SUPPLEMENTAL STANDARDS RULE

USPAP provides the common basis for all appraisal practice. Supplemental standards applicable to assignments prepared for specific purposes or property types may be issued (i.e., published) by government agencies, government sponsored enterprises, or other entities that establish public policy. An appraiser and client must ascertain whether any such published supplemental standards in addition to USPAP apply to the assignment being considered. 4

Comment: The purpose of the SUPPLEMENTAL STANDARDS RULE is to provide a reasonable means to augment USPAP with requirements that add to the requirements set forth by USPAP.

Supplemental standards cannot diminish the purpose, intent, or content of the requirements of USPAP.

Upon agreeing to perform an assignment that includes acceptable supplemental standards, an appraiser is obligated to competently satisfy those supplemental standards, as well as applicable USPAP requirements.

An appraiser who represents that an assignment is or will be completed in compliance with agreed-upon supplemental standards and who then knowingly fails to comply with those supplemental standards violates the ETHICS RULE, or who then inadvertently fails to comply with those supplemental standards violates the COMPETENCY RULE. (See the ETHICS RULE and the COMPETENCY RULE.)

See Statement on Appraisal Standards No. 10, Assignments for Use by a Federally Insured Depository Institution in a Federally Related Transaction. See also Advisory Opinion 27, Marketing Time Opinions. References to Advisory Opinions are for guidance only and do not incorporate Advisory Opinions into USPAP.