USPAP: Dov Or Dor

[undergroundPOP]

A coworker of mine and I have come to a disagreement, so I thought I'd ask here for some clarification. If working with a retrospective date of value, is the version of USPAP that is applicable to the appraisal based on the retrospective date of value or the date of report?

i.e. retrospective date of value is July 2017 and date of report is February 2018

 

[Meandering]

A coworker of mine and I have come to a disagreement, so I thought I'd ask here for some clarification. If working with a retrospective date of value, is the version of USPAP that is applicable to the appraisal based on the retrospective date of value or the date of report?

i.e. retrospective date of value is July 2017 and date of report is February 2018

The applicable USPAP is the one one that is in effect as of the date you are writing your report, not the one that was in effect on the effective date of value.

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[undergroundPOP]

The applicable USPAP is the one one that is in effect as of the date you are writing your report, not the one that was in effect on the effective date of value.

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Thank you! That settles out debate! Do you know in which chapter of USPAP I may be able to find that information?

 

[Artemis Fowl]

I think the concept you refer to is relevant to a report under review being subject to the USPAP of its date.

 

[leelansford]

A coworker of mine and I have come to a disagreement, so I thought I'd ask here for some clarification. If working with a retrospective date of value, is the version of USPAP that is applicable to the appraisal based on the retrospective date of value or the date of report?

i.e. retrospective date of value is July 2017 and date of report is February 2018

Think about it: If you were retro-ing back to 1985, would anyone propose that USPAP would not apply ?

 

[DWiley]

FAQ #1 in 2018-2019 USPAP Document

1. APPLICABLE EDITION OF USPAP

Question: The new edition of USPAP became effective January 1, 2018. I prepared an appraisal with an effective date in December 2017; however, my date of report was in January 2018. Which edition of USPAP applies – the 2016-17 edition or the 2018-19 edition?

Response: Appraisers must comply with the USPAP edition that is in effect as of the date of the report. The 2018-19 edition applies because the date of the report was on or after January 1, 2018. The effective date of the appraisal has no bearing on which edition of USPAP applies.

 

[Meandering]

Thank you! That settles out debate! Do you know in which chapter of USPAP I may be able to find that information?

FAQ

146. USPAP COMPLIANCE IN RETROSPECTIVE APPRAISALS
Question: When preparing an assignment with a retrospective date of value, should the
appraiser comply with the USPAP in effect as of the date of the appraisal or as of
the date of report?
Response: Appraisers must comply with the USPAP edition in effect as of the date of the report. Only the
data and the analyses of that date should be considered on a retrospective basis, not the Standards
under which the assignment is performed.

 

[George Hatch]

USPAP addresses appraiser conduct.

If USPAP applied by effective date we'd have a real problem with prospective value appraisals (our opinion of the value as of a future date), or with retrospective values that preceded 1986.

 

[Terrel L. Shields]

with retrospective values that preceded 1986.

FIRREA adopted it in 89,but USPAP/licensing wasn't mandated until 1991 or 1992 because it took time for states to adopt licensing, so in most states would not apply until then. I think it was 86 when first agreed on.

 

[Carnivore]

The only possible problem I see is the dilemma of a report that you completed and signed on 12/25/2017 and your favorite AMC ask for a revised(new) report(extra comparable, correction, etc) on Jan 1, 2018 using same effective date(2017). Now I wouldn't have this problem but many would since one AMC in particular demanded their stable of appraisers work on Christmas and New Years.

Just a little humor, but this would be a stretch, because this likely would not happen except for the rare time the planets were in perfect alignment to the sun.