Relationships and Application (AO-21)

The relationship between valuation services and appraisal practice can be illustrated as follows:

Valuation Services (large light-shaded oval): When providing valuation services, the obligation for an individual recognized in some circumstances as an appraiser is not to misrepresent his or her role.

Appraisal Practice (dotted-line oval): Within valuation services is appraisal practice (i.e., valuation services provided by an individual acting as an appraiser). All services performed as part of appraisal practice must comply with USPAP. The portions of USPAP that apply generally to appraisal practice include the DEFINITIONS, PREAMBLE, the Conduct, Management, and Confidentiality sections of the ETHICS RULE, the COMPETENCY RULE, and the JURISDICTIONAL EXCEPTION RULE.

Appraisal, Appraisal Review, Appraisal Consulting (dark-shaded oval within Appraisal Practice oval): Within appraisal practice, there are requirements that apply to developing and communicating appraisal, appraisal review, or appraisal consulting assignments in addition to those that apply to all appraisal practice. These requirements are described by STANDARDS 1 – 10, the SCOPE OF WORK RULE, and the Record Keeping section of the ETHICS RULE.

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