USPAP Requirements Enforces some things that are worth Sharing!!

USPAP (Uniform Standards of Professional Appraisal Practice) these are the rules adopted by the ASB (Appraisal Standards Board) which Appraisers Must Follow in all appraisal, appraisal review and appraisal consulting Assignments or Face REVOCATION of their licenses depending upon the severity of the infraction.

Every 2 years Appraisers must take the USPAP update course (7hours) and they must take 14 total hours of Continuing Education every YEAR. I am taking my USPAP review course now and USPAP makes it clear that the APPRAISER and only the Appraiser is in control of selecting the best possible comparable sales for their reports. Lenders must never ask an appraiser to remove a comparable from a report and replace it with something else that THEY deem more comparable. This is against USPAP. Also NO one including Fannie Mae can tell an appraiser NOT to use REO's in a report. If the Appraiser deems that these sales are needed in order to provide a credible appraisal report, then they MUST be included in the report.

Therefore, NO Realtors, Lenders or Homeowners can provide Comps to the Appraiser on the expectation that they will USE these comps. No problem providing them, but the Appraiser is solely responsible for selecting the most comparable sales for the report or they will be in Direct Violation of USPAP.

There are many rules and laws that Appraisers must abide by Just as Realtors, Lawyers & Teachers must do. Appraisers take as many, if not more hours each year of continuing education than any of these professions. They must take several more hours than Realtors do in most every state.

So if you are ever questioning WHY an appraiser is doing something you find odd, it may be as simple as they are abiding by USPAP regulations so that they can KEEP their licenses. 

If you have an extra 7 hours to spend and I think this course may be applied toward your Real Estate Continuing Education Credit, you should Consider taking the USPAP course. This will give you an EYE opening look into what the Appraiser has to deal with on a day to day Basis. It may Surprise you! My Guess is that it will!

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