|
Standards of Professional Appraisal Practice
The Standards of Professional Appraisal Practice of the Appraisal Institute are composed of the Uniform Standards of Professional Practice (USPAP), promulgated by the Appraisal Standards Board of The Appraisal
Foundation, and the Certification Standard of the Appraisal Institute; or the International Valuation Standards, promulgated by the International Valuation Standards Commitee, applicable national Standards, and the
Certification Standard of the Appraisal Institute.
The Uniform Standards of Professional Appraisal Practice
- Standards 1 and 2 establish requirements for the development and reporting of a real property appraisal.
- Standard 3 establishes requirements for development and reporting of an appraisal review assignment involving a real property or personal property appraisal.
- Standards 4 and 5 establish requirements for the development and reporting of real property consulting assignments.
- Standard 6 establishes requirements for the development and reporting of mass appraisals.
- Standards 7 and 8 establish requirements for the development and reporting of personal property appraisals.
- Standards 9 and 10 establish requirements for the development and reporting of business or intangible asset appraisals.
USPAP also includes 10 Statements on Appraisal Standards which clarify, interpret, explain, or elaborate on a Standards Rule and which have the full weight of a Standards Rule and 32 Advisory Opinions which illustrate the applicability of appraisal standards in specific situations and offer advice from the Appraisal Standards Board for the resolution of appraisal issues and problems. Advisory Opinions do not establish or interpret existing standards.
Appraisal Institute members are entitled to receive one free printed copy of the current edition of the Standards of Professional Appraisal Practice. Appraisal Institute members may order their free copy from the AI Store using coupon code USPAPFREE.*
The current edition of USPAP is available in print and electronic versions:
*Coupon is valid for one printed copy per member.
Click here to view the Printed copy 
Click here to view the Electronic copy
Appraisal Institute members are entitled to receive one free printed copy of the current edition of the Standards and Code of Ethics from the Appraisal Institute. Appraisal Institute members may request their free copy by calling 312-335-4469.
The Certification Standard of the Appraisal Institute
The Appraisal Institute has adopted the Certification Standard to require specific certification statements that are not a part of USPAP.
Click here to access a downloadable version of the Certification Standard of the Appraisal Institute
The Guidenotes to the Standards of Professional Appraisal Practice
The Appraisal Institute has adopted the Guide Notes to the Standards of Professional Appraisal Practice to provide members with guidance as to how the requirements of the Standards may apply in specific situations.
Guide Note 1: Valuation of Real Estate Component of Real Estate Limited Partnership Interests.
Guide Note 2: Cash Equivalency in Valuations.
Guide Note 3: The Use of Form Reports for Residential Property.
Guide Note 4: Reliance of Reports Prepared by Others.
Guide Note 5: Appraisals of Real Estate with Related Personal Property, Business Property, or Intangible Assets.
Guide Note 6: Consideration of Hazardous Substances in the Appraisal Process.
Guide Note 7: Consideration of the Americans with Disabilities Act in the Appraisal Process.
Guide Note 8: Use and Applicability of Letters of Transmittal.
Guide Note 9: Use and Applicability of Engagement Letters.
Click here to access a downloadable version of the Appraisal Institute's Guide Notes to the Standards of Professional Appraisal Practice.
International Valuation Standards (IVS)
The current edition of IVS can be ordered online at www.ivsc.org/standards/index.html.
>> Return to the Ethics and Standards Table of Contents
|
