What rules must appraisers follow in the Uniform Standards of Professional Appraisal Practice?
The ASB sets forth the rules for developing an appraisal and reporting its results. In addition, it promotes the use, understanding and enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP). The Appraisal Standards Board (ASB) is an independent Board of The Appraisal Foundation. The ASB is responsible for writing, amending and interpreting the Uniform Standards of Professional Appraisal Practice. The ASB has six members appointed by the Foundations Board of Trustees. The current Board members are experienced in commercial, residential and agricultural real estate property and in business valuation. FIRREA (Financial Institutions Reform, Recovery And Enforcement Act in 1989) requires that real estate appraisals used in conjunction with federally-related transactions be performed in accordance with USPAP. More than 80,000 state certified and licensed appraisers are currently required to adhere to USPAP. It contains the recognized standards of practice for real e
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- What rules must appraisers follow in the Uniform Standards of Professional Appraisal Practice?