October 13, 2011 WASHINGTON, DC—The Appraisal Foundation, a congressionally-authorized nonprofit organization dedicated to the advancement of professional valuation, announced that the 2012-13 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) has been released. USPAP is the generally accepted standards of practice for the appraisal profession in the United States.
The 2012-13 edition of USPAP will be valid for two years, effective January 1, 2012 through December 31, 2013. As with the prior edition, the new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs).
Changes to the document include:
- Revisions to DEFINITIONS of “Client,” “Extraordinary Assumptions,” and “Hypothetical Condition,” as well as a new definition of “Exposure Time”;
- Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE;
- Revisions to Advisory Opinion 21, USPAP Compliance; and,
- Revisions to STANDARDS 7 & 8: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT & REPORTING.
While the effective date for this publication is January 1, 2012, The Appraisal Foundation is encouraging appraisers to familiarize themselves with the changes now. To assist appraisers in this regard, earlier this summer the Foundation released a video featuring the Chair and Vice-Chair of the ASB discussing the changes to USPAP. The video, A Preview of Changes to the 2012-13 Uniform Standards of Professional Appraisal Practice (USPAP), is a 23-minute interview with the 2011 Chair and Vice-Chair of the Appraisal Standards Board, J. Carl Schultz, Jr. and Barry Shea, respectively. Please visit the following link to access the video on the Foundation’s eLibrary:
Copies of the 2012-13 edition of USPAP are now available for purchase via the Foundation Store at http://www.appraisalfoundation.org/. The 2012-13 edition of USPAP is available in printed, spiral bound copy for $75 and the electronic PDF download for $60.
In the coming weeks, USPAP will be available in Flipbook format and for eReaders including the iPad, Kindle, Nook and the Sony Reader.
* Alternate Link for Video: http://www.globalpres.com/mediasite/Viewer/?peid=ae8192ef41804f23a498bf7b30458189
* Alternate Link for Foundation Store: https://netforum.avectra.com/eweb/Shopping/Shopping.aspx?Cart=0&Site=TAF
About The Appraisal FoundationThe Appraisal Foundation, a Congressionally authorized non-profit organization established in 1987, is dedicated to the advancement of professional valuation. The Foundation accomplishes its mission through the work of its three independent Boards: the Appraisal Practices Board (APB), the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB). More information on The Appraisal Foundation is available at www.appraisalfoundation.org.