Pinellas
(727) 726-8811
Hillsborough
(813) 258-5827
Toll Free 1-888-683-7538
Fax (813) 258-5902

TOOLS
CONVERSION CHART
MORTGAGE CALCULATOR

Updated November 2007

RETURN TO MAIN FAQ PAGE

The 2006 Edition of USPAP reflects extensive changes resulting from the Appraisal Standards Board (ASB) examination of the proper role of the scope of work and departure concepts in the appraisal process. This material provides answers from the ASB regarding some of the most common questions about these changes.

1. What are the major changes in the 2006 USPAP related to the scope of work and departure concepts?
2. What is scope of work?
3. How is USPAP affected by the changes related to scope of work?
4.Will the changes in the 2006 USPAP change the steps an appraiser takes in developing assignment results from what is done now??
5.If the requirements for the development process have not changed, then what has?
6.Do the changes affect all types of assignments (appraisals, appraisal reviews and appraisal consulting) and all disciplines (real property, personal property and intangible property, including business interests)?
7.How are scope of work and departure different?
8.What happened to Binding and Specific Requirements?
9.Has any advice been issued to help understand the SCOPE OF WORK RULE and its use?

SCOPE OF WORK AND DEVELOPMENT OF ASSINGMENT RESULTS
10.Will appraisers need to go through a complicated decision process before starting an assignment?
11.Are there new development requirements?
12.How does an appraiser know if the scope of work is adequate?
13.Can the scope of work changed during the course of an assignment?

SCOPE OF WORK AND THE CLIENT
14.Who determines the scope of work?
15.What input does the client have to the scope of work decision?
16.Is a scope of work specified by the client acceptable?
17. Does USPAP require client approval for the scope of work decision?
18.If a client wants to order a “Limited” appraisal, how can this be done (easily)?
19.Is it a violation of USPAP to continue to use the labels “Complete” and “Limited” in the report?

CREDIBLE ASSIGNEMNT RESULTS
20.Why did the ASB introduce a definition for the term “credible”?
21.How is the new definition different from what is in a dictionary?
22.What’s important to know about “credible”?

SCOPE OF WORK AND REPORTING
23.Does the SCOPE OF WORK RULE introduce any new reporting requirements?
24.If the scope of work changes during an assignment, which scope of work should appraisers explain in the report?
25.Is a separate section in the report needed for the scope of work description?
26.Does the report need to explain what wasn’t done in as assignment?
27.Have the reporting labels been deleted from USPAP?

OTHER QUESTIONS
28.Are appraisers prepared for the 2006 USPAP?
29.How can clients prepare for the 2006 USPAP?
30.Do the new Fannie Mae forms comply with the 2006 USPAP?