Uniform Standards of Professional Appraisal Practice
Uniform Standards of Professional Appraisal Practice can be thought of as the quality control standards applicable for appraisal analysis and reports in the United States and its territories. USPAP, as its commonly known, was first developed in the 1980's by a joint committee representing the major U.S. and Canadian appraisal organizations. As a result of the Savings and Loan Crisis, the Appraisal Foundation (TAF) was formed by these same groups, along with support and input from major industry and educational groups, and TAF took over administration of USPAP[1].
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 authorized the Appraisal Subcommittee (ASC), which is made up of representatives of the leading U.S. government agencies and non-governmental organizations empowered to oversee the U.S. mortgage and banking system. The ASC provides oversight to TAF.
TAF carries out its work through two divisions – the Appraisal Standards Board (ASB) and the Appraisal Qualifications Board (AQB). The latter group sets forth minimum qualifications for appraisal licensure, and its work has been adopted by all states and territories. The ASB maintains USPAP, and issues updates in January of even numbered years.
Origins of USPAP
USPAP was originally written in 1986-87 by an ad-hoc committee representing the various appraisal professional organizations in the U.S. and Canada. The copyright to USPAP was donated to TAF in 1987. While USPAP answers a specific regulatory need in the U.S., it has also been adopted by many appraisal professional organizations throughout North and South America, Europe, and Asia.
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