The Uniform Standards of Professional Practice (USPAP) are the generally accepted ethical and performance standards for the evaluation profession in the United States. Passed by Congress in 1989, the USPAP contains standards for all types of valuation services, including real estate, personal property, business and mass valuation. Compliance is necessary for state-certified and state-certified experts involved in federal real estate transactions. The USPAP is updated every two years to provide evaluators with the information they need to provide valuable, unbiased and thoughtful opinions. To become a real estate expert in the United States, appraisers must complete the 15-hour USPAP National Course (or equivalent). In addition, real estate auditors must complete the USPAP`s 7-hour National Update Course (or equivalent) every two years. Please visit our Q&A website to check USPAP Q&As and visit our shop to purchase USPAP or Student Manual. In addition, the Foundation, in collaboration with the U.S. Department of Justice, is the publisher of the Appraisal Standards for Federal Land Acquisition uniform, commonly known as the « Yellow Book. » Summary of Measures and *See Detailed Summary – List of Accepted Changes for the 2020-21 edition of USPAP. *Detailed summary updated on 25.6.2019. Summary of Actions Taken in the Past The Uniform Standards of Professional Practice (USPAP) standards for real estate development, reporting and valuation of real property (together « Standards ») have been cited by regulators of federally regulated financial institutions in their rules implementing Title XI of the Financial Institution Reform, Recovery and Enforcement Act (FIRREA) and are therefore made available to the public.
In addition to these standards, the USPAP contains standards for mass valuation, personal ownership, and business valuation. The USPAP book also contains important instructions in the form of Advisory Opinions and Frequently Asked Questions. Please visit these links to purchase your full copy of the book today! USPAP Electronic PDF Edition USPAP Print Edition When notifying a market value notice, it is necessary to summarize the results of the analysis of the terms of sale, sale, options and offer in accordance with Standard Rule 1-5. The USPAP therefore does not require an auditor to « support » the difference of opinion on the value and price of the contract. However, your opinion on the value should be well supported and if all aspects of their opinion are supported and if a sales contract and the history of the list of the property concerned have been properly analyzed, the answer to the question of « difference » should be easily identifiable. . . .