USPAP Course
Advisory Opinions (AO) - ANS is separate from USPAP -provides advice and direction
-issued to demonstrate the applicability of the Standards in particular circumstances and to
provide guidance for resolving appraisal-related issues and problems Appraisal Standards
Board (ASB) - ANS-independent
-writes, amends, and interprets USPAP (responsible for subject and content of USPAP)
-exclusive jurisdiction -how to become an appraiser
-sets national appraisal standards
The Appraisal Subcommittee (ASC) is an FFIEC ANS subcommittee that was established
as a result of FIRREA. -the primary responsibility is to keep an eye on the requirements that
have been established by state regulatory agencies for the certification and licensing of
appraisers who are qualified to perform appraisals in connection with transactions that are
related to the federal government. -OVERSIGHT OF FOUNDATION
-arm of Congress ***it maintains the national registry of state certified and licensed
appraisers
Appraiser Qualifications Board (AQB) - ANS-independent
-Determines the minimum requirements for appraisers -set the minimum requirements for
real estate appraiser and supervisor certification and recertification in terms of education and
experience (ultimate oversight of needed classes/instructors; regulates education criteria)
The appraiser's signature is ANS-specific evidence that demonstrates that the appraiser
was in charge of the report's contents, analyses, and conclusions. Assignment elements -
ANS-Step 1 of appraisal process
Who is it for?
Supposed use? Purpose?
When does it come into effect? Relevant characteristics?
Conditions of the assignment? (WIPERA)
Bias - ANSpreference or inclination that precludes an appraiser's impartiality, independence,
or objectivity in an assignment
Board of Trustees - ANS-oversight for the Foundation
- appoints all AQB and ASB members The comment section of the USPAP - ANS is just as
important and legally enforceable. -provides interpretation and establish the context and
conditions for application
Competency Rule - ANS-always applies
-being competent, acquiring competence, and lack of competence
Confidential information - ANS-given by client
unable to acquire it from any other source Cost - ANS-fact
-actual/estimated amount
Definition of appraiser - ANSone expected to perform valuation services competently and in
an independent, impartial, and objective manner
Obligation to disclose - ANS - any current or potential interest -any services related to the
subject provided within the next three years -MUST CONTAIN SUFFICIENT INFO TO
ALLOW CLIENT/INTENDED USERS TO UNDERSTAND SCOPE OF WORK PERFORMED
Advisory Opinions (AO) - ANS is separate from USPAP -provides advice and direction
-issued to demonstrate the applicability of the Standards in particular circumstances and to
provide guidance for resolving appraisal-related issues and problems Appraisal Standards
Board (ASB) - ANS-independent
-writes, amends, and interprets USPAP (responsible for subject and content of USPAP)
-exclusive jurisdiction -how to become an appraiser
-sets national appraisal standards
The Appraisal Subcommittee (ASC) is an FFIEC ANS subcommittee that was established
as a result of FIRREA. -the primary responsibility is to keep an eye on the requirements that
have been established by state regulatory agencies for the certification and licensing of
appraisers who are qualified to perform appraisals in connection with transactions that are
related to the federal government. -OVERSIGHT OF FOUNDATION
-arm of Congress ***it maintains the national registry of state certified and licensed
appraisers
Appraiser Qualifications Board (AQB) - ANS-independent
-Determines the minimum requirements for appraisers -set the minimum requirements for
real estate appraiser and supervisor certification and recertification in terms of education and
experience (ultimate oversight of needed classes/instructors; regulates education criteria)
The appraiser's signature is ANS-specific evidence that demonstrates that the appraiser
was in charge of the report's contents, analyses, and conclusions. Assignment elements -
ANS-Step 1 of appraisal process
Who is it for?
Supposed use? Purpose?
When does it come into effect? Relevant characteristics?
Conditions of the assignment? (WIPERA)
Bias - ANSpreference or inclination that precludes an appraiser's impartiality, independence,
or objectivity in an assignment
Board of Trustees - ANS-oversight for the Foundation
- appoints all AQB and ASB members The comment section of the USPAP - ANS is just as
important and legally enforceable. -provides interpretation and establish the context and
conditions for application
Competency Rule - ANS-always applies
-being competent, acquiring competence, and lack of competence
Confidential information - ANS-given by client
unable to acquire it from any other source Cost - ANS-fact
-actual/estimated amount
Definition of appraiser - ANSone expected to perform valuation services competently and in
an independent, impartial, and objective manner
Obligation to disclose - ANS - any current or potential interest -any services related to the
subject provided within the next three years -MUST CONTAIN SUFFICIENT INFO TO
ALLOW CLIENT/INTENDED USERS TO UNDERSTAND SCOPE OF WORK PERFORMED
