USAP Definition

Uniform Standards of Professional Appraisal Practice or USPAP and the Appraisal Standards Board

The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted standards for professional appraisal practice in North America. USPAP contains standards for all types of appraisal services. Standards are included for real estate, 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. The Financial Institutions Reform Recovery and Enforcement Act (FIRREA) of 1989 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. Any state certified professional real estate appraiser who is appraising a property has agreed to operate according to these standards. Through FIRREA, the Federal government has mandated that the states enforce real property appraiser’s compliance to USPAP. Professional appraisal associations also have the authority to enforce USPAP compliance by their members. The Appraisal Standards Board (ASB) is an independent Board of The Appraisal Foundation. The ASB is responsible for writing, amending and interpreting the Uniform Standards of Professional Appraisal Practice.

 

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