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USPAP
What is USPAP?
USPAP stands for the Uniform Standards of Professional Appraisal Practice. USPAP is the ethics and performance standards for the entire appraisal profession (not just real property) in the United States.
When was USPAP created?
USPAP was established by the United States Congress in 1989 through the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) is established in Title XI of FIRREA to serve as a government watchdog for appraisal standards vis-a-vis the Appraisal Foundation (TAF).
What is the Appraisal Foundation?
The Appraisal Foundation (TAF) contains two divisions:
- Appraisal Standards Board (ASB)
- Appraisal Qualifications Board (AQB)
What is the Appraisal Standards Board?
According to the Appraisal Foundation, the Appraisal Standards Board (ASB) is responsible for writing, amending, and interpreting the Uniform Standards of Professional Appraisal Practice (USPAP).
What is the Appraiser Qualifications Board?
According to the Appraisal Foundation, the Appraiser Qualifications Board establishes the Real Property Appraiser Qualification Criteria (Criteria), or the minimum education, experience and examination requirements for real property appraisers to obtain a state certification.
15-Hour National USPAP Course
The 15-Hour National USPAP Course is required in order to become a real property appraiser in the United States.
7-Hour National USPAP Update Course
Real property appraisers must complete the 7-Hour National USPAP Update Course on a bi-annual basis (every 2 years).
Who makes USPAP changes?
The Appraisal Standards Board (ASB) is responsible for amending USPAP.
Who regulates the appraisal industry?
Each US state or territory has a State Appraiser Regulatory Agency that is responsible for certifying and licensing and supervising real estate appraisers according to federal mandates.
While the appraisal industry is enforced at the state level, there is oversight from the federal government through the Congressionally appointed Appraisal Foundation which sits under the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC).
Who must follow USPAP?
All appraisers of real property must follow USPAP.
Who writes USPAP?
The Appraisal Standards Board (ASB) is responsible for writing USPAP.
