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Standards of Professional Practice

The Appraisal Institute Standards of Professional Practice are composed of:

  • The Standards of Valuation Practice (SVP), promulgated by the Appraisal Institute and the Certification Standard of the Appraisal Institute; or
  • applicable national or international Standards and the Certification Standard of the Appraisal Institute.

Preamble to the Standards of Professional Practice  

View the Preamble to the Appraisal Institute Standards of Professional Practice

Appraisal Institute Standards of Valuation Practice 

The Appraisal Institute has a long history as the leader of the valuation profession and as a developer of valuation standards. In 2013, in keeping with its historic role, as well as in recognition of the limitations of many valuation standards currently in existence, the Appraisal Institute Board of Directors directed  the development of high quality, straightforward,  principle-based standards that could be used where existing standards are not already required or do not apply. The Board believed that such standards should establish a high level of professional practice, engender public trust, enable valuers and the public to better understand the valuation standards and facilitate the growth and advancement of the valuation profession. The Board also concluded that such standards could help valuers better meet the evolving needs of clients and facilitate the variety of work that clients desire and that valuers now perform.

The Appraisal Institute Board of Directors adopted the Appraisal Institute Standards of Valuation Practice (SVP) and the SVP became effective on January 1, 2015.  

  • Standard A establishes requirements for the development of an appraisal.
  • Standard B establishes requirements for the development of a review.
  • Standard C establishes requirements for the reporting of an appraisal or review.

View the Standards of Valuation Practice.

If you would like to display, use, distribute and/or adopt the SVP please complete the SVP/VCPE - Copyright Permission Request and submit it to ppractice@appraisalinstitute.org

If you have any questions about displaying, using, distributing and/or adopting the SVP please contact:

ppractice@appraisalinstitute.org

The Uniform Standards of Professional Appraisal Practice 

USPAP is a set of national Standards that is applicable for most U.S. appraisals. USPAP is 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.
  • Standards 3 and 4 establish requirements for the development and reporting of an appraisal review. 
  • Standards 5 and 6 establish 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: 

  • DEFINITIONS which establish the application of certain terminology in USPAP.
  • ETHICS RULE which sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct.
  • RECORD KEEPING RULE which establishes the workfile requirements for appraisal and appraisal review assignments.
  • COMPETENCY RULE which presents pre-assignment and assignment conditions for knowledge and experience.
  • SCOPE OF WORK RULE which presents obligations related to problem identification, research, and analyses.
  • JURISDICTIONAL EXCEPTION RULE which preserves the balance of USPAP if a portion is contrary to law or public policy of a jurisdiction.

The ASB issues Advisory Opinions which are a form of guidance to illustrate the applicability of USPAP in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. Advisory Opinions are not part of USPAP. There are currently 32 active Advisory Opinions.

Current and past editions of USPAP can be purchased on the Appraisal Foundation website and a free online only version of the current edition of USPAP can be found at USPAP.org

The Certification Standard of the Appraisal Institute

The Appraisal Institute has adopted the Certification Standard to require specific certification statements that AI professionals must make.

View the Certification Standard of the Appraisal Institute.

International Valuation Standards (IVS)

IVS is an example of an international Standard that may be an applicable Standard for certain assignments. The IVS is developed by the International Valuation Standards Council (IVSC) and 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.

Appraisal Institute professionals can get a free copy at www.ivsonline.org by entering a promotion code when signing up

Guide Notes to the Standards of Professional Practice

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

 

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