- Mar 15, 2004
- Professional Status
- Certified Residential Appraiser
- North Carolina
The ASC is of the opinion that the Jurisdictional Exception Rule should be eliminated. It seems they finally realized
The plain meaning of the Rule, in our view, is inconsistent with the Constitutional principle that Federal law reigns supreme. The Rule would allow any State or local jurisdiction to change USPAP (the “uniform standards” incorporated in Title XI) in any manner it deemed appropriate. Carried to an extreme, the Rule would allow a jurisdiction to exempt transactions completely from USPAP, and yet allow the appraiser performing the appraisal in that jurisdiction to be in compliance with USPAP, an illogical result in light of USPAP’s purposes under Federal law.I tend to think it would be a good idea in the long run. In essence the ASC is looking to elevate USPAP to the level of federal law, applying to real estate appraisals because they say it does rather than because state laws and regulations say it does.