FAQ – 3 Years Prior Service

FAQ – 3 Years Prior Service:

Q:            Is there a specific location within the appraisal report for the statement pertaining to the three (3) years prior services on the subject property?

A:            Yes, the USPAP requires the disclosure for prior services to appear in the “Certification” of the appraisal report. The Conduct section of the ETHICS Rule states in part:

“If known prior to accepting an assignment, and/or if discovered at any time during the assignment, an appraiser must disclose to the client, and in each subsequent report certification…. any services regarding the subject property performed by the appraiser within the three-year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity.”

SOURCE: http://appraisal.answerbase.com/2543307

 

Also, if an appraisal report is being completed by a Candidate Member, and their Supervisory Appraiser, each signatory is required to have a statement pertaining to the provision of services.

i.e.: If the Candidate Member signing the appraisal report has not provided services on the subject property within the three-year period immediately preceding acceptance of the assignment, but the Supervisory Appraiser signing the report has, there must be a statement describing both situations, in the report “Certification”. If both the Candidate Member and Supervisory Appraiser either have or have not provided services, there must be statements that reflect the situation.

Examples:

Situation #1 – No services provided by the Candidate Member, but services provided by the Supervisory Appraiser:

“The Candidate Member has not provided services of any kind, on the subject property within the three-year period immediately preceding acceptance of this assignment, however the Supervisory Appraiser has provided services on the subject property within the three-year period immediately preceding acceptance of this assignment.”

Situation #2 – Services provided by the Candidate Member, but not by the Supervisory Appraiser:

“The Candidate Member has provided appraisal services, on the subject property within the three-year period immediately preceding acceptance of this assignment, however the Supervisory Appraiser has not.

Situation #3 – Services provided by the Candidate Member, and by the Supervisory Appraiser:

“Both the Candidate Member and the Supervisory Appraiser have provided services on the subject property within the three-year period immediately preceding acceptance of this assignment.”

Situation #4 – No Services provided by the Candidate Member, nor by the Supervisory Appraiser:

“Neither the Candidate Member nor the Supervisory Appraiser have provided services of any kind on the subject property within the three-year period immediately preceding acceptance of this assignment.”