Wednesday, June 14, 2017

Ask an Instructor: June Office Hours Follow-Up

ISA members are invited to send in their questions on all things appraising and education to ISA's instructors. One of ISA's instructors will share answers on the ISA Now Blog. Please send questions to directorofeducation@isa-appraisers.org.

Thank you to everyone who participated in the June 6th Office Hours webinar. I was very pleased with the great attendance and the thoughtful questions that our participants asked. I hope that everyone was able to learn something new, receive clarification on a particular point, or confirm that they have been doing something the right way. The next free Office Hours webinar is scheduled for December, but in the meantime, please do not hesitate to contact me or one of your ISA instructors for assistance. We’re happy to help! Here are a couple of questions and answers that were shared on the webinar:

Question: Is there a place on the ISA website to download the most recent checklists?

Answer: Yes! If you are an ISA member, then you can access the Forum on the ISA website. The Education section will have the most recent ISA appraisal report writing checklist available for you to download. The current version is the 2016 checklist. As changes will be coming for USPAP in 2018, the Education staff will update the checklist as needed and send to the membership to make sure our appraisal reports remain in compliance with USPAP.

Question: When a report is signed by more than one appraiser, are they equally responsible for the contents of the report even if they only contributed to one section (i.e. fine arts, furniture)?

Answer: As currently written in USPAP Standards Rule 8-3, each personal property specialist signing the certification is responsible for all aspects of the appraisal. This rule remains in effect through December 31, 2017. That said, this is one of the USPAP changes for 2018-2019. The adopted revision adds disclosure of roles each appraiser has in an assignment, limiting their responsibility to their respective role, not all roles/assignment results. This revision will go into effect on January 1, 2018.

- Meredith Meuwly, ISA Director of Education

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