Official Policy of Appraisal Master, Inc. Regarding the Reprinting or Readdressing of an Appraisal Report.

Appraisal Master, Inc. recognizes that from time to time, we will be called upon to reprint, readdress, or change the client name on an appraisal report.

Appraisal Master will conform to all applicable privacy laws and USPAP (Uniform Standards of Professional Appraisal Practice) standards in any request for this service.

The 2005 edition of USPAP dealt with this in Advisory Opinion 3. Advice from the Appraisal Standards Board on the issue of clarification of Nome Cloture deals with the terminology of “updates” and “re-certifacations”. A re-certification of value is performed to confirm whether the conditions of a prior appraisal have been met. A re-certification of value does not change the effective date of the value opinion. If a client uses this term in an assignment request that includes an updated value opinion then it constitutes a new appraisal assignment that must be completed as discussed in Advisory Opinion 3.  The 2008-2009 edition of USPAP again deals with this in advisory opionion 27.

An “Assignment” as defined in USPAP is Valuation Service provided as a consequence of an agreement between an appraiser and a client. The appraiser is not restricted from accepting a new assignment on a property previously performed for a different client, but the development of an updated report for the second client is a new assignment.

Therefore if a second client requests an appraisal report on a property previously appraised by this firm, Appraisal Master, Inc. will not reprint, readdress, or change the client name without doing a new inspection and therefore changing the effective date of the appraisal. This truly means that a new assignment has been ordered and fulfilled by Appraisal Master with the change in effective date. We will also research the market place for any change since the last inspection date that would effect the final opinion of value of the subject property, either positively or negatively as well as the marketability of the subject property.

We realize that there is an advantage to our firm in having developed an appraisal report on the subject property previously. Therefore, we will perform an appraisal for a second client on the subject property at a revised fee, at the discretion of Appraisal Master management.  This reduced fee will differ with each property and depends on the time that has lapsed since the last appraisal. The second client should ask for this quote of fee before ordering the New Appraisal Assignment.  The New Appraisal Assignment will be delivered according to USPAP, 2008-2009 Edition.

Revised October 2, 2008