USPAP and Competence – TAA podcast 139

There are some of our appraisal fellows whose grasp of the concept USPAP and Competence is yet to be as strong as it could or should be.  In a 15-ish minute podcast, it is simply not possible to look into this subject with any depth or conviction.  So we won’t.  But we will look at what USPAP says about the topic.  Note to our friends on the ASB:  In the next 7-hour USPAP update class, perhaps it would be possible to devote 30-minutes to the miniscule and trivial grammatical changes you made to the document.  Then, devote 6.5 hours to something important and relevant such as competence, how to get it, and why it is important.  After all, the GSEs are sending appraisers to their state boards for discipline over the component issues of Competence and appraisers’ ignorance of them.  How about helping us out, Guys, what do you say?

OK.  Rant over.  Back to USPAP and Competence.  In USPAP, there is no definition of of competence, competency, competent, and so forth. (There is not one in the 6th ed. of The Dictionary of Real Estate Appraisal, either). This despite the fact USPAP refers to these terms over 300 times. This is not an oversight.  There are plenty of definitions out there in dictionaries and other professional texts.  Some of these are in the podcast, so please listen to hear them.  Or check them out for yourself.

So, in what we do, is an understanding of the concept of USPAP and Competence important?  Is it even relevant in real estate appraisal?     I say that it is of major importance to us, what we do, and how we do it.  Now, you’re free to disagree with me.  You should, really.  But do the research  yourself.  Eventually, you’ll agree with me.  So, why not start now?