WHAT IS USPAP?
USPAP, which you might hear pronounced "Yoospap" is the Uniform Standards of Professional Appraisal Practice. Every appraiser is charged with knowing and following USPAP, usually by operation of state law, and must complete Continuing Education periodically to relearn the basics and become familiar with new Advisory Opinions and annual changes to USPAP. USPAP might be considered the "Bible" of appraisal practice.
USPAP is published and maintained by the Appraisal Standards Board (ASB) of The Appraisal Foundation (TAF), a non-governmental entity charges by Congress with promulgating appraisal standards. USPAP has five sections: Definitions, Preamble, Rules, Standards, and Standard Rules and Statements on Appraisal Standards.
The Standards are based on the original USPAP developed in 1986-87 by the Ad-Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal Foundation. The effective date of the original Uniform Standards was April 27th, 1987. Prior to the establishment of the ASB in 1989, USPAP has been adopted by major appraisal organizations in North America. USPAP represents the generally accepted and recognized standards of appraisal practice in the United States.
At its organizational meeting on January 30th, 1989, the Appraisal Standards Board unanimously approved and adopted the original USPAP as the initial appraisal standards promulgated by the ASB. USPAP may be amended, interpreted, supplemented, or retired by the ASB after exposure to the appraisal profession, users of appraisal services, and the public in accordance with established rules of procedure.
Over the years, USPAP has evolved in response to changes in appraisal practice. The ASB has developed a process for developing both Standards and guidance based, in part, on written comments in response to exposure drafts and oral testimony presented at public meetings.