Respuesta :
USPAP states that an appraisal report must contain "sufficient information" to enable the intended users to understand the report properly.
What is USPAP?
USPAP is a set of criteria that appraisers must adhere to in order to retain public trust. This is accomplished by providing criteria for appraisers. These are regarded a minimum set of criteria and are amended every 2 years by the Appraisal Foundation's Appraisal Standards Board.
Some key features regarding the USPAP are-
- The purpose of a Ethics Rule is to develop and protect public trust. The Conduct, Management, and Confidentiality Sections are part of the Ethics Rule.
- The Conduct Section addresses what the appraiser should not do. Although there are eleven "must nots," the two most prevalent allegations leveled against appraisers are "must not transmit assignment findings with the purpose to mislead or defraud" and "must not conduct an assignment extremely negligently."
- The Management Section largely addresses five significant concerns that an appraiser may encounter with a customer.
- This Confidentiality Section is critical, yet appraisers ignore it.
- A Record Keeping Rule is all about your workfile. Before sending out a report, an appraiser must create a workfile for it.
To know more about USPAP, here
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