In case you missed it, the Professional Standards and Guidance Committee (PSGC) of the Appraisal Institute (AI) submitted its official comments to the Appraisal Standards Board of The Appraisal Foundation regarding feedback to drafting changes to the 2016-2017 USPAP. In its candid response, AI says USPAP has a “mixed record” when it comes to addressing appraiser behavior in a way that establishes public trust with the profession. Also at issue is the USPAP definition of “bias” with AI favoring a more specific, two-part definition and test of bias. When asked if USPAP is too complex, the response also lays out six areas where, “confusion may exist.” Other areas are addressed including whether appraisers have enough flexibility under the current regulations.
