June/July 2006 Issue
Page 2

NATIONAL NEWS

2006 USPAP EFFECTIVE DATE APPROACHING

The Appraisal Foundation wishes to inform all parties that the effective date for the 2006 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now fast approaching on July 1, 2006.

It is important that appraisers and users of appraisal services begin familiarizing themselves with the document. There are a significant number of modifications to USPAP, primarily related to Scope of Work. Some of the revisions include:

• Removal of the DEPARTURE RULE and associated defined terms (Complete Appraisal, Limited Appraisal, Binding Requirement, and Specific Requirement).
• Creation of a SCOPE OF WORK RULE, which emphasizes the requirements for problem identification, determination of the appropriate scope of work, and disclosure of the scope of work performed in an assignment.
• Creation of two new Advisory Opinions related to Scope of Work: AO-28, Scope of Work Decision, Performance, and Disclosure; and AO-29, An Acceptable Scope of Work.

The net effect of the changes results in the 2006 USPAP identifying a minimum set of standards that apply in all appraisal, appraisal review, and appraisal consulting assignments.

Copies of the 2006 edition of USPAP are now available. In addition, the 2006 Frequently Asked Questions on USPAP (FAQs) and the 2006 National USPAP Course material is also available. For information on pricing or how to order, please visit the Foundation Store on our web site at www.appraisalfoundation.org.

Individuals interested in learning more about Scope of Work are welcome to download the ASB's 2006 USPAP and Scope of Work brochure from the Foundation's web site.

Reprinted from Realtor.org

AGENT CHARGED WITH STEALING DRUGS FROM HOMES

(OMAHA, Neb.) - CBS Home Real Estate agent John Heidvogel has been charged with entering a home for the purpose of stealing drugs, and authorities believe he may have used his lockbox key in other thefts.

Investigators said a home seller said drugs from her medicine cabinet were missing but there were no signs of forced entry. Police believe Heidvogel used his lockbox key to gain access.

CBS Home Real Estate said Heidvogel's license had been returned to the State real estate commission pending the outcome of the investigation.

CONSUMER FEDERATION OF AMERICAN BLASTS TRADITIONAL REAL ESTATE BROKERS

(WASHINGTON) – The Consumer Federation of America today (Monday, June 19) released a report urging consumers, consumer groups, the media and policy makers to keep pressure on the tradition real estate industry to break what it says are commissions that are too high for the services agents render.

The CFA report can be found at: http://www.consumerfed.org/pdfs/Real_Estate_Cartel_Study061906.pdf

In a news conference, the CFA maintained that commissions continue to hover in the 6 to 7 percent range nationwide. It complained that agency disclosures typically are given late and are incomplete, and in some cases are not given at all.

It also blasted organized real estate’s failure to fully represent consumers by going to real estate commissions and legislatures to pass laws that essentially protect “double dipping” – collecting both the buyer and seller end of the commission.
 
Real Estate Intelligence Report, 2006

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