8 min

USPAP Says Support Everything‪!‬ Tim Andersen, The Appraiser's Advocate Podcast

    • Education

USPAP says support everything! That's really great advice, but is it practical? Appraisers have only so much time and money to do an appraisal. That report must get out the door quickly and timely! So, is there really time to explain and support everything? Let's put it this way: there probably is not. But try selling that to your state appraisal board! You won't. Your budget and turn-around time limitations are irrelevant.







There's a reason USPAP says support everything. With support, your value conclusion is accurate, reliable, reproducible, and credible. USPAP demands the appraisal conclusion(s) be credible. Our friends the GSEs, et al, demand accuracy, reliability, and reproducibility. We appraiser can give them both. Yes, it takes more effort, more organization, and more planning. But remember that defending yourself against a formal state charge will cost a lot more than whatever you appraisal fee was. So, how to reduce the chance of such a charge? Support! In the workfile is you support for every statement of fact in the report. That's where you support every opinion and conclusion in the appraisal. Support and explanation are the keys to keeping the state off your back and out of your wallet.







USPAP says support everything! Take USPAP's advice. If you see it, save it in the workfile! If in doubt, DON'T throw it out! Keep it in the workfile. Was a transaction not arm's-length? Keep it in the workfile! It will come in handy when you are appraising to a standard other than market value. Did a potential comp have surplus land? Keep in it the workfile so you can measure how the market handles that issue.







USPAP says support everything. There is no such thing as a workfile too thick!

USPAP says support everything! That's really great advice, but is it practical? Appraisers have only so much time and money to do an appraisal. That report must get out the door quickly and timely! So, is there really time to explain and support everything? Let's put it this way: there probably is not. But try selling that to your state appraisal board! You won't. Your budget and turn-around time limitations are irrelevant.







There's a reason USPAP says support everything. With support, your value conclusion is accurate, reliable, reproducible, and credible. USPAP demands the appraisal conclusion(s) be credible. Our friends the GSEs, et al, demand accuracy, reliability, and reproducibility. We appraiser can give them both. Yes, it takes more effort, more organization, and more planning. But remember that defending yourself against a formal state charge will cost a lot more than whatever you appraisal fee was. So, how to reduce the chance of such a charge? Support! In the workfile is you support for every statement of fact in the report. That's where you support every opinion and conclusion in the appraisal. Support and explanation are the keys to keeping the state off your back and out of your wallet.







USPAP says support everything! Take USPAP's advice. If you see it, save it in the workfile! If in doubt, DON'T throw it out! Keep it in the workfile. Was a transaction not arm's-length? Keep it in the workfile! It will come in handy when you are appraising to a standard other than market value. Did a potential comp have surplus land? Keep in it the workfile so you can measure how the market handles that issue.







USPAP says support everything. There is no such thing as a workfile too thick!

8 min

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