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Virginia Regulatory Town Hall
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Department of Professional and Occupational Regulation
Guidance Document Change: Providing guidance to real estate appraisers and AMCs on the use of hybrid appraisals
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6/6/19  12:45 pm
Commenter: Bernie B.

Proposed Guidance Document on Hybrid Appraisal Process
 
While USPAP doesn’t specifically articulate a definition of "significant appraisal assistance" John Brennan (TAF) has consistently stated (including at last year’s AARO conference) that things like the assessment of a dwelling’s quality, condition, & functional utility rise to the level of significant assistance.  Without reporting those characteristics it’s hard to imagine that a credible inspection was conducted by the “inspector”.   And in turn without those characteristics being reported by the “inspector” it’s hard to imagine the back end appraiser being able to produce a credible report.  The popular characterization of the "inspector's" role by hybrid proponents is that the property inspection is nothing more than a gathering of “only simple facts”, and that is what will be reported by the “inspector”.  There is no way to conduct a credible inspection and regurgitate “facts only”.  In my opinion any credible inspection which can be utilized to produce a credible report will undoubtedly include some analysis, opinions, or conclusions...and that constitutes significant assistance.  Under the current Virginia statutes that requires that the inspection be conducted by an appraiser.  The Guidance Document should be more straightforward and simply state as much.

 

CommentID: 72526