AO-21 Real Property, Personal Property, Intangible Property

The Appraisal Standards Board (ASB) writes Advisory Opinions (AO) to illustrate the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. Here is AO-21 on real property, personal property and intangible property

“Individuals perform numerous roles within the broad realm of valuation services. Examples include appraisal, brokerage, auctioning, property management, advocate consulting, appraisal consulting and collecting market data. Some valuation services are part of appraisal practice and require compliance with USPAP. What are the USPAP compliance requirements for these various services? More specifically:
1. When should an individual comply with USPAP?
2. What is the relationship between Valuation Services and Appraisal Practice?
3. What does acting “as an appraiser” or performing a service “as an appraiser” mean?
4. Why does an expectation for an individual to act as an appraiser indicate an obligation to comply with USPAP?
5. What are the responsibilities of an appraiser regarding intended user expectations?
6. What are the USPAP obligations for appraisal practice outside of appraisal, appraisal review, and  appraisal consulting?
7. What are the USPAP obligations for valuation services outside of appraisal practice?”


The Appraisal Standards Board has written an Advisory Opinion on these questions that can be found here: AO-21 Real Property, Personal Property, Intagible Poperty