Description
USPAP Standards 3 and 4, the Uniform Standards of Professional Appraisal Practice govern appraisal review assignments. These standards establish the ethical, analytical, and reporting requirements appraisers must follow when evaluating the work of another appraiser. Mastery of Standards 3 and 4 is essential for any appraisal professional engaged in quality control, lending support, litigation, regulatory compliance, or internal review functions.
USPAP defines an appraisal review as the act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment (USPAP Definitions). This course focuses exclusively on appraisal review assignments and does not involve the development of independent opinions of value unless explicitly disclosed and properly scoped.
This course is designed to strengthen both technical competency and professional judgment by providing a structured, applied understanding of appraisal review practice. Emphasis is placed on developing credible review opinions, clearly communicating findings, and maintaining independence and objectivity throughout the review process.
Participants will examine the role of the reviewer, identification of intended use and intended users, scope of work determination, and the distinction between evaluating appraisal credibility and judging an appraiser personally. These concepts are fundamental to ethical appraisal review practice and are reinforced throughout the course (USPAP Preamble; Ethics Rule).
Your instructor for this course is Bill R. Caudell.
Bill Caudell is a seasoned residential appraiser with over 20 years of industry experience. Since 2007, he has served in a leadership role at a regional regulated lender, where he implemented and managed the appraiser approval process, appraisal ordering, and review procedures for Credit Administration—overseeing more than 7,500 appraisal reports.
His extensive review experience spans a wide range of property types, including hotels, restaurants, poultry and dairy farms, subdivision developments, special use properties, apartment complexes, and commercial office spaces. In addition to appraisal work, he has also managed apartment complexes and commercial real estate.
Bill is the owner and President of Caudell, Inc., an appraisal firm based in Bristol, Virginia. He is dedicated to professional development and continuing education. He is a founding Board member of the Virginia Coalition of Appraiser Professionals.
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Wisconsin
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