What is USPAP?

Following the failure of the savings and loans institutions in the mid-80s, which Congress blamed partly on unethical real estate appraisers, the several real estate appraisal societies formed the Appraisal Foundation for the purpose of self-governance of the appraisal profession. The Foundation promulgated the Uniform Standards of Professional Appraisal Practice (USPAP), which cover not only real estate appraisal, but all appraisal disciplines, as well, setting forth minimum ethical and performance standards for appraisers. Compliance is mandatory for all members of professional societies who are members of the Foundation, and optional for other appraisers. As a member of the American Society of Appraisers, we are bound to comply with all applicable USPAP provisions for every appraisal assignment. Michael J. Eggers is a Certified Instructor and co-chairman of IBA’s Qualification Review committee and has had the opportunity to teach these provisions of USPAP to other Appraisers.