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USPAP’s top five misunderstood guidelines explained – Part Two
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The Appraisal Foundation’s revisions to the Uniform Standards of Professional Appraisal Practice (USPAP) for 2014-15 took effect Jan. 1. John Brenan, the director of appraisal issues at The Appraisal Foundation, said that hardly a day goes by when the foundation doesn’t field a question about how particular USPAP guidelines apply.
In Part One of our story, Brenan talked to Valuation Review about two of the top five frequently misunderstood areas of USPAP. Here are the remaining three things appraisers need to know:
Developing a proper scope of work
Brenan noted that, while it is incumbent on the appraiser to cater to their specific client’s needs for each individual assignment, many appraisal professionals begin working on an assignment without developing a proper scope of work.
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