USPAP 2008–2009
The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, publishes, 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.
USPAP has five sections: DEFINITIONS, PREAMBLE, Rules, Standards and
Standards Rules, and Statements on Appraisal Standards. For
convenience of reference, USPAP is published with this Foreword and a
TABLE OF CONTENTS
It is important that individuals understand and adhere to changes in each edition of USPAP. State and federal regulatory authorities enforce the content of the current or applicable edition of USPAP.
These Standards are based on the original Uniform Standards of Professional Appraisal Practice developed in 1986–87 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal Foundation. The effective date of the original Uniform Standards was April 27, 1987. Prior to the establishment of the ASB in 1989, USPAP had been adopted by major appraisal organizations in North America. USPAP represents the generally accepted and recognized standards of appraisal practice in the United States.
At its organizational meeting on January 30, 1989, the Appraisal Standards Board unanimously approved and adopted the original USPAP as the initial appraisal standards promulgated by the ASB. USPAP may be amended, interpreted, supplemented, or retired by the ASB after exposure to the appraisal profession, users of appraisal services, and the public in accordance with established rules of procedure.
The ASB issues guidance in the form of Advisory Opinions, USPAP Frequently Asked Questions (FAQ) and monthly questions and responses “USPAP Q&A.” These communications do not establish new Standards or interpret existing Standards and are not part of USPAP. They illustrate the applicability of Standards in specific situations and offer advice from the ASB for the resolution of appraisal issues and problems.
The USPAP Q&A is published monthly and available on The Appraisal Foundation website. These questions and responses are compiled and published in the USPAP Frequently Asked Questions.
Over the years, USPAP has evolved in response to changes in appraisal practice. The ASB has developed a process for developing both Standards and guidance based, in part, on written comments submitted in response to exposure drafts and oral testimony presented at public meetings.
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
TABLE OF CONTENTS
USPAP 2008–2009 Edition
©The Appraisal Foundation