ADVISORY OPINIONS
This communication by the Appraisal Standards Board (ASB) does not establish new standards or interpret existing standards. Advisory Opinions are issued to illustrate the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems.
SUBJECT: Assignments Involving More than One Appraiser
APPLICATION: Real Property, Personal Property, Intangible Property
THE ISSUE:
What are the specific USPAP obligations when an appraisal, appraisal review or appraisal consulting assignment involves more than one appraiser?
BACKGROUND:
Many appraisal assignments involve participation by more than one appraiser. Typical scenarios include, but are not limited to:
Two appraisers working together as equals on an assignment.
A staff appraiser whose work is reviewed and/or directed by a more senior appraiser.
A person who is being trained as an appraiser (“trainee”) and requires supervision and direction by an appraiser already fully qualified to complete the assignment.
An independent appraiser/contractor performing work for an appraisal firm.
Two or more appraisers from different appraisal disciplines working on an assignment.
When assignments involve more than one appraiser there are often questions about the proper way to deal with USPAP requirements relating to record keeping, signatures and certifications.
It is important to realize that USPAP does not define an “appraiser” in terms of state licensing or certification requirements. USPAP defines an appraiser as one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Expectation is the crucial element in determining when one is acting as an appraiser. As a result, one could be a trainee by state licensing requirements and also identified as an appraiser by USPAP definition. Reference to applicable state law should be made to clarify the specific definition of appraiser and trainee in a jurisdiction.
ADVICE FROM THE ASB ON THE ISSUE:
USPAP 2008–2009 Edition
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