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2010 USPAP Update for State Regulators

The Appraisal Foundation (TAF) recently released the 2010 USPAP Update for State Regulators is available for online viewing free of charge.    The one-hour presentation was produced as a part of the Association of Appraiser Regulatory Officials (AARO) conference in San Diego, CA this past Spring.

Watch the video here.

Comments
  1. Raymond Easterday

    Property valuation should not be based upon current market sales, which are very subjective and vary with market conditions. Valuation should be based on property location and construction costs ( cost of construction minus depreciation). Our current process for property apprisal is flaued, and causing extream concerns homeowner nest-egg.

  2. Jack

    Raymond-

    You’re statement is bewildering. Property location’s value varies due to land sales comparables. I guess those are also “subjective and vary with market conditions” using your reasoning. Construction costs also vary, and anyone who has been in the business more than 3 weeks knows the estimate of depreciation is VERY subjective, esp. when the property is more than 5 years old. Back to school for you !

  3. Raymond
    One of the many basics of valuation, and one that is sometimes the hardest for people to understand, is the fact that a cost of an item is not what the market will necessary pay for an item. My swimming pool cost over $50,000 but I know as an appraiser that the market will maybe only pay an additional $10,000 or $15,000 for this feature and in some cases even zero. The cost of the item does not equal the value for many cases in Real Estate. Although we are required on a typical URAR appraisal to include a cost approach I really don’t think it is applicable in most cases. Relocation appraisals don’t even use the cost approach and these valuations have to be pretty darn accurate or you won’t work for them very long.

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