USPAP actually require appraiser to inspect subject?

[doy doy]

While applying for an appraiser job, the interviewer asked me... "If the appraiser has not inspected the subject property nor the comparables, and states precisely that in the appraisal report, can that situation be in compliance with USPAP?" Anyone know the answer? The company specifically asked about USPAP compliance, not Fannie Mae rules, FHA requirements, or whatever whatever. I asked if the assignment was a full appraisal, a drive-by, or a desk review, but the interviewer declined to elaborate. Further, I asked if it was a supervisory appraiser, but the interviewer once again remained quiet. What's the answer to this question? Thanks very much!

 

[Lee Lansford]

The answer is NO.

USPAP does not "require" any level of "inspection" of the subject of the appraisal nor the data analyzed in comparison to the subject.

As a side-note, when did you retire from appraising?

 

[Mike Kennedy]

"If the appraiser has not inspected the subject property nor the comparables, and states precisely that in the appraisal report, can that situation be in compliance with USPAP?" Anyone know the answer?


Yes; contingent upon Scope of Work Rule Compliance including Disclosure Obligation

see USPAP 2008 Pages U12 & U-13

 

[CANative]

leelansford ... The answer is NO.

Mike Kennedy ...Yes


lol

 

[Tim Hicks (Texas)]

Maybe...LOL

 

[William K]

In Lee and Mike's defense, they answered the same way to 2 different questions.

The thread title was
"USPAP actually require appraiser to inspect subject?" NO

Question in thread was
"If the appraiser has not inspected the subject property nor the comparables, and states precisely that in the appraisal report, can that situation be in compliance with USPAP?" YES

 

[DMZwerg]

While applying for an appraiser job, the interviewer asked me... "If the appraiser has not inspected the subject property nor the comparables, and states precisely that in the appraisal report, can that situation be in compliance with USPAP?" Anyone know the answer?

"It depends".

Can they be in compliance with USPAP? Yes, depending on the SOW, disclosure, etc.
On the other hand there are cases where the SOW renders the answer "No or maybe" as in the case of a Fannie Mae 1004 with predefined SOW (for the appraiser, but not always the supervisor), but otherwise, as long as the engagement letter & SOW do not mandate inspection ...

I see both "yes" & "no" could be supportable answers depending on how you would have conditioned you response. The question was probably a test of knowledge of USPAP as well as knowledge of different forms, guidelines, etc. A really great simple question that tests knowledge, especially when the followup questions of "Why?" or "When?" is asked. :icon_mrgreen:

 

[Tim Hicks (Texas)]

The appropriate answer:

http://www.televisiontunes.com/Malcolm_in_the_Middle.html

 

[CANative]

The answer to the question, as asked, is NOT "it depends" or "no." The only answer is "yes."

"If the appraiser has not inspected the subject property nor the comparables, and states precisely that in the appraisal report, can that situation be in compliance with USPAP?"

 

[Mike Garrett RAA]

Yep, the answer is "NO". Not a grey area, as far as USPAP is concerned.