Revised USPAP Standards: Key Implications for Valuation Specialists

Mastering New Requirements for Ethics, Competency and Other Engagement Conduct

A special 60-minute briefing

Recording of a 60-minute CPE webinar with Q&A


Conducted on Tuesday, September 29, 2009

Recorded event now available

or call 1-800-926-7926
Program Materials

This seminar will discuss and analyze all of the material provisions of changes to USPAP for 2010 and 2011. The panel will outline best practices for adjusting current practices in order to fully comply.

Description

On June 9, 2009, the Appraisal Standards Board approved major revisions to the Uniform Standards of Professional Appraisal Practice (USPAP) after two years of campaigning and several drafts. The latest quality control standards for U.S. valuation specialists take effect Jan. 1, 2010 through 2011.

Changes to ethical and competency requirements command particular attention. Valuation specialists face stronger admonitions against misleading or fraudulent acts and bringing bias to assignments, and greater expectations to disclose possible conflicts of interest to clients.

Also on tap: A new rule about competency to accept or keep an assignment, an overhauled "jurisdictional exception" rule for conflicts between USPAP and local law or regulation, and an updated Standard 3 for appraisal review. Valuation pros must become adept with terms of all these standards changes.

Listen as our speaker gives a detailed review of the USPAP standards for 2010-11 and offers suggestions for getting your valuation staff ready for immediate compliance.

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Outline

  1. Background on Appraisal Standards Board’s process for updating USPAP
  2. Important changes in USPAP for 2010 and 2011
    1. The revised ethics rule
    2. The updated competency rule
    3. The new jurisdictional exception rule
      1. Different definition of "jurisdictional exception"
    4. Standard 3 (appraisal review, development and reporting)
    5. New definition of "assignment"
    6. New definition of "signature"
  3. Issues and alternatives to consider in preparing for USPAP compliance

Benefits

The speaker will examine in detail these and other aspects of the USPAP revisions:

  • The new ethics rule: Avoiding new prohibitions, making proper disclosures, preserving confidentiality.
  • The rewritten competency rule: Making sure you are competent to undertake an assignment, and what to do when you decide you aren't.
  • The updated "jurisdictional exception" rule: How to respond when USPAP is precluded by law or regulation.
  • The new Standard 3 for appraisal reviews: Meeting all of the newly stated considerations.

Faculty

Barry Shea
Barry Shea

Owner
Barry Shea and Associates

His practice has been actively involved in real estate valuations since 1983, and he has served on boards of several...  |  Read More

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