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The Appraisal Foundation Releases the 2014-2015 Edition of USPAP

October 30, 2013

The Appraisal Foundation has announced the release of the 2014-2015 edition of the Uniform Standards of Professional Appraisal Practice (USPAP), which will go into effect  January 1, 2014. 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 must 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 otherwise.

Among the changes made in the USPAP 2014-2015 edition are:

  • Revisions to the definition of assignment results
  • Revisions to the definition of scope of work
  • Revisions to the PREAMBLE
  • Revisions to the Conduct section of the ETHICS RULE
  • Revisions to the COMPETENCY RULE
  • Revisions to Reporting Requirements

CMEAs should become familiar with the changes before they go into effect in January. For more information about the new edition, visit the Appraisal Foundation website at 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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