The Uniform Standards of Professional Practice (USPAP) is now twenty years old. Recent changes during its evolutionary growth include revisions to the Scope of Work Rule and the decision to combine publishing, on a biennial basis, of the document with Advisory Opinions and FAQs. Together the Appraisal Standards Board (ASB) and the Appraiser Qualifications Board (AQB) are evaluating USPAP and USPAP education. They have jointly issued an Invitation to Comment (ITC) to appraisers and users of appraisers to gather information. “Both Boards would like to take time in 2008 to expand and enhance their relationships with appraisers…who rely on USPAP,” says the ITC. (They made a special effort, by directly contacting the BVWire™ and the ASA E-Update, to reach BV appraisers.) “We want to hear from all parties, and we will be proactively engaging a wide array of market participants in many different forums to discuss the future direction of USPAP.” Their questions include:
- Is USPAP maintaining a high level of public trust?
- Is it understandable to appraisers and the public?
- Is it enforceable?
The Boards hope to have written comments by February 25, 2008 by mail, fax, and email (firstname.lastname@example.org). They will also solicit oral comments at two full-day, public meetings of the ASB and AQB on March 3, 2008 (Los Angeles) and June 6, 2008 (Atlanta). For more information, including the mailing address and fax number for comments, go to The Appraisal Foundation and click on the ITC item under “News.”
Correction: In the last issue of BVWire, a headline incorrectly referred to the “Appraisal Institute” when the article clearly referred to “The Appraisal Foundation.” Thanks to Carla Glass for being the first to point out the error. And our continuing thanks to Jay Fishman for his reminders for BV professionals to become involved in TAF activities. Finally, we appreciate all subscriber input on the current impact of USPAP. Do BV people feel the same urgency about USPAP as real estate appraisers do, especially since only the latter can lose their licenses as a result of a USPAP infraction? Please email comments on this or any significant BV topic to the editor.
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