I recently joined the Real Estate Appraisers Association (REAA) and attended my first Continuing Education course with them on the updated Uniform Standards of Professional Appraisal Practice for 2014-2015. Uniform Standards of Professional Appraisal Practice (USPAP) represents the generally accepted and recognized standards of appraisal practice in the United States. The course instructor was Ken Hunsinger who made the course both educational and enjoyable. Thanks Ken. I have to say it is always great to meet with other Appraisers for discussion. I always seem to learn something new.
Many of the revisions were edits made for clarification and do not establish new requirements. There were revisions made to the report options of STANDARDS 2,8, and 10 for written report options. Previously there were three options, Self-Contained Appraisal Report, Summary Appraisal Report, and Restricted Use Appraisal Report. In most lending cases the Summary Appraisal report was used. As of January 1, 2014 there are only two written report options, Appraisal Report and Restricted Appraisal Report. A Restricted Appraisal Report does not require as much reporting as an Appraisal Report. In addition, Effective January 1, 2014, the Standards for Appraisal Consulting, STANDARDS 4 and 5 were retired.