rightWhat is USPAP?
USPAP is an acronym for 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.  The acronym USPAP is typically pronounced similar to "YOOS-pap" by most people familiar with it.

 

USPAP is revised periodically, usually every two years, and almost never radically.  It includes sections covering rules, such as an Ethics Rule, a Departure 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").  It includes ten (10) Statements, some retired, which are used to clarify or supplement the Standards.  It also includes Advisory Opinions, 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 would be governed under the Rules and Standards of USPAP.

 

Every real estate appraiser is expected to know and completely follow USPAP, usually by operation of state law, and must complete continuing education periodically (every 2 years in Indiana) to relearn the basics and become familiar with new Advisory Opinions and annual changes to USPAP.  

On January 1, 2024, The 2024-2025 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) took affect.