USPAP Third Exposure Draft
Folks, the Appraisal Foundation’s Appraisal Standards Board released the THIRD Exposure Draft to USPAP on July 26, 2022. To be honest, I didn’t know there have been two previous Exposure Drafts.
I would encourage you to download and print this Draft here. The PDF is also embedded below. It’s only 11 pages total. The key difference in this Draft is that the Ethics Rule has been expanded with a new highly detailed Nondiscrimination section, which also affects the Competency Rule.
You may submit your comments about this Draft to the ASB on or before Sept. 24, 2022. Comments should be submitted here. If you are unable to provide your comments via SurveyMonkey, you may also email the ASB at ASB@appraisalfoundation.org.
One item of note, well actually two. This Draft does not include the effective dates for the next version of USPAP. I question whether it will actually be effective on January 1, 2023 due to potential additional Drafts, the formal ASB approval actions, printing, preparing of the 7 hour USPAP update course… If not, there will have to be a formal announcement from the ASB to further extend the 2020-21/22 USPAP to a specific ending date.
Secondly, I have not seen anything yet that tells stakeholders what the next term length of the next USPAP will be. For the past decade or so USPAP has been on a two year revision cycle. But that duty cycle has infuriated many users and appraisers, who believe revising this necessary document so often is ridiculous. So keep your “eyes peeled” and watch for news about this, which may be disclosed at and after the next ASB meeting on Oct. 20,2022.
The ASB will also accept verbal comments at its virtual public meeting on October 20, 2022.
Proposed Addition of a Nondiscrimination Section in the ETHICS RULE: