Appraisal Standards Board Release 1st USPAP 2020/21 Exposure Draft

The Appraisal Foundation's Appraisal Standards Board (ASB) recently released the first exposure draft for the next edition of USPAP.  While not final, and changes can be expected it will give appraisers a general idea of the types of changes to expect for the 2020/2021 edition of USPAP.

See the below listed bullet points which categorize the major potential changes. Deadline for public comments is July 15, 2018. It is important for personal property appraiser to review the exposure draft, and all comments are not only welcome, but discussed.  The Personal Property Issues Committee will also be review the exposure draft at our next meeting and making comments and possible recommendations.

Click HERE to review the 1st Exposure draft for the 2020/2021 edition of USPAP.

The goal of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain  a  high  level  of  public  trust  in  appraisal  practice  by  establishing  requirements  for  appraisers.  With  this  goal  in  mind,  the  Appraisal  Standards  Board  (ASB)  regularly  solicits  and  receives  comments  and  suggestions  for  improving  USPAP.  Proposed  changes  are  intended  to  improve USPAP understanding and enforcement, and thereby achieve the goal of promoting and maintaining public trust in appraisal practice.

The ASB is  currently  considering  changes  for  the  2020-21 edition  of  USPAP.All  interested  parties  are  encouraged  to  comment  in  writing  to  the  ASB  before  the  deadline  of  July  15, 2018. Respondents  should  be  assured  that  each  member  of  the  ASB  will  thoroughly  read  and  consider all comments. Comments are also invited during the ASB online briefing on June 8, 2018. The Appraisal Standards Board has issued a First Exposure Draft of proposed changes for the 2020-21 edition of the Uniform Standards of Professional Appraisal Practice (USPAP). The First Exposure Draft proposes changes in the following:

• Reporting Options

• SCOPE OF WORK RULE

• Comments in Standards Rules

• DEFINITIONS

• Other edits to improve clarity and enforceability of USPAP

The written comment deadline is July 15, 2018. To submit comments on the proposals, please email ASBcomments@appraisalfoundation.org.

Source: Appraisal Foundation