USPAP case studies
USPAP · Put your knowledge to work in context.
USPAP - the Uniform Standards of Professional Appraisal Practice - is the body of standards that governs how appraisals are developed and reported in the United States. It is maintained by The Appraisal Foundation, which describes itself as "Authorized by Congress as the Source of Appraisal Standards and Appraiser Qualifications." The National USPAP Examination, formally the National Uniform Licensing and Certification Examination, is one of the criteria administered through the Foundation's Appraiser Qualifications Board and is used within the credentialing process that state appraiser regulatory agencies oversee. The USPAP case studies are 5 cases and about 3,336 words.
1The Performance Bonus and the Free Comp Checks
The subject is a 1,950 sf ranch in a stable subdivision. A mortgage broker offers a certified residential appraiser a steady stream of 12 assignments per month at 450 each, plus a 200 "performance bonus" for every report in which the appraised value equals or exceeds the contract price.
696 words, about 3 min2The Unpermitted ADU and the Drive-By Deadline
The assignment is a refinance for a credit union on a 1950s ranch of 1,850 sf on a 0.22-acre lot. County records show no permit for a 600 sf detached garage converted to a living unit in 2019; the owner says it rents for 1,450 per month.
704 words, about 4 min3The Restricted Report That Traveled
A certified appraiser completes a Restricted Appraisal Report for a hard-money lender on a 6-unit mixed-use building. The report states the intended user is the lender only and that use by any other party is not intended.
703 words, about 4 min4The Advocacy Review
An appraiser with 15 years of multifamily experience is retained by a divorce attorney to review an opposing expert's appraisal of a 12-unit apartment building. The original appraisal concludes 2,400,000 using a 5.0% cap rate and three sales from a different submarket.
587 words, about 3 min5The Quarry, the Statute, and the Competency Gap
A certified general appraiser whose practice is office and retail is asked to appraise an operating sand-and-gravel quarry for a state condemnation proceeding. The state statute requires the report on a prescribed form that omits the scope of work and the appraiser's certification, and requires delivery within 10 days of the inspection.
646 words, about 3 min