The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted standards for professional appraisal practice in the United States.  USPAP contains standards for all types of appraisal services including real property, personal property, business and mass appraisal.  The purpose of USPAP is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.

• USPAP was originally written in I986 by an appraisal profession Ad Hoc Committee and was donated to the Foundation in I987.
• The Financial Institutions Reform Recovery and Enforcement Act (FIRREA) of I989 cites USPAP as the standard to be enforced by state real estate appraiser licensing and certification boards.
• USPAP compliance is also required by professional appraisal associations, client groups and by dozens of federal, state and local agencies.
• USPAP is updated on a periodic basis.
• USPAP is growing in acceptance throughout the world. /\/\any professional associations in North America, South America, Europe and Asia have accepted USPAP as the standard of practice for their membership.
  

The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions, and conclusions to intended users of their services in a manner that is meaningful and not misleading.

The Appraisal Standards Board promulgates USPAP for both appraisers and users of appraisal services.  The appraiser’s responsibility is to protect the overall public trust, and it is the importance of the role of the appraiser, which places ethical obligations on those who serve in this capacity, USPAP reflects the current standards of the appraisal profession.

USPAP addresses the ethical and performance obligations of appraisers through DEFINITIONS, Rules, Standards, Standards Rules, and Statements.

• The DEFINITIONS establish the application of certain terminology in USPAP.

• The ETHICS RULE sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct.

• The RECORD KEEPING RULE establishes the work file requirements for appraisal and appraisal review assignments.

• The COMPETENCY RULE presents pre-assignment and assignment conditions for knowledge and experience.

• The SCOPE OF WORK RULE presents obligations related to problem identification, research, and analyses.

• The JURISDICTIONAL EXCEPTION RULE preserves the balance of USPAP if a portion is contrary to law or public policy of a jurisdiction.

• The Standards establish the requirements for appraisal and appraisal review and the manner in which each is communicated.

STANDARDS 1 and 2 establish requirements for the development and communication of a real property appraisal.

STANDARD 3 establishes requirements for the development and communication of an appraisal review.

(Note: STANDARDS 4 and 5 have been retired).

STANDARD 6 establishes requirements for the development and communication of a mass appraisal.

STANDARDS 7 and 8 establish requirements for the development and communication of a personal property appraisal.

STANDARDS 9 and 10 establish requirements for the development and communication of a business or intangible asset appraisal.

• There are currently no active Statements on Appraisal Standards.

• Comments are an integral part of USPAP and have the same weight as the component they address. These extensions of the DEFINITIONS, Rules, and Standards Rules provide interpretation and establish the context and conditions for application.

When Do USPAP Rules and Standards Apply?

USPAP does not establish who or which assignments must comply. Neither The Appraisal Foundation nor its Appraisal Standards Board is a government entity with the power to make, judge, or enforce law. An appraiser must comply with USPAP when either the service or the appraiser is required by law, regulation, or agreement with the client or intended user.  Individuals may also choose to comply with USPAP any time that individual is performing the service as an appraiser.  In order to comply with USPAP, an appraiser must meet the following obligations:

• Satisfied Clients

  
• Pan Northern Air Services (Malaysia)
• Community National Bank (California)
• Textron/ Greentree Financial Services
• Government of Israel (Ministry of Defense) GOIMOD
• ACE Aviation
• California Bank & Trust
• Bank of America
• Kanza Bank
• Jacobs Instrument
• Kelley Aerospace
• Nu-Tek Instrument
• Kelley Manufacturing  (RC Allen)