The 14th edition of The Appraisal of Real Estate reflects a new commitment to the essential principles of appraisal and the sound application of recognized valuation methods that have sustained real estate appraisers in good times and bad. This new edition has been restructured to mirror the organization of the valuation process, moving clearly from the identification of the problem to the report of defined value. The new edition features
More discussion of scope of work, client communication, and data standards
Increased emphasis on the fundamentals of statistical analysis and the role that descriptive statistics plays in market analysis, highest and best use analysis, and the application of the three approaches to value
Expanded coverage of topics introduced in the 13th edition such as green building, advances in information technology, and AVMs
A more rigorous exploration of the market analysis process and a more concise discussion of highest and best use analysis
More background on the continuing evolution of US and international appraisal standards
New thinking on appraisal review, consulting, valuation for financial reporting, and the valuation of non-realty assets (평가검토, 컨설팅, 재무보고를 위한 평가, 무형자산에 대한 새로운 시각 소개)
The 14th edition of The Appraisal of Real Estate builds examines the changing role of real estate appraisers in the larger business community. The poor performance of many real estate markets in the wake of the recent recession has been a wakeup call for the profession. The new economic realities, however, only serve to highlight the need for appraisers with strong ethics, up-to-date skills, and sound judgment.
This edition of The Appraisal of Real Estate reflects the efforts of dozens of designated members of the Appraisal Institute and other volunteers. Their involvement is a testament to the profession’s commitment to move the body of knowledge forward and to ensure that The Appraisal of Real Estate retains its central role in the canon of professional literature.
The Appraisal Standards Board (ASB) modifications to USPAP become effective January 1, 2014. These modifications include:
(감정평가 기준 위원회의 USPAP 변경사항은 2014년 1월 1일부로 유효하며,
변경사항은 아래와 같다)
-Revisions to the DEFINTIONS of “Assignments Results” and “Scope of Work”-
("과제물 결과" 와 "작업범위" 정의의 개정)
Based on numerous comments received, there was a need to clarify the definition of ‘Assignment Results.’ In an appraisal assignment, assignment results currently include more than just the appraiser’s opinion of value, as the appraiser is responsible not only for the opinion of value, but for the other opinions formed as part of an appraisal or appraisal review assignment. The change to the definition was made to clarify this point. The change to the definition of Scope of Work makes it consistent with the application of the SCOPE OF WORK RULE .
-Revisions to the PREAMBLE- When Do USPAP Rules and Standards Apply-
(서문 개정 - USPAP 준칙과 기준이 적용되는 시가)
A section was added to clearly state when the Rules and Standards apply.
(USPAP 준칙과 기준이 적용되는 상태를 명확히 하였다)
-Certification Requirement Related to Current or Prospective Interest and Prior Services-
The ETHICS RULE was edited to clarify that in assignments in which there is no appraisal or appraisal review report, only the initial disclosure to the client is required-a certification is required only for appraisal and appraisal review assignments.
-Revisions to the COMPETENCY RULE-
(적격성 준칙의 개정)
The COMPETENCY RULE has always required that an appraiser be competent to perform the assignment, or acquire the necessary competency to perform the assignment, or withdraw from the assignment. However, the COMPETENCY RULE previously did not expressly require the appraiser to act competently in the given assignment. The change to the COMPETENCY RULE now clearly state that the appraiser must perform competently when completing the assignment.
-Report Options in STANDARDS 2, 8, and 10-
(기준 2,8, 10에서 보고 옵션)
USPAP previously had three written report options for real property and personal property appraisal assignments: 1) Self-Contained Appraisal Report, 2) Summary Appraisal Report, and 3) Restricted Use Appraisal Report. USPAP now has two written report options: 1) Appraisal Report and 2) Restricted Appraisal Report, for real property and personal property appraisal assignments; this is similar to STANDARD 10 Business Appraisal Reporting. In STANDARDS 2, 8, and 10,t he “restricted use” report option name was changed to Restricted Appraisal Report.
An appraisal Report must summarize the appraiser’s analysis and rationale for the conclusions. A Restricted Appraisal Report might not include sufficient information for the client (no other intended users are allowed) to understand either the appraiser’s analyses or rationale for the appraiser’s conclusions. Additional edits were made to minimum report requirements. In Standards Rule 2-2(a)(i), clarifying changes were made regarding intended users.
The order of the requirements in subsections (iii) and (iv) within Standards Rule 2-2(a) were rearranged. In Standards Rule 2-2(a)(vi), the date of report was defined. In Standards Rule 2-2(a)(vii) and 2-2(b)(vii) the statement, “The signing appraiser must also state the name(s) of those providing the significant real estate assistance” was edited.
The new statement eliminates the signing appraiser, and states “The name(s) of those providing the significant real property appraisal assistance must be state in certification.” In Standards Rule 2-2(a)(viii), “agreements of sale” was added. In Standards Rule 2-2(a)(ix) and 2-2(b)(ix), the statement was divided with the last part of the statement becoming Standards Rule 2-2(a)(x) and 2-2(b)(x). The remaining items under these Standards Rules were renumbered. Similar changes were made to Standards 8-2 and 10-2.
Lastly, to be consistent with items identified in the development requirements of Standards Rule 1-2(e)(i), an edit was made to Standards Rule 2-2(a)(iii) to include the summarization of legal characteristics relevant to the assignment. This edit is not viewed by the ASB as a new requirement; rather, it clarifies legal characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal must be communicated.
-Revisions to Standards Rule 3-5- (기준세칙 3-5 개정)
STANDARD 3 now requires a date of the appraisal review report which makes STANDARD 3 consistent with the other Standards which require the date of the report.
-Retirement of STANDARDS 4 and 5- (기준세칙 4, 기준세칙 5 삭제)
Standards 4 and 5 addressed real property appraisal consulting development and reporting. STANDARDS 4 and 5 have been retired due to confusion and misuse of these Standards. Revisions and additional illustrations were made to Advisory Opinion 21 to demonstrate how an appraiser can complete assignments that include services other than appraisal or appraisal review. The use of the term “appraisal consulting” has been eliminated in USPAP.
-Revisions to Advisory Opinion 11, Content of the Appraisal Report Options of Standards Rules 2-2 and 8-2 and Advisory Opinion 12, Use of the Appraisal Report Options of Standards Rules 2-2 and 8-2-
Due to the changes in the reporting format options; Advisory Opinions 11 and 12 were edited to demonstrate the impact of these changes. In addition, the scope of these two Advisory Opinions was expanded to include Standards Rule 10-2.
-Revisions to Advisory Opinion 13, Performing Evaluations of Real Property Collateral to Conform with USPAP- (자문의견 13 개정)
Due to changes in Interagency Appraisal and Evaluation Guidelines effective December 2010, Advisory Opinion 13 has been revised.
Administrative edits were also made to USPAP and all guidance material, including the USPAP Advisory Opinions and USPAP Frequently Asked Questions, for conformity and consistency. The details of the changes to the 2014-15 edition of USPAP can be read on the Appraisal Foundation’s website, in a document entitled 2013 Summary of Actions Related to Proposed USPAP Changes.
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(정책보고서12호-20120430)미국의 주택임대료 보조제도와 시사점.pdf
수탁연구2005-10일본의자격제도연구(김덕기).hwp