USPAP COMPOSITION, STRUCTURE AND COMPLIANCE

1.

Advisory Opinions Not Part of USPAP

2.

Valuation Service Defined

3.

Retiring a Portion of USPAP

4.

The Primary Intent of USPAP

5.

Main Function of USPAP

6.

Complying with USPAP by Choice

7.

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

8.

USPAP Compliance as an Instructor

9.

Personal Property Appraisal Requirements

10.

USPAP Compliance with Other Valuation Standards

ETHICS RULE - CONDUCT

11.

Don't Accept Unless You Can Appraise for...

12.

Plagiarism

13.

Subjective Terms

14.

Conflicts of Interest

15.

Using a Flawed Appraisal Report

16.

Value Opinions That Equal Contract Prices

17.

Property Flipping

18.

Are Condition And Marketability Reports Covered by USPAP

19.

Supported and Unsupported Conclusions

20.

Unacceptable Assignment Conditions Nondisclosure of Facts

ETHICS RULE - MANAGEMENT

21.

Things of Value Received for Procurement of an Assignment

22.

Coupons for Price Discounts

23.

Payment of Fees to be Included on Approved Appraisers List

24.

Conducting Drawings to Procure Appraisal Assignments

25.

Reducing Appraisal Fees When Transactions Fail to Close

26.

Appraisal Fees as Percentages of Value Conclusions

27.

Appraisal Fee is Contingent on the Appraised Value

28.

Appraisers Fees Based on Pending Sale Price

29.

Paying Fees for Procuring Appraisal Assignments

30.

Discounted Appraisal Fees

31.

Disclosure of Referral Fees

32.

Reciprocal Business Arrangements

33.

Does USPAP Apply if There is no Assignment Fee

34.

Appraisal Fee Paid at Close of Financing Transaction

ETHICS RULE - CONFIDENTIALITY

35.

Reporting of Adverse Conditions

36.

Disclosing Results of Appraisal Assignments

37.

Disclosure of a Prior Assignment

38.

Disclosure of the Client in a Prior Assignment

39.

Sample Appraisals and the Ethics Rule

40.

Confidentiality and Sample Appraisal Reports

41.

Delivering a Report by Email to a Client

42.

Disclosure of Assignment Results to State Appraiser Board

43.

Confidentiality and Peer Review Committees

44.

 Confidentiality and Privacy Regulations

45.

Selling an Appraisal Firm and Ethical Obligations

46.

Purchasing an Appraisal Firm and Ethical Obligations

ETHICS RULE RECORD KEEPING

47.

Contents of a Workfile

48.

Time Period to Retain Workfiles

49.

Photocopies of Appraisal Reports in Workfiles

50.

Workfiles for Appraisal Review Assignments

51.

Purging Workfiles at a Clients Request

52.

Workfile Retention with More Than One Appraiser

53.

Responsibility for Workfile Retention

54.

Trainee Access to Workfiles

55.

Signed Certification in True Copies

56.

Creating a Workfile After Report Delivery

57.

Electronic Workfile Storage

58.

Paper Copies of Electronically Transmitted Reports

59.

Jurisdictional Exception and Workfile Retention

60.

Minimum Workfile Retention

COMPETENCY RULE

61.

Acquiring Knowledge & Expertise to Comply with the Competency Rule

62.

Continuing Education Courses

JURISDICTIONAL EXCEPTION RULE

63.

Application of the JURISDICTIONAL EXCEPTION RULE

64.

USPAP Compliance and Jurisdictional Exception

65.

When USPAP is Contrary to Public Policy or Law

66.

Appropriate Sources for Jurisdictional Exception

67.

Jurisdictional Exception and Confidentiality

APPRAISAL DEVELOPMENT CLIENT ISSUES

68.

Identification of the Client

69.

Payment by a Party Other Than the Client

70.

Difference Between Clients and Intended Users

71.

Appraisal Management Company as Authorized Agent for a Client

72.

Client Cannot be Identified

73.

Subsequent User Requests a Reliance Letter

74.

Readdress or Transfer

75.

Readdressing with Lender Release

76.

Identification of Intended Users

77.

Are Borrowers Intended Users

78.

Identifying Intended Users by Type

79.

Engaged Directly by the Homeowner

80.

Client Approval for Future Assignments

APPRAISAL DEVELOPMENT APPRAISAL DATES

81.

Effective Date of the Appraisal

82.

Date of Appraisal

83.

Date of Value

84.

Current Value Opinions for Proposed Improvements

85.

Proposed Improvements Current and Prospective Value Opinions

86.

Competency as of Effective Date of the Appraisal

87.

Current and Retrospective Value Opinion Within One Report

88.

Post-Value Date Information in Retrospective Appraisals

89.

Appraisal Based on Current and Prospective Date of Value

90.

USPAP Compliance in Retrospective Appraisals

91.

Retrospective Appraisal Assignments

APPRAISAL DEVELOPMENT SCOPE OF WORK ISSUES

92.

What is Scope of Work?

93.

Applicability of SCOPE OF WORK RULE

94.

Responsibility for the Scope of Work Decision

95.

Client Specifies Scope of Work

96.

How Credible Results are Measured

97.

Standards, Standards Rules, and Developing an Appraisal

98.

Judging an Appraisers Peers Actions

99.

Type and Definition of Value, and Citation of Source

100.

Using the Definition of Value Provided

101.

Measuring Single Family Residences Using the ANSI Standard

102.

Exposure Time and Marketing Time

103.

Analyzing and Reporting of Exposure Time

104.

Range of Value

105.

More Than One Intended Use

106.

Value in Use Request from Federally Regulated Lender

107.

Drive-by and Desktop Appraisals

108.

Inspection of Subject Property

109.

Cost Approach not Necessary for Appraisal of Vacant Land

110.

Cost Approach and Fannie Mae Form 1004

111.

Appraising Improved Land

112.

Improvement Only Appraisal

113.

Appraising Only the Underlying Land of an Improved Property

114.

Appraising Physical Segments (5-Acre Portion)

115.

Proposed Improvements Plans and Specifications Required

116.

Appraising Large Groups of Similar or Like Items

117.

Blockage Discount and Standard 6

118.

Calculating Blockage Discount

119.

Business Valuation Using Asset-Based (Cost) Approach

120.

Leased Fee Interest When Intangible Assets Exist

121.

Purchase Contract is not Provided to the Appraiser

122.

Availability of Current Agreement of Sale

123.

Reconciliation of the Approaches to Value

124.

Adjustments in Sales Comparison Approach

125.

Updating a Prior Assignment with a Different Scope of Work

126.

Update of an Appraisal Completed by Another Appraiser

127.

Does A New Assignment Require Starting Over?

128.

Recertification of Value

129.

Recertification of Value and Appraisal Update

130.

Appraisers Providing Comps

131.

Sudden Market Changes Related to Catastrophic Events

132.

Citing the Source of the Value Definition and Fannie Mae Form 1004

APPRAISAL DEVELOPMENT EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS

133.

Extraordinary Assumptions Compared to Hypothetical Conditions

134.

Hypothetical Conditions Described

135.

When a Hypothetical Condition May be Used

136.

Reporting Use of Extraordinary Assumptions and Hypothetical Conditions

137.

Value as if Completed

138.

Appraising a Property Not in As Is Condition

139.

Analyzing the Lease When Appraising Fee Simple Interest

140.

Definition of Extraordinary Assumption

APPRAISAL DEVELOPMENT SUBJECT PROPERTY SALES HISTORY

141.

USPAP Requirements for Analyzing Prior Sales of Subject Properties

142.

Multiple Sales or Transfers of the Subject Property

143.

Offers to Purchase Subject Property

144.

Pending Sales as Comparables

145.

Subject Property Sales History and Property Flipping

146.

Subject Property as a Comparable Sale

147.

Five-year Sales History as an Assignment Condition

148.

Analysis of Subject Property Sales History

149.

Analysis of Sales History for Comparable Sales

150.

Sales History Analysis for Deed in Lieu of Foreclosure

151.

Obligation to Analyze Prior Listings of Subject Property

152.

Obligation to Analyze Withdrawn or Expired Listings

153.

Sales History Analysis in a Retrospective Appraisal

154.

Sales History Analysis for Condition and Marketability Reports

APPRAISAL REPORTING CERTIFICATION AND SIGNATURES

155.

Reason for Signed Certification

156.

Multiple Signatures on Appraisal Reports

157.

Signature Authorization

158.

Responsibility of an Appraiser Signing as a Supervisor

159.

Business Entity Signing an Appraisal Report

160.

Does USPAP Define Supervisory Appraiser

161.

Reporting Significant Real Property Appraisal Assistance

162.

Disagree with Supervisor on Value Conclusion

163.

Multi-Discipline Certification Real Property Appraiser

164.

Relying on the Reports of Others

165.

Multi-Discipline Certification Personal Property Appraiser

APPRAISAL REPORTING USE AND FORMAT ISSUES

166.

Required Level of Detail in a Self-Contained Appraisal Report

167.

Ownership of Appraisal Reports

168.

Identification of Report Option Used

169.

Label Different from Reporting Options

170.

Restricted Use Appraisal Report and Third Parties

171.

Appraisal Update Reporting Format

172.

Reporting Appraisal Updates

173.

Fannie Mae Update Report Form 1004D

174.

Appraisal Report Content and Property Flipping

175.

Legal Description

176.

Property Address

177.

Why Report Scope of Work

178.

Reporting Work not Done in an Assignment

179.

Separate Scope of Work Section in the Report?

180.

Identification of Intended Users in Appraisal Reports

181.

Identification of the Client in Appraisal Reports

182.

Disclosure of the Intended User in a Report

183.

Disclosure of the Intended Use in a Report

184.

Oral Reports and Record Keeping

185.

Oral Appraisal Review Reporting Requirements

186.

Workfile Contents for an Oral Report

187.

Appraisal Report Form Software

188.

Paper Copies of Electronically Transmitted Reports

189.

Appraisal Report Forms Compliance with USPAP

190.

Fannie Mae Appraisal Report Forms and USPAP Compliance

191.

Standards, Standards Rules, and Reporting an Appraisal

192.

Discounted Cash Flow (DCF)

193.

Communicating Assignment Results Without a Written Report

194.

Oral Appraisal Reporting Requirements

195.

Content of Restricted Use Appraisal Reports

196.

Providing a Draft of a Report

197.

Developing Unnecessary Approach

APPRAISAL REVIEW

198.

When Does Standard 3 Apply?

199.

Post-Valuation Date Information in Appraisal Reviews

200.

Reviewer Disagrees with Value Conclusion

201.

Reviewer Concurs with Value Conclusion

202.

Appraisal Review and State Appraiser Boards

203.

Reading Appraisal Reports

204.

Reviewing Two Appraisals on the Same Property

205.

Review Report on Three Appraisal Reports

206.

Appraisal Review for a State Appraiser Board

207.

Reviewing an Appraisal Review Report

208.

Scope of Work in Appraisal Review Reports

209.

Inspection of Subject Property

210.

Reviewing a Portion of an Appraisal Report

211.

Changing the Value Opinion Without the Appraisers Consen

212.

Reviewers Own Opinion of Value and Scope of Work

213.

Discrediting the Original Appraisers Work

214.

Review Appraiser Bias

215.

Effective Date that Differs from the Work Under Review

216.

Additional Certification in an Appraisal Review Report

OTHER SERVICES

217.

Value Opinion in an Appraisal Consulting Assignment

218.

Valuation Service Involving Advocacy

219.

Purpose of an Appraisal Consulting Assignment

220.

Feasibility Studies and Appraisal Practice