USPAP

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

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

• Licensed and certified real estate appraisers
• Appraisers performing work for federally related transactions
• Many state-regulated appraisal activities

• 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

• Standard 1
  • Development of the appraisal

• Standard 2
  • Reporting of the appraisal

• USPAP governs how appraisals are performed and reported
• Appraisers must be independent and unbiased