West Virginia Real Estate Appraiser Licensing and Certification Board
2110 Kanawha Blvd., East, Suite 101 Charleston, West Virginia 25311 Phone: 304-558-3919 Fax: 304-558-3983 E-mail: wvappbd@mail.wvnet.edu
USPAP COMPLIANCE WORKSHEET
STANDARD RULE 1
DOES COMPLY
DOES NOT COMPLY
1-1(a) be aware of, understand, and correctly comply those recognized methods and techniques that are necessary to produce a credible appraisal 1-1(b) not commit a substantial error of omission or commission that significantly affects an appraisal 1-1(c) not render appraisal services in a careless or negligent manner, such as by making a series of errors that, although individually might not significantly affect the results of an appraisal, in the aggregate affect the credibility of those results 1-4 collect, verify and analyze all information applicable to the appraisal problem, given the scope of work identified
STANDARD RULE 2 2-1 each written or oral real property appraisal must: (a) clearly and accurately set forth the appraisal in a manner that will not be misleading (b) contain sufficient information to enable the intended users of the appraisal to understand the report properly (c) clearly and accurately disclose all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment 2-2 each written real property appraisal report must be prepared under one of the following three options and prominently state which option is used: Self-Contained, Summary or Restricted Use Appraisal Report
USPAP COMPLIANCE WORKSHEET (b) SUMMARY APPRAISAL REPORT (i) state the identity of the client and any intended users, by name or type (ii) state the intended use of the appraisal (iii) summarize information sufficient to identify the real estate involved in the appraisal, including the physical and economic property characteristics relevant to the assignment (iv) state the real property interest appraised (v) state the type and definition of value and cite the source of the definition (vi) state the effective date of the appraisal and the date of the report (vii) summarize sufficient information to disclose to the client and any intended users of the appraisal the scope of work used to develop the appraisal (viii) clearly and conspicuously state all assumptions and hypothetical conditions; and state that their use might have affected the assignment results (ix) summarize the information analyzed, the appraisal procedures followed and the reasoning that supports the analyses, opinions and conclusions (x) state the use of the real estate existing as of the date of value, and the use of the real estate reflected in the appraisal; and, when reporting an opinion of market value, summarize the support and rationale for the appraiser’s opinion of the highest and best use of the real estate (xi) state and explain any permitted departures from specific requirements of STANDARD 1, and the reason for excluding any of the usual valuation approaches (xii) include a signed certification in compliance with Standard Rule 2-3
Page 2
DOES DOES NOT COMPLY COMPLY
USPAP COMPLIANCE WORKSHEET (c) RESTRICTED USE APPRAISAL REPORT (i) state the identify of the client, by name or type (ii) state the intended use of the appraisal (iii) state information sufficient to identify the real estate involved in the appraisal (iv) state the real property interest appraised (v) state the type of value and cite the source of its definition (vi) state the effective date of the appraisal and the date of the report (vii) state the extent of the process of collecting, confirming and reporting data or refer to an assignment agreement retained in the appraiser’s workfile that describes the scope of work to be performed (viii) clearly and conspicuously state all extraordinary assumptions and hypothetical conditions; and state that their use might have affected the assignment results (ix) state the appraisal procedures followed, state the value opinion(s) and conclusion(s) reached, and reference the workfile (x) state the use of the real estate existing as of the date of value and the use of the real estate reflected in the appraisal; and, when reporting an opinion of market value, state the appraiser’s opinion of the highest and best use of the real estate (xi) state and explain any permitted departures from applicable specific requirements of STANDARD 1; state the exclusion of any of the usual valuation approaches; and state a prominent use restriction that limits use of the report to the client and warns that the appraiser’s opinions and conclusions set forth in the report cannot be understood properly without additional information in the appraiser’s workfile (xii) include a signed certification in accordance with Standard Rule 2-3
DOES COMPLY
Page 3
DOES NOT COMPLY