USPAP stance on Editing/Revision

[Sapphire4214]

I have a small correction warranted on a report I have turned in. I failed to add comparable 4 to the map. This is a quick resolution. Does USPAP directly state anything about changing a report after submitting? I usually add a supplement on any revision with the lender requests and what I did or didnt do to correct. This is such a small task that I feel it not necesary to add a supplement but rather just add the comparable as I should have done in the first place.

 

[BRCJR]

I have a small correction warranted on a report I have turned in. I failed to add comparable 4 to the map. This is a quick resolution. Does USPAP directly state anything about changing a report after submitting? I usually add a supplement on any revision with the lender requests and what I did or didnt do to correct. This is such a small task that I feel it not necesary to add a supplement but rather just add the comparable as I should have done in the first place.

It will be a second report of the subject property. Report date will change (unless it is the same day) and a comment added about the revision. I would also change the File #. I always just added a R1 at the end for revision. If for any reason there was more than one revision I did R2 and so on..

 

[Tom4value]

I have a small correction warranted on a report I have turned in. I failed to add comparable 4 to the map. This is a quick resolution. Does USPAP directly state anything about changing a report after submitting? I usually add a supplement on any revision with the lender requests and what I did or didnt do to correct. This is such a small task that I feel it not necesary to add a supplement but rather just add the comparable as I should have done in the first place.

For corrections, USPAP requires that you state what the correction is (I just note it at the end of my comment page with the date I made the correction), have an updated signature date (effective date does not change) and keep a copy of both reports in your appraisal file

 

[sputnam]

Add a dated comment regarding what you changed and why and change the signature date. Keep both versions of the report for 5 years.

 

[DWiley]

For corrections, USPAP requires that you state what the correction is ...

Good practice, but not an actual USPAP requirement. A requirement of many lenders and AMCs, but one will not find that in USPAP.

 

[John Hassler]

Like others have said, keep a copy of all reports as sent to the client. Failing to do so is an easy violation of the Record Keeping Rule for you licensing agency to prove should a complaint be filed. But more than that, keeping copies of all reports protects you. Just imagine trying to defend yourself against a version of your own report that you can’t authenticate because you didn’t save a copy.

 

[Cob]

Like SO many things in appraising, it reminds me of the old saying, "I asked someone what time it was and they told me how to make a watch."