
OCTOBER 2004	A Publication of ELLIOTT® & Company Appraisers



ELLIOTT® HEADING TO MBA CONVENTION

Representatives of ELLIOTT® & Company Appraisers will be at Booth 1505 during the 91st Annual Convention & Expo of the Mortgage Bankers of America that is being held October 23-27 at the Moscone Center in San Francisco. Representing the company at this convention will be Charlie Elliott, president, Nicole Kalafut, office manager, and Melanie Brady, operations assistant. “We look forward to meeting those clients from around the country whom we work with on a daily basis as well as those future clients we have not yet met,” Elliott said. All mortgage professionals attending this convention are encouraged to visit our company’s booth and discuss how we can help them meet their appraisal needs throughout the United States. Visitors can pick up company literature, discuss their appraisal needs and register for a drawing for a free Palm digital assistant.

USPAP, STANDARDS THAT APPRAISERS MUST FOLLOW

USPAP stands for Uniform Standards of Professional Appraisal Practice. The need to establish and recognize these standards became clear in the aftermath of the savings and loan crisis of the 1980s.

In 1986 a committee consisting of leaders of nine different appraisal organizations in the United States and Canada was set up to see that mistakes that led to the S&L failures would not be repeated. The following year, the eight U.S. members of this committee formed the Appraisal Foundation for the purpose of implementing USPAP, which was formally adopted in 1989. Later that year, Congress passed the Financial Institutions Recovery, Reform and Enforcement Act (FIRREA) which required in part that all real estate appraisals used in federally related transactions be performed in accordance of USPAP. In 1992, the Office of Management and Budget required federal land acquisitions and direct lending agencies to use appraisals in accordance with USPAP.

Therefore, USPAP is more than a set of professional standards. It is the law.

QUOTES OF WIT & WISDOM

“Idealism is what precedes experience; cynicism is what follows.”
                                                               – David Wolf

“When men are pure, laws are useless; when men are corrupt, laws are broken.”   – Benjamin Disraeli

“Shallow men believe in luck; strong men believe in cause and effect.”
                                                  – Ralph Waldo Emerson

“The greatest mistake you can make in life is to be continually fearing you will make one.”      – Elbert Hubbard

“Creditors have better memories than debtors,”   – Benjamin Franklin




Contact Us
Newsletter Editor: kevin@elliottco.com	Web Site: www.appraisalsanywhere.com

ELLIOTT® & Company Appraisers currently offers appraisal service throughout all 50 of the United States. Clients are encouraged to place orders directly to any office local to properties to be appraised or to the central office for assignment.

Orders may be placed via telephone, fax or through the company's Web site. All Internet orders will be processed through the central office.

Some Offices Are Independently Owned and Operated

3316-A Battleground Avenue
Greensboro, NC 27410