The Appraisal Foundation is reminding appraisers and those with an interest in valuation that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP), which was adopted on July 1, 2006, will remain in effect until December 31, 2007. In addition, all National USPAP Course material and other related publications will also remain in effect for the same time period.
A new version of USPAP will become effective on January 1, 2008, and from that point forward USPAP will be published on a two-year cycle. The new two-year cycle will allow the Appraisal Standards Board to continue to make meaningful changes to the document and will allow the marketplace and education providers adequate time to absorb future modifications.
For more details on USPAP, the work of the Appraisal Standards Board and The Appraisal Foundation overall please visit www.appraisalfoundation.org.
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