Answers
Aug 01, 2016 - 03:59 PM
As you correctly stated, FAQ #319 in the Frequently Asked Questions section of the 2016-17 USPAP publication identifies "replacement cost estimates" as just that; estimates, not opinions of value (i.e., appraisals). Therefore, in answer to the first question you raise, you are not providing "appraisals" under USPAP.
Regarding your second question about maintaining your appraiser license, although USPAP does not characterize these replacement cost estimates as appraisals, state laws may differ. Many states define "appraisal" and "appraisal report" in their statutes, and some definitions may dictate that these assignments constitute appraisals. Such determinations may require individuals to possess a real property appraiser credential, and may require compliance with USPAP (even if such assignments are not deemed as appraisals under USPAP).
We strongly suggest you contact the appraiser regulatory agencies in the state(s) where you provide your services. Because each state could interpret these assignments differently, you should make sure to contact each one where the properties involved are located.
Regarding your second question about maintaining your appraiser license, although USPAP does not characterize these replacement cost estimates as appraisals, state laws may differ. Many states define "appraisal" and "appraisal report" in their statutes, and some definitions may dictate that these assignments constitute appraisals. Such determinations may require individuals to possess a real property appraiser credential, and may require compliance with USPAP (even if such assignments are not deemed as appraisals under USPAP).
We strongly suggest you contact the appraiser regulatory agencies in the state(s) where you provide your services. Because each state could interpret these assignments differently, you should make sure to contact each one where the properties involved are located.
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