A USPAP appraisal refers to an appraisal that adheres to the Uniform Standards of Professional Appraisal Practice (USPAP). These standards are the generally recognized ethical and performance standards for the appraisal profession in the United States. They apply to all types of appraisal services, including:
Real estate: This includes appraisals of residential, commercial, and industrial properties.
Personal property: This includes appraisals of jewelry, artwork, antiques, and other valuable personal belongings.
Business: This includes appraisals of businesses, business interests, and intangible assets.
Mass appraisal: This involves the estimation of the value of many similar properties, such as those in a subdivision or neighborhood.
USPAP was established in 1989 by the Appraisal Foundation, a non-profit organization dedicated to fostering professionalism in the appraisal profession. The standards are updated periodically to reflect changes in the law, regulations, and best practices.
Here are some key features of USPAP:
Ethics: USPAP requires appraisers to act with integrity, independence, objectivity, and competence.
Performance standards: USPAP sets forth specific standards for the development and reporting of appraisals, including the requirements for data collection, analysis, and valuation methods.
Record keeping: USPAP requires appraisers to maintain records of their work for a specified period of time.
Continuing education: USPAP requires appraisers to complete continuing education courses to stay up-to-date on the latest standards and practices.
By adhering to USPAP, appraisers help to ensure that their work is reliable, credible, and unbiased. This is important for a variety of stakeholders, including lenders, investors, insurers, and government agencies.
Here are some additional resources where you can learn more about USPAP:
The Appraisal Foundation: https://www.appraisalfoundation.org/