The Appraisal Standards Board (ASB) has issued their August 2008 USPAP Q&A - Download QA_Aug_08.pdf  with the following questions/topics:

• Addresses, Clients, and Intended Users
• Errors and Omissions Insurance
• Appraisal Update with no change in value

Find the answers to these questions:

Question: If the party to whom an appraisal report is addressed is the client and is also the only intended user, does USPAP require the report to state the intended user by name or type?

Question: Does USPAP require appraisers to be covered by Errors and Omissions (E&O) insurance?

Question: I was recently contacted by a client for whom I had previously completed an appraisal. The client asked if I could simply tell them that there have been no changes in the market since the time of my appraisal, and that the value of the property remains the same. Am I permitted to do this under USPAP?

Download QA_Aug_08.pdf