Posted 12-13-07

Page 221: Replace the third (last) paragraph (begins with "While valuation services...") in the section entitled "Appraisal Practice" with the below text.

While valuation services cover a broad range of services performed by appraisers and non-appraisers alike, appraisal practice covers only those services provided by an appraiser, including but not limited to performing appraisals, appraisal reviews and appraisal consulting. When performing such examples of appraisal practice, the appraiser must comply with all of USPAP including the relevant Standards which, in the case of personal property appraisers, would typically be Standards 7 and 8.

Other examples of “appraisal practice” would include teaching appraisal courses and seminars, writing appraisal texts, or providing comparable sales data. In these later cases, while Standards 1 through 10 would not apply (because Standards 1 through 10 apply only to appraisals, appraisal reviews and appraisal consulting), the appraiser would still be required to comply with those other portions of USPAP that do apply to these examples of appraisal practice including USPAP Definitions, Preamble, Ethics Rule, Competency Rule and the Jurisdictional Exception Rule.