It is the intention of Howard W. Haynie and Associates, Inc. to perform all appraisal assignments in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP is published by the Appraisal Foundation, as promulgated by the Appraisal Standards Board, and can be accessed through the internet for further clarification, information, and definitions.
According to the USPAP, an appraiser is, "one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective". As such, in the appraisal world, compensation is fee based, not commission or contingency based subject to the occurrence of a concurrent, prior, or subsequent event. Therefore, fees are negotiated prior to the initiation of the appraisal assignment. Once sufficient information is provided to both the appraiser and client in order to ascertain the scope of work for the assignment, and engagement agreement, whether oral or written, is agreed to and performance of the appraisal assignment commences.
Identification and development of the Scope of Work for each assignment is critical to a successful outcome for each assignment. Examples of the items to be considered in the development of the scope of work are: client and intended users, intended use of the report, type and definition of value, effective date of value, assignment conditions, depth of inspections and analysis needed for credible appraisal analysis and conclusions, identification of limiting conditions and assumptions, etc.