Reinspection new effective appraisal date same LOE

[alebrewer]

And you liked post 17, where he advised not to disclose a prior service?

The OP already did not make the appraisal subject to - then went back and re-inspected anyway. Whatever-

It's not a prior service - it's a service that was suspended after inspection, then continued. What I said was that I believe it's prudent to disclose the entire proceeding. To post 17, though, not specifically required by USPAP. To each his own.

 

[alebrewer]

You get way too emotionally invested in these posts, J. Remember: these are all just opinions as to what the truth may, or may not, be. At the end of the day it's not your job to force compliance to your opinion. Simply provide fodder and allow folks to make up their own minds. Easy peasy - and much less taxing on the old emotional stability.

 

[J Grant]

It's not a prior service - it's a service that was suspended after inspection, then continued. What I said was that I believe it's prudent to disclose the entire proceeding. To post 17, though, not specifically required by USPAP. To each his own.

See what I mean about fudging things?

A prior service is ANY prior subject property service - It is a USPAP requirement

 

[J Grant]

AI Overview

Yes, under the USPAP Ethics Rule, an appraiser must disclose any prior services related to the subject property performed by the appraiser, in any capacity, within the three years immediately preceding the date of the current assignment's acceptance. This disclosure is crucial for transparency and must be included in the report's certification and documented in the appraiser's workfile.

Why this disclosure is required:

• Ethics and Public Trust:
  The requirement promotes impartiality, objectivity, and independence by preventing potential conflicts of interest.
  
  
• Transparency:
  It provides the client and other users with a complete picture of the appraiser's relationship with the property.
  
  
• Conduct Rule:
  It is part of the broader Conduct Rule, which mandates that appraisers perform assignments without personal interests or accommodation of personal interests.

Key points about the disclosure:

• Scope:
  It applies to any service involving the property, not just appraisals or appraisal reviews, and includes services performed in any capacity (e.g., as a broker or consultant).
  
  
• Time Period:
  The relevant timeframe is three years prior to the date the appraiser agrees to the current assignment.
  
  
• Documentation:
  The disclosure must be documented in the appraiser's workfile.
  
  
• Certification:
  A statement regarding the disclosure is required in the appraiser's signed certification within the appraisal or review report.
  
  
• Appraisal Updates:
  This disclosure requirement also applies to appraisal updates, as an update is a new appraisal assignment.

Brainly

• Scope:
  It applies to any service involving the property, not just appraisals or appraisal reviews, and includes services performed in any capacity (e.g., as a broker or consultant).
• Time Period:
  The relevant timeframe is three years prior to the date the appraiser agrees to the current assignment.
• Documentation:
  The disclosure must be documented in the appraiser's workfile.
• Certification:
  A statement regarding the disclosure is required in the appraiser's signed certification within the appraisal or review report.
• Appraisal Updates:
  This disclosure requirement also applies to appraisal updates, as an update is a new appraisal assignment.
• Readdressing, Reassigning, Reappraising - Appraisal Institute
  Keep in mind that since 2010, USPAP has required disclosure of any prior service involving the same property within three years pr...
  
  Appraisal Institute
  
  
  
• Show all

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[DWiley]

There are six assignment elements:

1. client and any other intended users;
2. intended use of the appraiser’s opinions and conclusions;
3. type and definition of value;
4. effective date of the appraiser’s opinions and conclusions;
5. subject of the assignment and its relevant characteristics; and
6. assignment conditions.

A change to one of these elements results in a new assignment.

In the case of the OP, two of the six elements have changed (#3 and #5).

 

[alebrewer]

If a report was not delivered, and the engagement letter didn't spell out the effective date of valuation (which most lender assignments don't), then I don't see where the effective date has changed? The appraiser made a site visit, but the effective date of valuation is based on the subsequent site visit.

 

[J Grant]

If a report was not delivered, and the engagement letter didn't spell out the effective date of valuation (which most lender assignments don't), then I don't see where the effective date has changed? The appraiser made a site visit, but the effective date of valuation is based on the subsequent site visit.

Why did the appraiser make a "site visit" the first time? " To paint the house? They went there to value the subject, and the inspection date on the certificates is the effective date ( it is not set by the client technically). A site visit—that is a weasel word.

They went to value the subject and inspected it for the valuation—that makes it the first effective date. The appraiser should have made it subject to repairs but chose not to. Then (from what I can gather ) they went back a second time to see taht a sump pump was repaired. This is the second time they have gone to the property, so they need to disclose the prior service.

D Wiley believes it creates a new assignment if the property characteristic changed and they go back and value it based on it. I wont; argue with that - sounds right.

I try to avoid these kinds of messes in the first place.

 

[alebrewer]

D Wiley believes it creates a new assignment if the property characteristic changed and they go back and value it based on it. I wont; argue with that - sounds right.

If you believe DW was correct, you should follow his advice.

 

[J Grant]

If you believe DW was correct, you should follow his advice.

I am not the one here telling appraisers not to disclose a prior service - you supported that in your post

I would follow his advice if this were my problem, but I would not have this particular problem. I am not aiming to be perfect, but this is something else.

 

[alebrewer]

I am not the one here telling appraisers not to disclose a prior service - you supported that in your post

I'm not the one telling anyone to do anything. That's kind of the point... some folks think they should be able to force compliance with their opinions and some folks think others are grown up enough to make their own decisions. I'm in the latter party. You're obviously in the former.