What is USPAP
The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. Published by the Appraisal Foundation and the Appraisal Standards Board, 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. USPAP is updated every two years so that appraisers have the information they need to deliver unbiased and thoughtful opinions of value. Although voluntary for personal property appraisers, all members of the International Society of Appraisers must be USPAP compliant per membership requirements.
Standards & Rules
USPAP has two Standards directly related to the appraisal of personal property:
Standard 7: personal property appraisal, development
Standard 8: personal property appraisal, reporting
In addition to the Standards, USPAP has four Rules addressing the professional behavior of appraisers:
Record Keeping Rule
Scope of Work Rule
What does being USPAP compliant mean?
To be USPAP compliant, an appraiser has pledged to follow the regulations as dictated by the Uniform Standards of Professional Appraisal Practice. For USPAP compliance, an appraiser must successfully complete a fifteen-hour course with a written exam. Appraisers are then required to take the seven-hour update course every two years to remain current.
Why is it important to hire a USPAP compliant appraiser?
USPAP ensures that the client’s interests are protected. Appraisers that are USPAP compliant will, among other things, include a signed certification of impartiality and non-bias in the appraisal report, never charge an appraisal fee contingent on the appraised value, meet the competency requirements, and prepare and retain a detailed work file.
Read more about USPAP from the Appraisal Foundation here