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[Commercial Grade] Opportunity is Knocking USPAP

Commercial Grade is a weekly post by John Cicero, MAI who provides commentary on issues affecting real estate appraisers, with specific focus on commercial valuation. Today John asks the question: “Read any good books lately?”

Disclosure: John is a partner of mine in our commercial real estate valuation concern Miller Cicero, LLC [1] and he is, on Thursdays, one of the smartest guys I know. …Jonathan Miller

The confusion over the new USPAP Scope of Work rules has spawned a cottage industry in new books, seminars and aids to help the appraiser in understanding the changes going forward. For $45, you can purchase Bell’s Appraisal Guide, “handy for your instant reference.” Or from our friends at the Appraisal Institute [2], you can purchase Scope of Work (Coleman) [3] at the promotional price of only $24. According to the Institute,

While misuse of the scope of work concept can be disastrous, an appraiser who knows how to apply it in practice and to communicate it clearly in an appraisal report can enjoy increased security, opportunity, and success.

Security, opportunity and success!? All for only $24!

I purchased a copy of USPAP in Plain English (Franke, Leary) for only $20. I confess that I haven’t read it yet, but plain English is what I’m after!

Last month I had the opportunity to call in to a national conference call on the subject. Don’t remember the sponsor or the price, but it was in the $150 range.

So, maybe I’m late out of the box, but when opportunity knocks, I feel compelled to answer. In response to the mass confusion that the new USPAP will generate, I will be coming out with:

Just hope that nobody beats me to the market.