On June 10, appraiser Brian Foster accepts an assignment involving property being acquired by a federal agency. The client says only, "Do a normal appraisal." During problem identification, Brian realizes federal acquisition standards and laws may apply. What should he do?
Correct Answer
C) Identify the applicable laws and regulations as assignment conditions and comply with them
USPAP requires the appraiser to recognize and comply with applicable laws and regulations as a matter of competency. If federal acquisition standards or laws apply, the appraiser must identify them as assignment conditions and complete the assignment accordingly even if the client did not spell them out.
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Previous Question
A lender's production manager tells appraiser Elena Gomez, "We need at least $620,000 or the loan will fall apart. Bring it in there and we'll keep sending you work." What is the clearest USPAP problem with this request?
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Appraiser Marcus Lee completed an appraisal with an in-person inspection on April 2. On April 5, a different client engages him for a new assignment on the same property with the same effective date, and Marcus decides a new inspection is unnecessary for credible results. Which statement is most accurate?