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Uniform Standards of Professional Appraisal Practice
The Uniform Standards of Professional Appraisal Practice, or USPAP, are a measure of quality control within the property appraisal industry in the United States. It covers the appraisal of real estate, personal property, business valuations, and intangibles.
The USPAP was developed in the 1980s by a joint committee that represented all of the major U.S. and Canadian organizations in the appraisal industry. The Appraisal Foundations was formed by the same groups as a result of the Savings and Loan Crisis of the same time period as a way to support the industry and its professionals.
The USPAP represents the acceptable standards of the appraisal practice that are generally recognized throughout the world. In fact, after its writing in the late 1980s, the USPSP was adopted by many other appraisal organizations around the world, in North America, South America, Europe, and Asia.
The USPAP does not try to set any specific methods for the appraisal process, but rather is simply offers a set of minimum standards for quality control during appraisals. It attempts to offer a set of standards that can easily be followed, without being too restrictive or controlling.
It directs the quality control measures through its Scope of Work rule. In this rule, the appraiser is instructed to gather preliminary data about the project, including the type of property being appraised, the basis of its value, the interests appraised, and other data. This information is used to then make the appraisal.
There are ten standards covering the development and reporting of valuation, as well as another five covering specific practices. Five of the ten original specific practices have since been retired.
You can view the current Uniform Standards of Professional Appraisal Practice online at the website of the Appraisal Foundation. This will give you the most accurate list of standards as outlined by the USPAP.
