PREAMBLE

The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions, and conclusions to intended users of their services in a manner that is meaningful and not misleading.

The Appraisal Standards Board promulgates USPAP for both appraisers and users of appraisal services. The appraiser’s responsibility is to protect the overall public trust and it is the importance of the role of the appraiser that places ethical obligations on those who serve in this capacity. USPAP reflects the current standards of the appraisal profession.

USPAP does not establish who or which assignments must comply. Neither The Appraisal Foundation nor its Appraisal Standards Board is a government entity with the power to make, judge, or enforce law. Compliance with USPAP is required when either the service or the appraiser is obligated to comply by law or regulation, or by agreement with the client or intended users. When not obligated, individuals may still choose to comply.

USPAP addresses the ethical and performance obligations of appraisers through DEFINITIONS, Rules, Standards, Standards Rules, and Statements.

• The DEFINITIONS establish the application of certain terminology in USPAP.

• The ETHICS RULE sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct.

• The COMPETENCY RULE presents pre-assignment and assignment conditions for knowledge and experience.

• The SCOPE OF WORK RULE presents obligations related to problem identification, research and analyses.

• The JURISDICTIONAL EXCEPTION RULE preserves the balance of USPAP if a portion is contrary to law or public policy of a jurisdiction.

• The ten Standards establish the requirements for appraisal, appraisal review, and appraisal consulting service and the manner in which each is communicated.

• STANDARDS 1 and 2 establish requirements for the development and communication of a real property appraisal.

• STANDARD 3 establishes requirements for the development and communication of an appraisal review.

• STANDARDS 4 and 5 establish requirements for the development and communication of a real property appraisal consulting assignment.

• STANDARD 6 establishes requirements for the development and communication of a mass appraisal.

• STANDARDS 7 and 8 establish requirements for the development and communication of a personal property appraisal.

• STANDARDS 9 and 10 establish requirements for the development and communication of a business or intangible asset appraisal.

• Statements on Appraisal Standards clarify, interpret, explain, or elaborate on a Rule or Standards Rules.

• Comments are an integral part of USPAP and have the same weight as the component they address. These extensions of the DEFINITIONS, Rules, and Standards Rules provide interpretation and establish the context and conditions for application.

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