Voted Best Answer
Jun 02, 2017 - 03:16 AM
For non-federally related transactions (referred to as evaluations by lenders) compliance with USPAP is dictated by state law. Some states mandate that all opinions of value must comply with USPAP, while some may only require compliance with USPAP for federally related transactions. Most states also require their licensed and certified appraisers to comply with USPAP for all assignments.
In addition, states may not allow Trainees to perform any assignments without working under the direct control and supervision of a qualified supervising appraiser. It's also important to note that any assignments performed without being co-signed by a qualified supervising appraiser are ineligible for experience credit under the Appraiser Qualifications Board's Real Property Appraiser Qualification Criteria.
Lastly, it's also important to recognize that a Restricted Appraisal Report may not meet all of the guidelines for an evaluation as specified in the Interagency Appraisal and Evaluation Guidelines. Therefore, such use may require supplemental information beyond the USPAP requirements for a Restricted Appraisal Report.
In addition, states may not allow Trainees to perform any assignments without working under the direct control and supervision of a qualified supervising appraiser. It's also important to note that any assignments performed without being co-signed by a qualified supervising appraiser are ineligible for experience credit under the Appraiser Qualifications Board's Real Property Appraiser Qualification Criteria.
Lastly, it's also important to recognize that a Restricted Appraisal Report may not meet all of the guidelines for an evaluation as specified in the Interagency Appraisal and Evaluation Guidelines. Therefore, such use may require supplemental information beyond the USPAP requirements for a Restricted Appraisal Report.
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