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Standards of Professional Appraisal Practice

The Standards of Professional Appraisal Practice are composed of either:

  • The Uniform Standards of Professional Appraisal Practice (USPAP), promulgated by the Appraisal Standards Board (ASB) of The Appraisal Foundation; and the Certification Standard of the Appraisal Institute;
    or
  • The International Valuation Standards (IVS), promulgated by the International Valuation Standards Committee (IVSC) and applicable national Standards; and the Certification Standard of the Appraisal Institute.

The Uniform Standards of Professional Appraisal Practice 

USPAP contains the generally accepted standards for professional appraisal practice in North America, as developed by the Appraisal Standards Board (ASB) of the Appraisal Foundation.

  • 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.
  • 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.

Standards 4 and 5, which established requirements for the development and reporting of real property consulting assignments, were retired effective January 1, 2014.

USPAP can be purchased on the Appraisal Foundation website.

The ASB has issued the 2013 SUMMARY OF ACTIONS RELATED TO PROPOSED USPAP CHANGES, which includes the revisions adopted for the 2014-2015 edition USPAP.

Paula Konikoff, JD, MAI, chair of AI’s Professional Standards and Guidance Committee, discusses the USPAP Updates

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.

View the Certification Standard of the Appraisal Institute.

International Valuation Standards (IVS)

IVS, as developed by the International Valuation Standards Council (IVSC), has been adopted or recognized by many valuation institutes, user groups, and financial regulators around the world. IVS can be purchased on the IVSC website.

Guide Notes to the Standards of Professional Appraisal Practice

The Appraisal Institute has developed and adopted the Guide Notes to the Standards of Professional Appraisal Practice to provide guidance as to how the requirements of the Standards may apply in specific situations.

 

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