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USPAP compliant contract analysis questions

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Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
What is required under USPAP for an appraiser to 'analyze' a real estate contract?

Is a real estate commission split structure pertinent to a USPAP compliant contract analysis?

What needs to be kept in your workfile regarding your 'analysis' of a contract?
 

Zmcraney

Junior Member
Joined
Oct 17, 2007
Professional Status
Licensed Appraiser
State
Mississippi
Is a real estate commission split structure pertinent to a USPAP compliant contract analysis?
I don't believe it would be in most markets but I suppose it could come into question when there is an agent/owner transaction or something of that nature. In states were Dual Agency is allowed it might also be interesting to know, but I'm not sure how many agents would gladly handover such information. In our state realtors association sales contract there is nowhere in the contract that states how much of a percentage the listing or selling broker will recieve.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Only your state board gets to make those decisions.......
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Foreword

The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, publishes, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. The 2008-2009 Edition of USPAP (2008-2009 USPAP) is effective January 1, 2008 through December 31, 2009.



USPAP has five sections: DEFINITIONS, PREAMBLE, Rules, Standards and Standards Rules, and Statements on Appraisal Standards. For convenience of reference, USPAP is published with this Foreword and a

TABLE OF CONTENTS

. These reference materials are forms of “Other Communications” provided by the ASB for guidance only and are not part of USPAP.



It is important that individuals understand and adhere to changes in each edition of USPAP. State and federal regulatory authorities enforce the content of the current or applicable edition of USPAP.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Last edited:

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
What is required under USPAP for an appraiser to 'analyze' a real estate contract?

Is a real estate commission split structure pertinent to a USPAP compliant contract analysis?

What needs to be kept in your workfile regarding your 'analysis' of a contract?

Pamela,

Trust me on this one.

I am VERY MUCH AWARE (unless there has been a pronouncement from the ASB within the past few months and I somehow missed it) that the appraiser's responsibility for "contract analysis" IS a Scope of Work decision!

SOW.

Now, I KNOW that if an appraiser enquires of the typical Mortgage Broker or AMC regarding this topic, the likely response will be "Huh?"

Thus, it is up to the appraiser to specify, within the report of the appraisal, WHAT the appraiser has done regarding "contract analysis". I would share with you the language that I employ...but I'm more interested to see what others might share.

Have fun.

Lee
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
What is required under USPAP for an appraiser to 'analyze' a real estate contract?

SCOPE OF WORK issue - depends on the Clients' requirements.

"Is a real estate commission split structure pertinent to a USPAP compliant contract analysis?"

No. Not typically included in a Contract of Sale between Seller and Buyer.

"What needs to be kept in your workfile regarding your 'analysis' of a contract?"

Attempts to obtain Contract including the parties contracted and result.
Copy of the Contract.

Opinion as to whether contract APPEARS typical or atypical/abnormal re terms, concessions, and/or chattel inclusions impact marketability or market value.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
ps. market value is what the market indicates - NOT a contract. Revoke USPAP Contract Review - NOW !

Analysis of a Legal Document by an individual not a LICENSED ATTORNEY - means essentially nothing.

The ONLY reason a Licensed Appraiser who is not also a Licensed Attorney is required to review, analyze, look at, ponder over, or be GIVEN one - is below >>>>>>>>>
 
Last edited:

Brad Ellis

Senior Member
Joined
Feb 7, 2006
Professional Status
Certified Residential Appraiser
State
California
Main Entry: an·a·lyze
Pronunciation: \ˈa-nə-ˌlīz\
Function: transitive verb
Inflected Form(s): an·a·lyzed; an·a·lyz·ing
Etymology: probably irregular from analysis
Date: 1587
1 : to study or determine the nature and relationship of the parts of by analysis
2 : to subject to scientific or grammatical analysis
 
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