Kurt Soucek, ISA

One of the best things about teaching Uniform Standards of Professional Appraisal Practice (USPAP) classes for ISA is that you never know what questions students will ask. At the ISA's January 13 to 14 7-Hour USPAP class an appraiser asked when it's okay to use a sale that occurred after the effective date of an appraisal as a comparable?

Question 1:Since the ASB announced that the 2020-2021 edition of USPAP will be extended to the end of 2022, do I need to update my appraisal templates?

It's January, and the beginning of a new year is the perfect time to hit the Refresh button, especially after the craziness that was 2020. The Refresh button is a chance for us to get unstuck. It's a chance for us to reload our possibly outdated files and start again with a fresh look. Every January, I have a list of things that I do to update and reorganize my business plan and goals for the year.

Question: Has ISA issued any new definitions for Limiting Conditions and Extraordinary Assumptions as yet?