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Which USPAP Version

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tbee407

Freshman Member
Joined
Feb 14, 2012
Professional Status
Banking/Mortgage Industry
State
West Virginia
I was asked to review a retrospective appraisal report. The report was completed in 2014. The effective date of the report was 2010. Which version of USPAP would be the correct version to use?

Thanks.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
  • Revisions to STANDARD 3
Revisions were made that eliminate the requirement to identify and report the effective date of an appraisal review. Three dates are still required to be reported in an appraisal review in order to identify the perspectives of the original appraiser and the reviewer. The 2016-17 requirements:

- Identify the effective date of the opinions or conclusions in the work under review

- Identify the report date (signature date) of the report under review

- State the date of the appraisal review report
 

nicholz12

Senior Member
Joined
Sep 7, 2008
Professional Status
Licensed Appraiser
State
Massachusetts
Just attended an MBREA class on Review, the instructor stated if you're reviewing an older report use the USPAP from that year. In this case 2010.
Is the instructor wrong?
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
To my way of thinking you would have to comply with two versions: the one effect when the original report was written, and the one in effect when you prepared yours. The one prepared in 2014 would be judged by those standards, the effective date is immaterial for the original report. Its the date of report not the effective date.
 

nicholz12

Senior Member
Joined
Sep 7, 2008
Professional Status
Licensed Appraiser
State
Massachusetts
To my way of thinking you would have to comply with two versions: the one effect when the original report was written, and the one in effect when you prepared yours. The one prepared in 2014 would be judged by those standards, the effective date is immaterial for the original report. Its the date of report not the effective date.


Good point, the instructor neglected to bring that point up?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
What Pete said. 2010 shouldn't be applicable
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Great question.

2014. Regardless of the effective, you follow current USPAP at the time of reporting. It could be 1960, you would just need comps from that era, yet you would follow the USPAP as of the signature date.

Sounds like a CG state exam question.

edit......
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The report was completed in 2014. The effective date of the report was 2010.
OK? Did the OP use 2010 as his basis? They were wrong if they did. You do have a copy of USPAP? Page 277 #144.

"Appraisers must comply with the USPAP in effect as of the date of the report"

That should have been the date of the report....2014. Try a new instructor:)
 
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