The Appraisal Standards Board (ASB)—which develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP)—has officially finalized several revisions to USPAP’s guidelines for 2014-2015. Many of the ASB’s revisions are simply edits that were made for clarification purposes, and none establish new requirements.
All of the revised guidelines will represent the generally accepted and recognized standards of appraisal practice in the United States, and will influence both state and federal regulations that govern the appraisal industry during 2014-2015.
Listed below are the official revisions that the ASB has implemented into the 2014-2015 edition of the USPAP:
- Revisions to the definition of “Assignment Results”
- Revisions to the definition of “Scope of Work”
- Revisions to the Preamble
- Revisions to the “Conduct” section of the Ethics Rule
- Revisions to the Competency Rule
- Revisions to Reporting Requirements
- Revisions to Standard Rule 3-5
- Retirement of Standards 4 and 5
- Revisions to Advisory Opinions 11 and 12
The 2014-2015 USPAP will become effective on January 1, 2014, and compliance with the above revisions will be mandatory for all appraisal assignments that are completed on or after this date. It is very important that appraisers start to familiarize themselves with the new edition of USPAP in order to be prepared when it takes effect in just over a month.
For more information on these specific revisions, please view the following white paper.
For more information on the overall 2014-2015 USPAP, please visit The Appraisal Foundation’s website.