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Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
would you want lenders informed and then put you on a DNU list because you took the 15 hour USPAP instead of the 7 hour by mistake/misundertanding? Jo
The theoretical question is a real conundrum to an Ethical, Competent, Professional Appraiser. :Eyecrazy: Direct answer - such an event would never happen. 7 hour Update actually means 7 hour update.:)
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
NYS OAH - ADMINISTRATIVE HEARING/ JUDGE RULING

2007
Competence requires due diligence and care in the gathering of factual information and the rendering of appraisal services. A sufficiently diligent gathering of factual information must be conducted in a manner ensuring that relevant data, and not false or incomplete data, is considered in the appraisal formulation. An appraiser must use due care in analyzing such data to avoid errors that would significantly affect his or her opinions and conclusions, as such erroneous conclusions may be relied on, and result in significant injury to innocent third parties (such as lenders and prospective buyers). Additionally, carelessness and negligence in the rendering of any appraisal service is not permitted.

“The fact that the carelessness or negligence of an appraiser has not caused an error that significantly affects his or her opinions or conclusions and thereby seriously harms a client or third party does not excuse such carelessness or negligence.” 3 19 N.Y.C.R.R. § 1106.2(a)(2)(iii) Comment.

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