefer there be no rules at all. I am not Libertarian enough to go that far. To have an orderly society we need rules...the same holds true for our profession. Of course some of youse would argue we ain't a profession too. :rofl:

Lets keep most of what we need to know in one publication, one reference source...and that is USPAP as it is presently formulated.

 

[xm39hnu]

Originally posted by Mike Garrett, RAA@Aug 3 2003, 09:40 PM
I will take a different tack.......

The glossary is important in that many new people to the business need a reference for various terms. For those of us who have been in the business for years...it is not so important. I think it should stay.

Now for the Advisory Opinions. Some of the clearest examples of things we should do and things we should not do come from the Advisory Opinions. I would hate to see them go too.

Many of youse who post here would prefer there be no rules at all. I am not Libertarian enough to go that far. To have an orderly society we need rules...the same holds true for our profession. Of course some of youse would argue we ain't a profession too. :rofl:

Lets keep most of what we need to know in one publication, one reference source...and that is USPAP as it is presently formulated.

Thank you, Mike.

As a relative newbie to this profession, I use those definitions where they make sense, or where I can find verification in another authoritative text.

But let's do a little refining, though, shall we?

A "neighborhood" is an area wherein the land use is complimentary.
A "district" is a "neighborhood" wherein the land use is homogeneous.

Now, substitute the definition of "neighborhood" into the definition for "district."
A "district" is an area wherein the land use is complimentary wherein the land use is homogeneous.

Definitions are extremely important, especially to new people. But we need to clarify the bad ones. Then stick to 'em.

Thus sayeth the new guy.