The Appraisal Foundation has just released the 2012-13 Uniform Standards of Professional Appraisal Practice (USPAP); the new edition will be valid through December 31, 2013. As with prior years, this latest version includes the standards of professional practice as well as guidance from the Appraisal Standards Board (ASB) in USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs). Among the new updates:
- Revisions to definitions of “Client,” “Extraordinary Assumptions,” “Hypothetical Condition,” and “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, and Reporting.
Of greater interest, perhaps: the TAF is making this and future USPAP editions available as e-books—specifically, for the Amazon Kindle and the iPad, Nook, and Sony Reader. For more information on purchasing the updated USPAP in all formats, visit the TAF Store.
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