The Appraisal Standards Board just issued its 2007 Summary Report, announcing (among other highlights) “a changing face for USPAP in 2008.” The most “visible” changes will be to the seven-hour National USPAP Update Course, which will shift focus from discussing changes in the uniform appraisal standards to applying their principles. “This will include addressing those areas of USPAP that are most commonly misunderstood or questioned, as well as presenting ‘real world’ scenarios that challenge the students to interpret and apply USPAP to situations they will likely encounter.”
The literal face of USPAP will also change. The 2008-2009 edition will comprise a single-bound compilation of the uniform standards as well as Advisory Opinions, FAQs, and related guidance from the ASB.
Most importantly, this next edition of USPAP, effective January 1, 2008 through December 31, 2009, will incorporate all modifications the ASB approved in June, including the 1) deletion of the Supplemental Standards Rule and 2) revisions to the report certification requirements related to the appraiser’s reliance on third party reports (by those who do not sign the certification). The complete 2007 Summary of Actions is available at the Board’s website. A final note: Applications for vacancies on the ASB as well as two additional Appraisal Foundation boards (see BVWire™ # 57-3 ) are due August 17, 2007.