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A MESSAGE FROM THE ASB
This
brochure is intended to help appraisers and users of
appraisal
services become more familiar with the role, function
and activities
of the Appraisal Standards Board (ASB) and the
process by
which the
Uniform Standards of
Professional
Appraisal
Practice (USPAP)
is developed and revised.
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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. The ASB has six members
appointed by the Foundation’s
Board of Trustees. The current Board members are
experienced in commercial,
residential and agricultural real property and
in business valuation.
The ASB issues Exposure Drafts for public comment of proposed
changes to
USPAP and holds public meetings
throughout the year in various regions of the
country. During the course of
these meetings the ASB considers relevant changes
to USPAP based on the
ever-changing needs of the marketplace. In addition, the
ASB considers written and oral
public testimony on proposed changes to USPAP.
The ASB is dedicated to continually educating appraisers and the
public regarding
USPAP by issuing monthly
questions and answers on the Foundation web site,
participating in numerous
speaking engagements and by holding annual updates
for USPAP instructors and state
regulators. |
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WHAT IS USPAP?
The Uniform Standards of
Professional Appraisal Practice (USPAP) are the generally
accepted standards for professional
appraisal practice in the United States.
USPAP contains standards for all types
of appraisal services including real property,
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.
• USPAP was originally written in
1986-1987 by an appraisal profession Ad
Hoc Committee and was donated to the
Foundation in 1987.
• 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.
• USPAP is updated on a periodic basis.
• USPAP is growing in acceptance
throughout the world. Many professional
associations in North America,
South America, Europe and Asia have accepted
USPAP as the standard of practice for
their membership.
HOW CAN I IMPACT USPAP
REVISIONS?
The ASB actively seeks the input of
appraisers, their clients, users of appraisal
services, and regulators. The ASB
welcomes all comments and questions on USPAP
and receives numerous telephone,
electronic and written inquiries. In response,
the ASB communicates directly with
hundreds of individuals each year.
In accordance with its public charge,
the ASB is required to issue to the public,
Exposure Drafts of all proposed
revisions to USPAP. The agenda of the ASB is
discussed and established each year.
Most items on the agenda are things that
were suggested by appraisers or users
of appraisal services during the prior year.
The ASB then proposes revisions to
USPAP based on these agenda items. All
Exposure Drafts are posted on the
Foundation website and are available free of
charge by contacting The Appraisal
Foundation directly. Interested parties can
participate in this process by
submitting written comments or by offering oral
testimony at an ASB public meeting.
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Individuals interested in providing oral testimony to the ASB should
contact the
Standard & Qualifications Administrator
prior to the public meeting.
HOW IS USPAP ENFORCED?
Although the ASB writes, amends and
interprets USPAP, the Board does not
enforce USPAP. 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. In addition, many users
of appraisal services (such as lenders,
mortgage companies, etc) have adopted
USPAP and require employee or
contract appraiser compliance to USPAP.
Complaints regarding real property
appraisers should be directed to the state(s)
in which he or she is licensed or
certified. Complaints about an appraiser of
any other discipline, such as personal
property or business valuation, should
be forwarded to the professional
organization to which the appraiser belongs.
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