USPAP

Every VA appraisal must meet the Uniform Standards of Professional Appraisal Practice (USPAP) requirements for a complete appraisal, but may be issued as either a self-contained Appraisal Report or a Summary Appraisal Report.

There are potential exceptions:

·   VA prior approval is required for the extremely rare case in which a “restricted” appraisal is justified.

·   With the exception of liquidation appraisal updates, VA prior approval is required for any case in which the USPAP departure rule is used.

·   The USPAP jurisdictional exception permits Federal agencies to follow their own requirements when there is a conflict between USPAP and Federal agency requirements.

Sales Price Accommod-ation Prohibited

Any appraisal which is not based on recognized appraisal practices in order to “accommodate” the sale price is unacceptable and will result in VA disciplinary action.

Appraisal Tasks Not to be Delegated

The fee appraiser assigned by VA must personally

·   view the interior and exterior of the subject property and the exterior of each comparable

·   select and analyze the comparables

·   make the final value estimate, and

·   sign the appraisal report as the appraiser.

Appraisal Assistance

If the appraiser assigned by VA relied on significant professional assistance in performing the appraisal or in preparing the appraisal report (except as prohibited above) the name of that individual and the specific tasks he/she performed must be shown in the “Reconciliation” section of the appraisal report.  An assistant may sign the report (as an assistant) to document qualifying experience for future licensing/certification purposes.