March USPAP Q&A - Supplemental Standards

The Appraisal Foundation has just released their March 2006 USPAP Q&A for appraisers. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federally related transactions. State Appraiser Certification and Licensing Boards; federal, state, and local agencies, appraisal services; and appraisal trade associations require compliance with USPAP. The latest Q&A's deal with Supplemental Standards for Appraisers.

Question: I was told that the Supplemental Standars Rule makes it a violation of the Ethics Rule if I do not comply with every condition in an assignment that I accept.

How can this be? I can’t control every possible factor in performing an appraisal. Please explain why this is necessary and exactly what it means.

That's just one of the questions asked and answered. Here are the current topics:

• Supplemental Standards Defined
• Supplemental Standards Described
• When Supplemental Standards Diminish USPAP Requirements
• Supplemental Standards Rule and Specific Assignment Obligations

Prior 2006 Q&A's

February 2006 USPAP Q&A Purpose of the Workfile Paper Copies of Electronically Transmitted Reports Electronic Workfile Storage Time Period to Retain Workfiles Minimum Workfile Retention Jurisdictional Exception January 2006 USPAP Q&A Engaged Directly by the Homeowner Readdress or Transfer Recertification of Value