The Appraisal Practices Board Seeks Comments From Appraisers

We hear from appraisers all the time that they want to provide feedback.  Here’s an opportunity to provide critically needed feedback to the Appraisal Practices Board.  Your comments could be used to sculpt the continued development of your profession.

The Appraisal Practices Board (APB) was formed by the Appraisal Foundation and is charged with identifying and issuing voluntary guidance on valuation methods and techniques. Back in June of 2016, the APB issued an exposure draft on the Collection and Verification of Residential Data in the Sales Comparison Approach. The purpose of this document is to provide guidance for appraisers who are collecting and verifying data to be used in the sales comparison approach for residential properties.

Topics discussed in the exposure draft include Scope of Work and identifying the problem. Data types and some characteristics of various data sources that can be used for appraisal data are also discussed. Section Four of the document goes into data collection and the three broad categories: market data, subject property data and comparable sales data. Finally, the verification process is discussed in Section Five of the document. This section reviews the methods used to verify the data and its source to draw appropriate conclusions.

This Valuation Advisory document will be one of two issued on the collection and verifying data. A link to the document can be found here. You can also access the draft from the Appraisal Foundation’s website. If interested, you are encouraged to submit comments in writing to the APB before August 12, 2016. Comments can be submitted by mail, email, and or Fax.

Mail:
Appraisal Practices Board
The Appraisal Foundation
1155 15th Street NW, Suite 1111
Washington, DC 20005

Email: APBcomments@appraisalfoundation.org

Fax: 202-347-7727

The APB has asked that when commenting be sure to reference the line numbers in the draft and to fully explain your comment whether it be in support of, concerns, or additional issues that should be considered.

Have content of your own that you would like to submit? Email comments@appraisalbuzz.com.