Rehashing A Topic

[larryhaskell]

Had a client request an addendum because the URAR is not USPAP complient. I try to put the necessary info on the form and only use additional pages when necessary. I did search the Forum for this topic and found a lot of discussion (some dated) but I thought it might be helpful to discuss some of this info again in case there have been changes and it may be relevant for some newbies. Rather that posting a lot of verbabe, I thought I would just list some questions that come to mind and ask that you respond to 1 or all of the questions.

1. Is the URAR form non USPAP compliant?

2. If you complete an assignment utilizing the URAR, do you always include a form similar to the FIRREA/USPAP ADDENDUM (a Wintotal form I believe)?

3. I also have a form identified as APPRAISAL AND REPORT IDENTIFICATION. Does anyone use this form?

4. Do you also include this same form with the 2055 form?

5. If the URAR is non compliant, is the 2-4 Form also non compliant and would you add an addendum to this form as well?

If anyone else has other related questions please post.

For those of you that read this posting, some of the questions were not complete. My computer froze up and when I disconnected my partially completed posting showed up on the forum. Sorry about that.

 

[wyecoyote]

Yes I always include a USPAP compliance addendum with URAR, 2055, and 1025 forms. Yes there has been changes to USPAP since these forms were provided and the forms have not been updated since. Since they are not updated on a year to year basis they may never be truly USPAP compliant. You can also place in specific USPAP comments in the addendum. IE Estimate of Market value is incorect the appraiser is providing an Opinion of Market Value. Or other such wording.

 

[Pamela Crowley (Florida)]

I use the APPRAISAL AND REPORT IDENTIFICATION in Alamode in every report. I have a variety of text I use on it depending upon what the appraisal report is for.

 

[Jo Ann Meyer Stratton]

Any form created prior to the current USPAP is not in compliance with USPAP. I attach a USPAP Compliance addendum to every report, whether it is a URAR, 2055, 2070, 2075, ERC, 1025, etc, etc. I used the blank USPAP Compliance addendum that is in Day One's package because I then can word and reword as necessary depending on the assignment. I do not use a similar blank form titled FIRREA/USPAP Compliance addendum because not all my reports are going to a FIRREA type client. I also have a canned statement on all forms that where ever the term "estimate of market value" appears in computerized forms, it is deemed to mean "Opinion of Value" and any verbiage I can enter uses the term opinion of value. I do not use the Appraisal and Report Identification form because all the information is being provided in the USPAP Compliance Addendum. Also some of the Multi-purpose addendums have attempted to be updated, but again, because it is an out dated form and everything is covered in the USPAP Compliance addendum.


One blank USPAP Compliance addendum that has your own words created in a template works very nicely. I have several templates, one for conventional URAR, one for FHA, one for 2055 exterior, one for reviews, one for ERC, etc, etc. Select the appropriate template for the applicable assignment and away I go!

 

[Richard Carlsen]

We always use the FIRREA/USPAP ADDENDUM, regardless of the form used. We pay special attention to the Scope of the Appraisal and the additional comments section where we spell out who we authorize to use the report and for what reasons, that the visit does not constitute a code inspection, that no warranties are made as a result of the visit to the property and that the report is not intended nor authorized to be used to make a buy/no buy decision.

 

[Ross (CO)]

I use the FIRREA / USPAP Addendum form page as the last page of every report I send out, be it 1004, 2055, 2070 et al. That page has a category format that enables us to address several key and important matters -- purpose, scope, intended use / user, any list and prior sale data for subject, market exposure time as could relate to the "opinion" of value, and a big empty block of lines to give the other pertinent stuff which does not have a regular location within the body of the report. The fact that the header line at top says FIRREA in it is of no consequence. Of course, it's an old form. 9 of 10 geeks who will read our report will have no earthly idea what those letters stand for, anyway. The fulfilled process of communicating that other information evaporates those 6 letters into hyperspace, and we will have said what needs to be said. Let's just hope that the page gets printed with all the others...any and every time an electronic file gets sent to a printer !

 

[xm39hnu]

Larryhaskell wrote...

1. Is the URAR form non USPAP compliant?

No, the URAR isn't USPAP compliant. It certainly doesn't cut the mustard as a summary appraisal report, as most such are styled. Look at the Highest and Best Use block. Is that a statement, a summary, or an explanation? Same with the "market time" block, which should be exposure time, and which is a statement and not a summary. The form calls for reproduction cost, when most of us use replacement cost.

You do need an addendum to address these and other matters. Doesn't matter what you call it, as long as the needed information is in there.

 

[Pam Wyant]

I use a USPAP compliance addendum, which is part of my software package, but I have customized it to fit my needs. The URAR form is definitely not USPAP compliant without some additions. It doesn't cover intended use or purpose, scope of work, personal property, exposure time, or a lot of CYA language it is prudent to add to each report.