2012 – 2013 USPAP Now Available
The Appraisal Foundation (TAF) announced that the 2012 – 13 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available.
The 2012-2013 edition of USPAP will be valid for two years, effective January 1, 2012 through December 31, 2013. According to a TAF press release “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).”
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 DEFINITIONS of “Client,” “Extraordinary Assumptions,” and “Hypothetical Condition,” as well as a new definition of “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 & REPORTING.
While the effective date for this publication is January 1, 2012, The Appraisal Foundation is encouraging appraisers to familiarize themselves with the changes now. To assist appraisers in this regard, earlier this summer the Foundation released a video featuring the Chair and Vice-Chair of the ASB discussing the changes to USPAP. The video, A Preview of Changes to the 2012-13 Uniform Standards of Professional Appraisal Practice (USPAP), is a 23-minute interview with the 2011 Chair and Vice-Chair of the Appraisal Standards Board, J. Carl Schultz, Jr. and Barry Shea, respectively.
Copies of the 2012-2013 edition of USPAP are now available for purchase via the Foundation Store. The 2012-2013 edition of USPAP is available PDF format for $60 and in printed, spiral bound copy for $75. USPAP will also be available in Flipbook format and for eReaders including the iPad, Kindle, Nook and the Sony Reader.
- Fannie Mae Filed a Complaint Against Me - October 18, 2023
- Appraisers Pressured to Inflate Values Based on Race - August 16, 2023
- Foregoing Contingencies! But What About Fiduciary Duty? - June 27, 2023