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Ask the Instructor
Questions & Answers
Questions May Be Edited For Clarity
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Q. I was contacted by a lender that was not my Client but indicated that the appraisal had been assigned to them by the prior lender. They requested I insert a copy of my appraisal license into the report and send them the revised report. Can I comply with this request?
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A. Yes, but only with the Client's (the original lender) authorization since the report contains assignment results that cannot be shared without permission due to the Confidentiality section of the ETHICS RULE in USPAP.
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Q. I received a request to complete an appraisal on the FNMA 2055 Exterior form. The subject is located in a gated community, and the homeowner is not allowing access to the community. The Lender/Client requested that I continue on the 2055 form and disclose the lack of inspection. Can I comply with the Client's request?
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A. No. The Certification in the 2055 form states that the appraiser "performed a visual inspection of the exterior areas of the subject property from at least the street." Complying with the Client's request would render this certification "false," and disclosure elsewhere in the report only provides confirmation of the false certification.
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Q. I am completing a retrospective appraisal for a private party that will be used for estate purposes. In my practice, I primarily use the FNMA forms for reporting, and it would be quicker and easier to report the appraisal on the URAR form. Is it OK to use that form and just supplement it with additional information?
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A. No. The URAR form has many features that prohibit its use for that purpose. First, several key assignment elements, including Intended Use, Intended User, Effective Date (or the inspection date), and possibly the Definition of Value, would be stated incorrectly. Additionally, many of the Certifications and Scope of Work statements might not be applicable, or they may be unnecessarily restrictive.
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