Answers
Jun 10, 2019 - 07:48 AM
An appraiser cannot readdress a completed appraisal report to change a client's name. Such a request must be treated as a new assignment. However, a new assignment does not necessarily mean you must "start from scratch."
Guidance on this topic can be found in the 2018-19 USPAP publication as follows:
Advisory Opinion 26, Readdressing (Transferring) a Report to Another Party
Advisory Opinion 27, Appraising the Same Property for a New Client
FAQ #123, Readdress or Transfer
FAQ #124, Readdressing with Lender Release
FAQ #203, Does a New Assignment Require Starting Over?
Guidance on this topic can be found in the 2018-19 USPAP publication as follows:
Advisory Opinion 26, Readdressing (Transferring) a Report to Another Party
Advisory Opinion 27, Appraising the Same Property for a New Client
FAQ #123, Readdress or Transfer
FAQ #124, Readdressing with Lender Release
FAQ #203, Does a New Assignment Require Starting Over?
Oct 24, 2019 - 05:13 AM
Yes, USPAP allows an appraiser to perform a new assignment with a previous (older) effective date and a current date of report. Performing appraisals where the effective date is not current results in a retrospective appraisal. Guidance for performing retrospective appraisals can be found in Advisory Opinion 34, Retrospective and Prospective Value Opinions.
Add New Comment