USPAP Uniform Standards of Professional Appraisal Practice
USPAP, (Uniform Standards of Professional Appraisal Practice), pronounced, “use-pap,” is the results of a Congressional Ad Hoc Committee on Uniform Standards copyrighted in 1987. Congress authorized the new non-profit Appraisal Foundation and charged it with promulgating appraisal standards. In 1989 the Appraisal Foundation created a division called the Appraisal Standards Board (ASB) that publishes and maintains USPAP, the appraisal standards that are accepted nationwide and in United Kingdom, Russia, China, Mexico, Japan, Kazakhstan, Korea, and Vietnam.
The USPAP Standards are revised and updated every two years. The individual appraisers are responsible for any interim changes. A mandatory update USPAP test must be taken by EVERYONE who holds themselves out to the public as an appraiser every two years. USPAP includes definitions, a preamble, Ethics Rules, Competency Rules, Scope of Work Rules and a Jurisdictional Rule. USPAP also includes 10 Standards, describing the functions that an appraiser can perform (”Personal Property Appraisal, Business Appraisal, Real Property, Mass Appraisal and Developing, Reporting, & Consulting Appraisal interest”). USPAP contains 10 Statements, five statements have been retired, the remaining five are used the purpose to clarify, interpret, explain, or elaborate USPAP and have the full weight of a Standards Rule. USPAP has added Advisory Opinions, with examples of history, when USPAP applies in the valuation service, compliance, real-life issues with appraisals and how Federally regulated institutions use appraisals and how the Rules and Standards of USPAP are applied.
The new laws charge every appraiser with knowing and following and applying USPAP in all their appraisal services. Each appraiser must continue his or her education to become knowledgeable of annual changes to USPAP and Advisory Opinions. Non-compliance with USPAP by an appraiser of negligence is punishable by law.
Durkin Valuation Associates are 2008-2009 USPAP compliant. One of our Senior Appraisers teaches the USPAP course for government testing of appraisers. We have 70 years combined appraisal experience. Give us a call for your appraisal needs. Phone (617) 720-0332
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