Oct 26, 2017 - 06:43 AM
Question: May I label an appraisal report using another term in place of Appraisal Report or Restricted Appraisal Report?
Response: No. The Comments to Standards Rules 2-2, 8-2, and 10-2 states, in part:
An appraiser may use any other label in addition to, but not in place of, the label set forth in this Standard for the type of report provided.
Question: I appraise residential properties and use the Fannie Mae 1004 (URAR) appraisal report form. I’m aware USPAP requires me to label my reports as an “Appraisal Report” (or “Restricted Appraisal Report”). But my appraisal software program won’t let me change the report type from the old “Summary Appraisal Report” to now required “Appraisal Report”. Does that mean my reports do not comply with USPAP?
Response: No. The Comment to Standards Rule 2-2 states, in part:
An appraiser may use any other label in addition to, but not in place of, the label set forth in this Standard for the type of report provided. (Bold added for emphasis.)
Therefore, use of the label “Summary Appraisal Report” does not violate USPAP, unless use of that label in a specific report results in that report being misleading.