Qualifications & Compliance
A Certified General Appraiser may appraise all types of real property provided that he or she has the expertise necessary to competently complete the appraisal assignment (or takes alternative steps to meet the Competency Rule of the Uniform Standards of Professional Appraisal Practice “USPAP”)
300 qualifying course hours as specified by Appraisers Qualification Board 2008 Core Curriculum. Also required is a bachelors degree, or higher, or college transcript of successfully passing a total of at least 30 semester credit hours of specific types of collegiate level courses as stipulated by the Arizona Board of Appraisal
3,000 hours in not less than 30 months. At least 1,500 hours must reflect nonresidential appraisals
National Uniform Real Property Appraiser Examination for Certified General Appraisers approved by the Appraiser Qualifications Board.
All of the appraisers at Appraisal Technology, Inc. are State Licensed Certified General or are trainees in the process of completing the requirements.
The Uniform Standards of Professional Appraisal Practice (USPAP) stipulates that each written real property appraisal report must use one of three reporting options:
The primary difference between the three reporting options is the level of detail in the presentation of information. A self-contained report is written to convey a comprehensive level of detail within the report; the term “self-contained” is meant to connote the idea that the appraisal valuation and analysis is wholly contained within the report. Comparatively, a summary report is written to convey a more concise presentation of information and is meant to convey to the reader a summary of the valuation and analysis, leaving a greater level of detail out.
A restricted-use report has specific USPAP requirements that it be prepared for client-use only, with no other intended users and is designed to be written for a party that is knowledgeable about the property as it contains a minimal amount of information.
Although USPAP defines the basic types of reports that are available, the substance of each appraisal report is still dictated by the “scope of work” agreed upon between the client and the appraiser. The appraiser is bound by USPAP to ensure the appraisal report is appropriate for the property being appraised as well as the client and intended use and users.
The appraisal reports we develop comply with the Uniform Standards of Professional Appraisal Practice (USPAP) and Federal banking regulations (FIRREA) and also conform to the Appraisal Institute’s Code of Professional Ethics and Standards of Professional Appraisal Practice.
In addition, we will meet client-specific requirements to ensure compliance with their internal guidelines and needs, to the extent that they supplement USPAP and FIRREA. Over the past several years, USPAP has changed the Scope of Work concept from a rigid approach to a much more flexible methodology in which the appraiser tailors the amount of research and analysis to the assignment. As a result, the appraisal development process has changed and the work we do is much more specific to the property and the client’s needs. Appraisal Technology, Inc. understands that a part of our continuing long-term success is our ability to adapt to the changes in our profession and consistently meet our client’s needs.