According to USPAP (Uniform Standards of Professional Appraisal Practice), an assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions is the definition of an "Extraordinary Assumption."
The statement provided refers to the recertification of value in an appraisal. Recertification of value is a process where an appraiser reviews and confirms whether the conditions of the appraisal have been met since the original valuation was determined. This is typically done without altering the effective date of the value assigned in the appraisal report.
The Ethics Rule within the Uniform Standards of Professional Appraisal Practice (USPAP) sets forth the ethical obligations and standards that appraisers must adhere to in their professional practice. It encompasses principles such as integrity, competency, objectivity, and professionalism.
The Appraisal Standards Board (ASB) develops, publishes, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP).
An appraiser typically uses three approaches to analyze the value of a property.
All or part of a Standards Rule of USPAP from which departure is not permitted are considered "Binding Requirements."
Binding Requirements in the USPAP are the provisions that appraisers must strictly adhere to without any deviation or departure. They are mandatory and cannot be bypassed or ignored. Any departure from a Binding Requirement is not permitted and would be considered a violation of the USPAP.
