The determining factor in the current definition of report in USPAP is “upon completion of the assignment.” Given that definition, any communication transmitted to the client prior to completion of the assignment is not a report. If a communication, intended to be a report, is superseded by a subsequent document, then by the current definition, the first document was not a report (because it was not transmitted upon completion of the assignment).
When an assignment is complete depends on various factors and upon the perspective of a given party. Appraisers usually consider an assignment complete when they sign or communicate the report to the client, whereas clients have commented that an assignment is not complete until they review and approve or accept a report. In studying the overall concept of reporting, the ASB concluded that it is important to address all communications of assignment results regardless of where an appraiser is in the process. Not an Answer ??You then never have a completed report until the Lender says so, how is that Not a pressure report ??
The ASB has received many comments that emphasized the importance of preliminary communications in complex assignments. These comments came from appraisers in all disciplines. USPAP does not currently address communications of assignment results prior to completion of the assignment, thus such communications have no requirements other than to comply with the general requirements in the ETHICS RULE, the COMPETENCY RULE, and the JURISDICTIONAL EXCEPTION RULE. The RECORD KEEPING RULE requires retention of all reports; however, anything transmitted prior to completion of the assignment is not a report.
Am I missing something here ? If the appraiser is the responsible party for the Value, how does the Lender determine when the report is Complete ??