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The 2012-2013 Edition of USPAP Released by The Appraisal Foundation

October 19, 2011

The Appraisal Foundation recently announced the release of the 2012-2013 edition of the Uniform Standards of Professional Appraisal Practice (USPAP), valid from January 1, 2012, until December 31, 2013. USPAP establishes the generally accepted standards of the appraisal practice in North America, and has evolved over the years to grow with the appraisal industry. NEBB Institute members are required to adhere to the standards set forth by USPAP. Compliance is also 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. 

The changes made in the USPAP 2012-2013 edition 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
  • Revisions to Standards 7 & 8: Personal Property Appraisal, Development & Reporting

It’s a good idea for CMEAs to become familiar with the changes before they go into effect in January. For more information about the new edition, visit the Appraisal Foundation website: http://www.appraisalfoundation.org/.

The NEBB Institute endorses and strives to observe the highest standards of professional ethics to preserve the public trust inherent in the professional appraisal practice. The Institute provides initial and monthly comprehensive education, ongoing support, and a dynamic international network, and certifies professionals in the art of machinery/equipment appraisal and brokerage.

By: NEBB Institute

 

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