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Re-Certification of Value

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train

Thread Starter
Freshman Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Florida
How do you guys do a re-certification of value these days?
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Not trying to be funny but do you really know when you can do a recert. Most people do not.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
ADVISORY OPINIONS


Clarification of Terminology (AO-3)
Various terms have been developed by clients and client groups for certain appraisal assignments, including “updates” and “recertifications.” While such terms may be convenient for use in a business setting, they do not necessarily impart the same meaning in every situation.



The term “Update” is often used by clients when they are seeking a current appraisal of a property that was the subject of a prior assignment. This practice is addressed in this Advisory Opinion.



The term “Recertification of Value” is often mistakenly used by some clients in lieu of the term “Update.” A Recertification of Value is performed to confirm whether or not the conditions of a prior appraisal have been met. A Recertification of Value does not change the effective date of the value opinion.

If a client uses this term in an assignment request that includes an updated value opinion, then it constitutes a new appraisal assignment that must be completed as discussed in this Advisory Opinion.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
How do you guys do a re-certification of value these days?

Provide a specific situation and you'll receive more specific responses.

What is your understanding of the words "re-certification of value"?
 

train

Thread Starter
Freshman Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Florida
ADVISORY OPINIONS


Clarification of Terminology (AO-3)
Various terms have been developed by clients and client groups for certain appraisal assignments, including “updates” and “recertifications.” While such terms may be convenient for use in a business setting, they do not necessarily impart the same meaning in every situation.



The term “Update” is often used by clients when they are seeking a current appraisal of a property that was the subject of a prior assignment. This practice is addressed in this Advisory Opinion.



The term “Recertification of Value” is often mistakenly used by some clients in lieu of the term “Update.” A Recertification of Value is performed to confirm whether or not the conditions of a prior appraisal have been met. A Recertification of Value does not change the effective date of the value opinion.

If a client uses this term in an assignment request that includes an updated value opinion, then it constitutes a new appraisal assignment that must be completed as discussed in this Advisory Opinion.


Yes. And thanks for the info. One of my associates "borrowed" my USPAP, so I couldn't put my hands on it.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Yes. And thanks for the info. One of my associates "borrowed" my USPAP, so I couldn't put my hands on it.

I don't want to throw a yellow flag on this thread, but I call a foul! This advisory opinion has been around since 1991 and updated in 2002. Any appraiser that has been active in the last six years should know this advisory opinion!

Approved March 5, 1991
Last Revised June 11, 2002
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
:rof: hahahahaha a foul!! Good one ducky!:beer:

Me thinks the original poster has not had their hand on a copy of USPAP in years...or maybe not opened it.

Heck, just read this forum everyday and you can stay up on USPAP. This forum is just not about getting a good laugh...or is it?
 
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