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People also ask
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What is a formal document proposing changes to USPAP called?
Exposure and Discussion Drafts To obtain feedback on proposed changes to the Uniform Standards of Professional Appraisal Practice or the Real Property Appraiser Qualification Criteria, the Appraisal Standards Board and Appraiser Qualifications Board issue Exposure Drafts. -
Who makes changes to USPAP?
Under the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the Appraisal Standards Board (ASB) is responsible for writing, amending, and interpreting the Uniform Standards of Professional Appraisal Practice (USPAP). -
Who controls USPAP?
Although the ASB writes, amends, and interprets USPAP, the Board does not enforce USPAP. Through FIRREA, the federal government has mandated that the states enforce real property appraiser compliance with USPAP. -
How many Uspap standards are there?
USPAP has ten Standards which cover the development and reporting of valuation. -
Who determines the type of appraisal report?
The lender or its agent contacts a state licensed or certified appraiser and identifies the property to be appraised and the intended use of the appraisal. The appraiser then determines the appropriate scope of work for the assignment. -
How often is USPAP updated?
Real property appraisers are required to take the 15-Hour National USPAP Course (or its equivalent) to obtain a state credential. Once credentialed, all real property appraisers must take the 7-Hour National USPAP Update Course (or its equivalent) once every two calendar years. -
What is the USPAP update for 2024?
The adopted 2024 USPAP draft includes multiple updates. The largest involves an expansion of the USPAP's ETHICS RULE – meant to clarify the working appraiser's law-abiding obligation to unbiased and non-discriminatory practices. -
What are the 5 USPAP rules?
The USPAP includes five rules that appraisers must follow. These rules are the Ethics Rule, the Record-keeping Rule, the Competency Rule, the Scope of Work Rule, and the Jurisdictional Exception Rule.
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