Mar 27, 2019 - 09:53 AM
295. APPRAISAL REPORT FORMS COMPLIANCE WITH USPAP
Question: Fannie Mae, Freddie Mac, and other governmental and private entities issue appraisal report forms. Do these forms comply with USPAP?
Response: It is the position of the ASB that appraisers, not forms, comply with USPAP. Each assignment is different, and no form could cover all USPAP requirements for all assignments. Appraisal report forms are simply tools to assist in organizing the reporting of assignment results.
It is the responsibility of the appraiser to properly develop an appraisal, and to properly report the assignment results. A template or form may or may not adequately report the assignment results. It may be necessary for the appraiser to supplement a form with addenda to comply with USPAP requirements.