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USPAP Question Date Of Revised Report

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ADunmyer

Freshman Member
Joined
Sep 24, 2014
Professional Status
Certified Residential Appraiser
State
Pennsylvania
In response to a client request, I recently made some minor edits to a report. The assignment results were unchanged, but I corrected a few minor typographical errors and entered the census tract number which had been omitted from the original report. Because the results did not change, this was essentially the same report, so I did not change either the effective date or the date of the report. My client now wants me to resubmit the report with the current report and certification date. Should the new report be dated as of the date revised?I

I realize this question was answered in the 2014-2015 FAQ's USPAP. But is this because the report is technically being updated?
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Whenever you communicate an appraisal report, it is a "new" report (NOT to be confused with "new assignment"...they are not one and the same). Thus, new current date of signature, new file name (USPAP requires that you keep a copy of ALL reports), new file name (as this is a 'new' report). ALSO a good idea to detail prominently in the report as to how (why and where) this report differs from the prior report. That's it.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
New report date should be the date you prepared the report. The date of the appraisal stays the same.
 

ADunmyer

Freshman Member
Joined
Sep 24, 2014
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Whenever you communicate an appraisal report, it is a "new" report (NOT to be confused with "new assignment"...they are not one and the same). Thus, new current date of signature, new file name (USPAP requires that you keep a copy of ALL reports), new file name (as this is a 'new' report). ALSO a good idea to detail prominently in the report as to how (why and where) this report differs from the prior report. That's it.
So this has always been part of USPAP and was just to clarify correct?
 

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
I realize this question was answered in the 2014-2015 FAQ's USPAP. But is this because the report is technically being updated?

Look at the definition of "REPORT" in USPAP. When does a document transition into a report? It is not when you put the value on it. It is not when you sign it. It becomes a report when you transmit it. In everyday conversation we often speak of correcting/revising/updating a report. But, if a report is what you transmitted to a client, you really cannot correct or change or update that transmission (unless you have a time machine that lets you go back and change what was transmitted). Each transmission creates a new report. Hence the requirement for a new report date.
 
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