USPAP 2012-2013 Released - Available for Purchase

The Appraisal Foundation has just released the new 2012-2013 edition of USPAP.   There have been revisions to personal property standards 7 & 8, so all personal property appraisers should review the new standards.

The Appraisal Foundation press release follows with links to purchase the newest USPAP edition.  With the publication, USPAP instructors should now be working on their certification to instruct the new version, and with that, the new personal property USPAP update classes should soon be offered.

2012-13 EDITION OF USPAP RELEASED

FOR IMMEDIATE RELEASE
October 13, 2011

Contact:
Paula Douglas Seidel
Executive Administrator
The Appraisal Foundation
paula@appraisalfoundation.org
direct phone 202.624.3048

WASHINGTON, DC—The Appraisal Foundation, a congressionally-authorized nonprofit organization dedicated to the advancement of professional valuation, announced that the 2012-13 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) has been released. USPAP is the generally accepted standards of practice for the appraisal profession in the United States.

The 2012-13 edition of USPAP will be valid for two years, effective January 1, 2012 through December 31, 2013. As with the prior edition, the new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs).

Changes to the document include:

• Revisions to DEFINITIONS of “Client,” “Extraordinary Assumptions,” and “Hypothetical Condition,” as well as a new definition of “Exposure Time”;

• Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE;

• Revisions to Advisory Opinion 21, USPAP Compliance; and,

• Revisions to STANDARDS 7 & 8: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT & REPORTING.

While the effective date for this publication is January 1, 2012, The Appraisal Foundation is encouraging appraisers to familiarize themselves with the changes now. To assist appraisers in this regard, earlier this summer the Foundation released a video featuring the Chair and Vice-Chair of the ASB discussing the changes to USPAP. The video, A Preview of Changes to the 2012-13 Uniform Standards of Professional Appraisal Practice (USPAP), is a 23-minute interview with the 2011 Chair and Vice-Chair of the Appraisal Standards Board, J. Carl Schultz, Jr. and Barry Shea, respectively.  Please visit the following link to access the video on the Foundation’s eLibrary:

CLICK HERE TO VIEW THE VIDEO ON 2012-13 USPAP CHANGES

Copies of the 2012-13 edition of USPAP are now available for purchase via the Foundation Store at http://www.appraisalfoundation.org/.   The 2012-13 edition of USPAP is available in printed, spiral bound copy for $75 and the electronic PDF download for $60.  

In the coming weeks, USPAP will be available in Flipbook format and for eReaders including the iPad, Kindle, Nook and the Sony Reader.