From the Appraisal Foundation
The Appraisal Foundation, the nation’s foremost authority on the valuation profession, announced that the 2014-15 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, and congressionally authorized for real estate appraisers.
The 2014-15 edition of USPAP will be valid for two years, effective January 1, 2014 through December 31, 2015. 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 the DEFINITIONS of “Assignment Results” and “Scope of Work”
· Revisions to the PREAMBLE
· Revisions to the Conduct section of the ETHICS RULE
· Revisions to the COMPETENCY RULE
· Revisions to Reporting Requirements, including the type and number of Report Options
· Revisions to Standards Rule 3-5
· Retirement of STANDARDS 4 and 5
· Revisions to Advisory Opinion 11, Content of the Appraisal Report Options of Standards Rules 2-2 and 8-2
and Advisory Opinion 12, Use of the Appraisal Report Options of Standards Rules 2-2 and 8-2
While the effective date for this publication is January 1, 2014, The Appraisal Foundation is encouraging appraisers to familiarize themselves with the changes now. To view a detailed description of the changes above, please see the USPAP Summary of Actions.
Copies of the 2014-15 edition of USPAP are now available for purchase via the Foundation Store at www.appraisalfoundation.org or by calling 800-348-2831. The 2014-15 edition of USPAP is available in printed, spiral bound copy for $75 and via electronic downloads for $60.
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