====== USPAP ======

**USPAP** stands for the **Uniform Standards of Professional Appraisal Practice** and sets the **ethical and performance standards** for real estate appraisers.

===== Purpose =====
  * Ensure **credibility and consistency** in appraisals
  * Protect the **public trust**
  * Establish minimum standards for appraisal practice

===== Who Must Follow USPAP =====
  * Licensed and certified real estate appraisers
  * Appraisers performing work for **federally related transactions**
  * Many state-regulated appraisal activities

===== Key Components =====
  * **Ethics Rule**
    * Requires independence, impartiality, and objectivity
    * Prohibits bias and advocacy

  * **Record Keeping Rule**
    * Requires maintenance of work files

  * **Competency Rule**
    * Appraiser must be competent or acquire competency

  * **Scope of Work Rule**
    * Determines the level of analysis required

===== Appraisal Standards =====
  * **Standard 1**
    * Development of the appraisal

  * **Standard 2**
    * Reporting of the appraisal

===== Exam Tip =====
  * USPAP governs **how appraisals are performed and reported**
  * Appraisers must be **independent and unbiased**