PLEASE READ THE BELOW ESSAY AND WRITE A SUBSTANTIVE 300 WORD REPLY Make Sure That You Are Adding New And Relevant Information With Each This Reply

  
 
PLEASE READ THE BELOW ESSAY AND WRITE A SUBSTANTIVE 300 WORD REPLY Make Sure That You Are Adding New And Relevant Information With Each This Reply 
   The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States.  It contains standards for all types of appraisal services.  Compliance is required for state-licensed and state certified appraisers that are involved in federally-related real estate transactions (Appraisal, 2018).
            USPAP consists of ten standards.  Standard Three, Appraisal Review, Development and Reporting is the only standard that crosses the respective lines of appraisal discipline (Hitchner, 2017).  Under this standard, the appraiser is acting as a reviewer.  The reviewer must identify the problem to be solved, and determine the scope of work necessary to produce a credible appraisal review.  In USPAP, an appraisal review is the act or process of developing an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review assignment.  When an appraiser approaches an assignment, they should take the time to confirm what the requirements actually are and to determine the appropriate scope of work for the specific assignment based on what the client is using the appraisal for (Boyle, 2004).
            Also, Rule 3-2 documents the elements necessary to properly determine the scope of work needed.  The reviewer’s scope of work should be explained in the review report just as the appraisers scope of work is explained in the appraisal report.  The intended users should understand what work was completed by the reviewer by reading the scope of work in the review report.  When the report is prepared, the reviewer is talking to the client and intended users.  They are the audience.  Standards require that the client is specifically identified.  The concept of intended user has been misunderstood.  To be an intended user, the reviewer must intend for that party to rely on the assignment results.  The intended use for the appraisal is the key driver in determining the appropriate scope of work for the assignment.  Some of the factors that make up the intended use, intended user and scope of work decision are why the review is needed, what the value issues are, what effective date of review is required and what interests are to be considered (Coleman & Valdez, 2018).  Identifying these elements will help provide the client a valuation service that is appropriate and meaningful.
             A reviewer has development and reporting requirements as outlined in the review standards.  The reviewer has an obligation to identify and report the client, other intended users and use for the review.  These may be different from the appraiser’s client intended users and intended use.  Key assignment elements such as the effective date of the opinion, and the opinion of value need to be reported by the reviewer and be distinguished from those in the work under review (Coleman & Valdez, 2018).  This is listed under Rule 3-2.
            This standard may apply to a given circumstance in a business valuation engagement by requiring an appraiser to interview all clients to determine the client’s intended use.  Appraisers cannot proceed based on what has been done in the past.  Different assignments require different processes.  Appraisers should do what is necessary to provide the report and solve the client’s problem.  Doing more than necessary is overkill (Boyle, 2004).
“In the same way, let your light shine before others, that they may see your good deeds, and glorify your Father in heaven.” (Matthew 5:16, NIV)
                                                                  References
Boyle, T. D. (2004). USPAP-the bottom line: What to do, what to write. The Appraisal Journal, 72(4), 324-
331. Retrieved from http://ezproxy.liberty.edu/login?url=https://search-proquest-com.ezproxy.liberty.edu/docview/199927177?accountid=12085
Coleman, Stephanie & Valdez, Gilbert (February, 2018).Common Errors and Issues in Review. Appraisal
Institute. Retrieved from: https://www.appraisalinstitute.org/assets/1/7/exp-commonerrorsissues-review.pdf
Hitchner, J. (2017). Financial valuation: Applications and models (4th ed.). Hoboken, NJ:
Wiley.
New International Version. Retrieved from: https:www.biblegateway.com.
The Appraisal Foundation (2018). What is USPAP? Retrieved from:
https://www.appraisalfoundation.org/imis/TAF/Standards/Appraisal_Standards/Uniform_Standards_of_Professional_Appraisal_Practice/TAF/USPAP.aspx