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Standards of Valuation Practice Released

September 17, 2014

NEBBI Appraisal ValuesAs we’ve stated on countless occasions within this blog, CMEAs are required to adhere to the Uniform Standards of Professional Appraisal Practice (USPAP). This ensures that any appraisal report you receive from a CMEA will be irrefutable, defensible, and withstand scrutiny.

But just because NEBBI lives in a USPAP world, we acknowledge that there are certain types of appraisals where USPAP is not required. Up until recently, there was a gap regarding the standards that should be used in those situations. So earlier this month, the Appraisal Institute presented its Standards of Valuation Practice (SVP).

Ken Wilson, president of the Appraisal Institute, said “The SVP will establish a higher level of professional practice, engender public trust and facilitate the growth and advancement of the valuation profession…The SVP will recognize the broad area of practice of valuation professionals and the diverse needs of users of valuation services.”

SVP is not intended to replace USPAP in any way, but rather complement the industry standards when necessary. If you’re curious about what’s contained in SVP, you can check it out here.

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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