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What Is USPAP?

May 20, 2010
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Last week, in our post titled “Getting a CMEA Designation,” we said that appraisers who become certified through the NEBB Institute must promise to adhere to the ethical standards of the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP is a quality control document that was first written in the late 1980s by The Appraisal Foundation, which is made up of a group of representatives from various appraisal practices. It establishes the generally accepted standards of the appraisal practice in North America, and has evolved over the years to grow with the appraisal industry. In addition to NEBB Institute members, USPAP compliance is required for appraisers involved in federally related transactions, and 35 states in the U.S. require USPAP compliance in all transactions, federally related or not. 

Since 2006, USPAP has been updated in a two-year cycle. The most recent version was adopted on January 1 of this year and will remain in effect until the end of 2011.

By: NEBB Institute

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