USPAP COMPOSITION, STRUCTURE AND COMPLIANCE

Advisory Opinions Not Part of USPAP

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Valuation Service Defined

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Retiring a Portion of USPAP

The Primary Purpose of USPAP

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Complying With USPAP by Choice

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Compliance With USPAP: Personal Property, Business Valuation and Intangible Asset Appraisers

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USPAP Applicability in Valuation for Financial Reporting (New)

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Assignment Involving Analysis of Leases  (New)

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USPAP Compliance as an Instructor

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Personal Property Appraisal Requirements

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USPAP Compliance With Other Valuation Standards

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ETHICS RULE - CONDUCT

Don’t Accept Unless You Can Appraise for $XXX,000

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Appraiser Coercion (New)

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Plagiarism

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Use of Qualitative Terms

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Conflicts of Interest

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Using a Flawed Appraisal Report

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Value Opinions That Equal Contract Prices

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Property Flipping

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Are Condition And Marketability Reports Covered by USPAP

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Supported And Unsupported Conclusions

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Unacceptable Assignment Conditions – Nondisclosure of Facts

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ETHICS RULE - MANAGEMENT

Fees Paid for Procurement of an Assignment

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Coupons for Price Discounts

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Payment of Fees to Be Included on Approved Appraisers List

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Conducting Drawings to Procure Appraisal Assignments

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Reducing Appraisal Fees When Transactions Fail to Close

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Appraisal Fees as Percentages of Value Conclusions

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Appraisal Fee Is Contingent on the Appraised Value

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Appraiser’s Fees Based on Pending Sale Price

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Discounted Appraisal Fees

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Disclosure of Referral Fee Amounts

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Reciprocal Business Arrangements

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Does USPAP Apply if There Is No Assignment Fee

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Can Appraisers Perform Comp Check Assignments for Free? (New)

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Is Disclosure of a Free Comp Check Assignment Required? (New)

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Appraisal Fee Paid at Close of Financing Transaction

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ETHICS RULE - CONFIDENTIALITY

Reporting of Adverse Conditions

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Disclosing Results of Appraisal Assignments

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Appraisal Report Received by Others (New)

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Disclosure of a Prior Assignment

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Disclosure of the Client in a Prior Assignment

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Can an appraiser disclose the identity of past clients in an appraisal report? (New)

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Sample Appraisals And the Ethics Rule

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Providing Sample Appraisal Reports (New)

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Confidentiality And Sample Appraisal Reports

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Delivering a Report by Email to a Client

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Confidentiality And Intended Users (New)

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Confidentiality And Review Appraisers (New)

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Disclosure of Assignment Results to State Appraiser Board

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Due Process Under Confidentiality (New)

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Communicating Confidential Information to a Sworn Peace Officer (New)

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Confidentiality And Peer Review Committees

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Confidentiality And Privacy Regulations

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When Does Appraiser-Client Confidentiality End?  (New)

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Copyrighting an Appraisal Report (New)

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Selling an Appraisal Firm And Ethical Obligations

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Purchasing an Appraisal Firm And Ethical Obligations

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ETHICS RULE – RECORD KEEPING

Contents of a Workfile

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Time Period to Retain Workfiles

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Photocopies of Appraisal Reports in Workfiles

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Workfiles for Appraisal Review Assignments

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 Purging Workfiles at a Client’s Request

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Workfile Retention With More Than One Appraiser

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Responsibility for Workfile Retention

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Trainee Access to Workfiles

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Appropriate Workfile Retention And Access Arrangements  (New)

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May Access to a Workfile Be Denied? (New)

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Signed Certification in True Copies

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Creating a Workfile After Report Delivery

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Is a Transcript Required for Oral Report And Testimony? (New)

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Is a Transcript Required if a Written Appraisal Report Was Prepared? (New)

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Record Keeping Requirements for Oral Reports And Testimony  (New)

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Is a Separate Certification Required if a Written Appraisal Report Was Prepared? (New)

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Is a Transcript of the Entire Proceeding Required? (New)

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Electronic Workfile Storage

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Paper Copies of Electronically Transmitted Reports

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Adequacy of Workfile Documentation (New)

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Jurisdictional Exception And Workfile Retention

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Minimum Workfile Retention

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COMPETENCY RULE

Acquiring Knowledge And Experience to Comply With the Competency Rule

Continuing Education Courses

Competency Statement in the Report (New)

Errors And Omissions Insurance (New)

JURISDICTIONAL EXCEPTION RULE

Application of the Jurisdictional Exception Rule

USPAP Compliance And Jurisdictional Exception

When Campinas with USPAP Is Precluded by Law Or Regulation

Probate Court Statute Basing the Appraisal Fee on the Appraised Value (New)

Appropriate Sources for Jurisdictional Exception

Valuation Methods And Jurisdictional Exception Rule (New)

Jurisdictional Exception And Confidentiality

APPRAISAL DEVELOPMENT – CLIENT ISSUES

Identification of the Client

Payment by a Party Other Than the Client

Difference Between Clients And Intended Users

Appraisal Management Company as Authorized Agent for a Client

Client Cannot Be Identified

Subsequent User Requests a Reliance Letter

Readdress Or Transfer

Readdressing With Lender Release

Identification of Intended Users

Addressees, Clients, And Intended Users (New)

Appraising Without Knowing the Intended Use Or Intended User (New)

Are Borrowers Intended Users?

Identifying Intended Users by Type

Engaged Directly by the Homeowner

Client Approval for Future Assignments

APPRAISAL DEVELOPMENT – APPRAISAL DATES

Effective Date of the Appraisal

Date of Appraisal

Date of Value

Citation of Effective Date (New)

Changing the Effective Date (New)

Does Changing the Sale Price Result in a New Assignment? (New)

Current Value Opinions for Proposed Improvements

Proposed Improvements – Current And Prospective Value Opinions

Competency as of Effective Date of the Appraisal

Current And Retrospective Value Opinions Within One Report

Post-Value Date Information in Retrospective Appraisals

Appraisal Based on Current And Prospective Dates of Value

USPAP Compliance in Retrospective Appraisals

Retrospective Appraisal Assignments

APPRAISAL DEVELOPMENT – SCOPE OF WORK ISSUES

What Is Scope of Work?

Applicability of Scope of Work Rule

Responsibility for the Scope of Work Decision

Client Specifies Scope of Work

The Impact of Different Clients on Assignment Results With Otherwise Identical Assignment Elements And Scope of Work (New)

Obligation to Analyze Withdrawn Or Expired Listings (New)

How Credible Assignment Results Are Measured

Errors of Commission And Omission  (New)

Making a Series of Errors (New)

Changing the Scope of Work After the Report Has Been Submitted (New)

Type And Definition of Value, And Citation of Source

Market Rent Opinion (New)

Using the Definition of Value Provided

Sales Or Financing Concessions (New)

Intentionally Deflating Opinions of Value (New)

Measuring Single Family Residences Using the ANSI Standard

Exposure Time And Marketing Time

Analyzing And Reporting of Exposure Time

Checking Stable vs. Declining Property Values (New)

Range of Value

More Than One Intended Use

Value in Use Request From Federally Regulated Lender

Drive-by And Desktop Appraisals

Inspection of Subject Property

Does Inspection of Subject Property Mean a Physical Inspection?

Is It Permissible to Use Mls Photos for Comparable Sales? (New)

Is It Permissible to Use Mls Photos for Active Listings?

Cost Approach Not Necessary for Appraisal of Vacant Land

Cost Approach And Fannie Mae Form 1004/Freddie Mac Form 70

Appraising Improved Land

Improvement Only Appraisal

Appraising Only the Underlying Land of an Improved Property

Appraising Physical Segments (5-Acre Portion)

Income And Expense Analyses (New)

Proposed Improvements – Plans And Specifications Required

Is an AVM An Appraisal? (New)

Appraiser’s USPAP Obligations When Using an AVM (New)

Uniform Act And Scope of Work (New)

Appraising Large Groups of Similar Or Like Items

Blockage Discount And Standard 6

Calculating Blockage Discount

Business Valuation Using Asset-Based (Cost) Approach

Allocation of Value Opinions (New)

Leased Fee Interest When Intangible Assets Exist

 Purchase Contract Is Not Provided to the Appraiser

Availability of Current Agreement of Sale

Reconciliation of the Approaches to Value

Adjustments in Sales Comparison Approach

Updating a Prior Assignment With a Different Scope of Work

Appraisal Update With No Change in Value (New)

Update of an Appraisal Completed by Another Appraiser

Does a New Assignment Require Starting Over?

Recertification of Value

Recertification of Value And Appraisal Update

Appraisers Providing Comps

Can Appraisers Perform Comp Check Assignments? (New)

Sudden Market Changes Related to Catastrophic Events

Citing the Source of the Value Definition And Fannie Mae Form 1004/Freddie Mac Form 70

APPRAISAL DEVELOPMENT – EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS

Extraordinary Assumptions Compared to Hypothetical Conditions

Hypothetical Conditions Described

When a Hypothetical Condition May Be Used

Before Acquisition Value And Standards Rule 1-4(F) (New)

Reporting Use of Extraordinary Assumptions And  Hypothetical Conditions

Must a Hypothetical Condition Or Extraordinary Assumption Be Labeled?

Value as if Completed

Appraising a Property Not in As-Is Condition

Analyzing the Lease When Appraising Fee Simple Interest

Definition of Extraordinary Assumption

APPRAISAL DEVELOPMENT – SUBJECT PROPERTY SALES HISTORY

Multiple Sales Or Transfers of the Subject Property

Offers to Purchase Subject Property

Current Sales Contract Is Not Provided (New)

Pending Sales as Comparables

Subject Property Sales History And Property Flipping

Subject Property as a Comparable Sale

Five-Year Sales History as an Assignment Condition

Analysis of Subject Property Sales History

Sales History for New Construction (New)

Appraisal Without Knowing Sale Price (New)

Analysis of Sales History for Comparable Sales

Sales History Analysis for Deed in Lieu of Foreclosure

Obligation to Analyze Prior Listings of Subject Property

Proper Analysis of Agreement of Sale (New)

Obligation to Analyze Withdrawn Or Expired Listings

Sales History Analysis in a Retrospective Appraisal

Sales History Analysis for Condition And Marketability Reports

APPRAISAL REPORTING – CERTIFICATION AND SIGNATURES

Reason for Signed Certification

Changing the Certification (New)

Requirement for Signing Reports (New)

Signature on Letter of Transmittal (New)

Multiple Signatures on Appraisal Reports

Signature Authorization

Authorizing the Use of Your Digital Signature (New)

Providing Signature to Create a Signature File (New)

Losing Control of a Digital Signature (New)

Responsibility of an Appraiser Signing as a Supervisor

Signing Digital (Electronic) Reports (New)

Business Entity Signing an Appraisal Report

Significant Appraisal Assistance (New)

Does USPAP Define Supervisory Appraiser?

Reporting Significant Real Property Appraisal Assistance

Disagree With Supervisor on Value Conclusion

Does the Certification on the Uniform Residential Appraisal Report (URAR) Form Also Extend to the Market Conditions Addendum? (New)

Multi-Discipline Certification – Real Property Appraiser

Relying on the Reports of Others

Multi-Discipline Certification – Personal Property Appraiser

APPRAISAL REPORTING – USE AND FORMAT ISSUES

Required Level of Detail in a Self-Contained Appraisal Report

Ownership of Appraisal Reports

Electronic Report Delivery (New)

Identification of Report Option Used

Appraisal Report Labeling Confusion (New)

Label Different From Reporting Options

Is a Letter of Transmittal Part of an Appraisal Report? (New)

Copy of License in Appraisal Report (New)

Does USPAP Require Identifying Appraisal Credentials? (New)

Restricted Use Appraisal Report And Third Parties

Appraisal Update Reporting Format

Are Instant Messages Or Text Messages Appraisal Reports? (New)

Reporting Appraisal Updates

Fannie Mae Update Report Form 1004D/Freddie Mac Form 442

Appraisal Report Content And Property Flipping

Legal Description

Property Address

Why Report Scope of Work

Reporting Work Not Done in an Assignment

Separate Scope of Work Section in the Report?

Identification of Intended Users in Appraisal Reports

Identification of the Client in Appraisal Reports

Disclosure of the Intended User in a Report

Disclosure of the Intended Use in a Report

Oral Reports And Record Keeping

Communicating Assignment Results Without a Written Report

Oral Appraisal Reporting Requirements

Workfile Contents for an Oral Report

Appraisal Report Form Software

Paper Copies of Electronically Transmitted Reports

Appraisal Report Forms Compliance With USPAP

Fannie Mae/Freddie Mac Appraisal Report Forms And USPAP Compliance

Standards, Standards Rules, And Reporting an Appraisal

Discounted Cash Flow (DCF)

Content of Restricted Use Appraisal Reports

Appraiser Qualifications in Report (New)

Providing a Draft of a Report

Developing an Unnecessary Valuation Approach

APPRAISAL REVIEW

When Does Standard 3 Apply?

Geographic Competency in Appraisal Reviews (New)

Post-Valuation Date Information in Appraisal Reviews

Reviewer Disagrees With Value Conclusion

Reviewer Concurs With Value Conclusion

Appraisal Review And State Appraiser Boards

Reading Appraisal Reports

Reviewing Two Appraisals on the Same Property

Must a Review Appraiser Be Licensed Or Certified in the State Jurisdiction Where the Subject Property Is Located? (New)

Review Report on Multiple Appraisal Reports

Appraisal Review for a State Appraiser Board

Reviewing an Appraisal Review Report

Scope of Work in Appraisal Review Reports

Reviewing a Portion of an Appraisal Report

Changing the Value Opinion Without the Appraiser’s Consent

Reviewer’s Own Opinion of Value And Scope of Work

Discrediting the Original Appraiser’s Work

Reviewer Citation of USPAP Non-Compliance (New)

Review Appraiser Bias

Is Compliance With Standard 3 Required When Submitting a Complaint? (New)

Uniform Act And the Review of Low Value Acquisition Appraisal Reports (New)

Effective Date That Differs From the Work Under Review

Additional Certification in an Appraisal Review Report

OTHER SERVICES

Value Opinion in an Appraisal Consulting Assignment

Valuation Service Involving Advocacy

Purpose of an Appraisal Consulting Assignment

Feasibility Studies And Appraisal Practice

Appraisal Versus Appraisal Consulting Assignment (New)

Which USPAP Standards Apply to Personal Property Appraisal Consulting? (New)