2010-2011 EDITION OF USPAP ADOPTED
The Appraisal Foundation recently announced that the Appraisal Standards Board (ASB) adopted revisions for the 2010-2011 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) at its public meeting in New Orleans. The 2010-2011 edition of USPAP will be valid for two years, effective January 1, 2010 through December 31, 2011. As with the current edition of USPAP, the new edition will include guidance from the ASB in the form of the USPAP Advisory Opinions and the USPAP Frequently Asked Questions (FAQs).
The new edition of USPAP is scheduled to be available by October 1, 2009. However, appraisers and users of appraisal services should begin familiarizing themselves with the changes to the document as soon as possible. To this end, the ASB has issued a Summary of Actions document, which explains the changes that are being made and the rationale for those changes. The Summary of Actions is available by visiting the following link to The Appraisal Foundation’s website:
http://commerce.appraisalfoundation.org/html/Docs/2009_ASB_summary_of_actions.pdf
Most of the revisions that will become effective on January 1, 2010 involved improving the clarity, understandability and enforceablility of the ETHICS RULE, the COMPETENCY RULE and STANDARD 3: Appraisal Review, Development and Reporting.
There were also two significant changes:
· A requirement was added to the Conduct section of the ETHICS RULE, stating that, prior to accepting an assignment (and if discovered at any time during the assignment), an appraiser must disclose to the client and in the report certification any services regarding the subject property performed by the appraiser within the prior three years, as an appraiser or in any other capacity.
· The appraiser’s obligation to allow a client access to his or her workfile when providing a Restricted Use Appraisal Report was removed.
“The change to the Conduct section of the ETHICS RULE is significant,” said Sandra Guilfoil, Chair of the ASB, the Foundation Board that promulgates USPAP. “It creates a new requirement for appraisers to disclose, up front to prospective clients, any involvement the appraiser might have had with the property within the past three years.”
The ASB believed this new requirement was necessary for public trust. “In a current climate with a focus on things like transparency in financial transactions, the ASB did not believe that USPAP was adequately serving public trust by allowing an appraiser to complete an assignment without initially notifying the client of any recent involvement with the property. The ASB believes the client has a right to know about an appraiser’s involvement and make the decision whether or not to engage the appraiser in that particular assignment,” said Guilfoil.
In fact, the ASB believed this particular revision was so important that it issued a series of Q&A’s on this topic in April 2009, providing guidance to appraisers almost eight months before the change takes effect. “We understand this new obligation may be unpopular with some appraisers and are doing our best to provide them with guidance,” Guilfoil stated.
Finally, Guilfoil added, “We encourage appraisers and users of appraisal services to read through the Summary of Actions now, and thoroughly familiarize themselves with the requirements well in advance of the January 1, 2010 effective date.”
The Appraisal Foundation to Offer Online Versions of National USPAP Courses
Online Platform Tailors Education to the Individual Skills of Appraisal Students Nationwide
The Appraisal Foundation and CompuTaught, a leading developer of computer-based real estate education and part of Cengage Learning, have partnered to develop online versions of The Appraisal Foundation’s 15-Hour National USPAP Course, 7-Hour National USPAP Update Course and Instructor Recertification Course for individuals who are AQB Certified USPAP Instructors.
All real property appraisers are required to take the 15-Hour National USPAP Course, or its equivalent, as part of their education to earn a state credential. All state-licensed or certified real property appraisers must take the 7-Hour National USPAP Update Course, or its equivalent, every two years.
The online versions of these courses will be offered through the CompuTaught learning system and will begin with the 2010 edition of the Uniform Standards of Professional Appraisal Practice (USPAP). Both the 7-hour and 15-hour courses will be available in the Fall of 2009. They will be made available and marketed to all education providers through CompuTaught. As is the case with the classroom version of the National USPAP Courses, The Appraisal Foundation will not be offering the online course to students directly. The Instructor Recertification Course will also be offered in the Fall of 2009 through The Appraisal Foundation to more than 600 AQB Certified USPAP Instructors.
The CompuTaught learning system is a dynamic online learning system that enables students to maximize their educational potential. The system will automatically tailor property appraiser instruction to fit the needs of each individual student to ensure mastery of and fluency in the subject matter.
“The Appraisal Foundation’s goal was to effectively translate our in-class expertise into a successful distance-learning course format,” said David Bunton, President of The Appraisal Foundation. “After reviewing CompuTaught’s online platform, we knew that it offered us the best online vehicle to help real property appraisers across the country master and become fluent in this essential appraiser content.”
“We applaud the Foundation for raising the bar and expanding its program access to students from across the country,” said Bud Hunsucker, Vice President CompuTaught Business Development & School Programs. “We’re happy to support their efforts and make their courses conveniently available to more existing and aspiring property appraisers who may not be able to attend their courses in person.”
The Appraisal Foundation Seeks Candidates for Vacancies on the AQB and ASB
The Appraisal Foundation is in the midst of its annual search for qualified candidates to serve on the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB). Completed applications for these vacancies must be received by August 14, 2009. There are up to two vacancies on the AQB with both incumbents eligible for re-appointment. There are three vacancies on the ASB with two incumbents eligible for re-appointment. For the third vacancy on the ASB, the Board of Trustees is specifically interested in individuals with a background in the valuation of personal property.
The Appraisal Foundation is always interested in expanding the diversity of all Boards by considering applications from business leaders with an interest in valuation or involved in various appraisal disciplines such as business valuation or personal property.
Background and Qualifications
The AQB is responsible for setting minimum qualification criteria for state licensure and certification of real estate appraisers and has established voluntary qualification criteria for personal property appraisers. Familiarity with appraiser qualifications is a pre-requisite of service on the AQB, and a minimum of ten years of appraisal experience is required. The AQB meets four times per year for approximately ten days in total. Individuals serving on the AQB are compensated for their time and are reimbursed for travel expenses. The individuals selected for the AQB positions will serve a term of up to three-years commencing January 1, 2010.
The ASB is charged with developing, interpreting and amending the Uniform Standards of Professional Appraisal Practice (USPAP). Familiarity with USPAP is a pre-requisite of service on the ASB, and a minimum of ten years of appraisal experience is required. The ASB meets five times per year for approximately fifteen days in total. Individuals serving on the ASB are compensated for their time and are reimbursed for travel expenses. The individuals selected for a position on the ASB will serve a term of up to three-years commencing January 1, 2010.
Application packages for all positions outlined above are now available on-line at the Foundation web site: http://www.appraisalfoundation.org/asb_aqb_apply
If you would like to request an application package via email or if you have questions please feel free to contact Anne Raley (anne@appraisalfoundation.org). When requesting information on the applications via e-mail, please use the phrase "2009 AQB/ASB APPLICATION INFORMATION" in the subject line, and please include your full name, mailing address and phone number.
The Appraisal Foundation Seeks At-Large Candidates for the Education Council of Appraisal Foundation Sponsors (ECAFS)
The Appraisal Foundation has one vacancy for an At-Large position on the Education Council of Appraisal Foundation Sponsors (ECAFS) with the incumbent eligible for re-appointment to the council.
ECAFS is one of five advisory councils administered by the Foundation. Until 2007, membership in ECAFS was limited to representatives to the Foundation’s Sponsoring Organizations and the Association of Appraiser Regulatory Officials (AARO).
The mission of ECAFS is to ensure public trust in the appraisal profession by promoting professional competency, ethical standards and quality education. The principal duties of ECAFS include serving as the primary educational resource to The Appraisal Foundation and offering guidance and resources to the Appraisal Standards Board (ASB) and Appraiser Qualifications Board (AQB) with regard to educational offerings and qualifications matters as they relate to education.
ECAFS desires to appoint organizations representing a broad variety of backgrounds. In reviewing prospective At-Large Members, consideration will be given to:
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Organizations representing users of appraisal services.
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Organizations representing any disciplines covered by the Uniform Standards of Professional Appraisal Practice (USPAP).
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Organizations with extensive background in academia.
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Organizations representing the consumer public with regard to valuation related issues.
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Organizations with established communications with a broad variety of appraisal education providers.
At-Large members of ECAFS will appoint a primary and secondary representative. The term would be for two years, effective January 1, 2010. Member organizations and their representatives are not compensated for time; however, the Foundation will reimburse travel costs for one representative to each meeting.
The deadline for completed applications is August 14, 2009. For more information, or to request an application, please contact Arika Cole, Council Administrator at 202.624.3052 or arika@appraisalfoundation.org.
The Appraisal Foundation Seeks Consumer Interest Candidate for Board of Trustees
The Appraisal Foundation is searching for a qualified candidate to serve on its Board of Trustees. As required by the Foundation Bylaws, the seat is specifically earmarked for an individual from a consumer interest group.
Completed applications for this vacancy must be received by September 11, 2009.
The Board of Trustees of The Appraisal Foundation is charged with funding the work of and appointing members to the AQB and ASB, as well as providing oversight of these two Boards. The Board of Trustees meets twice a year, in the Spring and Fall. Trustees are reimbursed for travel expenses and are not compensated for their time. The individual selected for this position on the Board of Trustees will serve a three-year term commencing January 1, 2010.
The Appraisal Foundation is interested in expanding the diversity of its Board by considering applications from business leaders with an interest in valuation or involved in various appraisal disciplines.
The application package for the vacancy outlined above is available on-line at the Foundation web site: http://www.appraisalfoundation.org/2009TrusteeApplication.
If you have any questions or would like to request an application, please contact Anne Raley (anne@appraisalfoundation.org).
When requesting information on the applications via e-mail, please use the phrase "2009 AT-LARGE APPLICATION-CONSUMER INTEREST GROUP" in the subject line, and please include your full name, mailing address and phone number.
Board of Trustees Spring Meeting Summary
New Brochure: Why Engage a Professional Appraiser?
USPAP Q&A
The ASB has released its most recent Questions & Answers (Q&A) bulletin. Topics include Q&As on the effective dates of reports and relaying on the reports of others. To download a copy, please click here: http://www.appraisalfoundation.org/USPAPQ&A_May2009.
Upcoming Meetings
Appraiser Qualifications Board (AQB)
The AQB will hold its next public meeting in Sacramento, California on July 10, 2009 from 9:00am-12:00pm at the Sheraton Grand Sacramento Hotel. The Board’s agenda for this meeting include:
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Graduate Real Estate Degree Review Program
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National Uniform Licensing and Certification Examinations
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Course Approval Program Activity
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USPAP Courses
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Instructor Recertification Course and USPAP Instructors
For more information, please click here or contact Magdalene Vasquez ( magdalene@appraisalfoundation.org).
Appraisal Standards Board (ASB)
The ASB will hold its next public meeting in Seattle, Washington on September 11, 2009 at the Hyatt at Olive 8 Hotel. Details on the agenda are forthcoming; however, please contact Carrie Composto ( carrie@appraisalfoundation.org) for more details. Board of Trustees Fall Meeting
The Board of Trustees will hold its annual Fall meeting in Scottsdale, Arizona on October 30-31, 2009 at the Doubletree Paradise Valley Resort. The general session on October 31 will include reports from all Committees and Task Forces as well as appointments for Leadership and members of the ASB and AQB. In addition, reports will be made by Chairs of the ASB, AQB and all Foundation Advisory Councils. For more details, feel free to contact Paula Douglas Seidel ( paula@appraisalfoundation.org).
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