FREQUENTLY ASKED QUESTIONS
Foreword
The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. The 2008-2009 Edition of USPAP (2008-2009 USPAP) is effective January 1, 2008 through December 31, 2009. It is important that individuals understand and adhere to changes in each edition of USPAP. State and federal authorities enforce the content of the current or applicable edition of USPAP.
USPAP Frequently Asked Questions (“USPAP FAQ”) is a form of guidance issued by the ASB to respond to questions raised by appraisers, enforcement officials, users of appraisal services and the public to illustrate the applicability of USPAP in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. The advice presented may not represent the only possible solution to the issues discussed and the advice provided may not be applied equally to seemingly similar situations. USPAP FAQ does not establish new standards or interpret existing standards. USPAP FAQ is not part of USPAP and is approved by the ASB without public exposure and comment.
Each month the ASB issues the USPAP Q&A, which is posted on The Appraisal Foundation website (www.appraisalfoundation.org). The USPAP Q&A is issued to inform appraisers, enforcement officials, and users of appraisal services of the ASB responses to questions received by the public.
The ASB compiles the monthly USPAP Q&A into the USPAP FAQ for publication with each edition of USPAP. In addition to incorporating the most recent questions and responses issued by the ASB, the USPAP FAQ is reviewed and updated to ensure that it represents the most recent guidance from the ASB.
Contacting the Appraisal Standards Board
The ASB invites questions about USPAP, commentary on USPAP and proposed changes to USPAP from all interested parties, including appraisers, state enforcement agencies, users of appraisal services, and the public.
If you have any comments, questions, or suggestions regarding USPAP, please contact the ASB.
Appraisal Standards Board
The Appraisal Foundation
1155 15th Street, NW, Suite 1111
Washington, DC 20005
Phone: 202-347-7722
Fax: 202-347-7727
E-Mail: info@appraisalfoundation.org
USPAP 2008–2009 Edition
©The Appraisal Foundation