The Appraisal Foundation announced that the Appraisal Practices Board (APB) has adopted the following Valuation Advisories:
APB Valuation Advisory #4: Identifying Comparable Properties
APB Valuation Advisory #5: Identifying Comparable Properties in Automated Valuation Models for Mass Appraisal
The APB is an independent Board of The Appraisal Foundation, which is responsible for developing voluntary guidance on recognized valuation methods and techniques.
Questions? Please contact Staci Steward, Practices Administrator, at 202.624.3052.
The next public meeting of the Appraisal Standards Board will be held on Friday, October 18, 2013 from 9:00am to 12:00pm in Washington, DC.
Doubletree by Hilton
1515 Rhode Island Avenue, NW
Washington, DC 20005
On July 19, 2013 the Appraisal Standards Board (ASB) held a public hearing on the future direction of the Uniform Standards of Professional Appraisal Practice (USPAP). The ASB heard oral testimony on the direction of USPAP from a total of 20 individuals representing five different panels, including Federal Government Agencies, State Appraiser Regulators, Appraiser Organizations, Users of Appraisal Services, and Litigators and Litigation Appraisers.
The ASB received valuable feedback from the panelists and seeks continued input regarding the future direction of USPAP. The ASB would like to discuss next steps, as well as give a detailed overview of the feedback that was received, including topics on:
• USPAP educational needs an the practical application of USPAP
• Need for new and revised definitions
• Possible changes to the RECORD KEEPING RULE
• Drafts, Interim Communications, and Revised Reports
Please Note: In an effort to “go green,” The Appraisal Foundation will be posting all pertinent meeting material on its website for downloading. Registered meeting participants may print their own copies if desired. Please do not rely on TAF to provide copies of all meeting information.
You may make a reservation with the Doubletree by Hilton by contacting them directly at (202) 232-7000. Please note that The Appraisal Foundation no longer reserves “room blocks” for meeting attendees. Therefore, meeting attendees are responsible for making their own lodging arrangements at the best available rates.
Kudos to Florida REALTOR® magazine for its substantive look at how to deal with appraisal issues that come up during a sale. The article quotes National Association of REALTORS® Real Estate Valuation Committee member Francois “Frank” Gregoire. Gregoire told Florida REALTOR®’s Richard Westlund that salespeople can be a valued source of information. “As soon as a property is under contract, start gathering information to support the sales price. Be sure to include information that may not be readily available from other sources, such as offers and how quickly the property went under contract,” he said in the article.
The article also cites the new suite of appraiser tools available to NAR members through the Realtors Property Resource®. To learn more about RPR and its use in appraisals, visit: http://blog.narrpr.com/appraisers/.