Question:  

What does it mean when the ASB retires a portion of USPAP?

Response: 

To “retire” a portion of USPAP means to withdraw it so it is no longer of force. The ASB is responsible for promulgating, developing, interpreting, and amending the Uniform Standards of Professional Appraisal Practice. As such, it can decide to retire any portion of USPAP if it does not reflect current practice, is no longer necessary or applicable, or is otherwise deficient.

It should be noted that the acronym “USPAP” is used by many to refer to a publication of The Appraisal Foundation, which includes more than the Uniform Standards of Professional Appraisal Practice. For example, the Advisory Opinions are not actually part of the Uniform Standards of Professional Appraisal Practice, even though they are bound within the same publication.

Since not all portions of the USPAP publication constitute appraisal standards or have the weight of an appraisal standard, not all parts of the document are subject to the same process of retirement. Retirement of those portions of USPAP that constitute appraisal standards (or that have the same weight as standards) must be exposed for a minimum of 30 days prior to any action by the ASB.  This includes the DEFINITIONS, PREAMBLE, RULES, Standards Rules, and Statements. The Advisory Opinions can be adopted, removed, or modified by the ASB without prior notice.