Here Comes 2012-Are You Ready? – An Overview of ASB and AQB Actions
Presented by
Bonnie D. Roerig, MAI
Course Summary
The purpose of this seminar is to familiarize the appraiser with the Exposure Drafts and upcoming changes to the 2012-2013 USPAP; and to provide an overview of the ASB Work Plan and AQB Recent Actions.
- History of Exposure Drafts for changes to 2012-2013 USPAP
- Final Adopted Changes, San Antonio 4/8/2012
- • ASB Work Plan 2013
- AQB Recent Actions Overview
Check-in, guest registration, and buffet dinner begins at 5:30 pm
General business meeting at 6:00 pm;
Main program from 6:30 to 8:30 pm.
Members always free; if you plan to attend, please register by the Wednesday before the meeting so that we may make appropriate arrangements with the hotel. Nametags available at check-in.
Guests and non-members are $25 each (not eligible for CE credits).
CAREA Meeting Minutes
CAREA General Meeting 7-20-2011
CCA Update: Jo has been elected president. First AMC task force meeting with Marcia Waters. Gayle Berry is the lobbyist. She did a summary which will be added to the website or distributed to the members via email.
UPSAP
Presented by Bonnie Roerig, MAI, AQB, Certified USPAP Instructor. She doesn’t work for lenders and she doesn’t do residential, but she knows a bunch about USPAP. She does a bunch of eminent domain with commercial properties. She also does private litigation. She encourages us to work with the title companies as they need us. She has been teaching USPAP since the mid 80’s.
Right is right, even if everyone is against it
And
Wrong is wrong, even if everyone is for it
The new USPAP includes several definitions changes. They include “Client” Extraordinary Assumption” and “Hypothetical Condition”. New is the definition of “Exposure Time”. There is going to be a new Recordkeeping rule. There was a suggestion that things such as hypothetical conditions be labeled. This was not passed as the labeling is not probably the issue, but the content of the appraisal. Adding the labeling requirement would allow for an easy disciplinary conduit and is not appropriate. Standards 4 and 5 have always been controversial. There was a proposal to retire the two standards. We think that they will be retired.
What is next for USPAP? Reporting will finally be addressed. Why don’t we require a “scope of reporting” similar to the “scope of work”?
Common Errors:
- •· Certification statements missing or incorrect
- •· Client, intended user, intended use not determined and reported
- •· Scope of work not property considered
- •· Extraordinary assumptions improperly handled
- •· Hypothetical conditions improperly handled
- •· Prospective value opinion inappropriately developed and reported
- •· Subject sale history incomplete or lacking
- •· Highest and best us analysis is flawed
- •· Excess and surplus land addressed improperly
- •· Reconciliation improperly developed and reported
- •· Reporting requirements are not met
- •· Miscellaneous
