Letter of Transmittal - Appraisal Subcommittee

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Statement 3: Appraisal StandardsReal estate appraisals generally must be performed in accordance with generally accepted appraisal standardsas evidenced by the appraisal standards promulgated by the ASB, i.e., USPAP. Each State, by statuteor by regulation, has incorporated USPAP into State law. State agencies should take steps to ensure that Statestatutes or regulations automatically incorporate the latest version of USPAP, including related ASB Statementsand Comments. In applying USPAP, State agencies should consider ASB Advisory Opinions and otherwritten guidance on the meaning and application of USPAP, such as the ASB’s State Advisory Bulletins, and,in general, should defer to the ASB, and, where appropriate, the Agencies, in those matters.Some States have incorporated dated or limited versions of USPAP into their statutes or regulations.This can cause confusion and conflict for certified and licensed appraisers, who must comply with professionalstandards adopted by the ASB that are different than those adopted by their State. State agenciesshould apply and enforce identical provisions of USPAP. Therefore, the ASC urges all States to incorporateUSPAP as the minimum appraisal standard by general reference into their laws or regulations. IfState law prohibits a State agency from incorporating USPAP by general reference, the agency must takeall necessary steps to ensure that the most current USPAP version is incorporated by specific reference bythe date that version becomes effective.Any State or Federal agency or other user of appraisal services may impose additional appraisal standardsif they consider such standards necessary to carry out their responsibilities. Additional State imposedstandards, however, must be consistent with USPAP and must not unduly restrict the ability ofpersons to become State certified or licensed appraisers. Moreover, those additional standards must notreduce the level of appraisal standards or practices below those established by the AQB or unduly burdentemporary practice. They also should not hamper the creation of State reciprocity agreements.39
Statement 4: Written Appraisal ReportsTitle XI specifically mandates that all appraisals performed in connection with federally relatedtransactions be in written form. The written appraisal must adequately explain the certified or licensedappraiser’s opinion of the property’s value as of a specific date with a description of the property andpresentation of the relevant market information with supporting analysis. This requirement has beenincorporated into other Federal statutes and regulations, in particular, the Agencies’ regulations.40
Page 2 and 3: APPRAISAL SUBCOMMITTEEFederal Finan
Page 4 and 5: Table of ContentsContentsLetter of
Page 6 and 7: Message from the ChairmanIn 2002, t
Page 8 and 9: Administration of the ASCASC meetin
Page 10 and 11: Activities of the Agencies and HUDF
Page 12 and 13: Rewriting the CriteriaThe AQB issue
Page 14: Appendix A-Financial StatementsAppr
Page 18 and 19: 1919
Page 20 and 21: Appraisal SubcommitteeStatements of
Page 22 and 23: Appraisal SubcommitteeSummary of Ac
Page 24 and 25: Appraisal SubcommitteeNotes to Fina
Page 26 and 27: 2727
Page 28 and 29: APPRAISAL SUBCOMMITTEE POLICY STATE
Page 30 and 31: PurposeThe ASC is issuing these Pol
Page 32 and 33: Board or commission members and any
Page 34 and 35: the State Certified Residential App
Page 38 and 39: Statement 5: Temporary Practice[Pub
Page 40 and 41: Statement 6: Reciprocity [Correctio
Page 42 and 43: Statement 8: National Registry of S
Page 44 and 45: U. S. Department of CommerceNationa
Page 46 and 47: available to State agencies outlini
Page 48 and 49: appraiser and the final appraisal i
Page 50 and 51: Code, including the publication of
Page 52 and 53: the Subcommittee shall be nonbindin
Page 54 and 55: (2) Fees for temporary practice. A

Letter of Transmittal - Appraisal Subcommittee

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