What is USPAP? - Benchmark Appraisals, LLC Columbia MD

What is USPAP?

USPAP is an acronym for Uniform Standards of Professional Appraisal Practice; the mandatory guidelines that govern the performance of all licensed and certified appraisers. The goal of USPAP is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.

The Uniform Standards of Professional Appraisal Practice 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. It develops, interprets, and amends USPAP on behalf of appraisers and users of appraisal services. The 2012-2013 Edition is effective January 1, 2012 through December 31, 2013

USPAP includes sections covering rules such as the Ethics Rule, Competency Rule, Scope of Work Rule, and Jurisdictional Exception Rule. It includes 10 Standards, each covering in detail different functions an appraiser might perform ("Real Property Appraisal, Reporting, Review"; "Business Appraisal, Development"). It also includes 10 Statements, some retired, which are used to clarify or supplement the Standards. Additionally, Advisory Opinions are provided for guidance in situations such as: "When does USPAP apply in valuation services?" and "Clarification of the client in a federally related transaction," which describe real-life problems and how they are governed under the Rules and Standards of USPAP.

Every appraiser is charged with understanding and following USPAP, usually by operation of state law. They must complete a 7 hours USPAP Continuing Education course every two years to update the basic concepts and become familiar with new Advisory Opinions and changes to USPAP.