Monthly Archives: October 2011

2012-2013 USPAP Now Available

Uspap

The Appraisal Foundation (TAF) announced that the 2012-2013 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available. This edition of USPAP will be valid for two years beginning 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).”

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.

You can purchase a hard copy of USPAP at the Foundation Store for $75 or the PDF for $60

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. Please visit the following link to access the video on the Foundation’s eLibrary: http://www.globalpres.com/mediasite/Viewer/?peid=ae8192ef41804f23a498bf7b30458189

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