What is USPAP?
- The Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted standards for professional appraisal practice in North America. USPAP contains standards for all types of appraisal services, including: real estate, personal property, business and mass appraisal.
- The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federal-related transactions.
- As there is no national license for personal property appraisers, USPAP compliancy is an important credential, and one that the IRS uses to measure appraisals as acceptable for tax purposes. The IRS is much less likely to question appraisals completed by USPAP compliant appraisers.
See Pension Protection Act.
History of USPAP
- Established in 1987 and based in Washington DC, The Appraisal Foundation is a non-profit educational organization with a mission to foster professionalism in valuation through the establishment and promotion of professional appraisal standards and appraiser qualifications.
- The work of the Foundation is important to all disciplines of the appraisal profession as well as to the consumer public. The work of the Foundation benefits the appraisal profession by functioning to increase the quality of appraisals and by addressing issues critical to the advancement professional valuation. Users of appraisal services and consumers can feel confident that the Foundation is working to serve their needs and help protect their financial well-being.
- The Foundation accomplishes its mission through the work of three independent boards: the Appraiser Qualifications Board (AQB), the Appraisal Standards Board (ASB), and the Appraisal Practice Board (APB).
- The AQB establishes the minimum education, experience and examination criteria for appraisers; the ASB promulgates the generally accepted standards of the valuation profession; and the APB identifies and issues opinions on Recognized Valuation Methods and Techniques.
- Since its inception, the Foundation has worked to foster professionalism in appraising by establishing, improving, and promoting the Uniform Standards of Professional Appraisal Practice (USPAP).
Affiliation with the Appraisal Foundation
- The Appraisers Association is a sponsor of the Appraisal Foundation. To maintain our sponsorship, we must ensure that all of our members meet the standards set forth by the Foundation.
- Our affiliation also provides us the right to reproduce USPAP.