What appraisal services are covered by USPAP?
USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. Compliance is required for state-licensed and state-certified appraisers involved in federally-related real estate transactions.
How does USPAP define an appraiser?
The current definition of “appraiser” according to the Uniform Standards of Professional Appraisal Practice (USPAP) is: “One who is expected to perform valuation services competently and in a manner that is independent, impartial and objective.” USPAP further comments on this definition: “Such expectation occurs when …
What is USPAP ethics rule?
USPAP also includes: DEFINITIONS which establish the application of certain terminology in USPAP. ETHICS RULE which sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct.
How many standards are there in USPAP?
ten Standards
Standards, statements, and advisory opinions USPAP has ten Standards which cover the development and reporting of valuation.
Which standard in USPAP governs the reporting of an appraisal review?
Standard C establishes requirements for the reporting of an appraisal or review.
What does USPAP compliant mean?
The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States.
What is the Uniform Standards for Professional appraisal Practice USPAP )?
Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories.
Does USPAP apply to real estate appraisers?
In addition, many users of appraisal services (such as lenders, mortgage companies, etc.) have adopted USPAP and require employee or contract appraiser compliance to USPAP. Complaints regarding real property appraisers should be directed to the state(s) in which they are licensed or certified.
How often do appraisers have to take USPAP courses?
Additionally, real property appraisers must take the 7-Hour National USPAP Update Course (or its equivalent) once every two calendar years. Please visit our Q&A webpage to review USPAP Q&As, and visit our store to purchase USPAP or a course Student Manual.
What is the USPAP standard?
USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. Compliance is required for state-licensed and state-certified appraisers involved in federally-related real estate transactions.
How is USPAP enforced?
How is USPAP Enforced? Although the ASB writes, amends, and interprets USPAP, the Board does not enforce USPAP. Through FIRREA, the Federal government has mandated that the states enforce real property appraiser compliance to USPAP. Professional appraisal associations also have the legal authority to enforce USPAP compliance by their members.