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Effective January 1, 2008, the Supplemental Standards Rule has been eliminated
from USPAP. Students taking the current exam should answer questions based on
the 2006-2007
version of USPAP which includes the Supplemental Standards Rule.
It is suggested that a statement similar to the following be included as part of
the Scope of Work for all appraisals:
- "This appraisal has been performed in accordance with USPAP as well as the
client’s known, written requirements.”
- “If the loan is to be Guaranteed by the Department of Veterans Affairs, or Insured
by the Department of Housing and Urban Development under the FHA Home
Mortgage Insurance program(s), the appraisal has been performed in accordance with the minimum property requirements of those agencies.”
- “If the appraisal is performed under the written guidelines of Fannie Mae or
Freddie Mac, the appraiser has performed the appraisal in accordance with those
guidelines.”
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