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What is USPAP?
USPAP, which you might hear pronounced like "YOOS-pap," is the Uniform Standards of Professional Appraisal Practice. USPAP is published and maintained by the Appraisal Standards Board (ASB) of the Appraisal Foundation, a non-governmental entity charged by Congress with promulgating appraisal standards.
USPAP is revised periodically. As of January 1, 2008, it will be updated every two years. It includes sections covering rules, such as an Ethics Rule, Scope of Work Rule, and a Competency Rule. It includes Standards, 10 of them, each covering in detail different functions an appraiser might perform ("Real Property Appraisal, Reporting;" "Business Appraisal, Development," etc.). It includes 10 Statements, some now retired, which are used to clarify or supplement the Standards. It currently also includes 32 Advisory Opinions, such as " AO-28 ~ Scope of Work Decision, Performance, and Disclosure" and AO-25 ~ "Clarification of the Client in a Federally Related Transaction," which describes real-life problems and how they would be governed under the Rules and Standards of USPAP. The 2012 USPAP also includes "AO-30 ~ Appraisals for Use by a Federally Regulated Financial Institution" which addresses adherence to the applicable laws, regulations, and guidelines of the federal financial institution regulatory agencies required for proper appraisal development and reporting.
Every appraiser is charged with knowing and following USPAP, usually by operation of state law, and must complete Continuing Education periodically to relearn the basics and become familiar with new Advisory Opinions and other biannual changes to USPAP. USPAP may be considered the Bible of the appraisal practice.
Anyone can view USPAP in its entirety. Please click on the links below to view the previous USPAP versions and the new 2012 - 2013 USPAP
Use the handy bookmarks to make your search easier!
2008-2009 USPAP and FAQ's
~~~~~~~~~~~~~~~~~~~~~~ 2010-2011 USPAP and FAQ's~~~~~~~~~~~~~~~~~~~~~~ 2012-2013 USPAP and FAQ's Current 1/1/2012~~~~~~~~~~~~~~~~~~~~~~ |
